Repository: UIHistories Project: Board of Trustees Minutes - 1942 [PAGE 438]

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UNIVERSITY OF ILLINOIS

435

Sec. 2.12 Normal Contributions: The amounts required to be paid to this System by each Participating Employee as specified in Section 4.2. Sec. 2.1$ Additional Contributions: The amounts paid to this System by a Participating Employee which are in excess of the Normal Contributions as specified in Section 4.2. Sec. 2.14 Accumulated Normal Contributions: The sum of all Normal Contributions received from a Participating Employee which are then credited to the account of such Employee, together with interest thereon at the Prescribed Rate for the respective years. Sec. 2.IS Accumulated Additional Contributions: The sum of all Additional Contributions received from a Participating Employee which are then credited to the account of such Employee, together with interest thereon at the Prescribed Rate for the respective years. Sec. 2.16 Accumulated Supplemental Credits: An amount equal to twice the accumulated value of the Normal Contributions which would have been made by an Employee during the entire period of Service prior to September 1, 1941, had this System been in effect all during such time, assuming (a) the earnings of such Employee to have been paid at a rate equal to the Final Rate of Earnings as of September 1, 1041, and, ( b ) all such contributions to have been accumulated with interest at the Prescribed Rate for the respective years. Sec. 2.17 Annuity: A series of equal monthly payments payable at the end of each calendar month during the life of an Annuitant. T h e first payment shall be prorated for any fraction of a month elapsing at the end of the first month; but no payment shall be made for any fraction of a month elapsing at the time of death. Sec. 2.18 Annuitant: A person receiving a Retirement, Reversionary, or Beneficiary Annuity from this System. Sec. 2.19 Beneficiary: T h e widow of a Participant or of an Annuitant; or if no widow survives, the person or persons designated by the Participant or Annuitant in the last written designation on file with the Board; or if no person so designated survives, or if no designation is on file, the estate of the Participant or Annuitant. Sec. 2.20 Normal Annuity: T h e portion of a Retirement Annuity arising out of the Accumulated Normal Contributions of the Participant as specified in Section 5.1. Sec. 2.21 Additional Annuity: T h e portion of a Retirement Annuity arising out of the Accumulated Additional Contributions of the Participant as specified in Section 5.1. Sec. 2.22 Current Annuity: T h e portion of a Retirement Annuity arising out of Employer Contributions for service after the establishment of this System as specified in Section 5.1. Sec. 2.23 Supplemental Annuity: The portion of a Retirement Annuity arising out of the Accumulated Supplemental Credits of the Participant as specified in Section 5.1. Sec. 2.24 Reversionary Annuity: The Annuity payable to a Beneficiary after the death of the Annuitant as specified in Section 5.2. Sec. 2.25 Beneficiary Annuity: T h e Annuity payable to a Beneficiary after the death of a Participant or Annuitant as specified in Section 5.5. Sec. 2.26 Actuarial Tables: Such tables as are adopted by the Board based upon the experience of the System, provided that for the purpose of determining the amounts of all Retirement Annuities, the Combined Annuity Table of Mortality for male lives shall be used until at least three (3) years of experience are available. Sec. 2.27 Prescribed Rate of Interest: Three percent (3%) per annum compounded annually, or such other rate based on expected long term investment returns determined from the actual experience of the System over a period of not less than three (3) years, as shall subsequently be prescribed by the Board.