§ 11-203 — Employees' contribution reserve

Illinois § 11-203

• Jurisdiction: Illinois
• Topic: GOVERNMENT
• Ch. 40: PENSIONS
• Act 40 ILCS 5/: Illinois Pension Code.
• Art.: Article 11 - Laborers' And Retirement Board Employees' Annuity And Benefit Fund--Cities Over 500,000 Inhabitants

Text

Amounts deducted from employee's salaries for age and service annuity and widow's annuity, or otherwise contributed by employees, amounts contributed by the city for such annuities for an employee receiving duty disability benefit, and transfers to this reserve from the investment and interest reserve, shall be credited to this reserve. An individual account shall be kept in this reserve for each employee to which such salary deductions and contributions shall be credited. When the annuity for any employee or his widow is fixed or granted, the amount in this reserve for such annuities shall be transferred to the annuity payment reserve. There shall be charged to this reserve amounts refunded, except refunds under Section 11-204.

Legislative History

(Source: P.A. 81-1536.)