Illinois Compiled Statutes 40 Pensions: Article 17 - Public School Teachers' Pension And Retirement Fund--Cities Of Over 500,000 Inhabitants

• Illinois Pension Code. - 40 ILCS 5, Section 17-101
  Creation of fund. In each city with a population over 500,000, there is created a Public School Teachers' Pension and Retirement Fund to be...
• Illinois Pension Code. - 40 ILCS 5, Section 17-102
  Terms defined. The terms used in this Article shall have the meanings ascribed to them in Sections 17-103 to 17-113, inclusive, except when the...
• Illinois Pension Code. - 40 ILCS 5, Section 17-103
  Actuarial equivalent. "Actuarial equivalent": A pension equal to the value of another sum or pension when computed according to the actuarial tables and rate...
• Illinois Pension Code. - 40 ILCS 5, Section 17-104
  Board. "Board": Board of Trustees of the Public School Teachers' Pension and Retirement Fund of ....(city) as created in this Article. (Source: Laws 1963,...
• Illinois Pension Code. - 40 ILCS 5, Section 17-105
  Board of Education. "Board of Education": The Board of Education in a city in which the fund provided by this Article is maintained and...
• Illinois Pension Code. - 40 ILCS 5, Section 17-105.1
  Employer. "Employer": The Board of Education and a charter school as defined under the provisions of Section 27A-5 of the School Code. (Source: P.A....
• Illinois Pension Code. - 40 ILCS 5, Section 17-106
  Contributor, member or teacher. "Contributor", "member" or "teacher": All members of the teaching force of the city, including principals, assistant principals, the general superintendent of...
• Illinois Pension Code. - 40 ILCS 5, Section 17-106.1
  Administrator. Administrator means a member who (i) is employed in a position that requires him or her to hold a Type 75 Certificate issued by...
• Illinois Pension Code. - 40 ILCS 5, Section 17-107
  Creditable service. "Creditable service": Service for which pension credits have not been validated concurrently with its rendition, but which may be validated for pension...
• Illinois Pension Code. - 40 ILCS 5, Section 17-108
  Fiscal year and school year. "Fiscal year" and "school year": Beginning July 1, 1999, the period beginning on the 1st day of July of...
• Illinois Pension Code. - 40 ILCS 5, Section 17-109
  Fund. "Fund": The Public School Teachers' Pension and Retirement Fund of ....(city). (Source: Laws 1963, p. 161.)
• Illinois Pension Code. - 40 ILCS 5, Section 17-109.1
  Pension deferred. "Pension deferred": A pension of a sum determined on termination of service but payable upon the expiration of a fixed period of...
• Illinois Pension Code. - 40 ILCS 5, Section 17-109.2
  Pension pending period. "Pension pending period": The time required to process all details attendant on the granting of a pension after (1) filing an...
• Illinois Pension Code. - 40 ILCS 5, Section 17-110
  Pension period. "Pension period": All time during which service is creditable for pension purposes pursuant to this Article. (Source: Laws 1963, p. 161.)
• Illinois Pension Code. - 40 ILCS 5, Section 17-111
  Reversionary pension. "Reversionary pension": A pension computed on an actuarially equated basis and payable to a contributor's beneficiary designated under a prescribed option before...
• Illinois Pension Code. - 40 ILCS 5, Section 17-111.1
  Gender. Whenever used in this Act, the masculine gender shall be understood to include the feminine gender. (Source: P.A. 78-1129.)
• Illinois Pension Code. - 40 ILCS 5, Section 17-112
  Supplementary payment. "Supplementary payment": The payment from the retired teachers' supplementary payment fund necessary to increase a retired teacher's service or disability retirement pension...
• Illinois Pension Code. - 40 ILCS 5, Section 17-113
  Validated service. "Validated service": Service accredited for pension purposes under this Article. (Source: Laws 1963, p. 161.)
• Illinois Pension Code. - 40 ILCS 5, Section 17-114
  Computation of service. (a) When computing days of validated service, contributors shall receive one day of service credit for each day for which they are...
• Illinois Pension Code. - 40 ILCS 5, Section 17-114.1
  (a) Any active member of the General Assembly Retirement System may apply for transfer of his credits and creditable service accumulated under this Fund...
• Illinois Pension Code. - 40 ILCS 5, Section 17-114.2
  Transfer of creditable service to Article 8, 9 or 13 Fund. (a) Any city officer as defined in Section 8-243.2 of this Code, any...
