Illinois Compiled Statutes 40 Pensions: Article 7 - Illinois Municipal Retirement Fund

• Illinois Pension Code. - 40 ILCS 5, Section 7-101
  Creation of fund. A retirement and benefit fund to be known as the "Illinois Municipal Retirement Fund" is hereby created. (Source: Laws 1963, p.
• Illinois Pension Code. - 40 ILCS 5, Section 7-102
  Purpose. The purpose of this fund is to provide a sound and efficient system for the payment of annuities and other benefits, in addition...
• Illinois Pension Code. - 40 ILCS 5, Section 7-103
  Terms defined. The terms used in this Article have the meanings ascribed to them in Sections 7-104 to 7-131, inclusive, except when the context...
• Illinois Pension Code. - 40 ILCS 5, Section 7-104
  Fund. "Fund": The Illinois Municipal Retirement Fund. (Source: Laws 1963, p. 161.)
• Illinois Pension Code. - 40 ILCS 5, Section 7-105
  "Municipality": A city, village, incorporated town, county, township; a Financial Oversight Panel established pursuant to Article 1H of the School Code; and any school, park,...
• Illinois Pension Code. - 40 ILCS 5, Section 7-106
  Participating municipality. "Participating municipality": Any municipality included within this fund in accordance with Section 7-132. (Source: Laws 1963, p. 161.)
• Illinois Pension Code. - 40 ILCS 5, Section 7-107
  Instrumentality. "Instrumentality": Any body, corporate or politic, or any legal entity, other than a municipality, having power to appropriate for, or to authorize expenditures...
• Illinois Pension Code. - 40 ILCS 5, Section 7-108
  "Participating Instrumentality": (a) A political entity created under the laws of the State of Illinois, without general continuous power to levy taxes, and which...
• Illinois Pension Code. - 40 ILCS 5, Section 7-109
  Employee. (1) "Employee" means any person who: (a) 1. Receives earnings as payment for the performance of personal services or official duties out of the...
• Illinois Pension Code. - 40 ILCS 5, Section 7-109.1
  "Seasonal Employee": An employee whose position normally requires regular service during a period of at least 6 consecutive months, but less than 12 months,...
• Illinois Pension Code. - 40 ILCS 5, Section 7-109.2
  "Intermittent Employee": An employee, whose position normally requires service intermittently, rather than regularly, and a person whose position normally requires regular service for a...
• Illinois Pension Code. - 40 ILCS 5, Section 7-109.3
  "Sheriff's Law Enforcement Employees". (a) "Sheriff's law enforcement employee" or "SLEP" means: (1) A county sheriff and all deputies, other than special deputies, employed...
• Illinois Pension Code. - 40 ILCS 5, Section 7-110
  Participating employee. "Participating employee": Any person included within this fund, and eligible to benefits therefrom, as provided in Section 7-137. (Source: Laws 1963, p.
• Illinois Pension Code. - 40 ILCS 5, Section 7-111
  "Prior Service": The period beginning on the day a participating employee first became an employee of a municipality, or of an instrumentality thereof, or...
• Illinois Pension Code. - 40 ILCS 5, Section 7-111.5
  "Omitted service": The period of service with a participating municipality or participating instrumentality during which an employee was required to participate in the Fund, but...
• Illinois Pension Code. - 40 ILCS 5, Section 7-112
  "Current Service": The period beginning on the day an employee first becomes a participating employee and ending on the day of the latest separation...
• Illinois Pension Code. - 40 ILCS 5, Section 7-113
  "Creditable Service": All periods of prior service or current service for which credits are granted under the provisions of Section 7-139. (Source: P.A. 90-448,...
• Illinois Pension Code. - 40 ILCS 5, Section 7-114
  Earnings. "Earnings": (a) An amount to be determined by the board, equal to the sum of: 1. The total amount of money paid to an...
• Illinois Pension Code. - 40 ILCS 5, Section 7-115
  Rate of earnings. "Rate of earnings": The actual rate upon which the earnings of an employee are calculated at any time, as certified in...
