Illinois Compiled Statutes 40 ILCS 5/5-166 – Refund-Transfer of city contributions
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Illinois Compiled Statutes 40 ILCS 5/5-166
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
Whenever any amounts are refunded, the accumulated city contributions shall be transferred to the prior service annuity reserve. If the amounts refunded are repaid, the amount transferred to the prior service annuity reserve shall be credited to the city contribution reserve for the account of the policeman who received the refund, together with interest thereon from the date of the refund to the date or dates of repayment.