Illinois Compiled Statutes 40 Pensions: Article 12 - Park Employees' And Retirement Board Employees' Annuity And Benefit Fund--Cities Over 500,000

• Illinois Pension Code. - 40 ILCS 5, Section 12-101
  Creation of fund. In each city of more than 500,000 population, and having a board of park commissioners, under and in pursuance of an...
• Illinois Pension Code. - 40 ILCS 5, Section 12-102
  Terms defined. The terms used in this Article shall have the meanings ascribed to them in Sections 12-103 to 12-126, inclusive, except when the...
• Illinois Pension Code. - 40 ILCS 5, Section 12-103
  The 1919 Act. "The 1919 Act": "An Act to provide for the creation, setting apart, formation, administration and disbursement of a park employees' and...
• Illinois Pension Code. - 40 ILCS 5, Section 12-104
  Exchange of Functions Act of 1957. "Exchange of Functions Act of 1957": "An Act in relation to an exchange of certain functions, property and...
• Illinois Pension Code. - 40 ILCS 5, Section 12-105
  Retirement board or board. "Retirement board" or "board": The board of trustees of the Park Employees' and Retirement Board Employees' Annuity and Benefit Fund...
• Illinois Pension Code. - 40 ILCS 5, Section 12-106
  Actuarial tables. "Actuarial tables": The American Experience Table of Mortality and 4% interest for any present employee or future entrant who was a participant...
• Illinois Pension Code. - 40 ILCS 5, Section 12-107
  Reserve. "Reserve": when applied to an annuity means the present value, according to the applicable actuarial tables and rate of interest, of the payments...
• Illinois Pension Code. - 40 ILCS 5, Section 12-108
  Highest salary. "Highest salary": The highest rate of salary received by an employee during his total service. (Source: Laws 1963, p. 161.)
• Illinois Pension Code. - 40 ILCS 5, Section 12-109
  Service. "Service": Employment by an employer in a position covered by this Article, including (a) actual employment in pay status, (b) periods of approved...
• Illinois Pension Code. - 40 ILCS 5, Section 12-111
  Withdrawal or withdraws. "Withdrawal" or "withdraws": Resignation, separation or discharge from service as an employee from any position to which a person has civil...
• Illinois Pension Code. - 40 ILCS 5, Section 12-112
  Future entrant. "Future entrant": An employee who entered service after July 1, 1919, or, as applied to an employee of the board, an employee...
• Illinois Pension Code. - 40 ILCS 5, Section 12-114
  Regular interest. "Regular interest": Interest at the rate prescribed by the Board upon recommendation of the actuary for all employees, spouses or other beneficiaries....
• Illinois Pension Code. - 40 ILCS 5, Section 12-115
  Present value. "Present value": The amount of funds presently required to provide an annuity or benefit at some future date when computed according to...
• Illinois Pension Code. - 40 ILCS 5, Section 12-116
  Fiscal year. "Fiscal year": For periods prior to July 1, 2012, the year commencing with July 1st and ending with June 30th next following. Beginning...
• Illinois Pension Code. - 40 ILCS 5, Section 12-117
  Contributions. "Contributions": Amounts deducted from the salary or amounts otherwise paid by an employee for the purposes of this Article. (Source: P.A. 81-1536.)
• Illinois Pension Code. - 40 ILCS 5, Section 12-118
  Employee. "Employee": Any person in the service of a board of park commissioners as described in Section 12-101, or employees of the board, except...
• Illinois Pension Code. - 40 ILCS 5, Section 12-118.1
  Employee annuitant. "Employee annuitant": An employee who has withdrawn from service and has been granted a service retirement annuity. (Source: Laws 1965, p. 1936.)
• Illinois Pension Code. - 40 ILCS 5, Section 12-118.2
  Gender. The masculine gender whenever used in this Article includes the feminine gender and all annuities and other benefits applicable to male employees and...
• Illinois Pension Code. - 40 ILCS 5, Section 12-119
  Transferred employee. "Transferred employee": An employee who was transferred to the employment of a city by virtue of "An Act in relation to an...
• Illinois Pension Code. - 40 ILCS 5, Section 12-120
  Employer. "Employer": Any board of park commissioners referred to in this Article and the retirement board defined in this Article. Effective January 1, 1959,...
• Illinois Pension Code. - 40 ILCS 5, Section 12-121
  Leave of absence. "Leave of absence": Absence from service for a temporary period on permission given by the employer upon written request of the...
