Chapter 40, PENSIONS

(40 ILCS 5/15-153.2) (from Ch. 108 1/2, par. 15-153.2) Sec. 15-153.2. Disability retirement annuity. (a) This subsection (a) applies to a participant receiving benefits calculated under subsection (a) of Section 15-153. A participant whose disability benefits are discontinued und…

(40 ILCS 5/15-153.3) (from Ch. 108 1/2, par. 15-153.3) Sec. 15-153.3. Automatic increase in disability benefit. Each disability benefit payable under Section 15-150 and calculated under Section 15-153 or 15-153.2 that has not yet received an initial increase under this Section sh…

(40 ILCS 5/15-154) (from Ch. 108 1/2, par. 15-154) Sec. 15-154. Refunds. (a) A participant whose status as an employee is terminated, regardless of cause, or who has been on lay off status for more than 120 days, and who is not on leave of absence, is entitled to a refund of cont…

(40 ILCS 5/15-154.1) (from Ch. 108 1/2, par. 15-154.1) Sec. 15-154.1. Maximum benefits. The combined retirement annuity, survivors insurance, death benefits, or disability benefits under this system and any other system which is, has been, or may be financed fully or in part by c…

(40 ILCS 5/15-154.2) (from Ch. 108 1/2, par. 15-154.2) Sec. 15-154.2. Waiver of service and benefits. A participant or annuitant may elect to waive all or any portion of his or her service credit and benefits which may be payable under this Article; however, service purchased und…

(40 ILCS 5/15-155) (from Ch. 108 1/2, par. 15-155) Sec. 15-155. Employer contributions. (a) The State of Illinois shall make contributions by appropriations of amounts which, together with the other employer contributions from trust, federal, and other funds, employee contributio…

(40 ILCS 5/15-155.1) Sec. 15-155.1. Actions to enforce payments by employers. (a) Except as otherwise specified, if any employer fails to transmit to the System contributions required of it under this Article or contributions collected by it from its participating employees for t…

(40 ILCS 5/15-155.2) Sec. 15-155.2. Individual employer accounts. (a) The System shall create and maintain an individual account for each employer for the purposes of determining employer contributions under subsection (a-2) of Section 15-155. Each employer's account shall be not…

(40 ILCS 5/15-156) (from Ch. 108 1/2, par. 15-156) (Text of Section WITH the changes made by P.A. 98-599, which has been held unconstitutional) Sec. 15-156. Obligations of State; funding guarantees. (a) The payment of (1) the required State contributions, (2) all benefits granted…

(40 ILCS 5/15-157) (from Ch. 108 1/2, par. 15-157) Sec. 15-157. Employee Contributions. (a) Each participating employee shall make contributions towards the retirement benefits payable under the retirement program applicable to the employee from each payment of earnings applicabl…

(40 ILCS 5/15-157.1) (from Ch. 108 1/2, par. 15-157.1) Sec. 15-157.1. Pickup of employee contributions. (a) Each employer shall pick up the employee contributions required under subsections (a), (b), and (c) of Section 15-157 for all earnings payments made on and after January 1,…

(40 ILCS 5/15-157.5) (This Section was added by P.A. 98-599, which has been held unconstitutional) Sec. 15-157.5. Use of contributions for health care subsidies. The System shall not use any contribution received by the System under this Article to provide a subsidy for the cost …

(40 ILCS 5/15-158.2) Sec. 15-158.2. Self-managed plan. (a) Purpose. The General Assembly finds that it is important for colleges and universities to be able to attract and retain the most qualified employees and that in order to attract and retain these employees, colleges and un…

(40 ILCS 5/15-158.3) Sec. 15-158.3. Reports on cost reduction; effect on retirement at any age with 30 years of service. (a) On or before November 15, 2001 and on or before November 15th of each year thereafter, the Board shall have the System's actuary prepare a report showing, …

(40 ILCS 5/15-158.4) Sec. 15-158.4. Election of medicare coverage. (a) The System shall conduct a divided medicare coverage referendum, open to employees continuously employed by the same employer since March 31, 1986. The referendum shall be conducted in accordance with the appl…

(40 ILCS 5/15-159) (from Ch. 108 1/2, par. 15-159) Sec. 15-159. Board created. (a) A board of trustees constituted as provided in this Section shall administer this System. The board shall be known as the Board of Trustees of the State Universities Retirement System. (b) (Blank).…

(40 ILCS 5/15-160) (from Ch. 108 1/2, par. 15-160) Sec. 15-160. Board's powers and duties. The board shall have the powers and duties stated in Sections 15-161 through 15-177 in addition to the other powers and duties provided under this Article. (Source: P.A. 83-1440.)

