Illinois Compiled Statutes 40 Pensions: Article 1 - General Provisions: Short Title, Effect Of Code And Other Provisions

• Illinois Pension Code. - 40 ILCS 5, Section 1-101
  Short title. This Code shall be known and may be cited as the Illinois Pension Code. (Source: Laws 1963, p. 161.)
• Illinois Pension Code. - 40 ILCS 5, Section 1-101.1
  Definitions. For purposes of this Article, unless the context otherwise requires, the words defined in the Sections following this Section and preceding Section 1-102...
• Illinois Pension Code. - 40 ILCS 5, Section 1-101.2
  Fiduciary. A person is a "fiduciary" with respect to a pension fund or retirement system established under this Code to the extent that the person:...
• Illinois Pension Code. - 40 ILCS 5, Section 1-101.3
  Party in interest. A person is a "party in interest" with respect to a pension fund or retirement system established under this Code if...
• Illinois Pension Code. - 40 ILCS 5, Section 1-101.4
  Investment adviser. A person is an "investment adviser", "investment advisor", or "investment manager" with respect to a pension fund or retirement system established under...
• Illinois Pension Code. - 40 ILCS 5, Section 1-101.5
  Consultant. "Consultant" means any person or entity retained or employed by the board of a retirement system, pension fund, or investment board to make recommendations...
• Illinois Pension Code. - 40 ILCS 5, Section 1-102
  Continuation of prior statutes. The provisions of this Code insofar as they are the same or substantially the same as those of any prior...
• Illinois Pension Code. - 40 ILCS 5, Section 1-103
  Effect of headings. Article, Division and Section headings contained herein shall not be deemed to govern, limit, modify or in any manner affect the...
• Illinois Pension Code. - 40 ILCS 5, Section 1-103.1
  Application of amendments. Amendments to this Code which have been or may be enacted shall be applicable only to persons who, on or after...
• Illinois Pension Code. - 40 ILCS 5, Section 1-103.2
  The amendatory provisions of this amendatory Act of 1987 which provide for benefit increases effective July 1, 1987 or January 1, 1988 are intended...
• Illinois Pension Code. - 40 ILCS 5, Section 1-103.3
  Application of 1994 amendment; funding standard. (a) The provisions of Public Act 88-593 that change the method of calculating, certifying, and paying the required State...
• Illinois Pension Code. - 40 ILCS 5, Section 1-104
  Cross references. Where, in this Code, reference is made to a Section, Division or Article by its number and no Act is specified, the...
• Illinois Pension Code. - 40 ILCS 5, Section 1-104.1
  Gender. Words or phrases as used in this Code that import the masculine gender shall be construed to import also the feminine gender, unless...
• Illinois Pension Code. - 40 ILCS 5, Section 1-104.2
  Beginning January 1, 1986, children not conceived in lawful wedlock shall be entitled to the same benefits as other children, and no child's or survivor's...
• Illinois Pension Code. - 40 ILCS 5, Section 1-104.3
  Adopted children. Notwithstanding any other provision of this Code to the contrary, beginning on the effective date of this amendatory Act of the 95th General...
• Illinois Pension Code. - 40 ILCS 5, Section 1-105
  Partial invalidity. The invalidity of any provision of this Code shall not affect the validity of the remainder of this Code. (Source: Laws 1963,...
• Illinois Pension Code. - 40 ILCS 5, Section 1-106
  Payment of distribution other than direct. (a) The board of trustees of any retirement fund or system operating under this Code may, at the written...
• Illinois Pension Code. - 40 ILCS 5, Section 1-107
  Indemnification of trustees, consultants and employees of retirement systems and pension funds. Every retirement system, pension fund or other system or fund established under...
• Illinois Pension Code. - 40 ILCS 5, Section 1-108
  (a) In any proceeding commenced against an employee of a pension fund, alleging a civil wrong arising out of any act or omission occurring...
• Illinois Pension Code. - 40 ILCS 5, Section 1-109
  Duties of Fiduciaries. A fiduciary with respect to a retirement system or pension fund established under this Code shall discharge his or her duties...
• Illinois Pension Code. - 40 ILCS 5, Section 1-109.1
  Allocation and delegation of fiduciary duties. (1) Subject to the provisions of Section 22A-113 of this Code and subsections (2) and (3) of this Section,...
• Illinois Pension Code. - 40 ILCS 5, Section 1-109.2
  Extent of Cofiduciary Duties. (a) (1) Except to the extent otherwise required in subsection (b) of this Section, a fiduciary of a retirement system...
