40 ILCS 5/6-126

Current through Public Act 103-1052

Section 40 ILCS 5/6-126 - Future entrants - Withdrawal before age 50 - Amount of annuity

When a future entrant withdraws before age 50 after 10 or more years' service and attains age 50 while out of service, his age and service annuity shall be fixed as of age 50. He is entitled to an annuity, after he attains age 50, provided from the following sums:

(1) If service is 20 or more years, the entire sum accumulated to his credit for age and service annuity; or

(2) If service is 10 or more but less than 20 years, the entire sum accumulated to his credit for age and service annuity, from deductions from salary, plus 1/10 of the sum accumulated for such annuity from contributions by the city, for each completed year of service after the first 10 years.

The annuity shall be computed as though the employee were exactly age 50 when the annuity is granted regardless of his age at the time of application. No such employee has any right to annuity for any time between the date he attains age 50 and the date he makes application, nor shall any annuity be payable if he has received a refund of contributions.

40 ILCS 5/6-126

P.A. 81-1536.