(40 ILCS 5/8-240.2)
(from Ch. 108 1/2, par. 8-240.2)
House of Correction Employees' Pension Fund superseded.
On January 1, 1969, the fund herein provided for shall supersede the
fund created by the House of Correction Employees' Pension Act, in
operation in the city on December 31, 1968, and, as soon as practicable and
possible thereafter, all monies, securities, other assets, records, and
other property of such superseded fund shall be transferred by the board of
trustees of said superseded fund to the custody and ownership of the
retirement board of the annuity and benefit fund herein provided for, which
said retirement board is hereby empowered to receive them, and shall
thereupon assume all of the liabilities of the superseded fund.
All annuities, pensions, and other benefits allowed prior to January 1,
1969 by the board of trustees of the superseded fund, shall thereafter be
paid by the retirement board of the annuity and benefit fund herein
provided for, and all claims accrued, pending or ungranted prior to such
date shall be allowed or disallowed by said retirement board, according to
the law governing the superseded fund on December 31, 1968, and if allowed
shall be paid from the annuity and benefit fund herein provided for.
The assets of the superseded House of Correction Employees' Pension
Fund, transferred to the annuity and benefit fund herein provided for,
shall be distributed and credited to appropriate fund accounts otherwise
described in this Article 8, and all liabilities, payments of pensions and
benefits arising out of the merger of said superseded fund into the said
annuity and benefit fund shall be reflected in, paid from, and charged to
such accounts, in the same manner as provided for in the case of a
superseded Municipal Pension Fund.
(Source: Laws 1968, p. 181.)