Chapter 40 — PENSIONS

(40 ILCS 5/18-117) (from Ch. 108 1/2, par. 18-117) Sec. 18-117. Prescribed rate of interest. "Prescribed rate of interest": 4% per annum compounded annually, or such other rate prescribed by the board based on expected long term investment returns and the experience of the system…

(40 ILCS 5/18-118) (from Ch. 108 1/2, par. 18-118) Sec. 18-118. Fiscal year. "Fiscal year": The period beginning on July 1 and ending on June 30 of the succeeding year. (Source: Laws 1963, p. 161.)

(40 ILCS 5/18-119) (from Ch. 108 1/2, par. 18-119) Sec. 18-119. Employer participation. Each employer is subject to the provisions of this system beginning on the effective date or the date of subsequent qualification as an employer. (Source: Laws 1963, p. 161.)

(40 ILCS 5/18-120) (from Ch. 108 1/2, par. 18-120) Sec. 18-120. Employee participation. An eligible judge who is not a participant shall become a participant beginning on the date he or she becomes an eligible judge, unless the judge files with the board a written notice of elect…

(40 ILCS 5/18-120.1) (from Ch. 108 1/2, par. 18-120.1) Sec. 18-120.1. Gender. The masculine gender whenever used in this Article includes the feminine gender unless manifestly inconsistent with the context. (Source: P.A. 83-1440.)

(40 ILCS 5/18-121) (from Ch. 108 1/2, par. 18-121) Sec. 18-121. Recision of election not to participate. A judge who filed a notice of election not to participate shall become a participant upon filing with the board before July 1, 1992, a written recision of such notice. The rec…

(40 ILCS 5/18-122) (from Ch. 108 1/2, par. 18-122) Sec. 18-122. Participation; military service. Participation shall continue until the date a participant becomes an annuitant, dies, or accepts a refund. Participation shall not cease during any period an eligible judge is serving…

(40 ILCS 5/18-123) (from Ch. 108 1/2, par. 18-123) Sec. 18-123. Participation in survivor's annuity. A participant in active service as a judge after July 26, 1949, is eligible to participate in the survivor's annuity provided under this Article. A married participant who was in …

(40 ILCS 5/18-123.2) (from Ch. 108 1/2, par. 18-123.2) Sec. 18-123.2. Annuities to survivors of male and female participants. All provisions of this Article relating to annuities and benefits to a surviving spouse, minor children or other survivors of participants shall apply wit…

(40 ILCS 5/18-124) (from Ch. 108 1/2, par. 18-124) Sec. 18-124. Retirement annuities - conditions for eligibility. (a) This subsection (a) applies to a participant who first serves as a judge before the effective date of this amendatory Act of the 96th General Assembly. A partici…

(40 ILCS 5/18-125) (from Ch. 108 1/2, par. 18-125) Sec. 18-125. Retirement annuity amount. (a) The annual retirement annuity for a participant who terminated service as a judge prior to July 1, 1971 shall be based on the law in effect at the time of termination of service. (b) Ex…

(40 ILCS 5/18-125.1) (from Ch. 108 1/2, par. 18-125.1) Sec. 18-125.1. Automatic increase in retirement annuity. A participant who retires from service after June 30, 1969, shall, in January of the year next following the year in which the first anniversary of retirement occurs, a…

(40 ILCS 5/18-126) (from Ch. 108 1/2, par. 18-126) Sec. 18-126. Retirement annuity for permanent disability-determination of disability. A participant shall be considered permanently disabled only if (1) disability occurs while in employment as a judge and is of such a nature as …

(40 ILCS 5/18-126.1) (from Ch. 108 1/2, par. 18-126.1) Sec. 18-126.1. Temporary total disability. A participant who has served for at least 2 years as a judge and has at least 2 years of service credit shall be entitled to a temporary total disability benefit provided: (1) While …

(40 ILCS 5/18-127) (from Ch. 108 1/2, par. 18-127) Sec. 18-127. Retirement annuity - suspension on reemployment. (a) A participant receiving a retirement annuity who is regularly employed for compensation by an employer other than a county, in any capacity, shall have his or her …

(40 ILCS 5/18-128) (from Ch. 108 1/2, par. 18-128) Sec. 18-128. Survivor's annuities; Conditions for payment. (a) A survivor's annuity shall be payable upon the death of a participant while in service after June 30, 1967 if the participant had at least 1 1/2 years of service cred…

