Chapter 40 — PENSIONS

(40 ILCS 5/22B-118) Sec. 22B-118. Operation and administration of the Fund. (a) The operation and administration of the Fund shall be managed by an executive director. No later than 2 months after the transition board is appointed or as soon thereafter as may be practicable, the …

(40 ILCS 5/22B-119) Sec. 22B-119. Adoption of rules. The board shall adopt such rules (not inconsistent with this Code) as in its judgment are desirable to implement and properly administer this Article. Such rules shall specifically provide for the following: (1) the implementat…

(40 ILCS 5/22B-120) Sec. 22B-120. Transition period; transfer of securities, assets, and investment functions. (a) The transition period shall commence on the effective date of this amendatory Act of the 101st General Assembly and shall end as determined by the board, consistent …

(40 ILCS 5/22B-121) Sec. 22B-121. Management and direction of investments. (a) The board shall have the authority to manage the pension fund assets of the transferor pension funds for the purpose of obtaining a total return on investments for the long term. (b) The authority of t…

(40 ILCS 5/22B-122) Sec. 22B-122. Investment authority. The Fund shall have the authority to invest funds, subject to the requirements and restrictions set forth in Sections 1-109, 1-109.1, 1-109.2, 1-110, 1-111, 1-114, and 1-115 of this Code. The Fund shall not be subject to any…

(40 ILCS 5/22B-123) Sec. 22B-123. Custodian. The pension fund assets transferred to or otherwise acquired by the Fund shall be placed in the custody of a custodian who shall provide adequate safe deposit facilities for those assets and hold all such securities, funds, and other a…

(40 ILCS 5/22B-124) Sec. 22B-124. Accounting for pension fund assets. In the management of the pension fund assets of the transferor pension funds, the Fund: (1) shall carry all pension fund assets at fair market value determined in accordance with generally accepted accounting p…

(40 ILCS 5/22B-125) Sec. 22B-125. Audits and reports. (a) At least annually, the books, records, accounts, and securities of the Fund shall be audited by a certified public accountant selected by the board and conducted in accordance with the rules and procedures promulgated by t…

(40 ILCS 5/22C-101) Sec. 22C-101. Establishment. The Firefighters' Pension Investment Fund is created with authority to manage the reserves, funds, assets, securities, properties, and moneys of the firefighter pension funds created pursuant to Article 4 of this Code, all as provi…

(40 ILCS 5/22C-102) Sec. 22C-102. Definitions. For the purposes of this Article, the following words and phrases shall have the meaning ascribed to them unless the context requires otherwise. (Source: P.A. 101-610, eff. 1-1-20.)

(40 ILCS 5/22C-103) Sec. 22C-103. Fund. "Fund" means the Firefighters' Pension Investment Fund. (Source: P.A. 101-610, eff. 1-1-20.)

(40 ILCS 5/22C-104) Sec. 22C-104. Transferor pension fund. "Transferor pension fund" means any pension fund established pursuant to Article 4 of this Code. (Source: P.A. 101-610, eff. 1-1-20.)

(40 ILCS 5/22C-105) Sec. 22C-105. Participating pension fund. "Participating pension fund" means any pension fund established pursuant to Article 4 of this Code that has transferred securities, funds, assets, and moneys, and responsibility for custody and control of those securit…

(40 ILCS 5/22C-106) Sec. 22C-106. Pension fund assets. "Pension fund assets" means the reserves, funds, assets, securities, and moneys of any transferor pension fund. (Source: P.A. 101-610, eff. 1-1-20.)

(40 ILCS 5/22C-107) Sec. 22C-107. Invest. "Invest" means to acquire, invest, reinvest, exchange, or retain pension fund assets of the transferor pension funds and to sell and manage the reserves, funds, securities, moneys, or assets of the transferor pension fund, all in accordan…

(40 ILCS 5/22C-108) Sec. 22C-108. Investment advisor. "Investment advisor" means any person or business entity that provides investment advice to the board on a personalized basis and with an understanding of the policies and goals of the board. "Investment advisor" does not incl…

(40 ILCS 5/22C-112) Sec. 22C-112. Transition period. "Transition period" means the period immediately following the effective date of this amendatory Act of the 101st General Assembly during which pension fund assets, and responsibility for custody and control of those assets, wi…

