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| | SB1345 Engrossed | | LRB100 10076 EFG 20248 b |
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| 1 | | AN ACT concerning public employee benefits.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Illinois Pension Code is amended by changing |
| 5 | | Section 6-161 as follows:
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| 6 | | (40 ILCS 5/6-161) (from Ch. 108 1/2, par. 6-161)
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| 7 | | Sec. 6-161. Refund-Transfer of city contributions.
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| 8 | | Whenever any amounts are refunded, the accumulated city |
| 9 | | contributions
shall be transferred to the prior service annuity |
| 10 | | reserve until such time
as the assets of said reserve become |
| 11 | | equal to the liabilities thereof.
Thereafter such amounts and |
| 12 | | the interest thereon shall be used to reduce
the amount which |
| 13 | | the city would otherwise be required to contribute during
a |
| 14 | | succeeding year to the fund for duty disability, occupational |
| 15 | | disease, or the administrative costs of the fund.
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| 16 | | (Source: Laws 1963, p. 161.)
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