Sec. 5-120. Interest.
129 words·~1 min read·
/il/chapter-40/act-5/5-120A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 5-120. Interest.
"Interest":
(a)Interest at 4% per annum for any policeman who was a participant or a contributor to this fund on December 31, 1953; and
(b)interest at 3% per annum for any future entrant not a participant or contributor to this fund on December 31, 1953, who becomes a participant or contributor after December 31, 1953.
For fund accounts, credits, transfers and charges, "interest" means interest at 4% per annum as to amounts applicable to any policeman who was a participant or a contributor on December 31, 1953, and interest at 3% per annum as to amounts applicable to any future entrant who was not a participant or a contributor on December 31, 1953, but who becomes a participant or contributor after December 31, 1953.