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(40 ILCS 5/6-166)
(from Ch. 108 1/2, par. 6-166)
Contributions for age and service annuities or Tier 2 monthly retirement annuities for present employees and
(a) After the effective date and prior to July 1, 1953, 3 1/2%, and after
June 30, 1953, and prior to September 1, 1959, 6%, and beginning September
1, 1959, 7 1/8% of each payment of the salary of each present employee and
future entrant shall be deducted and contributed to the fund for age and
service annuity or Tier 2 monthly retirement annuity. The deductions shall be made at the time payments of
salary are payable and shall continue while the employee is in service.
Concurrently with each such contribution, the city shall contribute 8
1/2% of each payment of salary, but the city contributions shall cease for
all employees upon their attainment of age 63.
(b) Each contribution by the employee and the city shall be allocated to the
account of and credited to the employee, and shall be improved by interest
at the applicable rate during the time he is in service until the age and
service annuity is fixed. Any accretion, by way of interest or otherwise,
upon such sum or any deduction from salary made after the annuity is fixed
for a present employee or after attainment of age 63 by a future entrant
becomes a fireman under this Article before January 1, 2011 shall not be credited to the employee for age and service annuity.
(Source: P.A. 99-905, eff. 11-29-16.)