• Illinois Pension Code. - 40 ILCS 5, Section 12-122
  Salary. "Salary": (a) The annual salary of any employee whose salary is on a yearly basis; (b) 12 times the amount of the salary...
• Illinois Pension Code. - 40 ILCS 5, Section 12-123
  Age. "Age": Age at the latest birthday. In the computation of any retirement annuity, the actuarial factor shall be prorated for the number of...
• Illinois Pension Code. - 40 ILCS 5, Section 12-123.1
  Surviving spouse. Surviving spouse: The spouse of an active employee on the date of the employee's death; the spouse of an inactive member on...
• Illinois Pension Code. - 40 ILCS 5, Section 12-124
  Fixation of annuity; limitation on reversionary annuity. "Fixation of annuity": As applied to a service annuity or prior service annuity or a surviving spouse's...
• Illinois Pension Code. - 40 ILCS 5, Section 12-125
  Reversionary annuity. "Reversionary annuity": A deferred annuity computed according to the applicable actuarial table, based on employee and employer contributions for surviving spouse's service...
• Illinois Pension Code. - 40 ILCS 5, Section 12-125.1
  Optional reversionary annuity. "Optional reversionary annuity": A deferred annuity derived from part of the actuarial value of an employee's retirement annuity, computed according to...
• Illinois Pension Code. - 40 ILCS 5, Section 12-126
  Actuarial equivalent. "Actuarial equivalent": An annuity or benefit of equal value to the accumulated contributions, annuity or other benefit, when computed upon the basis...
• Illinois Pension Code. - 40 ILCS 5, Section 12-127
  Computation of service. (a) If an employee during any leave of absence for 30 days or more without pay who is not receiving ordinary disability...
• Illinois Pension Code. - 40 ILCS 5, Section 12-127.1
  Transfer to General Assembly Retirement System. (a) Any active (and until April 1, 1993, any former) member of the General Assembly Retirement System may...
• Illinois Pension Code. - 40 ILCS 5, Section 12-127.5
  Transfer of creditable service to Article 5 fund. Pursuant to Section 5-234 of this Code, a police officer who is a participant in a...
• Illinois Pension Code. - 40 ILCS 5, Section 12-128
  Annuities provided. A service annuity shall be provided for future entrants and present employees. A prior service annuity shall be provided for present employees....
• Illinois Pension Code. - 40 ILCS 5, Section 12-130
  Retirement prior to age 60. An employee withdrawing prior to January 1, 1990 with at least 10 years of service and before attainment of age...
• Illinois Pension Code. - 40 ILCS 5, Section 12-131
  Retirement at age 60 or over. An employee, upon withdrawal upon or after age 60 with 4 or more years of service, shall be...
• Illinois Pension Code. - 40 ILCS 5, Section 12-132.1
  Employees still in service whose annuities were fixed at age 70 prior to July 1, 1988. For all employees who have not withdrawn from...
• Illinois Pension Code. - 40 ILCS 5, Section 12-133
  Fixed benefit retirement annuity. (a) Subject to the provisions of paragraph (b) of this Section, the retirement annuity for any employee who withdraws from service...
• Illinois Pension Code. - 40 ILCS 5, Section 12-133.1
  Annual increase in basic retirement annuity. (a) Any employee upon withdrawal from service on or after July 1, 1965, and retiring on a retirement annuity,...
• Illinois Pension Code. - 40 ILCS 5, Section 12-133.2
  Increases to employee annuitants. The provisions of subsections (b-1) and (b-2) of Section 12-133.1 also apply to the benefits provided under this Section. Employees who...
• Illinois Pension Code. - 40 ILCS 5, Section 12-133.3
  Early retirement incentive. (a) To be eligible for the benefits provided in this Section, an employee must: (1) be a current contributor to the...
• Illinois Pension Code. - 40 ILCS 5, Section 12-133.4
  Early retirement incentives. (a) To be eligible for the benefits provided in this Section, a person must: (1) have been, on March 1, 1994,...
• Illinois Pension Code. - 40 ILCS 5, Section 12-133.5
  Early retirement incentives. (a) To be eligible for the benefits provided in this Section, a person must: (1) have been, on July 1, 1998,...
• Illinois Pension Code. - 40 ILCS 5, Section 12-133.6
  Early retirement incentive. (a) To be eligible for the benefits provided in this Section, a person must: (1) have been, on November 1, 2003, an...
• Illinois Pension Code. - 40 ILCS 5, Section 12-133.7
  Early retirement incentive for employees who have earned maximum pension benefits. A person who is eligible for the benefits provided under Section 12-133.6 and who,...
