Chapter 40, PENSIONS

(40 ILCS 5/14-147.6) Sec. 14-147.6. Accelerated pension benefit payment for a reduction in annual retirement annuity and survivor's annuity increases. (a) As used in this Section: "Accelerated pension benefit payment" means a lump sum payment equal to 70% of the difference of the…

(40 ILCS 5/14-148) (from Ch. 108 1/2, par. 14-148) Sec. 14-148. Fraud. Any person who knowingly makes any false statement, or falsifies or permits to be falsified any record of this system, in any attempt to defraud the system, is guilty of a Class A misdemeanor. (Source: P.A. 80…

(40 ILCS 5/14-148.1) Sec. 14-148.1. 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 after the mistake is discovered. If the benefit was mistakenly set too low, the System shall ma…

(40 ILCS 5/14-148.5) Sec. 14-148.5. Indemnification of financial institution for recovery of overpayment. The System may indemnify a bank, savings and loan association, or other financial institution insured by an agency of the federal government as necessary to recover for the S…

(40 ILCS 5/14-149) (from Ch. 108 1/2, par. 14-149) Sec. 14-149. Felony conviction. None of the benefits herein provided for shall be paid to any person who is convicted of any felony relating to or arising out of or in connection with his service as an employee. None of the benef…

(40 ILCS 5/14-150) (from Ch. 108 1/2, par. 14-150) Sec. 14-150. 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 govern all proceedings for the judicial…

(40 ILCS 5/14-151) (from Ch. 108 1/2, par. 14-151) Sec. 14-151. General provisions and savings clause. The provisions of Article 1 and Article 23 of this Code apply to this Article as though such provisions were fully set forth in this Article as a part thereof. (Source: P.A. 80-…

(40 ILCS 5/14-152) (from Ch. 108 1/2, par. 14-152) Sec. 14-152. The amendments to Sections 14-123, 14-123.1 and 14-124 of this Article (relating to attainment of age 70) made by this amendatory Act of 1989 shall be retroactive to January 1, 1987. (Source: P.A. 86-272.)

(40 ILCS 5/14-152.1) Sec. 14-152.1. 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 provided under this Article, or an expansion of the conditions of eligibility for any benefi…

(40 ILCS 5/14-152.2) Sec. 14-152.2. New benefit increases. The General Assembly finds and declares that the amendment to Section 14-104 made by this amendatory Act of the 95th General Assembly that allows members to establish creditable service for certain participation in the Un…

(40 ILCS 5/14-153.3) Sec. 14-153.3. Termination of plan. Upon plan termination, a member's interest in the pension fund will be nonforfeitable. (Source: P.A. 98-1117, eff. 8-26-14.)

(40 ILCS 5/15-101) (from Ch. 108 1/2, par. 15-101) Sec. 15-101. Creation of system. A retirement system is created to provide retirement annuities and other benefits for employees, as defined in this Article, and their dependents. The system shall be known and may be cited as Sta…

(40 ILCS 5/15-102) (from Ch. 108 1/2, par. 15-102) Sec. 15-102. Terms defined. The terms used in this Article shall have the meanings ascribed to them in Sections 15-103 through 15-198, except when the context otherwise requires. (Source: P.A. 98-92, eff. 7-16-13.)

(40 ILCS 5/15-103) (from Ch. 108 1/2, par. 15-103) Sec. 15-103. System. "System": The State Universities Retirement System. (Source: P.A. 83-1440.)

(40 ILCS 5/15-103.1) Sec. 15-103.1. Traditional Benefit Package. "Traditional benefit package": The defined benefit retirement program maintained under the System which includes retirement annuities payable directly from the System as provided in Sections 15-135 through 15-140 (b…

(40 ILCS 5/15-103.2) Sec. 15-103.2. Portable Benefit Package. "Portable benefit package": The defined benefit retirement program maintained under the System which includes retirement annuities payable directly from the System as provided in Sections 15-135 through 15-139 (specifi…

(40 ILCS 5/15-103.3) Sec. 15-103.3. Self-Managed Plan. "Self-managed plan": The defined contribution retirement program maintained under the System as described in Section 15-158.2. The self-managed plan also includes disability benefits as provided in Sections 15-150 through 15-…

(40 ILCS 5/15-104) (from Ch. 108 1/2, par. 15-104) Sec. 15-104. The 1941 Act. "The 1941 Act": "An Act to provide for the creation, maintenance and administration of a Retirement System for the benefit of the staff members and employees of the state universities and certain affili…

(40 ILCS 5/15-105) (from Ch. 108 1/2, par. 15-105) Sec. 15-105. Board. "Board": The Board of Trustees of the System. (Source: Laws 1963, p. 161.)