• Illinois Pension Code. - 40 ILCS 5, Section 17-114.3
  (a) Persons otherwise required or eligible to participate in the Fund who elect to continue participation in the General Assembly System under Section 2-117.1...
• Illinois Pension Code. - 40 ILCS 5, Section 17-115
  Eligibility for service retirement pension. (a) The Board shall find a contributor eligible for service retirement pension when he has: (1) Left the employment...
• Illinois Pension Code. - 40 ILCS 5, Section 17-116
  Service retirement pension. (a) Each teacher having 20 years of service upon attainment of age 55, or who thereafter attains age 55 shall be entitled...
• Illinois Pension Code. - 40 ILCS 5, Section 17-116.1
  Early retirement without discount. (a) A member retiring after June 1, 1980 and before June 30, 1995 and within 6 months of the last day...
• Illinois Pension Code. - 40 ILCS 5, Section 17-116.3
  Early retirement incentives. (a) A teacher who is covered by a collective bargaining agreement shall not be eligible for the early retirement incentives provided...
• Illinois Pension Code. - 40 ILCS 5, Section 17-116.4
  Early retirement incentives. (a) A teacher who is covered by a collective bargaining agreement shall not be eligible for the early retirement incentives provided...
• Illinois Pension Code. - 40 ILCS 5, Section 17-116.5
  Early retirement incentives. (a) A teacher who is covered by a collective bargaining agreement shall not be eligible for the early retirement incentives provided...
• Illinois Pension Code. - 40 ILCS 5, Section 17-116.6
  Early retirement incentives. (a) A teacher who is covered by a collective bargaining agreement shall not be eligible for the early retirement incentives provided...
• Illinois Pension Code. - 40 ILCS 5, Section 17-117
  Disability retirement pension. (a) The conditions prescribed in items 1 and 2 in Section 17-116 for computing service retirement pensions shall apply in the...
• Illinois Pension Code. - 40 ILCS 5, Section 17-117.1
  Duty disability. A teacher who becomes wholly and presumably permanently incapacitated for duty while under age 65 as the proximate result of injuries sustained or...
• Illinois Pension Code. - 40 ILCS 5, Section 17-118
  Disability pension administration. A disability pensioner may be required to submit to an examination periodically by a physician or physicians appointed by the Board....
• Illinois Pension Code. - 40 ILCS 5, Section 17-119
  Automatic annual increase in pension. Each teacher retiring on or after September 1, 1959, is entitled to the annual increase in pension, defined herein,...
• Illinois Pension Code. - 40 ILCS 5, Section 17-119.1
  Optional increase in retirement annuity. (a) A member of the Fund may qualify for the augmented rate under subdivision (b)(3) of Section 17-116 for...
• Illinois Pension Code. - 40 ILCS 5, Section 17-120
  Reversionary pension. Any contributor, at any time prior to retirement on a service retirement pension, may exercise an option of taking a lesser amount...
• Illinois Pension Code. - 40 ILCS 5, Section 17-121
  Survivor's pensions - Eligibility. (a) A surviving spouse of a teacher shall be entitled to a survivor's pension only if the surviving spouse was...
• Illinois Pension Code. - 40 ILCS 5, Section 17-122
  Survivor's and children's pensions - Amount. Upon the death of a teacher who has completed at least 1 1/2 years of contributing service with...
• Illinois Pension Code. - 40 ILCS 5, Section 17-123
  Death benefits - Death in service. If a teacher dies (a) in service, (b) after resignation or (c) after retirement but before receiving any...
• Illinois Pension Code. - 40 ILCS 5, Section 17-124
  Death Benefits - Death on pension. On written application to the Board, there shall be paid to the estate of a deceased teacher-pensioner pension...
• Illinois Pension Code. - 40 ILCS 5, Section 17-125
  Refund of contributions. Upon certification by the Employer of his resignation or cancellation of his teaching certificate prior to completion of the minimum term...
• Illinois Pension Code. - 40 ILCS 5, Section 17-126
  Repayment of refund. If any person who has received a refund is reemployed by an Employer and again becomes a contributor for a period...
• Illinois Pension Code. - 40 ILCS 5, Section 17-127
  Financing; revenues for the Fund. (a) The revenues for the Fund shall consist of: (1) amounts paid into the Fund by contributors thereto and...
• Illinois Pension Code. - 40 ILCS 5, Section 17-127.1
  Special revenues. Donations, gifts, and legacies received by the fund shall be held and accounted for as the Board so provides by appropriate resolution....
