Illinois Statutes
§ 8-124
Illinois·Topic GOVERNMENT·Ch. 40 PENSIONS·Act 40 ILCS 5/ Illinois Pension Code.·Art. Article 8 - Municipal Employees', Officers', And Officials' Annuity And Benefit Fund--Cities Over 500,000 Inhabitants
Effective rate of interest, interest at the effective rate or interest. "Effective rate of interest", "interest at the effective rate" or "interest": Interest at 4% per annum for an employee who was a contributor on January 1, 1952; and at 3% per annum for an employee who becomes a contributor after January 1, 1952. In all cases involving reserves, credits, transfers, and charges, "effective rate of interest", "interest at the effective rate" or "interest" shall be applied at these rates.
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Legislative History
(Source: Laws 1963, p. 161 .)
Nearby Sections
15
§ 8-101
Creation of fund§ 8-102
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The 1921 Act§ 8-107.1
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§ 8-108.3§ 8-109
Civil Service Act§ 8-109.1
§ 8-109.1§ 8-110
Employer§ 8-111
Effective date