Chapter 40 — PENSIONS

(40 ILCS 5/7-120) (from Ch. 108 1/2, par. 7-120) Sec. 7-120. Board. "Board": The board of trustees of the fund. (Source: Laws 1963, p. 161.)

(40 ILCS 5/7-121) (from Ch. 108 1/2, par. 7-121) Sec. 7-121. "Governing body": (a) the city council in cities; (b) the board of trustees in villages or in incorporated towns; (c) the county board in counties; (d) in townships, the electors for purposes of electing whether the tow…

(40 ILCS 5/7-122) (from Ch. 108 1/2, par. 7-122) Sec. 7-122. Effective date. "Effective date": The date the provisions of this fund become applicable to any participating municipality and to all instrumentalities thereof and to participating instrumentalities, as provided in Sect…

(40 ILCS 5/7-123) (from Ch. 108 1/2, par. 7-123) Sec. 7-123. Effective rate of interest. "Effective rate of interest": The interest rate determined by the Board for any calendar year which shall distribute, to the extent reasonably determinable prior to the year for which the rat…

(40 ILCS 5/7-124) (from Ch. 108 1/2, par. 7-124) Sec. 7-124. Prescribed rate of interest. "Prescribed rate of interest": The rate of interest to be used for calculation of the rates of municipality contributions and amounts of annuities and benefits as determined by the board on …

(40 ILCS 5/7-125) (from Ch. 108 1/2, par. 7-125) Sec. 7-125. Federal Social Security Act. "Federal Social Security Act": Title II of the Social Security Act of August 14, 1935, 74th Congress, Ch. 531, 49 Stat. 620, 42 U.S. Code, Ch. 7, Supp., as heretofore or hereafter amended. (…

(40 ILCS 5/7-126) (from Ch. 108 1/2, par. 7-126) Sec. 7-126. Federal Insurance Contributions Act. "Federal Insurance Contributions Act": Chapter 21 of Sub-title C of the Internal Revenue Code of 1954, 83rd Congress, Public Law 591, Chap. 736, approved August 16, 1954, as heretofo…

(40 ILCS 5/7-127) (from Ch. 108 1/2, par. 7-127) Sec. 7-127. Social Security Enabling Act. "Social Security Enabling Act": Article 21 of the Illinois Pension Code, as the same may from time to time be amended. (Source: Laws 1963, p. 161.)

(40 ILCS 5/7-128) (from Ch. 108 1/2, par. 7-128) Sec. 7-128. State agency. "State agency": The Social Security Unit of the State Employees' Retirement System of Illinois as defined in the Social Security Enabling Act or any agency succeeding to the duties thereof. (Source: Laws 1…

(40 ILCS 5/7-129) (from Ch. 108 1/2, par. 7-129) Sec. 7-129. Covered municipalities and participating instrumentalities. "Covered municipalities and participating instrumentalities": Municipalities and participating instrumentalities covered under the Federal Social Security Act …

(40 ILCS 5/7-130) (from Ch. 108 1/2, par. 7-130) Sec. 7-130. Covered employee. "Covered employee": An employee covered under the Federal Social Security Act as provided in Section 7-138 hereof. (Source: Laws 1963, p. 161.)

(40 ILCS 5/7-132) (from Ch. 108 1/2, par. 7-132) Sec. 7-132. Municipalities, instrumentalities and participating instrumentalities included and effective dates. (A) Municipalities and their instrumentalities. (a) The following described municipalities, but not including any with …

(40 ILCS 5/7-132.1) (from Ch. 108 1/2, par. 7-132.1) Sec. 7-132.1. Towns - Election to participate. For purposes of this Article, a town which is not a participating municipality on the effective date of this Act, shall be considered to include the town itself and all other bodie…

(40 ILCS 5/7-132.2) (from Ch. 108 1/2, par. 7-132.2) Sec. 7-132.2. Regional office of education. (a) A regional office of education serving 2 or more counties, except those serving a county of 1,000,000 inhabitants or more, formed pursuant to Article 3A of the School Code shall b…

(40 ILCS 5/7-132.3) (from Ch. 108 1/2, par. 7-132.3) Sec. 7-132.3. The EDC Foundation of Chicago. The EDC Foundation of Chicago, an Illinois not-for-profit corporation, may participate in the Fund and become subject to this Article as follows: (1) By October 1 of the year precedi…

(40 ILCS 5/7-134) (from Ch. 108 1/2, par. 7-134) Sec. 7-134. Municipality referendum and notice of election to participate. (a) A municipality electing to be included within this Article by referendum shall hold such referendum within the territory of the municipality following t…