• Illinois Pension Code. - 40 ILCS 5, Section 7-116
  "Final rate of earnings": (a) For retirement and survivor annuities, the monthly earnings obtained by dividing the total earnings received by the employee during the...
• Illinois Pension Code. - 40 ILCS 5, Section 7-117
  Annuitant. "Annuitant": A person receiving an annuity from this fund. (Source: Laws 1963, p. 161.)
• Illinois Pension Code. - 40 ILCS 5, Section 7-118
  "Beneficiary". (a) "Beneficiary" means: (1) Any person or persons, trust, or charity designated as a beneficiary by an employee, former employee who has not yet...
• Illinois Pension Code. - 40 ILCS 5, Section 7-119
  Annuity. "Annuity": A series of equal monthly payments, payable as of the first day of each calendar month during the life of an annuitant,...
• Illinois Pension Code. - 40 ILCS 5, Section 7-120
  Board. "Board": The board of trustees of the fund. (Source: Laws 1963, p. 161.)
• Illinois Pension Code. - 40 ILCS 5, Section 7-121
  "Governing body": (a) the city council in cities; (b) the board of trustees in villages or in incorporated towns; (c) the county board in...
• Illinois Pension Code. - 40 ILCS 5, Section 7-122
  Effective date. "Effective date": The date the provisions of this fund become applicable to any participating municipality and to all instrumentalities thereof and to...
• Illinois Pension Code. - 40 ILCS 5, Section 7-123
  Effective rate of interest. "Effective rate of interest": The interest rate determined by the Board for any calendar year which shall distribute, to the...
• Illinois Pension Code. - 40 ILCS 5, Section 7-124
  Prescribed rate of interest. "Prescribed rate of interest": The rate of interest to be used for calculation of the rates of municipality contributions and...
• Illinois Pension Code. - 40 ILCS 5, Section 7-125
  Federal Social Security Act. "Federal Social Security Act": Title II of the Social Security Act of August 14, 1935, 74th Congress, Ch. 531, 49...
• Illinois Pension Code. - 40 ILCS 5, Section 7-126
  Federal Insurance Contributions Act. "Federal Insurance Contributions Act": Chapter 21 of Sub-title C of the Internal Revenue Code of 1954, 83rd Congress, Public Law...
• Illinois Pension Code. - 40 ILCS 5, Section 7-127
  Social Security Enabling Act. "Social Security Enabling Act": Article 21 of the Illinois Pension Code, as the same may from time to time be...
• Illinois Pension Code. - 40 ILCS 5, Section 7-128
  State agency. "State agency": The Social Security Unit of the State Employees' Retirement System of Illinois as defined in the Social Security Enabling Act...
• Illinois Pension Code. - 40 ILCS 5, Section 7-129
  Covered municipalities and participating instrumentalities. "Covered municipalities and participating instrumentalities": Municipalities and participating instrumentalities covered under the Federal Social Security Act as provided in...
• Illinois Pension Code. - 40 ILCS 5, Section 7-130
  Covered employee. "Covered employee": An employee covered under the Federal Social Security Act as provided in Section 7-138 hereof. (Source: Laws 1963, p. 161.)
• Illinois Pension Code. - 40 ILCS 5, Section 7-132
  Municipalities, instrumentalities and participating instrumentalities included and effective dates. (A) Municipalities and their instrumentalities. (a) The following described municipalities, but not including any with more...
• Illinois Pension Code. - 40 ILCS 5, Section 7-132.1
  Towns - Election to participate. For purposes of this Article, a town which is not a participating municipality on the effective date of this...
• Illinois Pension Code. - 40 ILCS 5, Section 7-132.2
  Regional office of education. (a) A regional office of education serving 2 or more counties, except those serving a county of 1,000,000 inhabitants or...
• Illinois Pension Code. - 40 ILCS 5, Section 7-132.3
  The EDC Foundation of Chicago. The EDC Foundation of Chicago, an Illinois not-for-profit corporation, may participate in the Fund and become subject to this...
