Chapter 40, PENSIONS

(40 ILCS 5/15-122) (from Ch. 108 1/2, par. 15-122) Sec. 15-122. Reversionary annuity. "Reversionary annuity": The annuity payable to a beneficiary after the death of the annuitant as specified in Section 15-140. (Source: Laws 1963, p. 161.)

(40 ILCS 5/15-123) (from Ch. 108 1/2, par. 15-123) Sec. 15-123. Beneficiary annuity. "Beneficiary annuity": The annuity payable to a beneficiary after the death of a participant or annuitant as specified in Section 15-144. (Source: Laws 1963, p. 161.)

(40 ILCS 5/15-124) (from Ch. 108 1/2, par. 15-124) Sec. 15-124. Actuarial tables. "Actuarial tables": Such tabular listings of assumed rates of decrement such as death, disability, retirement and withdrawal from service, according to age and sex, including mathematical functions …

(40 ILCS 5/15-125) (from Ch. 108 1/2, par. 15-125) (Text of Section WITH the changes made by P.A. 98-599, which has been held unconstitutional) Sec. 15-125. "Prescribed Rate of Interest; Effective Rate of Interest". (1) "Prescribed rate of interest": The rate of interest to be us…

(40 ILCS 5/15-126) (from Ch. 108 1/2, par. 15-126) Sec. 15-126. Fiscal year. "Fiscal year": Until July 1, 1987, the period beginning on September 1 in any year, and ending on August 31 of the succeeding year, except that the 1987 fiscal year shall end on June 30. Beginning July 1…

(40 ILCS 5/15-126.1) (from Ch. 108 1/2, par. 15-126.1) Sec. 15-126.1. Academic year. "Academic year": The 12-month period beginning on the first day of the fall term as determined by each employer, or if the employer does not have an academic program divided into terms, then begi…

(40 ILCS 5/15-126.2) Sec. 15-126.2. Plan year. "Plan year": The 12-month period beginning on July 1 in any year, and ending on June 30 of the succeeding year. (Source: P.A. 99-450, eff. 8-24-15.)

(40 ILCS 5/15-127) (from Ch. 108 1/2, par. 15-127) Sec. 15-127. Surviving spouse. "Surviving spouse": (a) The surviving wife or husband of a participant, but only if she or he (1) is the mother or father of the participant's son or daughter, (2) legally adopted the son or daughte…

(40 ILCS 5/15-129) (from Ch. 108 1/2, par. 15-129) Sec. 15-129. Child. "Child": The child of a participant or an annuitant, including a child born out of wedlock, a stepchild who has been such for not less than 1 year immediately preceding the death of the participant or annuitan…

(40 ILCS 5/15-130) (from Ch. 108 1/2, par. 15-130) Sec. 15-130. Parent. "Parent": The mother or father of a participant or annuitant, a stepparent of a participant or an annuitant by a marriage contracted before the participant or annuitant attained age 16, or an adopting parent …

(40 ILCS 5/15-131) (from Ch. 108 1/2, par. 15-131) Sec. 15-131. Survivors insurance beneficiary. "Survivors insurance beneficiary": The spouse, dependent unmarried child under age 18 (under age 22 if a full-time student), unmarried child over age 18 who is dependent by reason of …

(40 ILCS 5/15-132) (from Ch. 108 1/2, par. 15-132) Sec. 15-132. Accumulated survivors insurance contributions. "Accumulated survivors insurance contributions": The sum of all survivors insurance contributions received from a participating employee, together with interest at the p…

(40 ILCS 5/15-132.1) (from Ch. 108 1/2, par. 15-132.1) Sec. 15-132.1. Police officer. "Police officer": a participant who is a peace officer empowered to make arrests to protect the property, interests, students and personnel of an employer. (Source: P.A. 86-273; 86-1488.)

(40 ILCS 5/15-132.2) Sec. 15-132.2. Retire and retirement. A participant "retires", and his or her "retirement" begins, when his or her annuity payment period begins. (Source: P.A. 91-887, eff. 7-6-00.)

(40 ILCS 5/15-133) (from Ch. 108 1/2, par. 15-133) Sec. 15-133. Employer participation. Each employer shall participate in and be subject to the provisions of this Article. (Source: Laws 1963, p. 161.)