• Illinois Pension Code. - 40 ILCS 5, Section 1-109.3
  Training requirement for pension trustees. (a) All elected and appointed trustees under Article 3 and 4 of this Code must participate in a mandatory trustee...
• Illinois Pension Code. - 40 ILCS 5, Section 1-110
  Prohibited Transactions. (a) A fiduciary with respect to a retirement system, pension fund, or investment board shall not cause the retirement system or pension fund...
• Illinois Pension Code. - 40 ILCS 5, Section 1-110.5
  (Repealed). (Source: P.A. 94-79, eff. 1-27-06. Repealed by P.A. 95-521, eff. 8-28-07.)
• Illinois Pension Code. - 40 ILCS 5, Section 1-110.6
  Transactions prohibited by retirement systems; Republic of the Sudan. (a) The Government of the United States has determined that Sudan is a nation that sponsors...
• Illinois Pension Code. - 40 ILCS 5, Section 1-110.10
  Servicer certification. (a) For the purposes of this Section: "Illinois finance entity" means any entity chartered under the Illinois Banking Act, the Savings Bank Act,...
• Illinois Pension Code. - 40 ILCS 5, Section 1-110.15
  Transactions prohibited by retirement systems; Iran. (a) As used in this Section: "Active business operations" means all business operations that are not inactive business operations....
• Illinois Pension Code. - 40 ILCS 5, Section 1-111
  Ten Per Cent Limitation of Employer Securities. A plan may not acquire a security issued by an employer of employees covered by the retirement...
• Illinois Pension Code. - 40 ILCS 5, Section 1-113
  Investment authority of certain pension funds, not including those established under Article 3 or 4. The investment authority of a board of trustees of...
• Illinois Pension Code. - 40 ILCS 5, Section 1-113.1
  Investment authority of pension funds established under Article 3 or 4. The board of trustees of a police pension fund established under Article 3...
• Illinois Pension Code. - 40 ILCS 5, Section 1-113.2
  List of permitted investments for all Article 3 or 4 pension funds. Any pension fund established under Article 3 or 4 may invest in the...
• Illinois Pension Code. - 40 ILCS 5, Section 1-113.3
  List of additional permitted investments for pension funds with net assets of $2,500,000 or more. (a) In addition to the items in Section 3-113.2,...
• Illinois Pension Code. - 40 ILCS 5, Section 1-113.4
  List of additional permitted investments for pension funds with net assets of $5,000,000 or more. (a) In addition to the items in Sections 1-113.2...
• Illinois Pension Code. - 40 ILCS 5, Section 1-113.4a
  List of additional permitted investments for Article 3 and 4 pension funds with net assets of $10,000,000 or more. (a) In addition to the items...
• Illinois Pension Code. - 40 ILCS 5, Section 1-113.5
  Investment advisers and investment services for all Article 3 or 4 pension funds. (a) The board of trustees of a pension fund may appoint investment...
• Illinois Pension Code. - 40 ILCS 5, Section 1-113.6
  Investment policies. Every board of trustees of a pension fund shall adopt a written investment policy and file a copy of that policy with...
• Illinois Pension Code. - 40 ILCS 5, Section 1-113.7
  Registration of investments; custody and safekeeping. The board of trustees may register the investments of its pension fund in the name of the pension...
• Illinois Pension Code. - 40 ILCS 5, Section 1-113.8
  Limitations on banks and savings and loan associations. A bank or savings and loan association shall not receive investment funds from a pension fund...
• Illinois Pension Code. - 40 ILCS 5, Section 1-113.9
  Illegal investments. A person registered as a dealer, salesperson, or investment adviser under the Illinois Securities Law of 1953 who sells a pension fund...
• Illinois Pension Code. - 40 ILCS 5, Section 1-113.10
  Legality at time of investment. The investment limitations set forth in this Article are applicable only at the time of investment and do not...
• Illinois Pension Code. - 40 ILCS 5, Section 1-113.11
  Rules. The Department of Insurance is authorized to promulgate rules that are necessary or useful for the administration and enforcement of Sections 1-113.1 through...
• Illinois Pension Code. - 40 ILCS 5, Section 1-113.12
  Application. Sections 1-113.1 through 1-113.10 apply only to pension funds established under Article 3 or 4 of this Code. (Source: P.A. 90-507, eff. 8-22-97.)
• Illinois Pension Code. - 40 ILCS 5, Section 1-113.14
  Investment services for retirement systems, pension funds, and investment boards, except those funds established under Articles 3 and 4. (a) For the purposes of this...
• Illinois Pension Code. - 40 ILCS 5, Section 1-113.15
  Qualified fund-of-fund management services. (a) As used in this Section: "Qualified fund-of-fund management services" means either (i) the services of an investment adviser acting in...