(40 ILCS 5/7-135) (from Ch. 108 1/2, par. 7-135) Sec. 7-135. Authorized agents. (a) Each participating municipality and participating instrumentality shall appoint an authorized agent who shall have the powers and duties set forth in this section. In absence of such appointment, …

(40 ILCS 5/7-135.5) Sec. 7-135.5. Required public posting of information by the Fund. (a) The Fund shall post on its publicly available website the following information regarding municipalities that participate in the Fund that the Fund has in its possession: (1) copies of all r…

(40 ILCS 5/7-136) (from Ch. 108 1/2, par. 7-136) Sec. 7-136. Municipalities and participating instrumentalities covered under the Federal Social Security Act and effective dates. Subject to the provisions of the Agreement with the State Agency as provided in Section 7-170, the fo…

(40 ILCS 5/7-137) (from Ch. 108 1/2, par. 7-137) Sec. 7-137. Participating and covered employees. (a) The persons described in this paragraph (a) shall be included within and be subject to this Article and eligible to benefits from this fund, beginning upon the dates hereinafter …

(40 ILCS 5/7-137.1) (from Ch. 108 1/2, par. 7-137.1) Sec. 7-137.1. Elected officials. (a) A person holding an elective office who has elected to participate in the Fund while in that office may revoke that election and cease participating in the Fund by notifying the Board in wri…

(40 ILCS 5/7-137.2) Sec. 7-137.2. Participation by elected members of county boards. (a) An elected member of a county board is not eligible to participate in the Fund with respect to that position unless the county board has adopted a resolution, after public debate and in a for…

(40 ILCS 5/7-138) (from Ch. 108 1/2, par. 7-138) Sec. 7-138. Employees covered under the Federal Social Security Act and effective dates. Subject to the Agreement with the State Agency as described in Section 7-170, the following described employees of covered municipalities and …

(40 ILCS 5/7-139) (from Ch. 108 1/2, par. 7-139) Sec. 7-139. Credits and creditable service to employees. (a) Each participating employee shall be granted credits and creditable service, for purposes of determining the amount of any annuity or benefit to which he or a beneficiary…

(40 ILCS 5/7-139.1) (from Ch. 108 1/2, par. 7-139.1) Sec. 7-139.1. General Assembly transfers and credits. (a) Any active member of the General Assembly Retirement System (and until February 1, 1993, any former member of that System who has not yet retired) may apply for transfer…

(40 ILCS 5/7-139.10) Sec. 7-139.10. Transfer to Article 4 pension fund. A person who has elected under Section 4-108.4 to become an active participant in a firefighter pension fund established under Article 4 of this Code may apply for transfer to that Article 4 fund of his or he…

(40 ILCS 5/7-139.11) Sec. 7-139.11. (Repealed). (Source: P.A. 95-1036, eff. 2-17-09. Repealed by P.A. 98-932, eff. 8-15-14.)

(40 ILCS 5/7-139.12) Sec. 7-139.12. Transfer of creditable service to Article 14. A person employed by the Chicago Metropolitan Agency for Planning (formerly the Regional Planning Board) on the effective date of this Section who was a member of the State Employees' Retirement Sys…

(40 ILCS 5/7-139.13) Sec. 7-139.13. (Repealed). (Source: P.A. 97-273, eff. 8-8-11. Repealed by P.A. 98-932, eff. 8-15-14.)

(40 ILCS 5/7-139.14) (Text of Section from P.A. 102-857) Sec. 7-139.14. Transfer to Article 3 pension fund. (a) Within 6 months after July 23, 2021 (the effective date of Public Act 102-113), an active member of a pension fund established under Article 3 of this Code may apply fo…

(40 ILCS 5/7-139.1a) Sec. 7-139.1a. Transfer from Article 3. (a) On and after July 1, 2022 but no later than January 1, 2023, a participating sheriff's law enforcement employee may elect to transfer up to 10 years of service credit to the Fund as set forth in Section 3-110.14. To…

(40 ILCS 5/7-139.2) (from Ch. 108 1/2, par. 7-139.2) Sec. 7-139.2. Validation of service credits. An active member of the General Assembly having no service credits or creditable service in the Fund, may establish service credit and creditable service for periods during which he …

(40 ILCS 5/7-139.3) (from Ch. 108 1/2, par. 7-139.3) Sec. 7-139.3. Validation of service credits. An active member of the General Assembly having no service credits or creditable service in the Fund may establish service credit and creditable service for periods during which he h…

