(40 ILCS 5/8-214) (from Ch. 108 1/2, par. 8-214)
Sec. 8-214.
Employee's contribution reserve.
Amounts deducted from employee's salaries for age and service annuity
and widow's annuity, or otherwise contributed by employees, amounts
contributed by the city for such annuities for an employee receiving
duty disability benefit, the assets of the public school employees'
pension fund superseded by this fund on July 1, 1923, which were
transferred to this reserve, and amounts transferred to this reserve
from the investment and interest reserve, shall be credited to this
reserve.
An individual account shall be kept in this reserve for each employee
to which such salary deductions, interest, and contributions shall be
credited. At least once each year, and before any transfer shall be made
from this reserve to any other reserve the sums credited in this reserve
shall be improved by interest.
When the annuity for any employee or his widow is fixed or granted,
the amount in this reserve for such annuities shall be transferred to
the annuity payment reserve.
There shall be charged to this reserve amounts refunded as provided
in this Article, except refunds under Section 8-215.
(Source: P.A. 81-1536.)
|