• Illinois Pension Code. - 40 ILCS 5, Section 1-113.16
  Investment transparency. (a) The purpose of this Section is to provide for transparency in the investment of retirement or pension funds and require the reporting...
• Illinois Pension Code. - 40 ILCS 5, Section 1-113.18
  Ethics training. All board members of a retirement system, pension fund, or investment board created under this Code must attend ethics training of at least...
• Illinois Pension Code. - 40 ILCS 5, Section 1-113.20
  Investment strategies; explicit and implicit costs. Every pension fund, retirement system, and investment board created under this Code, except those whose investments are restricted by...
• Illinois Pension Code. - 40 ILCS 5, Section 1-113.21
  Contracts for services. (a) Beginning January 1, 2015, no contract, oral or written, for investment services, consulting services, or commitment to a private market fund...
• Illinois Pension Code. - 40 ILCS 5, Section 1-114
  Liability for Breach of Fiduciary Duty. (a) Any person who is a fiduciary with respect to a retirement system or pension fund established under this...
• Illinois Pension Code. - 40 ILCS 5, Section 1-115
  Civil enforcement. A civil action may be brought by the Attorney General or by a participant, beneficiary or fiduciary in order to: (a) Obtain...
• Illinois Pension Code. - 40 ILCS 5, Section 1-116
  Federal contribution and benefit limitations. (a) This Section applies to all pension funds and retirement systems established under this Code. (a-5) All pension funds...
• Illinois Pension Code. - 40 ILCS 5, Section 1-116.1
  Required distributions. Notwithstanding any other provision of this Code, all pension funds and retirement systems established under Articles 2 through 18 of this Code...
• Illinois Pension Code. - 40 ILCS 5, Section 1-117
  Annual earnings limitation. (a) Notwithstanding any other provision of this Code, except as provided in subsection (b), beginning on the first day of the...
• Illinois Pension Code. - 40 ILCS 5, Section 1-118
  Veterans' rights. (a) All pension funds and retirement systems subject to this Code shall comply with the requirements imposed on them by the federal Uniformed...
• Illinois Pension Code. - 40 ILCS 5, Section 1-119
  Qualified Illinois Domestic Relations Orders. (a) For the purposes of this Section: (1) "Alternate payee" means the spouse, former spouse, child, or other dependent of...
• Illinois Pension Code. - 40 ILCS 5, Section 1-120
  Payment to trust. (a) If a person is a minor or has been determined by a court to be under a legal disability, any...
• Illinois Pension Code. - 40 ILCS 5, Section 1-122
  Service with the Legislative Ethics Commission or Office of the Legislative Inspector General. Notwithstanding any provision in this Code to the contrary, if a person...
• Illinois Pension Code. - 40 ILCS 5, Section 1-123
  Service as legal counsel. Notwithstanding any provision in this Code to the contrary, if a person is a participant under Article 18 and files a...
• Illinois Pension Code. - 40 ILCS 5, Section 1-125
  Prohibition on gifts. (a) For the purposes of this Section: "Gift" means a gift as defined in Section 1-5 of the State Officials and Employees...
• Illinois Pension Code. - 40 ILCS 5, Section 1-130
  No monetary gain on investments. No member or employee of the board of trustees of any retirement system, pension fund, or investment board created under...
• Illinois Pension Code. - 40 ILCS 5, Section 1-135
  Fraud. Any person who knowingly makes any false statement or falsifies or permits to be falsified any record of a retirement system or pension fund...
• Illinois Pension Code. - 40 ILCS 5, Section 1-145
  Contingent and placement fees prohibited. No person or entity shall retain a person or entity to attempt to influence the outcome of an investment decision...
• Illinois Pension Code. - 40 ILCS 5, Section 1-150
  Approval of travel or educational mission. The expenses for travel or educational missions of a board member of a retirement system, pension fund, or investment...
• Illinois Pension Code. - 40 ILCS 5, Section 1-160
  Provisions applicable to new hires. (a) The provisions of this Section apply to a person who, on or after January 1, 2011, first becomes a...
• Illinois Pension Code. - 40 ILCS 5, Section 1-165
  Commission on Government Forecasting and Accountability study. The Commission on Government Forecasting and Accountability shall conduct a study on the feasibility of: (1) the creation...
• Illinois Pension Code. - 40 ILCS 5, Section 1-166
  Proportional annuity liability. (a) If a participant's final average salary in a participating system under the Retirement Systems Reciprocal Act, other than the General Assembly...

Last modified: February 18, 2015