• Illinois Pension Code. - 40 ILCS 5, Section 7-134
  Municipality referendum and notice of election to participate. (a) A municipality electing to be included within this Article by referendum shall hold such referendum...
• Illinois Pension Code. - 40 ILCS 5, Section 7-135
  Authorized agents. (a) Each participating municipality and participating instrumentality shall appoint an authorized agent who shall have the powers and duties set forth in this...
• Illinois Pension Code. - 40 ILCS 5, Section 7-136
  Municipalities and participating instrumentalities covered under the Federal Social Security Act and effective dates. Subject to the provisions of the Agreement with the State...
• Illinois Pension Code. - 40 ILCS 5, Section 7-137
  Participating and covered employees. (a) The persons described in this paragraph (a) shall be included within and be subject to this Article and eligible to...
• Illinois Pension Code. - 40 ILCS 5, Section 7-137.1
  Elected officials. (a) A person holding an elective office who has elected to participate in the Fund while in that office may revoke that...
• Illinois Pension Code. - 40 ILCS 5, Section 7-138
  Employees covered under the Federal Social Security Act and effective dates. Subject to the Agreement with the State Agency as described in Section 7-170,...
• Illinois Pension Code. - 40 ILCS 5, Section 7-139
  Credits and creditable service to employees. (a) Each participating employee shall be granted credits and creditable service, for purposes of determining the amount of any...
• Illinois Pension Code. - 40 ILCS 5, Section 7-139.1
  General Assembly transfers and credits. (a) Any active member of the General Assembly Retirement System (and until February 1, 1993, any former member of...
• Illinois Pension Code. - 40 ILCS 5, Section 7-139.2
  Validation of service credits. An active member of the General Assembly having no service credits or creditable service in the Fund, may establish service...
• Illinois Pension Code. - 40 ILCS 5, Section 7-139.3
  Validation of service credits. An active member of the General Assembly having no service credits or creditable service in the Fund may establish service...
• Illinois Pension Code. - 40 ILCS 5, Section 7-139.4
  Termination of participation as an employee. Any participating employee who is an active member of the General Assembly on or after November 20, 1979...
• Illinois Pension Code. - 40 ILCS 5, Section 7-139.5
  (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 7-139.6
  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 7-139.7
  (Repealed). (Source: P.A. 87-1265. Repealed by P.A. 98-932, eff. 8-15-14.)
• Illinois Pension Code. - 40 ILCS 5, Section 7-139.8
  Transfer to Article 14 System. (a) Any active member of the State Employees' Retirement System who is a State policeman, an investigator for the Secretary...
• Illinois Pension Code. - 40 ILCS 5, Section 7-139.9
  (Repealed). (Source: P.A. 90-460, eff. 8-17-97. Repealed by P.A. 98-932, eff. 8-15-14.)
• Illinois Pension Code. - 40 ILCS 5, Section 7-139.10
  Transfer to Article 4 pension fund. A person who has elected under Section 4-108.4 to become an active participant in a firefighter pension fund established...
• Illinois Pension Code. - 40 ILCS 5, Section 7-139.11
  (Repealed). (Source: P.A. 95-1036, eff. 2-17-09. Repealed by P.A. 98-932, eff. 8-15-14.)
• Illinois Pension Code. - 40 ILCS 5, Section 7-139.12
  Transfer of creditable service to Article 14. A person employed by the Chicago Metropolitan Agency for Planning (formerly the Regional Planning Board) on the effective...
• Illinois Pension Code. - 40 ILCS 5, Section 7-139.13
  (Repealed). (Source: P.A. 97-273, eff. 8-8-11. Repealed by P.A. 98-932, eff. 8-15-14.)
• Illinois Pension Code. - 40 ILCS 5, Section 7-141
  Retirement annuities - Conditions. Retirement annuities shall be payable as hereinafter set forth: (a) A participating employee who, regardless of cause, is separated from the...
