(40 ILCS 5/9-167)
(from Ch. 108 1/2, par. 9-167)
Refund - In lieu of annuity.
In lieu of an annuity, an employee who withdraws after age 60, having annuity
rights based on a credit of not more than 10 years of service, or an employee
who withdraws and whose annuity would amount to less than $150
a month for life, or a former employee who is receiving an annuity from
the Fund of less than $150 per month, regardless of his date of withdrawal
from service, may elect to receive a refund of the total sum accumulated
to his credit from employee contributions for annuity purposes, minus
any amounts previously paid to him by the Fund.
The widow of any employee, eligible for annuity upon the death of her
husband, whose annuity would amount to less than $150 a month for life,
and any widow receiving an annuity of less than $150 per month, may,
in lieu of a widow's annuity, elect to receive a refund of the accumulated
contributions for annuity purposes, based on the amounts contributed by
her deceased employee husband, but reduced by any amounts theretofore paid
to either the widow or the employee in the form of an
annuity or refund out of such accumulated contributions.
Accumulated contributions shall mean the amounts including interest credited
thereon contributed by the employee for age and service and widow's annuity
to the date of his withdrawal or death, whichever first
occurs, including the accumulations from any amounts contributed for him
as salary deductions while receiving duty disability benefits, and if
not otherwise included any accumulations from sums contributed by him and
applied to any pension fund superseded by this fund, and interest credited
thereon in accordance with the other provisions of this Article.
The acceptance of such refund in lieu of widow's annuity, on the part of
a widow, shall not deprive a child or children of the right to receive a
child's annuity as provided for in Sections 9-154 and 9-155 of
this Article, and neither shall the payment of child's annuity in the case of
such refund to a widow reduce the amount herein set forth as refundable to such
widow electing a refund in lieu of widow's annuity.
(Source: P.A. 90-655, eff. 7-30-98.)