• Illinois Pension Code. - 40 ILCS 5, Section 12-134
  Maximum retirement annuity. Except as modified by the provisions of Sections 12-133.1 and 12-133.2, the maximum retirement annuity for any employee under the provisions...
• Illinois Pension Code. - 40 ILCS 5, Section 12-135
  Widow's service annuity and widow's prior service annuity. (a) The widow of an employee who withdraws after at least 10 years of service and...
• Illinois Pension Code. - 40 ILCS 5, Section 12-135.1
  Minimum annuity to surviving spouse. Upon death of an employee or annuitant occurring on or after January 1, 1976, who has completed at least...
• Illinois Pension Code. - 40 ILCS 5, Section 12-135.2
  Increase in annuity to a surviving spouse. An annuity being paid to a surviving spouse on December 31, 1992, other than a temporary annuity,...
• Illinois Pension Code. - 40 ILCS 5, Section 12-135.3
  Annual increases to surviving spouses. On January 1 of each year, every surviving spouse, other than a surviving spouse who is receiving a temporary...
• Illinois Pension Code. - 40 ILCS 5, Section 12-136
  Spouses not entitled to a surviving spouse's annuity. The following described spouses and former spouses of employees shall not have any right to a...
• Illinois Pension Code. - 40 ILCS 5, Section 12-136.1
  Optional reversionary annuity for surviving spouse. An employee may elect to take a lesser retirement annuity reduced by not more than 1/3 thereof and...
• Illinois Pension Code. - 40 ILCS 5, Section 12-136.2
  Annuities to survivors of female employees. All provisions of this Article relating to annuities or benefits to a widow, minor children or other survivors...
• Illinois Pension Code. - 40 ILCS 5, Section 12-137
  Eligibility for child's benefit. A benefit shall be granted to any child of the employee under 18 years of age or any child under such...
• Illinois Pension Code. - 40 ILCS 5, Section 12-138
  Amount of child's benefit. A child's benefit effective upon death of an employee occurring on or after July 1, 1983 shall be $100 per...
• Illinois Pension Code. - 40 ILCS 5, Section 12-139
  Death benefit. Effective July 1, 1955, a death benefit is provided for employees and annuitants, in addition to other annuities and benefits, payable upon...
• Illinois Pension Code. - 40 ILCS 5, Section 12-140
  Duty disability benefit. An employee who becomes disabled as the direct result of injury incurred in the performance of an act of duty and cannot...
• Illinois Pension Code. - 40 ILCS 5, Section 12-141
  Workers' compensation offset. If an employee or surviving spouse and minor children receive any compensation or payment for specific loss, disability or death under or...
• Illinois Pension Code. - 40 ILCS 5, Section 12-142
  Ordinary disability benefit. Only employees in active status are entitled to ordinary disability. In order that payments may begin from the date of absence,...
• Illinois Pension Code. - 40 ILCS 5, Section 12-143
  Amount of ordinary disability benefit. Any employee disabled as the result of any cause other than injury incurred in the performance of an act...
• Illinois Pension Code. - 40 ILCS 5, Section 12-143.1
  Limitations on payment of ordinary or duty disability. (a) An employee who has withdrawn from service, has been on a leave of absence, is...
• Illinois Pension Code. - 40 ILCS 5, Section 12-144
  Medical examinations. An employee in receipt of any disability benefit shall undergo a medical examination periodically and in any event at least once each...
• Illinois Pension Code. - 40 ILCS 5, Section 12-145
  Re-entry of former employee. (a) Any former employee who received a refund who re-enters service and remains in continuous service for a period of...
• Illinois Pension Code. - 40 ILCS 5, Section 12-146
  Re-entry of annuitant. When any person receiving an annuity shall re-enter service, the annuity previously granted to such person and any annuity fixed for...
• Illinois Pension Code. - 40 ILCS 5, Section 12-147
  Refunds of employee contributions. (1) (a) Any employee who withdraws from service before age 60, with less than 10 years of service, shall be...
• Illinois Pension Code. - 40 ILCS 5, Section 12-148
  Credits of employer contributions. Refunds of accumulation from contributions of the employer for service annuity and widow's service annuity, and also for prior service...
• Illinois Pension Code. - 40 ILCS 5, Section 12-149
  Financing. (a) The board of park commissioners of any such park district shall annually levy a tax (in addition to the taxes now authorized by...
• Illinois Pension Code. - 40 ILCS 5, Section 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,...