• Illinois Pension Code. - 40 ILCS 5, Section 7-141.1
  Early retirement incentive. (a) The General Assembly finds and declares that: (1) Units of local government across the State have been functioning under a financial...
• Illinois Pension Code. - 40 ILCS 5, Section 7-142
  Retirement annuities - Amount. (a) The amount of a retirement annuity shall be the sum of the following, determined in accordance with the actuarial tables...
• Illinois Pension Code. - 40 ILCS 5, Section 7-142.1
  Sheriff's law enforcement employees. (a) In lieu of the retirement annuity provided by subparagraph 1 of paragraph (a) of Section 7-142: Any sheriff's law enforcement...
• Illinois Pension Code. - 40 ILCS 5, Section 7-143
  Retirement annuities-Reduction. If the participating employee elects a reversionary annuity in accordance with Section 7-145, his retirement annuity shall be reduced by an amount...
• Illinois Pension Code. - 40 ILCS 5, Section 7-144
  Retirement annuities-Suspended during employment. (a) If any person receiving any annuity again becomes an employee and receives earnings from employment in a position requiring him,...
• Illinois Pension Code. - 40 ILCS 5, Section 7-144.2
  Incremental retirement annuity. Each employee annuitant who terminated service prior to the effective date of this amendatory Act of 1971 is entitled to receive...
• Illinois Pension Code. - 40 ILCS 5, Section 7-144.3
  Supplemental benefit payment. (a) A supplemental benefit payment, consisting of a sum calculated as provided in subsection (c), shall be payable to each eligible...
• Illinois Pension Code. - 40 ILCS 5, Section 7-145
  Reversionary annuities. (a) An employee entitled to a retirement annuity may elect to provide a reversionary annuity for a beneficiary if: 1. Under the provisions...
• Illinois Pension Code. - 40 ILCS 5, Section 7-145.1
  Alternative annuity for county officers. (a) The benefits provided in this Section and Section 7-145.2 are available only if, prior to the effective date of...
• Illinois Pension Code. - 40 ILCS 5, Section 7-145.2
  Alternative survivor's benefits for survivors of county officers. In lieu of the survivor's benefits otherwise payable under this Article, the spouse or eligible child of...
• Illinois Pension Code. - 40 ILCS 5, Section 7-146
  Temporary disability benefits - Eligibility. Temporary disability benefits shall be payable to participating employees as hereinafter provided. (a) The participating employee shall be considered temporarily...
• Illinois Pension Code. - 40 ILCS 5, Section 7-147
  Temporary disability benefits - Commencement and duration. Temporary disability benefits shall be payable: (a) Upon receipt by the fund of a written application therefor....
• Illinois Pension Code. - 40 ILCS 5, Section 7-149
  Temporary disability benefits-Periodic checks. The Board shall conduct periodic checks to determine if any participating employee is disabled. Such checks may consist of periodic...
• Illinois Pension Code. - 40 ILCS 5, Section 7-150
  Total and permanent disability benefits - Eligibility. Total and permanent disability benefits shall be payable to participating employees as hereinafter provided, including those employees receiving...
• Illinois Pension Code. - 40 ILCS 5, Section 7-151
  Total and permanent disability benefits - Commencement and duration. Permanent disability benefits shall be payable: (a) As of the date temporary disability benefits are...
• Illinois Pension Code. - 40 ILCS 5, Section 7-152
  Disability benefits - Amount. The amount of the monthly temporary and total and permanent disability benefits shall be 50% of the participating employee's final...
• Illinois Pension Code. - 40 ILCS 5, Section 7-153
  Total and permanent disability benefits; periodic checks. The board shall conduct periodic checks to determine if participating employees who are drawing a total permanent...
• Illinois Pension Code. - 40 ILCS 5, Section 7-154
  Surviving spouse annuities - Eligibility. (a) A surviving spouse annuity shall be payable to the eligible surviving spouse of a participating employee, an employee...
