Illinois Compiled Statutes 40 Pensions: Article 2 - General Assembly Retirement System

• Illinois Pension Code. - 40 ILCS 5, Section 2-101
  Creation of system. A retirement system is created to provide retirement annuities, survivor's annuities and other benefits for members of the General Assembly, certain...
• Illinois Pension Code. - 40 ILCS 5, Section 2-102
  Terms defined. The terms used in this Article shall have the meanings ascribed to them in Sections 2-103 through 2-116, except when the context...
• Illinois Pension Code. - 40 ILCS 5, Section 2-103
  System. "System": The General Assembly Retirement System. (Source: Laws 1963, p. 161.)
• Illinois Pension Code. - 40 ILCS 5, Section 2-104
  Board. "Board": The board of trustees of the system. (Source: Laws 1963, p. 161.)
• Illinois Pension Code. - 40 ILCS 5, Section 2-105
  Member. "Member": Members of the General Assembly of this State including persons who enter military service while a member of the General Assembly and...
• Illinois Pension Code. - 40 ILCS 5, Section 2-105.1
  Tier 1 participant; Tier 2 participant. "Tier 1 participant": A participant who first became a participant before January 1, 2011. "Tier 2 participant": A participant...
• Illinois Pension Code. - 40 ILCS 5, Section 2-105.2
  Tier 1 retiree. "Tier 1 retiree" means a former Tier 1 participant who has made the election to retire and has terminated service. (Source: P.A....
• Illinois Pension Code. - 40 ILCS 5, Section 2-106
  Eligible member. "Eligible member": Any member other than one who has elected not to participate. (Source: Laws 1963, p. 161.)
• Illinois Pension Code. - 40 ILCS 5, Section 2-107
  Participant. "Participant": Any member who elects to participate; and any former member who elects to continue participation under Section 2-117.1, for the duration of...
• Illinois Pension Code. - 40 ILCS 5, Section 2-108
  Salary. "Salary": (1) For members of the General Assembly, the total compensation paid to the member by the State for one year of service, including...
• Illinois Pension Code. - 40 ILCS 5, Section 2-108.1
  Highest salary for annuity purposes. (a) "Highest salary for annuity purposes" means whichever of the following is applicable to the participant: For a participant who...
• Illinois Pension Code. - 40 ILCS 5, Section 2-109
  Military service. "Military service": Service in the United States Army, Navy, Air Force, Marines or Coast Guard or any women's auxiliary thereof. (Source: P.A.
• Illinois Pension Code. - 40 ILCS 5, Section 2-110
  Service. (A) "Service" means the period beginning on the day when a person first became a member, and ending on the date under consideration,...
• Illinois Pension Code. - 40 ILCS 5, Section 2-110.1
  Service credit for elected county, township or municipal official. An active participant having no creditable service as a participating employee under Article 7 of...
• Illinois Pension Code. - 40 ILCS 5, Section 2-110.2
  Age enhancement. Any member or former member who receives any age enhancement under Section 14-108.3 of this Code shall be entitled to use such...
• Illinois Pension Code. - 40 ILCS 5, Section 2-111
  Annuity. "Annuity": A series of monthly payments payable at the end of each calendar month during the life of an annuitant. The first payment...
• Illinois Pension Code. - 40 ILCS 5, Section 2-112
  Annuitant. "Annuitant": A person receiving a retirement annuity or survivor's annuity. (Source: P.A. 83-1440.)
• Illinois Pension Code. - 40 ILCS 5, Section 2-113
  Refund beneficiary. "Refund beneficiary": The person entitled to receive refunds of a deceased participant's contributions. (Source: Laws 1963, p. 161.)
• Illinois Pension Code. - 40 ILCS 5, Section 2-114
  Actuarial tables. "Actuarial tables": Tabular listings of assumed rates of death, disability, retirement and withdrawal from service and mathematical functions derived from such rates combined...
• Illinois Pension Code. - 40 ILCS 5, Section 2-115
  Prescribed rate of interest. "Prescribed rate of interest": 3% per annum compounded annually, or such other rate determined from the actual experience of the...
• Illinois Pension Code. - 40 ILCS 5, Section 2-116
  Fiscal year. "Fiscal year": The period beginning on July 1 in any year and ending on June 30 of the next succeeding year. (Source:...
• Illinois Pension Code. - 40 ILCS 5, Section 2-117
  Participants - Election not to participate. (a) Every person who was a member on November 1, 1947, or in military service on such date,...
• Illinois Pension Code. - 40 ILCS 5, Section 2-117.1
  Participants - Election to continue participation. (a) Any person who has served as a member for 4 or more years or who has elected...
• Illinois Pension Code. - 40 ILCS 5, Section 2-117.2
  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 2-117.3
  Payments and Rollovers. (a) The Board may adopt rules prescribing the manner of repaying refunds and purchasing any optional credits permitted under this Article....
• Illinois Pension Code. - 40 ILCS 5, Section 2-118
  Participants subject to survivor's annuity. Every male participant in service after August 2, 1949 and each female participant in service after July 1, 1971...
