(40 ILCS 5/8-180)
(from Ch. 108 1/2, par. 8-180)
Additional contributions and credits-All employees.
Any employee in service on July 1, 1947 may elect to make additional
contributions while in service which shall not exceed 7/13 of the sum
accumulated on July 1, 1947, or at age 65 if he attained such age prior
thereto, for age and service annuity resulting from his contributions plus
interest credited subsequent to January 1, 1922. The time and manner of
making such additional contributions shall be prescribed by the board.
Concurrently with each such additional contribution, the city shall
contribute 1 and 4/10 times the additional contributions.
These contributions shall be improved at interest at the rate and in
like manner as other employee and city contributions; provided, that the
employee while in service may request a refund of all or any part of his
contributions, without interest, or shall have them refunded to him,
without interest, when he retires on annuity or to his widow, if and to the
extent they do not serve to increase the annuity otherwise payable to him
or his widow.
By such refund the employee or his widow surrenders and forfeits all
rights which might otherwise have accrued by virtue of any amount so
refunded, including related city contributions.
(Source: Laws 1963, p. 161.)