• Illinois Pension Code. - 40 ILCS 5, Section 7-155
  Surviving spouse annuities-commencement. A surviving spouse annuity shall begin on the 1st day of the month next following the month in which the participating...
• Illinois Pension Code. - 40 ILCS 5, Section 7-156
  Surviving spouse annuities - amount. (a) The amount of surviving spouse annuity shall be: 1. Upon the death of an employee annuitant or such person...
• Illinois Pension Code. - 40 ILCS 5, Section 7-157
  Surviving spouse annuities - marriage to terminate. If a surviving spouse annuitant marries before reaching age 55, the annuity shall be terminated as of...
• Illinois Pension Code. - 40 ILCS 5, Section 7-158
  Surviving spouse annuities - Options. In lieu of the surviving spouse annuity an eligible surviving spouse shall have the option of receiving other benefits...
• Illinois Pension Code. - 40 ILCS 5, Section 7-159
  Surviving spouse annuity - refund of survivor credits. (a) Any employee annuitant who (1) upon the date a retirement annuity begins is not then...
• Illinois Pension Code. - 40 ILCS 5, Section 7-160
  Child annuities-eligibility. Child annuities shall be payable to each child of an employee annuitant who dies with no surviving spouse and whose spouse would have...
• Illinois Pension Code. - 40 ILCS 5, Section 7-161
  Child annuities-commencement. A child annuity shall begin upon proper application therefor, on the first day of the month following the month in which the...
• Illinois Pension Code. - 40 ILCS 5, Section 7-162
  Child annuities-amount. The amount of child annuities shall be: 1. The aggregate of all child annuities in an amount equal to the surviving spouse...
• Illinois Pension Code. - 40 ILCS 5, Section 7-163
  Death benefits-eligibility. Death benefits shall be payable as hereinafter set forth: 1. To the beneficiary defined in Section 7-118; 2. A death benefit shall...
• Illinois Pension Code. - 40 ILCS 5, Section 7-164
  Death benefits - Amount. The amount of the death benefit shall be: 1. Upon the death of an employee with at least one year...
• Illinois Pension Code. - 40 ILCS 5, Section 7-165
  Beneficiary annuities. (a) The beneficiary entitled to a death benefit under paragraph 1, 2 or 3 of Section 7-164 may elect to receive the...
• Illinois Pension Code. - 40 ILCS 5, Section 7-166
  Separation benefits - Eligibility. Separation benefits shall be payable as hereinafter set forth: 1. Upon separation from the service of all participating municipalities and...
• Illinois Pension Code. - 40 ILCS 5, Section 7-167
  Separation benefits - Payment. Separation benefits shall be paid in the form of a single cash sum as soon as practicable after receipt by...
• Illinois Pension Code. - 40 ILCS 5, Section 7-168
  Separation benefits - Amount. The amount of the separation benefits shall be the sum of the employee's accumulated normal, survivor and additional contributions. (Source:...
• Illinois Pension Code. - 40 ILCS 5, Section 7-169
  Separation benefits; repayments. (a) If an employee who has received a separation benefit subsequently becomes a participating employee, and renders at least 2 years of...
• Illinois Pension Code. - 40 ILCS 5, Section 7-169.1
  Repayment of refund obtained from superseded funds. An employee who received a refund of deductions from the Illinois Municipal Public Utility Employees' Annuity and...
• Illinois Pension Code. - 40 ILCS 5, Section 7-170
  Federal Social Security coverage. (a) It is declared to be the policy and purpose to extend to covered employees as defined in Section 7-138, the...
• Illinois Pension Code. - 40 ILCS 5, Section 7-171
  Finance; taxes. (a) Each municipality other than a school district shall appropriate an amount sufficient to provide for the current municipality contributions required by Section...
• Illinois Pension Code. - 40 ILCS 5, Section 7-172
  Contributions by participating municipalities and participating instrumentalities. (a) Each participating municipality and each participating instrumentality shall make payment to the fund as follows: 1. municipality...