• Illinois Pension Code. - 40 ILCS 5, Section 17-127.2
  Additional contributions by employer of teachers. Beginning July 1, 1998, the employer of a teacher shall pay to the Fund an employer contribution computed...
• Illinois Pension Code. - 40 ILCS 5, Section 17-128
  (Repealed). (Source: Repealed by P.A. 89-15, eff. 5-30-95.)
• Illinois Pension Code. - 40 ILCS 5, Section 17-129
  Employer contributions; deficiency in Fund. (a) If in any fiscal year of the Board of Education ending prior to 1997 the total amounts paid to...
• Illinois Pension Code. - 40 ILCS 5, Section 17-130
  Participants' contributions by payroll deductions. (a) There shall be deducted from the salary of each teacher 7.50% of his salary for service or disability retirement...
• Illinois Pension Code. - 40 ILCS 5, Section 17-130.1
  Employer contributions on behalf of employees. An Employer and the Board may make and may incur an obligation to make contributions on behalf of...
• Illinois Pension Code. - 40 ILCS 5, Section 17-130.2
  Pickup of optional contributions. (a) For the purposes of this Section, "optional contributions" means contributions that a member elects to make in order to...
• Illinois Pension Code. - 40 ILCS 5, Section 17-130.3
  Election of medicare coverage. (a) The Fund shall conduct a divided medicare coverage referendum, open to teachers continuously employed by the same employer since March...
• Illinois Pension Code. - 40 ILCS 5, Section 17-131
  Administration of payroll deductions. (a) An Employer or the Board shall make pension deductions in each pay period on the basis of the salary earned...
• Illinois Pension Code. - 40 ILCS 5, Section 17-132
  Payments and certification of salary deductions. (a) An Employer shall cause the Fund to receive all members' payroll records and pension contributions within 30 calendar...
• Illinois Pension Code. - 40 ILCS 5, Section 17-133
  Contributions for periods of outside and other service. Regularly certified and appointed teachers who desire to have the following described services credited for pension purposes...
• Illinois Pension Code. - 40 ILCS 5, Section 17-134
  Contributions for leaves of absence; military service; computing service. In computing service for pension purposes the following periods of service shall stand in lieu of...
• Illinois Pension Code. - 40 ILCS 5, Section 17-134.1
  Labor organization employees. (a) A former teacher who is employed by a teacher or labor organization and is not eligible to participate under subdivision...
• Illinois Pension Code. - 40 ILCS 5, Section 17-135
  Contributions for other service credits. On payment at the rates prescribed herein on the date of appointment or employment as teachers, or as such...
• Illinois Pension Code. - 40 ILCS 5, Section 17-136
  Computation of aggregate contributions by teachers. The aggregate sum required to be contributed by any person otherwise entitled to a pension under this Article...
• Illinois Pension Code. - 40 ILCS 5, Section 17-137
  Board created. There shall be elected a Board of Trustees, herein also referred to as the "Board", to administer and control the Fund created by...
• Illinois Pension Code. - 40 ILCS 5, Section 17-138
  Board membership. At the first meeting of the Board of Education in November of each year, the Board of Education shall appoint one of its...
• Illinois Pension Code. - 40 ILCS 5, Section 17-139
  Board elections and vacancies. (1) Contributors other than administrators election. Every member who is not an administrator may vote at the election for as many...
• Illinois Pension Code. - 40 ILCS 5, Section 17-140
  Board officers. The president, recording secretary and other officers of the Board shall be elected by and from the members of the board at...
• Illinois Pension Code. - 40 ILCS 5, Section 17-141
  Board's powers and duties. The Board shall have the powers and duties stated in Sections 17-142 to 17-146, inclusive, in addition to the other...
• Illinois Pension Code. - 40 ILCS 5, Section 17-142
  To make payments. To make payments from the Fund of pensions and other benefits provided in this Article. (Source: P.A. 90-566, eff. 1-2-98.)
• Illinois Pension Code. - 40 ILCS 5, Section 17-142.1
  To defray health insurance costs. To provide for the partial reimbursement of health insurance costs. (1) On the first day of September of each year,...
• Illinois Pension Code. - 40 ILCS 5, Section 17-143
  To employ assistance. To employ such assistance and service as may be necessary for the proper administration of this Article and carrying into effect...
• Illinois Pension Code. - 40 ILCS 5, Section 17-143.1
  Office. To rent, lease, or acquire office space as may be necessary for the proper administration of the Fund. (Source: P.A. 90-566, eff. 1-2-98.)
