(40 ILCS 5/5-199)
(from Ch. 108 1/2, par. 5-199)
City contribution reserve.
Amounts contributed by the city for age and service annuity, widow's
annuity and supplemental annuity, (except those contributed instead of
deductions from salary of any policeman receiving duty disability
benefit); also amounts transferred to this reserve from the investment
and interest reserve shall be credited to this reserve.
At least once each year, and always before any transfer is made from
this reserve to any other reserve, the sums credited shall be improved
by the proper interest accretions.
When the amount of annuity for a policeman or to the widow is fixed,
and when supplemental annuity for a widow first becomes payable, the
total amount in this reserve for the purpose of such annuity and
required therefor shall be charged thereto and credited to the annuity
If there is to the credit of any policeman who withdraws an amount in excess
of that required to provide age and service
annuity, or in excess of that required to provide widow's annuity for
his wife (either or both), such amount shall be retained in this reserve
and improved by interest until the policeman withdraws or dies,
whichever event occurs first; provided, however, that in the case of a
policeman who attains age 63 prior to January 1, 1988 while still in
service, no interest shall be credited between the date the policeman
attains age 63 and January 1, 1988. Any such accumulated amount shall then be
applied as provided in this Article.
(Source: P.A. 86-272.)