40 ILCS 5/15-157
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 15 - State Universities Retirement System

 (from Ch. 108 1/2, par. 15-157)Sec. 15-157. Employee Contributions.(a) Each participating employee  shall make contributions towards the retirement  benefits payable under the retirement program applicable to the  employee from each payment  of earnings applicable to employment under this system on and after the  date of becoming a participant as follows:  Prior to September 1, 1949,  3 1/2% of earnings; from September 1, 1949 to August 31, 1955, 5%; from  September 1, 1955 to August 31, 1969, 6%; from September 1, 1969, 6 1/2%.  These contributions are to be considered as normal contributions for purposes  of this Article.Each participant who is a police officer or firefighter shall make normal  contributions of 8% of each payment of earnings applicable to employment as a  police officer or firefighter under this system on or after September 1, 1981,  unless he or she files with the board within 60 days after the effective date  of this amendatory Act of 1991 or 60 days after the board receives notice that  he or she is employed as a police officer or firefighter, whichever is later,  a written notice waiving the retirement formula provided by Rule 4 of Section  15-136.  This waiver shall be irrevocable.  If a participant had met the  conditions set forth in Section 15-132.1 prior to the effective date of this  amendatory Act of 1991 but failed to make the additional normal contributions  required by this paragraph, he or she may elect to pay the additional  contributions plus compound interest at the effective rate.  If such payment  is received by the board, the service shall be considered as police officer  service in calculating the retirement annuity under Rule 4 of Section 15-136.  While performing service described in clause (i) or (ii) of Rule 4 of Section  15-136, a participating employee shall be deemed to be employed as a  firefighter for the purpose of determining the rate of employee contributions  under this Section.(b) Starting September 1, 1969, each participating employee shall make  additional contributions of 1/2 of 1% of earnings to finance a portion  of the cost of the annual increases in retirement annuity provided under  Section 15-136, except that with respect to participants in the  self-managed plan this additional contribution shall be used to finance the  benefits obtained under that retirement program.(c) In addition to the amounts described in subsections (a) and (b) of this  Section, each participating employee shall make contributions of 1% of earnings  applicable under this system on and after August 1, 1959.  The contributions  made under this subsection (c) shall be considered as survivor's insurance  contributions for purposes of this Article if the employee is covered under  the traditional benefit package, and such contributions shall be considered  as additional contributions for purposes of this Article if the employee is  participating in the self-managed plan or has elected to participate in the  portable benefit package and has completed the applicable one-year waiting  period.  Contributions in excess of $80 during any fiscal year beginning before  August 31, 1969 and in excess of $120 during any fiscal year thereafter until  September 1, 1971 shall be considered as additional contributions for purposes  of this Article.(d) If the board by board rule so permits and subject to such conditions  and limitations as may be specified in its rules, a participant may make  other additional contributions of such percentage of earnings or amounts as  the participant shall elect in a written notice thereof received by the board.(e) That fraction of a participant's total accumulated normal  contributions, the numerator of which is equal to the number of years of  service in excess of that which is required to qualify for the maximum  retirement annuity, and the denominator of which is equal to the total  service of the participant, shall be considered as accumulated additional  contributions.  The determination of the applicable maximum annuity and  the adjustment in contributions required by this provision shall be made  as of the date of the participant's retirement.(f) Notwithstanding the foregoing, a participating employee shall not  be required to make contributions under this Section after the date upon  which continuance of such contributions would otherwise cause his or her  retirement annuity to exceed the maximum retirement annuity as specified in  clause (1) of subsection (c) of Section 15-136.(g) A participant may make contributions for the purchase of  service credit under this Article; however, only a participating employee may make optional contributions under subsection (b) of Section 15-157.1 of this Article.(h) A Tier 2 member shall not make contributions on earnings that exceed the limitation as prescribed under subsection (b) of Section 15-111 of this Article.(Source: P.A. 98-92, eff. 7-16-13; 99-450, eff. 8-24-15.)