Illinois Statutes
§ 17-136 — Computation of aggregate contributions by teachers
Illinois·Topic GOVERNMENT·Ch. 40 PENSIONS·Act 40 ILCS 5/ Illinois Pension Code.·Art. Article 17 - Public School Teachers' Pension And Retirement Fund--Cities Of Over 500,000 Inhabitants
The aggregate sum required to be contributed by any person otherwise entitled to a pension under this Article shall be computed as follows: 1. For service as a teacher after July 6, 1931, by computing the total of the required deductions at the rates in force when the service was rendered and required contributions for optionally creditable service at rates prescribed in this Article.
2.For service as a teacher after September 1, 1963, by computing the total of the required deductions at the rates in force when salary was paid and required contributions for optionally creditable service at rates prescribed in this Article. Effective September 1, 1974, any deficiencies resulting under the provisions of this section shall accrue at an interest rate of 5% per annum compounded annually until
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Legislative History
(Source: P.A. 81-1536.)
Nearby Sections
15
§ 17-101
Creation of fund§ 17-102
Terms defined§ 17-103
Actuarial equivalent§ 17-104
Board§ 17-105
Board of Education§ 17-105.1
Employer§ 17-106
Contributor, member or teacher§ 17-106.1
Administrator§ 17-107
Creditable service§ 17-108
Fiscal year and school year§ 17-109
Fund§ 17-109.1
Pension deferred§ 17-109.2
Pension pending period§ 17-110
Pension period§ 17-111
Reversionary pension