(40 ILCS 5/22C-113) Sec. 22C-113. Illinois Municipal League. "Illinois Municipal League" means the unincorporated, nonprofit, nonpolitical association of Illinois cities, villages, and incorporated towns described in Section 1-8-1 of the Illinois Municipal Code. (Source: P.A. 101…

(40 ILCS 5/22C-114) Sec. 22C-114. Purpose, establishment, and governance. The Fund is established to consolidate the transferor pension funds to streamline investments and eliminate unnecessary and redundant administrative costs, thereby ensuring more money is available to fund p…

(40 ILCS 5/22C-115) Sec. 22C-115. Board of Trustees of the Fund. (a) No later than February 1, 2020 (one month after the effective date of Public Act 101-610) or as soon thereafter as may be practicable, the Governor shall appoint, by and with the advice and consent of the Senate…

(40 ILCS 5/22C-116) Sec. 22C-116. Conduct and administration of elections; terms of office. (a) For the election of the permanent trustees, the transition board shall administer the initial elections and the permanent board shall administer all subsequent elections. Each board sh…

(40 ILCS 5/22C-117) Sec. 22C-117. Meetings of the board. (a) The transition board and the permanent board shall each meet at least quarterly and otherwise upon written request of either the Chairperson or 3 other members. The Chairperson shall preside over meetings of the board. …

(40 ILCS 5/22C-118) Sec. 22C-118. Operation and administration of the Fund. (a) The operation and administration of the Fund shall be managed by an executive director. No later than 2 months after the transition board is appointed or as soon thereafter as may be practicable, the …

(40 ILCS 5/22C-119) Sec. 22C-119. Adoption of rules. The board shall adopt such rules (not inconsistent with this Code) as in its judgment are desirable to implement and properly administer this Article. Such rules shall specifically provide for the following: (1) the implementat…

(40 ILCS 5/22C-120) Sec. 22C-120. Transition period; transfer of securities, assets, and investment functions. (a) The transition period shall commence on the effective date of this amendatory Act of the 101st General Assembly and shall end as determined by the board, consistent …

(40 ILCS 5/22C-121) Sec. 22C-121. Management and direction of investments. (a) The board shall have the authority to manage the pension fund assets of the transferor pension funds for the purpose of obtaining a total return on investments for the long term. (b) The authority of t…

(40 ILCS 5/22C-122) Sec. 22C-122. Investment authority. The Fund shall have the authority to invest funds, subject to the requirements and restrictions set forth in Sections 1-109, 1-109.1, 1-109.2, 1-110, 1-111, 1-114, and 1-115 of this Code. The Fund shall not be subject to any…

(40 ILCS 5/22C-123) Sec. 22C-123. Custodian. The pension fund assets transferred to or otherwise acquired by the Fund shall be placed in the custody of a custodian who shall provide adequate safe deposit facilities for those assets and hold all such securities, funds, and other a…

(40 ILCS 5/22C-124) Sec. 22C-124. Accounting for pension fund assets. In the management of the pension fund assets of the transferor pension funds, the Fund: (1) shall carry all pension fund assets at fair market value determined in accordance with generally accepted accounting p…

(40 ILCS 5/22C-125) Sec. 22C-125. Audits and reports. (a) At least annually, the books, records, accounts, and securities of the Fund shall be audited by a certified public accountant selected by the board and conducted in accordance with the rules and procedures promulgated by t…

(40 ILCS 5/23-101) (from Ch. 108 1/2, par. 23-101) Sec. 23-101. Purpose-Savings provisions. It is the purpose of this Code to restate, simplify and codify the respective Acts and parts of Acts repealed by Section 23-102 which immediately prior to the effective date of this Code g…

(40 ILCS 5/23-102) (from Ch. 108 1/2, par. 23-102) Sec. 23-102. Repeal. The following Acts and parts of Acts are repealed except as provided in Section 23-103: (1) Divisions 6 through 12, inclusive, of Article 10 of the "Illinois Municipal Code", approved May 29, 1961, as amended…

(40 ILCS 5/23-103) (from Ch. 108 1/2, par. 23-103) Sec. 23-103. Construction. Nothing in this Code shall be construed to repeal any section of the various Acts of which this Code is comprised when such section is the subject of an amendment enacted by the Seventy-third General As…

(40 ILCS 5/24-101) (from Ch. 108 1/2, par. 24-101) Sec. 24-101. Notwithstanding any law to the contrary, the State of Illinois or any unit of local government or school district may enter into a written contract with any of its employees to defer a part of their gross compensatio…