(40 ILCS 5/18-128.01) (from Ch. 108 1/2, par. 18-128.01) Sec. 18-128.01. Amount of survivor's annuity. (a) Upon the death of an annuitant, his or her surviving spouse shall be entitled to a survivor's annuity of 66 2/3% of the annuity the annuitant was receiving immediately prior…

(40 ILCS 5/18-128.1) (from Ch. 108 1/2, par. 18-128.1) Sec. 18-128.1. Limitations. Payment of a widow's or survivor's annuity shall begin to accrue from the date on which salary or annuity payments to or on account of a deceased judge are terminated. Annuity payments to a spouse …

(40 ILCS 5/18-128.2) (from Ch. 108 1/2, par. 18-128.2) Sec. 18-128.2. 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 a disability or survivor'…

(40 ILCS 5/18-128.3) (from Ch. 108 1/2, par. 18-128.3) Sec. 18-128.3. 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 has not yet attained age 50, shall be eligible for a monthly distri…

(40 ILCS 5/18-129) (from Ch. 108 1/2, par. 18-129) Sec. 18-129. Refund of contributions; repayment. (a) A participant who ceases to be a judge may, upon application to the Board, receive a refund of his or her total contributions to the System including the contributions made tow…

(40 ILCS 5/18-131) (from Ch. 108 1/2, par. 18-131) Sec. 18-131. Financing; employer contributions. (a) The State of Illinois shall make contributions to this System by appropriations of the amounts which, together with the contributions of participants, net earnings on investment…

(40 ILCS 5/18-132) (from Ch. 108 1/2, par. 18-132) Sec. 18-132. Obligations of State. The payment of (1) the required State contributions, (2) all benefits granted under this system and (3) all expenses in connection with the administration and operation thereof are the obligatio…

(40 ILCS 5/18-133) (from Ch. 108 1/2, par. 18-133) Sec. 18-133. Financing; employee contributions. (a) Effective July 1, 1967, each participant is required to contribute 7 1/2% of each payment of salary toward the retirement annuity. Such contributions shall continue during the e…

(40 ILCS 5/18-133.1) (from Ch. 108 1/2, par. 18-133.1) Sec. 18-133.1. Pickup of contributions. (a) Each employer may pick up the participant contributions required under Section 18-133 for all salary earned after December 31, 1981. If an employer decides not to pick up the contri…

(40 ILCS 5/18-135) (from Ch. 108 1/2, par. 18-135) Sec. 18-135. Board created. This system shall be administered by a Board of Trustees, of 5 members as follows: the State Treasurer, the Chief Justice of the Supreme Court, and 3 participating judges. The State Treasurer and the C…

(40 ILCS 5/18-136) (from Ch. 108 1/2, par. 18-136) Sec. 18-136. Powers and duties of board. The board has the powers and duties stated in Sections 18-137 through 18-150, in addition to the other powers and duties granted it in this Article. (Source: P.A. 83-1440.)

(40 ILCS 5/18-137) (from Ch. 108 1/2, par. 18-137) Sec. 18-137. To hold meetings. To hold regular meetings at least quarterly in each year and special meetings at such times as it deems necessary. At least 10 days' notice of each meeting shall be given to each trustee. All meetin…

(40 ILCS 5/18-138) (from Ch. 108 1/2, par. 18-138) Sec. 18-138. To consider applications. To consider and pass on all applications for annuities and refunds, authorize the granting thereof and suspend any payment or payments, all in accordance with this Article. (Source: Laws 196…

(40 ILCS 5/18-139) (from Ch. 108 1/2, par. 18-139) Sec. 18-139. To certify interest rate and adopt actuarial tables. To certify the prescribed interest rate, and adopt the necessary actuarial tables in accordance with certifications of the actuary. (Source: Laws 1963, p. 161.)

(40 ILCS 5/18-140) (from Ch. 108 1/2, par. 18-140) Sec. 18-140. To certify required State contributions and submit vouchers. (a) The Board shall certify to the Governor, on or before November 15 of each year until November 15, 2011, the amount of the required State contribution t…

(40 ILCS 5/18-142) (from Ch. 108 1/2, par. 18-142) Sec. 18-142. To request information. To request such information from any participating judge or from any officer, department head or other persons in authority, of any employer as is necessary for the proper operation of the sys…

(40 ILCS 5/18-143) (from Ch. 108 1/2, par. 18-143) Sec. 18-143. To provide examinations. To provide for the examination of persons receiving disability annuities prior to age 60, by one or more licensed and practicing physicians designated by the board at least once each year dur…

