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(40 ILCS 5/7-209) (from Ch. 108 1/2, par. 7-209)
Sec. 7-209.
Earnings and Interest.
(a) Balances at the beginning of each year which remain in employee
reserves at the end of the year shall be credited with interest annually at
the prescribed rate.
(b) Municipality reserves shall be charged or credited, as the case may
be, with interest at the prescribed rate applied to the balance therein at
the beginning of the year.
(c) Municipality accounts receivable shall be charged with interest at a
rate of 1/2% per month before July 1, 1984, and 1% per month thereafter
on the balance therein unpaid one month or more. The
unpaid balance shall include charges established retroactively because of
failure of the municipality to report amounts which should be receivable.
Credit balances shall be disregarded in this calculation.
(d) The annuity total and permanent disability reserves shall be
credited with interest at the prescribed rate at the end of each year. For
purposes of this computation, the prescribed rate shall be applied to the
balances therein at the beginning of the year.
(e) Amounts credited or charged under subsection (a), (b), (c), or
(d) of
this Section shall be charged or credited to the earnings and experience
variation reserve. Any remaining balance, in excess of the contingency
balance established, shall be transferred to the municipality reserves in
proportion to present values of the annuities of the annuitants of each
participating municipality and participating instrumentality plus the
balance in their municipality reserve.
(f) The Board shall fix the rate of interest, to be charged on back,
retroactive, or reinstatement contributions.
(Source: P.A. 89-136, eff. 7-14-95.)
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