(40 ILCS 5/24-102) (from Ch. 108 1/2, par. 24-102) Sec. 24-102. As used in this Article, "employee" means any person, including a person elected, appointed or under contract, receiving compensation from the State or a unit of local government or school district for personal servi…

(40 ILCS 5/24-103) (from Ch. 108 1/2, par. 24-103) Sec. 24-103. The deferred compensation program established by this Article shall exist and serve in addition to other retirement, pension and benefit systems established by the State, units of local government or school districts…

(40 ILCS 5/24-104) (from Ch. 108 1/2, par. 24-104) Sec. 24-104. State Employees Deferred Compensation Plan. In this Section, "Plan" means the State Employees Deferred Compensation Plan. The Illinois State Board of Investment created under Article 22A of this Act shall develop and…

(40 ILCS 5/24-104.1) (from Ch. 108 1/2, par. 24-104.1) Sec. 24-104.1. The Plan developed under Section 24-104 shall also provide for the recovery of the expenses of its administration by charging such expenses against the earnings from investments or by charging fees equitably pr…

(40 ILCS 5/24-104.2) Sec. 24-104.2. Health care providers; tax-exempt status. Health care providers may participate in the Illinois State Employees Deferred Compensation Plan to the extent that the health care providers' participation does not interfere with the Plan's tax-exempt…

(40 ILCS 5/24-105) (from Ch. 108 1/2, par. 24-105) Sec. 24-105. The State Employees Deferred Compensation Plan shall be administered by the Department of Central Management Services subject to the general supervision of the Illinois State Board of Investment. Participation in suc…

(40 ILCS 5/24-105.1) Sec. 24-105.1. Changes in federal law. (a) To the extent that federal law or regulations which require a governmental employer to own the assets of its deferred compensation plan are changed to allow plans established under Section 457 of the Internal Revenue…

(40 ILCS 5/24-105.2) Sec. 24-105.2. Automatic enrollment for certain employees. The Department of Central Management Services shall automatically enroll in the State Employees Deferred Compensation Plan any employee who, on or after July 1, 2020, becomes an active member or parti…

(40 ILCS 5/24-106) (from Ch. 108 1/2, par. 24-106) Sec. 24-106. The State or the unit of local government or school district under a deferred compensation program shall be obligated at any point in time solely for the then current value of the particular fixed or variable life in…

(40 ILCS 5/24-107) (from Ch. 108 1/2, par. 24-107) Sec. 24-107. Local government plans. (a) Any unit of local government or school district may establish for its employees a deferred compensation plan. Participation shall be by written agreement between each employee and the legi…

(40 ILCS 5/24-108) (from Ch. 108 1/2, par. 24-108) Sec. 24-108. In the event that any fireman is transferred to a municipal fire department as a consequence of the absorption of a fire protection district occurring prior to January 1, 1980, and such fireman has entered into a def…

(40 ILCS 5/24-109) (from Ch. 108 1/2, par. 24-109) Sec. 24-109. Football Coaches. (a) Any football coach employed by the Board of Trustees of Chicago State University, the Board of Trustees of Eastern Illinois University, the Board of Trustees of Governors State University, the B…

(40 ILCS 5/3-101) (from Ch. 108 1/2, par. 3-101) Sec. 3-101. Creation of fund. In each municipality, as defined in Section 3-103, the city council or the board of trustees, as the case may be, shall establish and administer a police pension fund, as prescribed in this Article, fo…

(40 ILCS 5/3-102) (from Ch. 108 1/2, par. 3-102) Sec. 3-102. Terms defined. The terms used in this Article have the meanings ascribed to them in Sections 3-103 through 3-108.3, except when the context otherwise requires. (Source: P.A. 90-507, eff. 8-22-97.)

(40 ILCS 5/3-103) (from Ch. 108 1/2, par. 3-103) Sec. 3-103. Municipality. "Municipality": (1) Any city, village or incorporated town of 5,000 or more but less than 500,000 inhabitants, as determined from the United States Government statistics or a census taken at any time by th…

(40 ILCS 5/3-105) (from Ch. 108 1/2, par. 3-105) Sec. 3-105. Board. "Board": The board of trustees of the police pension fund of a municipality as established in Section 3-128. (Source: P.A. 83-1440.)