(40 ILCS 5/8-168) (from Ch. 108 1/2, par. 8-168)
Sec. 8-168. Refunds - Withdrawal before age 55 or age 62 or with less than 10
years of service.
1. An employee who first became a member before January 1, 2011, without regard to length of service, who withdraws
before age 55, and any employee with less than 10 years of service who
withdraws before age 60, shall be entitled to a refund of the
accumulated sums to his credit, as of the date of withdrawal, for age
and service annuity and widow's annuity from amounts contributed by him,
including interest credited and including amounts contributed for him
for age and service and widow's annuity purposes by the city while
receiving duty disability benefits; provided that such amounts contributed
by the city after December 31, 1981, while the employee is receiving duty
disability benefits,
and amounts credited to
the employee for annuity purposes by the fund after December 31, 2000, while
the
employee is receiving ordinary disability benefits,
shall not be credited for refund purposes. If he
is a present employee he shall
also be entitled to a refund of the accumulations from any sums
contributed by him, and applied to any municipal pension fund superseded
by this fund.
An employee who first becomes a member on or after January 1, 2011 who withdraws before age 62 without regard to length of service, or who withdraws with less than 10 years of service regardless of age, shall be entitled to a refund of the total sum accumulated to his credit as of date of withdrawal for age and service annuity and widow's annuity provided that such amounts contributed by the city while the employee is receiving duty disability benefits and amounts credited to the employee for annuity purposes by the fund while the employee is receiving ordinary disability benefits shall not be credited for refund purposes. 2. Upon receipt of the refund, the employee surrenders and forfeits
all rights to any annuity or other benefits, for himself and for any
other persons who might have benefited through him; provided that he may
have such period of service counted in computing the term of his service
if he becomes an employee before age 65, excepting as limited by the
provisions of paragraph (a) (3) of Section 8-232 of this Article
relating to the basis of computing the term of service.
3. Any such employee shall retain such right to a refund of such
amounts when he shall apply for same until he re-enters the service or
until the amount of annuity shall have been fixed as provided in this
Article. Thereafter, no such right shall exist in the case of any such
employee.
4. Any such municipal employee who shall have served 10 or more
years and who shall not withdraw the amounts aforesaid to which he shall
have a right of refund shall have a right to annuity as stated in this
Article.
5. Any such municipal employee who shall have served less than 10
years and who shall not withdraw the amounts to which he shall have a
right to refund shall have a right to have all such amounts and all
other amounts to his credit for annuity purposes on date of his
withdrawal from service retained to his credit and improved by interest
while he shall be out of the service at the rate of 3 1/2% or 3% per
annum (whichever rate shall apply under the provisions of Section 8-155
of this Article) and used for annuity purposes for his benefit and the
benefit of any person who may have any right to annuity through him
because of his service, according to the provisions of this Article in
the event that he shall subsequently re-enter the service and complete
the number of years of service necessary to attain a right to annuity;
but such sum shall be improved by interest to his credit while he shall
be out of the service only until he shall have become 65 years of age.
(Source: P.A. 96-1490, eff. 1-1-11.)
|