(40 ILCS 5/15-106) (from Ch. 108 1/2, par. 15-106) Sec. 15-106. Employer. "Employer": The University of Illinois, Southern Illinois University, Chicago State University, Eastern Illinois University, Governors State University, Illinois State University, Northeastern Illinois Univ…

(40 ILCS 5/15-107) (from Ch. 108 1/2, par. 15-107) Sec. 15-107. Employee. (a) "Employee" means any member of the educational, administrative, secretarial, clerical, mechanical, labor or other staff of an employer whose employment is permanent and continuous or who is employed in …

(40 ILCS 5/15-108) (from Ch. 108 1/2, par. 15-108) Sec. 15-108. Participant. "Participant": A person participating in this system as specified in Section 15-134. (Source: P.A. 83-1440.)

(40 ILCS 5/15-108.1) Sec. 15-108.1. Tier 1 member. "Tier 1 member": A participant or an annuitant of a retirement annuity under this Article, other than a participant in the self-managed plan under Section 15-158.2, who first became a participant or member before January 1, 2011 …

(40 ILCS 5/15-108.2) Sec. 15-108.2. Tier 2 member. "Tier 2 member": A person who first becomes a participant under this Article on or after January 1, 2011 and before the implementation date, as defined under subsection (a) of Section 1-161, determined by the Board, other than a …

(40 ILCS 5/15-109) (from Ch. 108 1/2, par. 15-109) Sec. 15-109. Participating employee. "Participating employee": A participant who at the time is an employee. (Source: P.A. 83-1440.)

(40 ILCS 5/15-110) (from Ch. 108 1/2, par. 15-110) Sec. 15-110. Basic compensation. "Basic compensation": Subject to Section 15-111.5, the gross basic rate of salary or wages payable by an employer, including: (1) the value of maintenance, board, living quarters, personal laundry…

(40 ILCS 5/15-111) (from Ch. 108 1/2, par. 15-111) Sec. 15-111. Earnings. (a) "Earnings": Subject to Section 15-111.5, an amount paid for personal services equal to the sum of the basic compensation plus extra compensation for summer teaching, overtime or other extra service. For…

(40 ILCS 5/15-111.5) Sec. 15-111.5. Basic compensation and earnings restrictions. For an employee who first becomes a participant on or after the effective date of this amendatory Act of the 99th General Assembly, basic compensation under Section 15-110 and earnings under Section…

(40 ILCS 5/15-112) (from Ch. 108 1/2, par. 15-112) Sec. 15-112. Final rate of earnings. "Final rate of earnings": (a) This subsection (a) applies only to a Tier 1 member. For an employee who is paid on an hourly basis or who receives an annual salary in installments during 12 mon…

(40 ILCS 5/15-113) (from Ch. 108 1/2, par. 15-113) Sec. 15-113. Service. "Service": The periods defined in Sections 15-113.1 through 15-113.9 and Sections 15-113.11 through 15-113.12. (Source: P.A. 100-556, eff. 12-8-17.)

(40 ILCS 5/15-113.1) (from Ch. 108 1/2, par. 15-113.1) Sec. 15-113.1. Service for employment with an employer defined under Section 15-106. "Service for employment with an employer defined under Section 15-106": Includes the following periods: (a) periods prior to September 1, 19…

(40 ILCS 5/15-113.10) (from Ch. 108 1/2, par. 15-113.10) Sec. 15-113.10. 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 county officer elected by vote of the people who is a participant in the pensio…

(40 ILCS 5/15-113.11) Sec. 15-113.11. Service for periods of voluntary or involuntary furlough. (a) A participant may establish creditable service and earnings credit for periods of furlough beginning on or after July 1, 2009 and ending on or before June 30, 2011. To receive this…

(40 ILCS 5/15-113.12) Sec. 15-113.12. Earnings for periods of voluntary pay reduction taken in lieu of furlough. A participant may establish earnings credit for periods of voluntary pay reduction, taken in lieu of furlough, beginning on or after July 1, 2015 and ending on or befo…

