State Codes and Statutes
Statutes > Illinois > Chapter40 > 638 > 004000050HArt_22_Div_9 (40 ILCS 5/22‑901) (from Ch. 108 1/2, par. 22‑901) Sec. 22‑901. General provisions and savings clause. The provisions of Article 1 and Article 23 of this Code apply to each Division of this Article as though such provisions were fully set forth in each Division of this Article as a part thereof. (Source: Laws 1963, p. 161.) |
(40 ILCS 5/22‑901.1) (from Ch. 108 1/2, par. 22‑901.1) Sec. 22‑901.1. Actuarial tables defined. Tabular listings of assumed rates of decrement representing such factors as death, disability, separation from service, and ages of retirement, according to sex and ages of members of the retirement systems, together with mathematical functions derived from rates of probability combined with an interest discount factor that may be adopted by a board of trustees or retirement board upon recommendation of a qualified actuary based upon the experience of the pension fund or retirement system. (Source: P. A. 77‑1200.) |
(40 ILCS 5/22‑901.2) (from Ch. 108 1/2, par. 22‑901.2) Sec. 22‑901.2. Adjustment of retirement annuity under reversionary annuity option. Any member or participant of a pension fund or retirement system covered by the provisions of this Code who elects a reversionary annuity option shall have his retirement annuity otherwise payable to him reduced by the actuarial equivalent of the amount required to provide the reversionary annuity according to the applicable ages of the member or participant and the reversionary annuity beneficiary. The term "actuarial equivalent" shall mean an annuity or benefit of equal value to an annuity or benefit or accumulated contributions when computed according to the actuarial tables in effect for the pension fund or retirement system. (Source: P. A. 77‑1468.) |