• Illinois Pension Code. - 40 ILCS 5, Section 2-119
  Retirement annuity - conditions for eligibility. (a) A participant whose service as a member is terminated, regardless of age or cause, is entitled to a...
• Illinois Pension Code. - 40 ILCS 5, Section 2-119.01
  Retirement annuities - Amount. (a) For a participant in service after June 30, 1977 who has not made contributions to this System after January 1,...
• Illinois Pension Code. - 40 ILCS 5, Section 2-119.1
  Automatic increase in retirement annuity. (a) Except as otherwise provided in this Section, a participant who retires after June 30, 1967, and who has not...
• Illinois Pension Code. - 40 ILCS 5, Section 2-120
  Reversionary annuity. (a) Prior to retirement, a participant may elect to take a reduced retirement annuity and provide, with the actuarial value of the...
• Illinois Pension Code. - 40 ILCS 5, Section 2-121
  Survivor's annuity - conditions for payment. (a) A survivor's annuity shall be payable to a surviving spouse or eligible child (1) upon the death in...
• Illinois Pension Code. - 40 ILCS 5, Section 2-121.1
  Survivor's annuity - amount. (a) A surviving spouse shall be entitled to 66 2/3% of the amount of retirement annuity to which the participant or...
• Illinois Pension Code. - 40 ILCS 5, Section 2-121.2
  Reduction of disability and survivor's benefits for corresponding benefits payable under Workers' Compensation and Workers' Occupational Diseases Acts. Whenever a person is entitled to...
• Illinois Pension Code. - 40 ILCS 5, Section 2-121.3
  Required distributions. (a) A person who would be eligible to receive a survivor's annuity under this Article but for the fact that the person...
• Illinois Pension Code. - 40 ILCS 5, Section 2-122
  Re-entry after retirement. An annuitant who re-enters service as a member shall become a participant on the date of re-entry and retirement annuity payments shall...
• Illinois Pension Code. - 40 ILCS 5, Section 2-123
  Refunds. (a) A participant who ceases to be a member, other than an annuitant, shall, upon written request, receive a refund of his or...
• Illinois Pension Code. - 40 ILCS 5, Section 2-124
  Contributions by State. (a) The State shall make contributions to the System by appropriations of amounts which, together with the contributions of participants, interest earned...
• Illinois Pension Code. - 40 ILCS 5, Section 2-125
  Obligations of State; funding guarantee. (a) The payment of (1) the required State contributions, (2) all benefits granted under this system and (3) all expenses...
• Illinois Pension Code. - 40 ILCS 5, Section 2-126
  Contributions by participants. (a) Each participant shall contribute toward the cost of his or her retirement annuity a percentage of each payment of salary received...
• Illinois Pension Code. - 40 ILCS 5, Section 2-126.1
  Pickup of contributions. (a) The State shall pick up the participant contributions required under Section 2-126 for all salary earned after December 31, 1981....
• Illinois Pension Code. - 40 ILCS 5, Section 2-126.5
  Use of contributions for health care subsidies. The System shall not use any contribution received by the System under this Article to provide a subsidy...
• Illinois Pension Code. - 40 ILCS 5, Section 2-127
  Board created. The system shall be administered by a board of trustees of 7 members as follows: the President of the Senate, ex officio,...
• Illinois Pension Code. - 40 ILCS 5, Section 2-128
  Board vacancy. A vacancy in the office of an appointed or ex-officio member occurring during the session of the General Assembly shall be filled...
• Illinois Pension Code. - 40 ILCS 5, Section 2-129
  Board voting. Each trustee is entitled to one vote on any action of the board. Not less than 4 concurring votes shall be necessary...
• Illinois Pension Code. - 40 ILCS 5, Section 2-130
  Board powers and duties. The board shall have the powers and duties stated in Sections 2-131 through 2-143, in addition to the other powers...
• Illinois Pension Code. - 40 ILCS 5, Section 2-131
  To hold meetings. To hold regular meetings at least twice in each year, and special meetings at such times as are deemed necessary by...
• Illinois Pension Code. - 40 ILCS 5, Section 2-132
  To authorize payments. To consider and pass on all applications for annuities and refunds; to authorize the granting of all annuities and refunds; to...
• Illinois Pension Code. - 40 ILCS 5, Section 2-133
  To certify interest rate and adopt actuarial tables. To certify in the records of the board the prescribed interest rate, and to adopt all...
• Illinois Pension Code. - 40 ILCS 5, Section 2-134
  To certify required State contributions and submit vouchers. (a) The Board shall certify to the Governor on or before December 15 of each year until...
• Illinois Pension Code. - 40 ILCS 5, Section 2-136
  To provide for examination of disability annuitants. To provide for the examination of disability annuitants at least once each year during the continuance of...
• Illinois Pension Code. - 40 ILCS 5, Section 2-137
  To establish an office. To establish an office or offices with suitable space for the meetings of the board and for the necessary administrative...