(40 ILCS 5/15-161) (from Ch. 108 1/2, par. 15-161) Sec. 15-161. To contract and act in its corporate name. To be a public corporation of this State with power to enter into contracts, accept and make transfers of property, real and personal; to conduct in its corporate name all c…

(40 ILCS 5/15-162) (from Ch. 108 1/2, par. 15-162) Sec. 15-162. To hold meetings. To hold regular meetings at least quarterly in each year and special meetings at such times as the chairperson or a majority of the board deem necessary. (Source: P.A. 98-92, eff. 7-16-13.)

(40 ILCS 5/15-163) (from Ch. 108 1/2, par. 15-163) Sec. 15-163. To consider applications and authorize payments. To consider and pass on all applications for annuities and benefits; to authorize the granting of annuities and benefits; and to limit or suspend any payment or paymen…

(40 ILCS 5/15-164) (from Ch. 108 1/2, par. 15-164) Sec. 15-164. To certify interest rate, to set value of allowances and to adopt actuarial tables. To certify the prescribed and effective rates of interest; to prescribe rules for the determination of the value of maintenance, boa…

(40 ILCS 5/15-165) (from Ch. 108 1/2, par. 15-165) Sec. 15-165. To certify amounts and submit vouchers. (a) The Board shall certify to the Governor on or before November 15 of each year until November 15, 2011 the appropriation required from State funds for the purposes of this S…

(40 ILCS 5/15-166) (from Ch. 108 1/2, par. 15-166) Sec. 15-166. To be custodian. To be custodian of all cash and securities belonging to the system. (Source: Laws 1963, p. 161.)

(40 ILCS 5/15-167) (from Ch. 108 1/2, par. 15-167) Sec. 15-167. To invest money. To invest the funds of the system, subject to the requirements and restrictions set forth in Sections 1A-108.5, 1-109, 1-109.1, 1-109.2, 1-110, 1-111, 1-114, 1-115, and 15-158.2(d) of this Code and t…

(40 ILCS 5/15-167.1) (from Ch. 108 1/2, par. 15-167.1) Sec. 15-167.1. 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 and maintained by the Ill…

(40 ILCS 5/15-167.2) (from Ch. 108 1/2, par. 15-167.2) Sec. 15-167.2. To issue bonds. To borrow money and, in evidence of its obligation to repay the borrowing, to issue bonds for the purpose of financing the cost of any project. The bonds shall be authorized pursuant to a resolu…

(40 ILCS 5/15-167.4) Sec. 15-167.4. Eminent domain. Notwithstanding any other provision of this Code, any power granted under this Code to acquire property by condemnation or eminent domain is subject to, and shall be exercised in accordance with, the Eminent Domain Act. (Source:…

(40 ILCS 5/15-168) (from Ch. 108 1/2, par. 15-168) Sec. 15-168. To require information. (a) To require such information as shall be necessary for the proper operation of the system from any participant or beneficiary or annuitant or from any current or former employer of a partic…

(40 ILCS 5/15-168.1) Sec. 15-168.1. Testimony and the production of records. The secretary of the Board shall have the power to issue subpoenas to compel the attendance of witnesses and the production of documents and records, including law enforcement records maintained by law e…

(40 ILCS 5/15-168.2) Sec. 15-168.2. Audit of employers. (a) Beginning August 1, 2013, the System may audit the employment records and payroll records of all employers. When the System audits an employer, it shall specify the exact information it requires, which may include but ne…

(40 ILCS 5/15-169) (from Ch. 108 1/2, par. 15-169) Sec. 15-169. To elect officers and appoint employees. To elect officers; to appoint a secretary and treasurer; to have a seal; to employ and fix the rate of pay of such actuarial, legal, clerical, audit, medical, or other service…

(40 ILCS 5/15-170) (from Ch. 108 1/2, par. 15-170) Sec. 15-170. To maintain records and accounts. To maintain a permanent record of all board proceedings which record shall be available for examination by any participant, annuitant or officer of the State of Illinois; to maintain…

(40 ILCS 5/15-171) (from Ch. 108 1/2, par. 15-171) Sec. 15-171. To receive, record and deposit payments. To receive all payments made to the system; to make a record thereof; and to cause all payments to be deposited immediately with the treasurer of the system. The Board may del…