(40 ILCS 5/18-144) (from Ch. 108 1/2, par. 18-144) Sec. 18-144. To establish office. To establish an office or offices with suitable space for the board meetings and for the necessary administrative personnel. All books and records shall be kept in such offices. (Source: Laws 196…

(40 ILCS 5/18-145) (from Ch. 108 1/2, par. 18-145) Sec. 18-145. To employ staff. To appoint a secretary and employ such actuarial, medical, legal, clerical or other help as is required for the efficient administration of the system, and determine their rates of pay. (Source: P.A.…

(40 ILCS 5/18-146) (from Ch. 108 1/2, par. 18-146) Sec. 18-146. To keep records. To keep a permanent record of all proceedings of the board, a separate account for each individual judge and such additional data as is specified by the actuary as necessary for required calculations…

(40 ILCS 5/18-147) (from Ch. 108 1/2, par. 18-147) Sec. 18-147. To have accounts audited and to submit statements. To have the accounts of the system audited at least biennially by a certified public accountant designated by the Auditor General, and to submit an annual statement …

(40 ILCS 5/18-148) (from Ch. 108 1/2, par. 18-148) Sec. 18-148. To accept gifts. To accept any gift, grant or bequest of any money or securities for the purpose designated by the grantor, if such purpose is specified as providing cash benefits for some or all of the participants …

(40 ILCS 5/18-149) (from Ch. 108 1/2, par. 18-149) Sec. 18-149. To submit individual statements. To submit an individual statement to a participating judge upon his or her request, showing the accumulations to his or her credit as of the latest practicable date. (Source: P.A. 83-…

(40 ILCS 5/18-150) (from Ch. 108 1/2, par. 18-150) Sec. 18-150. To make rules. To establish rules and regulations consistent with this Article and deemed necessary for the administration of the system, and to generally carry on any other reasonable activities to accomplish the in…

(40 ILCS 5/18-151) (from Ch. 108 1/2, par. 18-151) Sec. 18-151. Duties of secretary. The secretary shall be in charge of the administration of the detailed affairs of the system and, in addition to such other powers and duties delegated by the board, shall: (1) collect and record…

(40 ILCS 5/18-152) (from Ch. 108 1/2, par. 18-152) Sec. 18-152. Duties of actuary. The actuary shall be the technical advisor of the Board and, in addition to supplying general information on technical matters, shall: (1) make a general investigation at least once every 3 years o…

(40 ILCS 5/18-153) (from Ch. 108 1/2, par. 18-153) Sec. 18-153. Duties of Treasurer. The Treasurer of the State of Illinois shall be ex-officio the Treasurer of the System and shall: (1) act as official custodian of the cash and securities of the system, provide adequate safe dep…

(40 ILCS 5/18-154) (from Ch. 108 1/2, par. 18-154) Sec. 18-154. Duties of State Comptroller. The State Comptroller in drawing warrants for salary on payroll vouchers certified by an employer shall draw such warrants for the salary specified, less the employee contribution to be d…

(40 ILCS 5/18-155) (from Ch. 108 1/2, par. 18-155) Sec. 18-155. Duties of employers. Each employer, in preparing payroll vouchers shall indicate, in addition to other things: (1) the amount of contributions specified to be deducted from the salary or wages of each participant inc…

(40 ILCS 5/18-156) (from Ch. 108 1/2, par. 18-156) Sec. 18-156. Effect of participation. Each participating judge, by virtue of the payment of the employee contributions required to be paid to this system, has a vested interest in the refunds provided under this Article and, in c…

(40 ILCS 5/18-157) (from Ch. 108 1/2, par. 18-157) Sec. 18-157. Retirement Systems Reciprocal Act. The "Retirement Systems Reciprocal Act", being Article 20 of this Code, is adopted and made a part of this Article; provided that Section 20-131 shall not apply to this system. (Sou…

(40 ILCS 5/18-158) (from Ch. 108 1/2, par. 18-158) Sec. 18-158. No compensation. Trustees shall serve without compensation, but shall be reimbursed for any reasonable traveling expenses incurred in attending meetings of the board. (Source: Laws 1963, p. 161.)

(40 ILCS 5/18-159) (from Ch. 108 1/2, par. 18-159) Sec. 18-159. No gain or profit on investments. No trustee or employee of the board shall have any direct interest in the income, gains or profits of any investments made in behalf of the system nor receive any pay or emolument fo…

(40 ILCS 5/18-160) (from Ch. 108 1/2, par. 18-160) Sec. 18-160. Undivided interests. The assets of the system shall be invested as one fund, and no person, group of persons, or entity shall have any right in any specific security or property, or in any item of cash, other than an…