• Illinois Pension Code. - 40 ILCS 5, Section 2-138
  To hire employees. To appoint a secretary and employ such other actuarial, medical, clerical or other help as shall be required for the efficient...
• Illinois Pension Code. - 40 ILCS 5, Section 2-139
  To keep records and accounts. To keep a permanent record of all proceedings of the board, a separate account for each individual member and...
• Illinois Pension Code. - 40 ILCS 5, Section 2-140
  To have an audit and submit statements. To have the accounts of the system audited at least biennially by a certified public accountant designated...
• Illinois Pension Code. - 40 ILCS 5, Section 2-141
  To accept gifts. To accept any gift, grant or bequest of any money or securities. If the grantor specifies the purpose of providing cash...
• Illinois Pension Code. - 40 ILCS 5, Section 2-142
  To submit individual statement. To submit an individual statement to any participating member upon the member's request. The statement shall show the amount of...
• Illinois Pension Code. - 40 ILCS 5, Section 2-143
  To establish rules. To establish rules necessary for the efficient administration of the system. (Source: Laws 1963, p. 161.)
• Illinois Pension Code. - 40 ILCS 5, Section 2-144
  Secretary. The secretary shall be in charge of the administration of the detailed affairs of the system and, in addition to such other powers...
• Illinois Pension Code. - 40 ILCS 5, Section 2-145
  Treasurer. The State Treasurer shall be ex-officio the treasurer of the system and shall: (1) Act as official custodian of the cash and securities...
• Illinois Pension Code. - 40 ILCS 5, Section 2-146
  Actuary. The actuary shall be the technical advisor of the board and, in addition to supplying general information on technical matters, shall: (1) Make...
• Illinois Pension Code. - 40 ILCS 5, Section 2-147
  State Comptroller. The State Comptroller in drawing salary warrants on payroll vouchers for members shall draw such warrants to participants for the salary specified...
• Illinois Pension Code. - 40 ILCS 5, Section 2-148
  Speaker of House - President of Senate. The Speaker of the House and the President of the Senate, in the preparation of payroll vouchers...
• Illinois Pension Code. - 40 ILCS 5, Section 2-149
  Authorization. Each participant shall, by virtue of the payment of the participant contributions paid to the system, receive a vested interest in the refunds...
• Illinois Pension Code. - 40 ILCS 5, Section 2-150
  Retirement Systems Reciprocal Act. The "Retirement Systems Reciprocal Act", being Article 20 of this Code, is adopted, and made a part of this Article;...
• Illinois Pension Code. - 40 ILCS 5, Section 2-151
  No compensation. Trustees shall serve without compensation, but shall be reimbursed for reasonable traveling expenses incurred in attending meetings of the board. (Source: P.A.
• Illinois Pension Code. - 40 ILCS 5, Section 2-152
  No monetary gain on investments. No trustee or employee of the board shall have any direct interest in the income, gains or profits of...
• Illinois Pension Code. - 40 ILCS 5, Section 2-153
  Undivided interest. The assets of the system shall be invested as one fund, and no particular person, group of persons or entity shall have...
• Illinois Pension Code. - 40 ILCS 5, Section 2-154
  Assignment. Except as provided in this Article, all moneys in the fund created by this Article, and all securities and other property of the...
• Illinois Pension Code. - 40 ILCS 5, Section 2-155
  Fraud. Any person who knowingly makes any false statement, or falsifies or permits to be falsified any record of this system, in any attempt...
• Illinois Pension Code. - 40 ILCS 5, Section 2-155.1
  Mistake in benefit. If the System mistakenly sets any benefit at an incorrect amount, it shall recalculate the benefit as soon as may be practicable...
• Illinois Pension Code. - 40 ILCS 5, Section 2-156
  Felony conviction. None of the benefits herein provided for shall be paid to any person who is convicted of any felony relating to or...
• Illinois Pension Code. - 40 ILCS 5, Section 2-157
  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 2-158
  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 2-160
  Savings clause. The repeal or amendment of any Section or provision of this Article by this amendatory Act of 1984 shall not affect or...
• Illinois Pension Code. - 40 ILCS 5, Section 2-161
  Application of amendments. The amendments to Sections 2-119.1 and 2-126 of this Code made by this amendatory Act of 1993 shall apply to persons...
• Illinois Pension Code. - 40 ILCS 5, Section 2-162
  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...
• Illinois Pension Code. - 40 ILCS 5, Section 2-163
  Termination of plan. Upon plan termination, a participant's interest in the pension fund will be nonforfeitable. (Source: P.A. 98-1117, eff. 8-26-14.)
• Illinois Pension Code. - 40 ILCS 5, Section 2-165
  Defined contribution plan. (a) By July 1, 2015, the System shall prepare and implement a voluntary defined contribution plan for up to 5% of eligible...
• Illinois Pension Code. - 40 ILCS 5, Section 2-166
  Defined contribution plan; termination. If the defined contribution plan is terminated or becomes inoperative pursuant to law, then each participant in the plan shall automatically...

Last modified: February 18, 2015