• Illinois Pension Code. - 40 ILCS 5, Section 7-172.1
  Actions to enforce payments by municipalities and instrumentalities. (a) If any participating municipality or participating instrumentality fails to transmit to the Fund contributions required...
• Illinois Pension Code. - 40 ILCS 5, Section 7-172.2
  In addition to the payments otherwise required by this Article, each participating municipality and each participating instrumentality shall make payment of Social Security contributions and...
• Illinois Pension Code. - 40 ILCS 5, Section 7-173
  Contributions by employees. (a) Each participating employee shall make contributions to the fund as follows: 1. For retirement annuity purposes, normal contributions of 3 3/4%...
• Illinois Pension Code. - 40 ILCS 5, Section 7-173.1
  Additional contribution by sheriff's law enforcement employees. (a) Each sheriff's law enforcement employee shall make an additional contribution of 1% of earnings, which shall be...
• Illinois Pension Code. - 40 ILCS 5, Section 7-173.2
  Pickup of employee contributions. (a) Until July 1, 1984, each participating municipality and each participating instrumentality may elect, for all of its employees, to...
• Illinois Pension Code. - 40 ILCS 5, Section 7-174
  Board created. (a) A board of 8 members shall constitute a board of trustees authorized to carry out the provisions of this Article. Each trustee...
• Illinois Pension Code. - 40 ILCS 5, Section 7-175
  Board elections. (a) During the period beginning on August 1 and ending on September 15 of each year the board shall accept nominations of candidates...
• Illinois Pension Code. - 40 ILCS 5, Section 7-175.1
  Election of employee and annuitant trustees. (a) The board shall prepare and send ballots and ballot envelopes to the employees and annuitants eligible to vote...
• Illinois Pension Code. - 40 ILCS 5, Section 7-176
  Board officers. The board shall elect from its members a president, vice president and secretary, to serve at the board's pleasure. They shall perform...
• Illinois Pension Code. - 40 ILCS 5, Section 7-177
  Board meetings. The board shall hold regular meetings at least 4 times in each year and such special meetings at such other times as may...
• Illinois Pension Code. - 40 ILCS 5, Section 7-178
  Board powers and duties. The board shall have the powers and duties stated in Sections 7-179 to 7-200, inclusive, in addition to such other...
• Illinois Pension Code. - 40 ILCS 5, Section 7-179
  To authorize and suspend annuities. To authorize or suspend the payment of any annuity or benefit in accordance with this Article. (Source: Laws 1963,...
• Illinois Pension Code. - 40 ILCS 5, Section 7-180
  To prepare and approve budget. To prepare and approve, prior to the beginning of each calendar year, a budget of operating expenses for such...
• Illinois Pension Code. - 40 ILCS 5, Section 7-181
  To subpoena witnesses. To compel witnesses to attend meetings and to testify upon any necessary matter concerning the fund and allow fees not in...
• Illinois Pension Code. - 40 ILCS 5, Section 7-182
  To authorize municipality contribution rates and adopt actuarial tables and interest rates. To authorize municipality contribution rates and adopt actuarial tables and establish effective...
• Illinois Pension Code. - 40 ILCS 5, Section 7-183
  To request information. To request such information from any participating or covered employee or from any participating or covered municipality or instrumentality thereof or...
• Illinois Pension Code. - 40 ILCS 5, Section 7-184
  To determine prior service. To determine the length of prior service from such information as is available. Any such determination shall be conclusive as...
• Illinois Pension Code. - 40 ILCS 5, Section 7-185
  To establish offices. To establish an office or offices with suitable space for meetings of the board and for use of the necessary administrative...
• Illinois Pension Code. - 40 ILCS 5, Section 7-186
  To appoint executive director. To appoint an executive director to manage the office and carry out the technical administrative duties of the fund. (Source:...
• Illinois Pension Code. - 40 ILCS 5, Section 7-187
  To appoint actuary. To appoint an actuary to perform all the necessary actuarial requirements of the fund. (Source: Laws 1963, p. 161.)
