Ill. Admin. Code tit. 50, § 4450.30 - Definitions
"Illinois Pension Code" or "Code" means 45 ILCS 5.
"Department" means the Illinois Department of Insurance.
"Lump Sum" means the one payment to the recipient by a pension fund when a benefit was mistakenly set too low. A lump sum payment shall consist of two amounts:
the difference between the mistakenly set too low benefit and the correct level benefit for each such benefit payment; and
the application of the prescribed 1% annual interest rate to the difference derived under this definition from the date of each mistakenly set too low benefit to the date of payment of the lump sum.
Notes
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