• Illinois Pension Code. - 40 ILCS 5, Section 12-150.1
  The employer may pick up the employee contributions required by Sections 12-150, 12-151, 12-151.1, 12-151.2 and 12-152 for salary earned after December 31, 1981....
• Illinois Pension Code. - 40 ILCS 5, Section 12-150.5
  Use of contributions for health care subsidies. The Fund shall not use any contribution received by the Fund under this Article to provide a subsidy...
• Illinois Pension Code. - 40 ILCS 5, Section 12-151
  Contributions by employees for widow's service annuity. Beginning July 1, 1919, subject to the provisions of Section 12-184 for transferred employees, from each payment...
• Illinois Pension Code. - 40 ILCS 5, Section 12-151.1
  Contributions by employees towards annual increase in retirement annuity. Beginning July 1, 1965, there shall be deducted 1/2 of 1% of salary in the...
• Illinois Pension Code. - 40 ILCS 5, Section 12-151.2
  Contributions by female employees. (a) Effective as of October 1, 1974, each female employee shall contribute at the same rates as a male employee...
• Illinois Pension Code. - 40 ILCS 5, Section 12-152
  Contributions by employer for service annuity and widow's service annuity. (a) In the case of any present employee or future entrant, and for an...
• Illinois Pension Code. - 40 ILCS 5, Section 12-153
  Contributions for death benefit. To defray the cost of the death benefit provided in Section 12-139, each employee in service shall make an additional...
• Illinois Pension Code. - 40 ILCS 5, Section 12-154
  Contributions by employer for ordinary disability benefit. The amount necessary to provide the ordinary disability benefit shall be paid by the employer. Effective January...
• Illinois Pension Code. - 40 ILCS 5, Section 12-155
  Contributions by employer while employee disabled. The employer of any employee who is receiving ordinary disability benefit or duty disability benefit shall contribute amounts...
• Illinois Pension Code. - 40 ILCS 5, Section 12-155.1
  Contributions by employer towards annual increase in retirement annuity. The employer shall contribute for the annual increase in retirement annuity an amount representing the...
• Illinois Pension Code. - 40 ILCS 5, Section 12-155.5
  Funding obligation. (a) Beginning January 1, 2015, the board of park commissioners shall be obligated to contribute to the Fund in each fiscal year an...
• Illinois Pension Code. - 40 ILCS 5, Section 12-156
  Board created. A board composed of 7 members shall constitute a Board of Trustees authorized to carry out the provisions of this Article. Such...
• Illinois Pension Code. - 40 ILCS 5, Section 12-157
  Board vacancy. If a vacancy shall occur in the membership of the board, due to death, resignation or other cause, said vacancy shall be...
• Illinois Pension Code. - 40 ILCS 5, Section 12-158
  Board officers. The board shall elect from its membership a president, a vice president and a secretary, all of whom shall serve without salary,...
• Illinois Pension Code. - 40 ILCS 5, Section 12-159
  Board's powers and duties. The board shall have the powers and duties stated in Section 12-160 to 12-169, inclusive, in addition to the other...
• Illinois Pension Code. - 40 ILCS 5, Section 12-160
  To determine service credits. To determine the length of service of each present employee rendered prior to the date when he comes under the...
• Illinois Pension Code. - 40 ILCS 5, Section 12-161
  To supervise contributions. To see that all employee contributions by way of salary deductions and contributions by each employer are made, and that all...
• Illinois Pension Code. - 40 ILCS 5, Section 12-162
  To have exclusive original jurisdiction. To have exclusive original jurisdiction in all matters relating to or affecting the fund, including, in addition to all...
• Illinois Pension Code. - 40 ILCS 5, Section 12-163
  To see that duties of employer are performed. To see that all the other duties under this Article of each employer are being performed,...
• Illinois Pension Code. - 40 ILCS 5, Section 12-164
  To appoint custodian. To appoint annually a custodian of the fund; and to deposit all moneys received or accruing to the fund with the...
• Illinois Pension Code. - 40 ILCS 5, Section 12-165
  To manage fund. To have exclusive control and management of all moneys, securities and other property of said fund; and to defray the total...
• Illinois Pension Code. - 40 ILCS 5, Section 12-166
  To invest money. To invest and reinvest the moneys of the fund subject to the requirements and restrictions set forth in this Article and...
• Illinois Pension Code. - 40 ILCS 5, Section 12-166.1
  Participation in commingled investment funds-Transfer of investment functions and securities. (a) The retirement board may invest in any commingled investment fund or funds established...