• Illinois Pension Code. - 40 ILCS 5, Section 7-188
  To appoint investment counsel. To appoint such investment counsel as, in the opinion of the board, may be required from time to time. (Source:...
• Illinois Pension Code. - 40 ILCS 5, Section 7-189
  To obtain additional services. To obtain by employment or by contract such additional actuarial services and such legal, medical, clerical or other services as...
• Illinois Pension Code. - 40 ILCS 5, Section 7-190
  To fix compensation of employees. To determine and fix the rate of compensation to be paid to the executive director, actuary, investment counsel, auditor,...
• Illinois Pension Code. - 40 ILCS 5, Section 7-191
  To have accounts audited. To have the accounts of the fund audited annually by a certified public accountant approved by the Auditor General. (Source:...
• Illinois Pension Code. - 40 ILCS 5, Section 7-192
  To submit annual statements. To submit an annual statement to the governing body of each participating municipality and governing body of each participating instrumentality...
• Illinois Pension Code. - 40 ILCS 5, Section 7-193
  To provide individual statements. To submit an individual statement to any participating employee upon his reasonable request. The statement shall indicate the amount of...
• Illinois Pension Code. - 40 ILCS 5, Section 7-194
  To accept gifts. To accept any gift, grant or bequest of any money or securities for the purposes designated by the grantor if such...
• Illinois Pension Code. - 40 ILCS 5, Section 7-195
  To make investments. To determine the limitations on the amounts of cash to be invested in order to maintain such cash balances as may...
• Illinois Pension Code. - 40 ILCS 5, Section 7-195.1
  To establish and maintain a revolving account. To establish and maintain a revolving account in a bank or savings and loan association, approved by...
• Illinois Pension Code. - 40 ILCS 5, Section 7-196
  To keep data. To keep in convenient form the data necessary for all required calculations and valuations as required by the actuary. (Source: Laws...
• Illinois Pension Code. - 40 ILCS 5, Section 7-197
  To keep permanent records. To keep a permanent record of all the proceedings of the board and such other records as shall be necessary...
• Illinois Pension Code. - 40 ILCS 5, Section 7-197.1
  To reproduce records. To have any records kept by the board photographed, microfilmed or otherwise reproduced on film. The photographs, microfilm and reproductions shall...
• Illinois Pension Code. - 40 ILCS 5, Section 7-198
  To make rules. To establish such rules and regulations not inconsistent with the other provisions of this Article as are necessary or desirable for...
• Illinois Pension Code. - 40 ILCS 5, Section 7-199
  To appoint committees. To appoint committees of 3 or more trustees to perform such functions as may be directed by the board. (Source: Laws...
• Illinois Pension Code. - 40 ILCS 5, Section 7-199.1
  To administer a joint group accident and health insurance program in accordance with this Section. (a) The board may purchase and administer a joint...
• Illinois Pension Code. - 40 ILCS 5, Section 7-199.2
  To determine unfunded liability. To cause to be actuarially determined the unfunded liability existing in the Fund as of the date provided by subsection...
• Illinois Pension Code. - 40 ILCS 5, Section 7-199.3
  To establish and administer deferred compensation and tax-deferred annuity programs for units of local government. The Board may establish and administer deferred compensation, tax...
• Illinois Pension Code. - 40 ILCS 5, Section 7-200
  To carry on other duties. To carry on generally any other reasonable activities, including, without limitation, the making of administrative decisions on participation and...
• Illinois Pension Code. - 40 ILCS 5, Section 7-201
  The assets of the fund in excess of the amount of cash required for current operation as determined by the board shall be invested,...
• Illinois Pension Code. - 40 ILCS 5, Section 7-201.1
  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 7-202
  Accounts. An adequate system of accounts shall be kept in accordance with generally accepted accounting and sound actuarial principles. The accounts and reserves designated...
• Illinois Pension Code. - 40 ILCS 5, Section 7-203
  Employee reserves. Separate reserves shall be maintained for each participating employee in such detail as is necessary to administer all benefits provided herein, and...