(40 ILCS 5/7-139.4) (from Ch. 108 1/2, par. 7-139.4) Sec. 7-139.4. Termination of participation as an employee. Any participating employee who is an active member of the General Assembly on or after November 20, 1979 may, upon written application to the Board within 90 days of th…

(40 ILCS 5/7-139.5) (from Ch. 108 1/2, par. 7-139.5) Sec. 7-139.5. (a) Persons otherwise required or eligible to participate in the Fund who elect to continue participation in the General Assembly System under Section 2-117.1 may not participate in the Fund for the duration of su…

(40 ILCS 5/7-139.6) (from Ch. 108 1/2, par. 7-139.6) Sec. 7-139.6. 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 a pension fund e…

(40 ILCS 5/7-139.7) Sec. 7-139.7. (Repealed). (Source: P.A. 87-1265. Repealed by P.A. 98-932, eff. 8-15-14.)

(40 ILCS 5/7-139.8) (from Ch. 108 1/2, par. 7-139.8) Sec. 7-139.8. Transfer to Article 14 System. (a) Any active member of the State Employees' Retirement System who is a State policeman, an investigator for the Secretary of State, a conservation police officer, an investigator f…

(40 ILCS 5/7-139.9) Sec. 7-139.9. (Repealed). (Source: P.A. 90-460, eff. 8-17-97. Repealed by P.A. 98-932, eff. 8-15-14.)

(40 ILCS 5/7-141) (from Ch. 108 1/2, par. 7-141) Sec. 7-141. Retirement annuities; conditions. Retirement annuities shall be payable as hereinafter set forth: (a) A participating employee who, regardless of cause, is separated from the service of all participating municipalities …

(40 ILCS 5/7-141.1) Sec. 7-141.1. Early retirement incentive. (a) The General Assembly finds and declares that: (1) Units of local government across the State have been functioning under a financial crisis. (2) This financial crisis is expected to continue. (3) Units of local gov…

(40 ILCS 5/7-142) (from Ch. 108 1/2, par. 7-142) Sec. 7-142. Retirement annuities - Amount. (a) The amount of a retirement annuity shall be the sum of the following, determined in accordance with the actuarial tables in effect at the time of the grant of the annuity: 1. For Tier …

(40 ILCS 5/7-142.1) (from Ch. 108 1/2, par. 7-142.1) Sec. 7-142.1. Sheriff's law enforcement employees. (a) In lieu of the retirement annuity provided by subparagraph 1 of paragraph (a) of Section 7-142: Any sheriff's law enforcement employee who has 20 or more years of service i…

(40 ILCS 5/7-143) (from Ch. 108 1/2, par. 7-143) Sec. 7-143. Retirement annuities-Reduction. If the participating employee elects a reversionary annuity in accordance with Section 7-145, his retirement annuity shall be reduced by an amount equal to the annuity which could be prov…

(40 ILCS 5/7-144) (from Ch. 108 1/2, par. 7-144) Sec. 7-144. Retirement annuities; suspended during employment. (a) If any person receiving any annuity again becomes an employee and receives earnings from employment in a position requiring him, or entitling him to elect, to becom…

(40 ILCS 5/7-144.2) (from Ch. 108 1/2, par. 7-144.2) Sec. 7-144.2. Incremental retirement annuity. Each employee annuitant who terminated service prior to the effective date of this amendatory Act of 1971 is entitled to receive a monthly incremental retirement annuity, effective …

(40 ILCS 5/7-144.3) (from Ch. 108 1/2, par. 7-144.3) Sec. 7-144.3. Supplemental benefit payment. (a) A supplemental benefit payment, consisting of a sum calculated as provided in subsection (c), shall be payable to each eligible retirement annuitant and surviving spouse annuitant…

(40 ILCS 5/7-145) (from Ch. 108 1/2, par. 7-145) Sec. 7-145. Reversionary annuities. (a) An employee entitled to a retirement annuity may elect to provide a reversionary annuity for a beneficiary if: 1. Under the provisions of paragraph (a) 1 of Section 7-142 he is entitled to an…

(40 ILCS 5/7-145.1) Sec. 7-145.1. Alternative annuity for county officers. (a) The benefits provided in this Section and Section 7-145.2 are available only if, prior to the effective date of this amendatory Act of the 97th General Assembly, the county board has filed with the Boa…

(40 ILCS 5/7-145.2) Sec. 7-145.2. Alternative survivor's benefits for survivors of county officers. In lieu of the survivor's benefits otherwise payable under this Article, the spouse or eligible child of any deceased elected county officer who (1) had elected to participate in t…