• Illinois Pension Code. - 40 ILCS 5, Section 12-166.2
  To lend securities. The Board may lend securities owned by the Fund to a borrower upon such terms and conditions as may be mutually...
• Illinois Pension Code. - 40 ILCS 5, Section 12-167
  To keep records, books and prepare reports. To keep a record of all its proceedings which shall be open to inspection by the public; to...
• Illinois Pension Code. - 40 ILCS 5, Section 12-168
  To have an audit. To have an annual audit of the books, records and reserves of the fund as of the last day of each...
• Illinois Pension Code. - 40 ILCS 5, Section 12-169
  To appoint employees. To appoint such actuarial, legal, medical, clerical and other employees as may be necessary in the administration of the fund and fix...
• Illinois Pension Code. - 40 ILCS 5, Section 12-170
  Custodian of fund. All payments from the fund shall be made by the custodian of the fund only, and only upon warrant of or...
• Illinois Pension Code. - 40 ILCS 5, Section 12-171
  Money which may be held on deposit. The board may keep as an available sum for the purpose of making payments for annuities and...
• Illinois Pension Code. - 40 ILCS 5, Section 12-171.1
  Records. The board shall maintain adequate accounting records that reflect the financial condition of the fund, and such additional data as are necessary for...
• Illinois Pension Code. - 40 ILCS 5, Section 12-177
  Employee accounts. The amounts contributed by employees for service annuity and spouse's service annuity shall be credited to this account; also all amounts contributed...
• Illinois Pension Code. - 40 ILCS 5, Section 12-183
  Annual actuarial valuation. An actuarial valuation shall be made annually of the liabilities and reserves for present and prospective annuities and benefits, and beginning January...
• Illinois Pension Code. - 40 ILCS 5, Section 12-185
  Duties of employer. It shall be the duty of each employer hereunder to: (a) notify each person to whom this Article shall apply before...
• Illinois Pension Code. - 40 ILCS 5, Section 12-186
  No commissions or compensation. No member of the board, nor any one connected with the board, shall have any interest, direct or indirect, in...
• Illinois Pension Code. - 40 ILCS 5, Section 12-187
  Condition of employment. Any person included as an employee as defined in this Article, or any person who shall hereafter be included as an...
• Illinois Pension Code. - 40 ILCS 5, Section 12-188
  Employees under legal disabilities. In the event that an employee is adjudicated to be a person under legal disability by a court having jurisdiction...
• Illinois Pension Code. - 40 ILCS 5, Section 12-189
  Retirement Systems Reciprocal Act. The "Retirement Systems Reciprocal Act", being Article 20 of this Code, as now enacted or hereafter amended, is hereby adopted...
• Illinois Pension Code. - 40 ILCS 5, Section 12-190
  Annuities etc. Exempt. (a) All pensions, annuities, refunds or disability benefits granted under this Article, and every portion thereof, are exempt from any State...
• Illinois Pension Code. - 40 ILCS 5, Section 12-190.1
  Payment of an annuity other than direct. The board, at the written direction and request of any annuitant, may, solely as an accommodation to...
• Illinois Pension Code. - 40 ILCS 5, Section 12-190.2
  Overpayment; deduction. The amount of any overpayment, of any pension or benefit granted under this Article, due to fraud, misrepresentation or error, may be...
• Illinois Pension Code. - 40 ILCS 5, Section 12-190.3
  Fraud. Any person who knowingly makes any false statement or falsifies or permits to be falsified any record of this Fund in any attempt to...
• Illinois Pension Code. - 40 ILCS 5, Section 12-191
  Felony conviction. None of the benefits provided for in this Article shall be paid to any person who is convicted of any felony relating...
• Illinois Pension Code. - 40 ILCS 5, Section 12-192
  Administrative review. The provisions of the Administrative Review Law, and all amendments and modifications thereof and the rules adopted pursuant thereto, shall apply to...
• Illinois Pension Code. - 40 ILCS 5, Section 12-193
  General provisions and savings clause. The provisions of Article 1 and Article 23 of this Code apply to this Article as though such provisions...
• Illinois Pension Code. - 40 ILCS 5, Section 12-194
  Effective Date of Certain Provisions. The changes made by this amendatory Act of 1989 pertaining to the date of fixation of annuities and the...
• Illinois Pension Code. - 40 ILCS 5, Section 12-195
  Application and expiration of new benefit increases. (a) As used in this Section, "new benefit increase" means an increase in the amount of any benefit...

Last modified: February 18, 2015