(40 ILCS 5/15-113.2) (from Ch. 108 1/2, par. 15-113.2) Sec. 15-113.2. Service for leaves of absence. "Service for leaves of absence" includes those periods of leaves of absence at less than 50% pay, except military leave and periods of disability leave in excess of 60 days, for w…

(40 ILCS 5/15-113.3) (from Ch. 108 1/2, par. 15-113.3) Sec. 15-113.3. Service for periods of military service. "Service for periods of military service": Those periods, not exceeding 5 years, during which a person served in the armed forces of the United States, of which all but …

(40 ILCS 5/15-113.4) (from Ch. 108 1/2, par. 15-113.4) (Text of Section WITH the changes made by P.A. 98-599, which has been held unconstitutional) Sec. 15-113.4. Service for unused sick leave. "Service for unused sick leave": A person who first becomes a participant before the e…

(40 ILCS 5/15-113.5) (from Ch. 108 1/2, par. 15-113.5) Sec. 15-113.5. Service for employment with other public agencies in this State. "Service for employment with other public agencies in this State" includes the following periods: (a) periods during which a person rendered serv…

(40 ILCS 5/15-113.6) (from Ch. 108 1/2, par. 15-113.6) Sec. 15-113.6. Service for employment in public schools. "Service for employment in public schools": Includes those periods not exceeding the lesser of 10 years or 2/3 of the service granted under other Sections of this Artic…

(40 ILCS 5/15-113.7) (from Ch. 108 1/2, par. 15-113.7) Sec. 15-113.7. Service for other public employment. "Service for other public employment": Includes those periods not exceeding the lesser of 10 years or 2/3 of the service granted under other Sections of this Article dealing…

(40 ILCS 5/15-113.8) (from Ch. 108 1/2, par. 15-113.8) Sec. 15-113.8. Previous service with employer affiliated alumni and athletic associations and foundations. "Previous service with employer affiliated alumni and athletic associations and foundations": Includes the following p…

(40 ILCS 5/15-113.9) (from Ch. 108 1/2, par. 15-113.9) Sec. 15-113.9. Service for employment with the Illinois Mathematics and Science Academy. A participating employee who was employed by the Illinois Mathematics and Science Academy prior to February 1, 1987 shall be entitled to…

(40 ILCS 5/15-114) (from Ch. 108 1/2, par. 15-114) Sec. 15-114. Normal contributions. "Normal contributions": The required contributions specified under Section 15-157 as normal contributions and amounts paid by a participant for annuity contracts assigned to the board in order t…

(40 ILCS 5/15-115) (from Ch. 108 1/2, par. 15-115) Sec. 15-115. Additional contributions. "Additional contributions": The amounts paid by a participating employee which are specified under Section 15-157 as additional contributions. (Source: P.A. 83-1440.)

(40 ILCS 5/15-116) (from Ch. 108 1/2, par. 15-116) Sec. 15-116. Accumulated normal contributions. "Accumulated normal contributions": The sum of all normal contributions credited to an employee's account, together with interest thereon at the effective rate for the respective yea…

(40 ILCS 5/15-117) (from Ch. 108 1/2, par. 15-117) Sec. 15-117. Accumulated additional contributions. "Accumulated additional contributions": The sum of all additional contributions credited to an employee's account, together with interest thereon at the effective rate for the re…

(40 ILCS 5/15-118) (from Ch. 108 1/2, par. 15-118) Sec. 15-118. Annuity. "Annuity": A series of monthly payments, payable as of the first day of each calendar month during the annuity payment period, the first payment to be made as of the first day of the calendar month coinciden…

(40 ILCS 5/15-119) (from Ch. 108 1/2, par. 15-119) Sec. 15-119. Annuitant. "Annuitant": A person receiving a retirement, reversionary, survivors or beneficiary annuity or disability retirement annuity from this System. (Source: P.A. 83-1440.)

(40 ILCS 5/15-120) (from Ch. 108 1/2, par. 15-120) Sec. 15-120. Beneficiary; survivor annuitant under portable benefit package. "Beneficiary": The person or persons designated by the participant or annuitant in the last written designation on file with the board; or if no person …

(40 ILCS 5/15-121) (from Ch. 108 1/2, par. 15-121) Sec. 15-121. Additional annuity. "Additional annuity": The portion of a retirement annuity derived from accumulated additional contributions. (Source: Laws 1963, p. 161.)