• Illinois Pension Code. - 40 ILCS 5, Section 7-204
  Municipality reserves. (a) Except as provided in paragraph (b) of this Section, each participating municipality and its instrumentalities, and each participating instrumentality, shall be...
• Illinois Pension Code. - 40 ILCS 5, Section 7-205
  Reserves for annuities. Appropriate reserves shall be created for payment of all annuities granted under this Article at the time such annuities are granted and...
• Illinois Pension Code. - 40 ILCS 5, Section 7-205.1
  Reserves for Disability Benefits. A temporary and total and permanent disability benefit reserves shall be created for payment of all temporary and total and...
• Illinois Pension Code. - 40 ILCS 5, Section 7-206
  Death Reserve. All death benefit payments shall be charged to the Death Reserve, other than $3,000 death benefits paid after December 31, 1988 upon...
• Illinois Pension Code. - 40 ILCS 5, Section 7-207.1
  Reserve For Variation In Benefit Payments. A Reserve for Variation in Benefit Payments may be established. 1. Credits to such Reserve shall consist of:...
• Illinois Pension Code. - 40 ILCS 5, Section 7-208
  Earnings and experience variation reserve. One earnings and experience variation reserve shall be maintained. All other accounts for this purpose shall be abolished upon...
• Illinois Pension Code. - 40 ILCS 5, Section 7-209
  Earnings and Interest. (a) Balances at the beginning of each year which remain in employee reserves at the end of the year shall be...
• Illinois Pension Code. - 40 ILCS 5, Section 7-210
  Funds. (a) All money received by the board shall immediately be deposited with the State Treasurer for the account of the fund, or in the...
• Illinois Pension Code. - 40 ILCS 5, Section 7-211
  Authorizations. (a) Each participating municipality and instrumentality thereof and each participating instrumentality shall: 1. Deduct all normal and additional contributions and contributions for federal Social...
• Illinois Pension Code. - 40 ILCS 5, Section 7-212
  Executive director. The executive director shall be in charge of the general administration of the fund. He shall have such special powers and duties...
• Illinois Pension Code. - 40 ILCS 5, Section 7-213
  Actuary. The actuary shall be the technical advisor of the board and in addition to general advice shall specifically be responsible for and shall:...
• Illinois Pension Code. - 40 ILCS 5, Section 7-214
  State treasurer. The State Treasurer shall be the treasurer of the fund and shall be responsible for the proper handling of all the assets...
• Illinois Pension Code. - 40 ILCS 5, Section 7-215
  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 7-217
  Payment of benefits and assignments. (a) Except as otherwise provided in this Section, all moneys in the Fund created by this Article, and all...
• Illinois Pension Code. - 40 ILCS 5, Section 7-218
  Compulsory retirement. No provision of this Article shall operate to cause compulsory retirement of any employee, nor to give any employee any specific right...
• Illinois Pension Code. - 40 ILCS 5, Section 7-219
  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 7-220
  Administrative review. The provisions of the Administrative Review Law, and all amendments and modifications thereof and the rules adopted pursuant thereto shall apply to and...
• Illinois Pension Code. - 40 ILCS 5, Section 7-221
  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 7-222
  Reduction of disability and survivor's benefits on account of corresponding benefits payable under the Workers' Compensation Act and the Workers' Occupational Diseases Act. Whenever...
• Illinois Pension Code. - 40 ILCS 5, Section 7-223
  The amendments to Sections 7-137, 7-146, 7-147, 7-150 and 7-151 of this Article (relating to attainment of age 70) made by this amendatory Act...
• Illinois Pension Code. - 40 ILCS 5, Section 7-224
  Section 415 limitations. Notwithstanding any other provisions of this Article, the combined benefits and contributions provided to any participating employee by all plans of...
• Illinois Pension Code. - 40 ILCS 5, Section 7-225
  Increases in earnings; pension impact statement. Before increasing the earnings of an officer, executive, or manager by 12% or more: (1) the authorities of the...

Last modified: February 18, 2015