(40 ILCS 5/15-134) (from Ch. 108 1/2, par. 15-134) Sec. 15-134. Participant. (a) Each person shall, as a condition of employment, become a participant and be subject to this Article on the date that he or she becomes an employee, makes an election to participate in, or otherwise …

(40 ILCS 5/15-134.1) (from Ch. 108 1/2, par. 15-134.1) Sec. 15-134.1. Service calculation and adjustment. (a) For the purposes of computing service for academic years for any participant, the following schedule shall govern: one month of service means a calendar month during whic…

(40 ILCS 5/15-134.2) (from Ch. 108 1/2, par. 15-134.2) Sec. 15-134.2. Transfer of creditable service to the General Assembly Retirement System. (a) An active member of the General Assembly Retirement System may apply to transfer his or her credits and creditable service accumulat…

(40 ILCS 5/15-134.3) (from Ch. 108 1/2, par. 15-134.3) Sec. 15-134.3. (a) Persons otherwise required or eligible to participate in this System who elect to continue participation in the General Assembly System under Section 2-117.1 may not participate in this System for the durat…

(40 ILCS 5/15-134.4) (from Ch. 108 1/2, par. 15-134.4) Sec. 15-134.4. Transfer of creditable service to an Article 3 pension fund, the Article 5 Pension Fund, or the Article 14 System. (a) An active member of the Pension Fund established under Article 5 of this Code may apply, no…

(40 ILCS 5/15-134.5) Sec. 15-134.5. Retirement program elections. (a) All participating employees are participants under the traditional benefit package prior to January 1, 1998. Effective as of the date that an employer elects, as described in Section 15-158.2, to offer to its e…

(40 ILCS 5/15-135) (from Ch. 108 1/2, par. 15-135) Sec. 15-135. Retirement annuities; conditions. (a) This subsection (a) applies only to a Tier 1 member. A participant who retires in one of the following specified years with the specified amount of service is entitled to a retir…

(40 ILCS 5/15-135.1) Sec. 15-135.1. Election to avoid application of P.A. 90-65. (a) A participant who was an employee on July 7, 1997 and retires on or after the effective date of this amendatory Act of the 91st General Assembly may elect in writing at the time of retirement to …

(40 ILCS 5/15-136) (from Ch. 108 1/2, par. 15-136) Sec. 15-136. Retirement annuities - Amount. The provisions of this Section 15-136 apply only to those participants who are participating in the traditional benefit package or the portable benefit package and do not apply to parti…

(40 ILCS 5/15-136.1) (from Ch. 108 1/2, par. 15-136.1) Sec. 15-136.1. Retirement annuities - Supplemental annuity. (a) An annuitant whose status as an employee terminated before August 15, 1969 with at least 15 years of service is entitled to a supplemental annuity as follows: Ef…

(40 ILCS 5/15-136.2) (from Ch. 108 1/2, par. 15-136.2) Sec. 15-136.2. Early retirement without discount. A participant whose retirement annuity begins after June 1, 1981 and on or before September 1, 2002 and within six months of the last day of employment for which retirement co…

(40 ILCS 5/15-136.3) Sec. 15-136.3. Minimum retirement annuity. (a) Beginning January 1, 1997, any person who is receiving a monthly retirement annuity under this Article which, after inclusion of (1) all one-time and automatic annual increases to which the person is entitled, (2…

(40 ILCS 5/15-136.4) Sec. 15-136.4. Retirement and Survivor Benefits Under Portable Benefit Package. (a) This Section 15-136.4 describes the form of annuity and survivor benefits available to a participant who has elected the portable benefit package and has completed the one-yea…

(40 ILCS 5/15-137) (from Ch. 108 1/2, par. 15-137) Sec. 15-137. Retirement annuities-Guarantees. This Article shall not operate to deprive any participant of eligibility for an annuity or to reduce the annuity to which a participant would have been entitled under the provisions o…

(40 ILCS 5/15-138) (from Ch. 108 1/2, par. 15-138) Sec. 15-138. Retirement annuities-Reduction. If a participant elects to have a reversionary annuity under this Article, the retirement annuity otherwise payable shall be reduced by the actuarial equivalent of the amount required …

(40 ILCS 5/15-139) (from Ch. 108 1/2, par. 15-139) Sec. 15-139. Retirement annuities; cancellation; suspended during employment. (a) If an annuitant returns to employment for an employer within 60 days after the beginning of the retirement annuity payment period, the retirement a…

(40 ILCS 5/15-139.1) Sec. 15-139.1. Tier 2 member retirement annuities; suspended during employment. If a Tier 2 member is receiving a retirement annuity under this System and becomes a member or participant under any other system or fund created by this Code and is employed on a…

(40 ILCS 5/15-139.5) Sec. 15-139.5. Return to work by affected annuitant; notice and contribution by employer. (a) An employer who employs or re-employs a person receiving a retirement annuity from the System in an academic year beginning on or after August 1, 2013 must notify th…

(40 ILCS 5/15-140) (from Ch. 108 1/2, par. 15-140) Sec. 15-140. Reversionary annuities. A participant in the traditional benefit package entitled to a retirement annuity may, prior to retirement, elect to take a reduced retirement annuity and provide with the actuarial value of t…

