TITLE 50: INSURANCE
CHAPTER I: DEPARTMENT OF INSURANCE SUBCHAPTER aaa: PENSIONS
PART 4450 MISTAKE IN BENEFIT UNDER ARTICLE 3 AND ARTICLE 4 PENSIONS
SECTION 4450.30 DEFINITIONS
CHAPTER I: DEPARTMENT OF INSURANCE SUBCHAPTER aaa: PENSIONS
PART 4450 MISTAKE IN BENEFIT UNDER ARTICLE 3 AND ARTICLE 4 PENSIONS
SECTION 4450.30 DEFINITIONS
Section 4450.30 Definitions
"Illinois Pension Code" or "Code" means 45 ILCS 5.
"Department" means the Illinois Department of Insurance.
"Lump Sum" means the one payment to the recipient by a pension fund when a benefit was mistakenly set too low. A lump sum payment shall consist of two amounts:
the difference between the mistakenly set too low benefit and the correct level benefit for each such benefit payment; and
the application of the prescribed 1% annual interest rate to the difference derived under this definition from the date of each mistakenly set too low benefit to the date of payment of the lump sum.