(40 ILCS 5/15-172) (from Ch. 108 1/2, par. 15-172) Sec. 15-172. To certify warrants, checks, or drafts. To provide for certification on its behalf by its secretary of all warrants, checks, or drafts upon its depository bank or corporate trustee in accordance with the by-laws and …

(40 ILCS 5/15-173) (from Ch. 108 1/2, par. 15-173) Sec. 15-173. To cause actuarial analyses. To cause a general investigation to be made by a competent actuary, at least once every 3 years, of the retirement, disability, separation, mortality, interest, and employee earnings rate…

(40 ILCS 5/15-174) (from Ch. 108 1/2, par. 15-174) Sec. 15-174. To have an audit. To cause an audit of the affairs of the system to be made annually by an independent certified public accountant; and to submit a copy thereof to the Governor of the State as soon as possible after …

(40 ILCS 5/15-175) (from Ch. 108 1/2, par. 15-175) Sec. 15-175. To provide statements. To make available to the participants and annuitants a financial statement including a summary of the report of the certified public accountant; and to submit an individual statement specifying…

(40 ILCS 5/15-176) (from Ch. 108 1/2, par. 15-176) Sec. 15-176. To accept gifts. To accept any gift, grant or bequest of any money or securities; if the grantor designates cash benefits for some or all of the system's participants or annuitants, to carry out such intent; if no su…

(40 ILCS 5/15-177) (from Ch. 108 1/2, par. 15-177) Sec. 15-177. To make rules. To establish by-laws; to fix the number necessary for a quorum; to set up an executive committee of its members to exercise all powers of the board except as limited by the board; to establish rules an…

(40 ILCS 5/15-177.5) (Section scheduled to be repealed on January 1, 2027) Sec. 15-177.5. Proxy voting. (a) In this Section, "fiduciary" has the meaning given to that term in Section 1-101.2. (b) Notwithstanding the Board's investment authority, and upon the affirmative vote of a…

(40 ILCS 5/15-177.6) Sec. 15-177.6. Fiduciary report. On or before September 1, 2023, and annually thereafter, the Board shall publish its guidelines for voting proxy ballots and a detailed report on its website describing how the Board is considering sustainability factors as de…

(40 ILCS 5/15-178) (from Ch. 108 1/2, par. 15-178) Sec. 15-178. Duties of the State Comptroller and payroll officers. The State Comptroller and employer payroll officers, in drawing warrants and checks for items of salary on payroll vouchers certified by employers, shall draw suc…

(40 ILCS 5/15-179) (from Ch. 108 1/2, par. 15-179) Sec. 15-179. Duties of Director of Central Management Services. The Director of Central Management Services in considering payroll vouchers required by "An Act in relation to State Finance", approved June 10, 1919, as amended, to…

(40 ILCS 5/15-181) (from Ch. 108 1/2, par. 15-181) Sec. 15-181. Duties of employers. (a) Each employer, in preparing payroll vouchers for participating employees, shall indicate, in addition to other information: (1) the amount of employee contributions and survivors insurance co…

(40 ILCS 5/15-183) (from Ch. 108 1/2, par. 15-183) Sec. 15-183. Authorizations. Payment of salary as prescribed by law or as contracted by an employer shall together with the rights in the benefits provided by this system, be a full and complete discharge of all claims of payment…

(40 ILCS 5/15-184) (from Ch. 108 1/2, par. 15-184) Sec. 15-184. Undivided interest. The assets of the system shall be invested as one fund, and no particular person, group of persons or entity shall have any right in any specific security or property or in any item of cash, other…

(40 ILCS 5/15-185) (from Ch. 108 1/2, par. 15-185) Sec. 15-185. Annuities, etc., exempt. The accumulated employee and employer contributions shall be held in trust for each participant and annuitant, and this trust shall be treated as a spendthrift trust. Except as provided in th…

(40 ILCS 5/15-185.5) Sec. 15-185.5. Accelerated pension benefit payment in lieu of any pension benefit. (a) As used in this Section: "Eligible person" means a person who: (1) has terminated service; (2) has accrued sufficient service credit to be eligible to receive a retirement …

(40 ILCS 5/15-185.6) Sec. 15-185.6. Accelerated pension benefit payment for a reduction in an annual increase to a retirement annuity and an annuity benefit payable as a result of death. (a) As used in this Section: "Accelerated pension benefit payment" means a lump sum payment e…

(40 ILCS 5/15-186) (from Ch. 108 1/2, par. 15-186) Sec. 15-186. Fraud. Any person who knowingly makes any false statement, or falsifies or permits to be falsified any record or records of this system, in any attempt to defraud the system or to mislead or defraud an employer with …