Illinois General Assembly - Illinois Compiled Statutes

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40 ILCS 5/8-172

(40 ILCS 5/8-172)

(from Ch. 108 1/2, par. 8-172)

Sec. 8-172. Refunds - Transfer of city contributions.

Whenever any
amount is refunded as provided in Sections 8-168 and 8-169, except in
the case of a male employee who becomes a widower while in
service after he becomes age 65, the amounts to the credit of the male
employee from contributions by the city shall be transferred to the prior
service annuity reserve. Thereafter, except as otherwise provided in Section
8-172.1, any such amounts shall become a credit
to the city and, with interest thereon at the effective rate, be used to
reduce the amount which the city would otherwise pay during a succeeding
year.

(Source: P.A. 93-654, eff. 1-16-04.)