(40 ILCS 5/15-141) (from Ch. 108 1/2, par. 15-141) Sec. 15-141. Death benefits - Death of participant. (a) The beneficiary of a participant under the traditional benefit package is entitled to a death benefit equal to the sum of (1) the employee's accumulated normal and additiona…

(40 ILCS 5/15-142) (from Ch. 108 1/2, par. 15-142) Sec. 15-142. Death benefits - Death of annuitant. Upon the death of an annuitant receiving a retirement annuity or disability retirement annuity, the annuitant's beneficiary shall, if a survivor's insurance benefit is not payable…

(40 ILCS 5/15-143) (from Ch. 108 1/2, par. 15-143) Sec. 15-143. Death benefits - general provisions. All death benefits shall be paid as a single cash sum. A death benefit shall be paid as soon as practicable after receipt by the board of (1) a written application by the benefici…

(40 ILCS 5/15-144) (from Ch. 108 1/2, par. 15-144) Sec. 15-144. Beneficiary annuities. This Section applies only to the death benefits of persons who became participants before August 22, 1997 (the effective date of Public Act 90-511). If a deceased participant has specified in a…

(40 ILCS 5/15-145) (from Ch. 108 1/2, par. 15-145) Sec. 15-145. Survivors insurance benefits; conditions and amounts. (a) The survivors insurance benefits provided under this Section shall be payable to the eligible survivors of a Tier 1 member covered under the traditional benef…

(40 ILCS 5/15-145.1) Sec. 15-145.1. Survivor's insurance annuities and lump sum payments for Tier 2 Members; amount. Survivor eligibility, vesting, and conditions for a survivor's insurance annuity and lump sum payment amount payable to a survivor's insurance beneficiary of a dec…

(40 ILCS 5/15-146) (from Ch. 108 1/2, par. 15-146) Sec. 15-146. Survivors insurance benefits - Minimum amounts. (a) The minimum total survivors annuity payable on account of the death of a participant shall be 50% of the retirement annuity which would have been provided under Rul…

(40 ILCS 5/15-146.1) (from Ch. 108 1/2, par. 15-146.1) Sec. 15-146.1. Survivors insurance benefits-Maximum amounts. (a) The maximum total survivors annuity payable on account of any deceased participating employee shall be the lesser of: (1) 80% of the final rate of earnings; or …

(40 ILCS 5/15-147) (from Ch. 108 1/2, par. 15-147) Sec. 15-147. Survivors insurance benefits-Dependency conditions. A child is deemed dependent upon his or her natural or adopting father or mother if the child is living with or receiving support from such parent. If the child is …

(40 ILCS 5/15-148) (from Ch. 108 1/2, par. 15-148) Sec. 15-148. Survivors insurance benefits; general provisions. The survivors annuity is payable monthly. Any annuity due but unpaid upon the death of the annuitant, shall be paid to the annuitant's estate. A person who becomes en…

(40 ILCS 5/15-149) (from Ch. 108 1/2, par. 15-149) Sec. 15-149. Determination of family status. Subject to the definitions contained in Sections 15-127 to 15-130, inclusive, in determining whether an applicant for a benefit under this Article is the surviving spouse, child, or pa…

(40 ILCS 5/15-150) (from Ch. 108 1/2, par. 15-150) Sec. 15-150. Disability benefits; eligibility. A participant may be granted a disability benefit if: (1) while a participating employee, he or she becomes physically or mentally incapacitated and unable to perform the duties of h…

(40 ILCS 5/15-151) (from Ch. 108 1/2, par. 15-151) Sec. 15-151. Disability benefits - commencement. Disability benefits shall begin to accrue upon the termination of the payment of salary or sick leave benefits or the 61st day after the occurrence of the disability, whichever is …

(40 ILCS 5/15-152) (from Ch. 108 1/2, par. 15-152) Sec. 15-152. Disability benefits - Duration. Disability benefits shall be discontinued when the earliest of the following occurs: (1) when disability ceases, (2) upon refusal of the participant to submit to a reasonable physical …

(40 ILCS 5/15-153) (from Ch. 108 1/2, par. 15-153) Sec. 15-153. Disability benefits; amount. (a) Except as provided in subsection (b), the disability benefit shall be the greater of (1) 50% of the basic compensation which would have been paid had the participant continued in serv…

(40 ILCS 5/15-153.1) (from Ch. 108 1/2, par. 15-153.1) Sec. 15-153.1. Disability benefits - Reduction. (a) If a participant receiving disability benefits under this Article earns compensation from any source for personal or professional services in excess of the amount of the dis…