• Illinois Pension Code. - 40 ILCS 5, Section 17-144
  To fill vacancies. To fill any vacancies occurring in the Board of members elected from the teachers or pensioners, until the next annual election,...
• Illinois Pension Code. - 40 ILCS 5, Section 17-145
  To adopt rules. To adopt such by-laws and rules for the administration of the Fund as it deems advisable. (Source: P.A. 90-566, eff. 1-2-98.)
• Illinois Pension Code. - 40 ILCS 5, Section 17-146
  To make investments. To invest the moneys of the Fund, subject to the requirements and restrictions set forth in this Article and in Sections...
• Illinois Pension Code. - 40 ILCS 5, Section 17-146.1
  Participation in commingled investment funds; transfer of investment functions and securities. (a) The Board may invest in any commingled investment fund or funds established...
• Illinois Pension Code. - 40 ILCS 5, Section 17-146.2
  To lend securities. The Board may lend securities owned by the Fund to a borrower upon such written terms and conditions as may be...
• Illinois Pension Code. - 40 ILCS 5, Section 17-147
  Custody of Fund - Bonds - Legal proceedings. The city treasurer, ex-officio, shall be the custodian of the Fund, and shall secure and safely...
• Illinois Pension Code. - 40 ILCS 5, Section 17-148
  Method of paying pensions. Annual pensions and automatic annual increases shall be paid in 12 monthly installments and shall be so adjusted that all...
• Illinois Pension Code. - 40 ILCS 5, Section 17-149
  Cancellation of pensions. (a) If any person receiving a disability retirement pension from the Fund is re-employed as a teacher by an Employer, the pension...
• Illinois Pension Code. - 40 ILCS 5, Section 17-149.1
  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 17-150
  Suspension of pensions. Until July 1, 2000, pension payments, exclusive of those made to the survivors of persons who were contributors, shall be suspended...
• Illinois Pension Code. - 40 ILCS 5, Section 17-151
  Annuities, etc. - Exempt. All pensions, annuities, refunds, or death benefits granted under the provisions of this Article are exempt from State and municipal...
• Illinois Pension Code. - 40 ILCS 5, Section 17-151.1
  Recovery of amount paid in error. (a) The Board may retain out of any annuity or benefit payable to any person any amount that the...
• Illinois Pension Code. - 40 ILCS 5, Section 17-152
  Retirement Systems Reciprocal Act. The "Retirement Systems Reciprocal Act", being Article 20 of this Code, as now enacted and hereafter amended, is hereby adopted...
• Illinois Pension Code. - 40 ILCS 5, Section 17-153
  Accounting - Audits. The assets of the Fund shall be held for the express purposes set forth in the provisions of this Article subject...
• Illinois Pension Code. - 40 ILCS 5, Section 17-154
  Retired teachers supplementary payments. All persons who were on June 30, 1975, entitled to a service retirement pension or disability retirement pension, under this Fund...
• Illinois Pension Code. - 40 ILCS 5, Section 17-155
  Retired teachers' contributions for supplementary payments. Supplementary payment to retired teachers under Section 17-154 shall not accrue until such retired person has paid a...
• Illinois Pension Code. - 40 ILCS 5, Section 17-156
  Retired Teachers Supplementary Payment Fund.) A fund to be known as the Retired Teachers Supplementary Payment Fund shall be established for the purpose of...
• Illinois Pension Code. - 40 ILCS 5, Section 17-156.1
  Increases to retired members. A teacher who retired prior to September 1, 1959 on service retirement pension who was at least 55 years of age...
• Illinois Pension Code. - 40 ILCS 5, Section 17-156.2
  Increases to retired members. Any teacher who retired prior to September 1, 1959 on a service retirement pension at age 55 or over with...
• Illinois Pension Code. - 40 ILCS 5, Section 17-156.3
  Minimum retirement pension. (a) Beginning January 1, 1987, any person who is receiving a monthly retirement pension under this Article which, after inclusion of...
• Illinois Pension Code. - 40 ILCS 5, Section 17-157
  Effect of amendments. Whenever an amendment which is, has been or may be enacted, proposes liberalizing changes in qualifying conditions or increases in benefits,...
• Illinois Pension Code. - 40 ILCS 5, Section 17-158
  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 17-159
  General provisions and savings clause. The provisions of Article 1 and Article 23 of this Code apply to this Article as though such provisions...

Last modified: February 18, 2015