40 ILCS 5/12-150
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 12 - Park Employees' And Retirement Board Employees' Annuity And Benefit Fund--Cities Over 500,000

 (from Ch. 108 1/2, par. 12-150)Sec. 12-150. Contributions by employees for service  annuity.(a) From each payment of salary to a present employee beginning  August 4, 1961, and prior to September 1, 1971, there shall be deducted  as contributions for service annuity 6% of such payment. Beginning  September 1, 1971, the deduction shall be 6 1/2% of salary. These  contributions shall continue until the amounts thus deducted will  provide an accumulation, at regular interest, at least equal to the  amount that would be provided on such date from employee contributions,  assuming regular interest to such date, if such employee had been  contributing in accordance with the provisions of "The 1919 Act" and  this Article from the beginning of his service and the salary of the  employee during his prior service was the same as it was on July 1,  1919, or on July 1, 1937 in the case of an employee of the board.(b) From each payment of salary to a future entrant beginning August  4, 1961, and prior to September 1, 1971, there shall be deducted as  contributions for service annuity 6% of such payment. Beginning  September 1, 1971, the deduction shall be 6 1/2% of salary.  Beginning January 1, 1990, the deduction shall be 7% of salary, except that the deduction shall be 9% of salary for a person who first becomes an employee on or after January 1, 2022 or who makes the election under item (i) of subsection (d-15) of Section 1-160.(c) For service rendered prior to August 4, 1961, the rates of  contribution by employees for service annuity shall be as follows: July  1, 1919 to July 20, 1947, inclusive, 4% of salary; July 21, 1947 to  August 3, 1961, inclusive, 5% of salary.For the period from July 1, 1919, to August 4, 1961 such deductions  for a present employee shall continue until such date as the amounts  deducted will provide an accumulation at least equal to that which would  be provided on such date, assuming regular interest to such date, from  deductions from salary of such employee if such employee had been under  the provisions of "The 1919 Act" and this Article from the beginning of  his service and the salary of such employee during his period of prior  service was the same as it was on July 1, 1919 or on July 1, 1937 in the  case of an employee of the board.(d) Any employee shall have the option to contribute for service  annuity an amount, together with regular interest, equal to the  difference between the amount he had accumulated in the fund on June 30,  1947, from contributions at the rate of 4% of salary, together with  regular interest, and the amount he would have accumulated, together  with regular interest, if he had made contributions at the rate of 5% of  salary. All such contributions shall be subject to salary limitations  and other conditions in effect prior to July 1, 1947. Upon making such  contribution the employer of such employee shall contribute in the ratio  of 2 to 1 with such employee.  (Source: P.A. 102-263, eff. 8-6-21.)