(40 ILCS 5/9-131) (from Ch. 108 1/2, par. 9-131)
Sec. 9-131.
Prior service annuity credits.
(a) The sum to be credited for prior service annuity in the case of
any present employee described in subdivision (a) of Section 9-109
shall be the entire sum credited for such purposes.
(b) The sum to be credited for prior service annuity in the case of
any present employee described in subdivision (b) of Section 9-109
shall be the sum credited for such purpose less the excess which would
have accumulated under this Article from contributions by the employee
after he attained age 65 if such contributions had been made from the
effective date to the date of withdrawal with interest at the effective
rate to the date of his withdrawal, over the amounts actually
contributed for such purpose with like interest computed to such date of
withdrawal; provided that the sum so computed shall be less than the sum
credited for prior service annuity under the foregoing provisions of
this Article. If the sum so computed shall be equal to or greater than
the sum credited for prior service annuity as aforesaid, such employee
shall not be entitled to prior service annuity.
(Source: P.A. 81-1536.)
|