(40 ILCS 5/12-150) (from Ch. 108 1/2, par. 12-150)
Sec. 12-150. Contributions by employees for service
annuity. (a) From each payment of salary to a present employee beginning
August 4, 1961, and prior to September 1, 1971, there shall be deducted
as contributions for service annuity 6% of such payment. Beginning
September 1, 1971, the deduction shall be 6 1/2% of salary. These
contributions shall continue until the amounts thus deducted will
provide an accumulation, at regular interest, at least equal to the
amount that would be provided on such date from employee contributions,
assuming regular interest to such date, if such employee had been
contributing in accordance with the provisions of "The 1919 Act" and
this Article from the beginning of his service and the salary of the
employee during his prior service was the same as it was on July 1,
1919, or on July 1, 1937 in the case of an employee of the board.
(b) From each payment of salary to a future entrant beginning August
4, 1961, and prior to September 1, 1971, there shall be deducted as
contributions for service annuity 6% of such payment. Beginning
September 1, 1971, the deduction shall be 6 1/2% of salary.
Beginning January 1, 1990, the deduction shall be 7% of salary, except that the deduction shall be 9% of salary for a person who first becomes an employee on or after January 1, 2022 or who makes the election under item (i) of subsection (d-15) of Section 1-160.
(c) For service rendered prior to August 4, 1961, the rates of
contribution by employees for service annuity shall be as follows: July
1, 1919 to July 20, 1947, inclusive, 4% of salary; July 21, 1947 to
August 3, 1961, inclusive, 5% of salary.
For the period from July 1, 1919, to August 4, 1961 such deductions
for a present employee shall continue until such date as the amounts
deducted will provide an accumulation at least equal to that which would
be provided on such date, assuming regular interest to such date, from
deductions from salary of such employee if such employee had been under
the provisions of "The 1919 Act" and this Article from the beginning of
his service and the salary of such employee during his period of prior
service was the same as it was on July 1, 1919 or on July 1, 1937 in the
case of an employee of the board.
(d) Any employee shall have the option to contribute for service
annuity an amount, together with regular interest, equal to the
difference between the amount he had accumulated in the fund on June 30,
1947, from contributions at the rate of 4% of salary, together with
regular interest, and the amount he would have accumulated, together
with regular interest, if he had made contributions at the rate of 5% of
salary. All such contributions shall be subject to salary limitations
and other conditions in effect prior to July 1, 1947. Upon making such
contribution the employer of such employee shall contribute in the ratio
of 2 to 1 with such employee.
(Source: P.A. 102-263, eff. 8-6-21.)
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