Illinois Compiled Statutes
40 ILCS 5/6-198 (2026)
Prior service annuity reserve
✓ current as of May 2026
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(40 ILCS 5/6-198)
(from Ch. 108 1/2, par. 6-198)
Sec. 6-198.
Prior service annuity reserve.
The following amounts shall be credited to this reserve: (1) All
contributions of the city for prior service annuity and widow's prior
service annuity; (2) all other contributions of the city to provide prior
service annuities in accordance with this Article shall be credited to this
reserve; and (3) all assets of any firemen's pension fund which were
received by the board under "An Act to provide for a firemen's pension fund
and to create a board of trustees to administer said fund in cities having
a population exceeding two hundred thousand (200,000) inhabitants", filed
June 14, 1917, as amended, in such city on the effective date, as
provided in Section 10-9-53 of the Firemen's Annuity and Benefit Fund Act
of the Illinois Municipal Code.
All prior service annuities and widow's prior service annuities payable
under this Article and the "Firemen's Annuity and Benefit Fund Act of the
Illinois Municipal Code", and all annuities, benefits and pensions which
have been or shall be granted under said Act, filed June 14, 1917, as
amended, and the requirements for term annuities, shall be charged to this
reserve.
If at any time the balance in the investment and interest reserve is not
sufficient to permit a transfer from that reserve to the annuity payment
reserve of such amounts as are necessary according to the American
Experience Table of Mortality and the Combined Annuity Table and applicable
rates of interest, whichever table applies, to make the balance of the
annuity payment reserve equal to the liabilities chargeable thereto
(including among such liabilities, and in addition to all other liabilities
of such reserve, the present values of all annuities entered upon, and of
all annuities fixed and not entered upon to be charged to such reserve) any
amount necessary for such purpose shall be transferred from this reserve to
the investment and interest reserve.
(Source: Laws 1963, p. 2034.)
Notes of Decisions
Cited in 1
case, 1993–1993 · leading case: Collins v. Bd. of Trs., Firemen's Annuity & Ben. Fund of Chicago, 610 N.E.2d 1250 (Ill. 1993).
Collins v. Bd. of Trs., Firemen's Annuity & Ben. Fund of Chicago, 610 N.E.2d 1250 (Ill. 1993). “(40 ILCS 5/6-210 (West 1992).) Finally, prior-service annuities, which accrued under the legislation that existed prior to the revision of article 6, are nevertheless supported by contributions transferred to the Firemen's Fund from its predecessor.”
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