(40 ILCS 5/19-221) (from Ch. 108 1/2, par. 19-221)
Sec. 19-221.
Public Library Employes' Pension Fund superseded.
Any Public Library Employes' Pension Fund in operation on December 31,
1965, in a city having a population exceeding 500,000 inhabitants, by
virtue of and under the provisions of this Article 19, Division 2, Sec.
19-201 to 19-220, both inclusive, of the "Illinois Pension Code" approved
March 18, 1963, shall be superseded by and merged, effective and as of
January 1, 1966, into the fund in operation in such city for municipal
employees on such date under the provisions of and by virtue of Article 8,
Section 8-101 to 8-253, both inclusive, of the "Illinois Pension Code"
approved March 18, 1963, as amended.
On such January 1, 1966, or as soon as possible and practicable
thereafter, all monies, securities, assets, records, and other property of
such public library employes' pension fund shall be transferred by the
board of trustees of such fund to the custody and ownership of the
retirement board of the annuity and benefit fund, in operation in such city
under and by virtue of the provisions of the aforementioned Article 8 of
the "Illinois Pension Code", and such public library employes' pension fund
shall thereupon cease to exist as a separate fund.
The retirement board of the fund into which said public library
employes' pension fund is to be merged, shall assume all of the liabilities
of such superseded fund, and all pensions, refunds and benefits allowed by
the board of trustees of the superseded fund prior to January 1, 1966
shall, from and after such date, be paid by the retirement board according
to the law under which they were allowed, and all claims for any pension,
refund, or benefit accrued or pending prior to January 1, 1966 under such
superseded fund, shall be allowed or refused by the retirement board in
accordance with the law then applicable thereto, and if allowed shall be
paid from the fund superseding the public library employes' pension fund.
(Source: Laws 1965, p. 2326.)
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