Chapter 40 — PENSIONS

(40 ILCS 5/7-190) (from Ch. 108 1/2, par. 7-190) Sec. 7-190. To fix compensation of employees. To determine and fix the rate of compensation to be paid to the executive director, actuary, investment counsel, auditor, legal or medical counsel, and employees. (Source: Laws 1963, p.…

(40 ILCS 5/7-191) (from Ch. 108 1/2, par. 7-191) Sec. 7-191. To have accounts audited. To have the accounts of the fund audited annually by a certified public accountant. (Source: P.A. 102-210, eff. 1-1-22.)

(40 ILCS 5/7-192) (from Ch. 108 1/2, par. 7-192) Sec. 7-192. To submit annual statements. To submit an annual statement to the governing body of each participating municipality and governing body of each participating instrumentality and to any participating employee upon request…

(40 ILCS 5/7-193) (from Ch. 108 1/2, par. 7-193) Sec. 7-193. To provide individual statements. To submit an individual statement to any participating employee upon his reasonable request. The statement shall indicate the amount of accumulations of each type to the employee's cred…

(40 ILCS 5/7-194) (from Ch. 108 1/2, par. 7-194) Sec. 7-194. To accept gifts. To accept any gift, grant or bequest of any money or securities for the purposes designated by the grantor if such purpose is specified as providing cash benefits to some or all of the participating emp…

(40 ILCS 5/7-195) (from Ch. 108 1/2, par. 7-195) Sec. 7-195. To make investments. To determine the limitations on the amounts of cash to be invested in order to maintain such cash balances as may be deemed advisable to meet current annuity, benefit and expense requirements, and i…

(40 ILCS 5/7-195.1) (from Ch. 108 1/2, par. 7-195.1) Sec. 7-195.1. To establish and maintain a revolving account. To establish and maintain a revolving account in a bank or savings and loan association, approved by the State Treasurer as a State depositary and having capital fund…

(40 ILCS 5/7-196) (from Ch. 108 1/2, par. 7-196) Sec. 7-196. To keep data. To keep in convenient form the data necessary for all required calculations and valuations as required by the actuary. (Source: Laws 1963, p. 161.)

(40 ILCS 5/7-197) (from Ch. 108 1/2, par. 7-197) Sec. 7-197. To keep permanent records. To keep a permanent record of all the proceedings of the board and such other records as shall be necessary or desirable for administration of the Fund. For the protection of participating emp…

(40 ILCS 5/7-197.1) (from Ch. 108 1/2, par. 7-197.1) Sec. 7-197.1. To reproduce records. To have any records kept by the board photographed, microfilmed or otherwise reproduced on film. The photographs, microfilm and reproductions shall be deemed original records and documents fo…

(40 ILCS 5/7-198) (from Ch. 108 1/2, par. 7-198) Sec. 7-198. To make rules. To establish such rules and regulations not inconsistent with the other provisions of this Article as are necessary or desirable for the efficient administration of the fund, including, without limitation…

(40 ILCS 5/7-199) (from Ch. 108 1/2, par. 7-199) Sec. 7-199. To appoint committees. To appoint committees of 3 or more trustees to perform such functions as may be directed by the board. (Source: Laws 1963, p. 161.)

(40 ILCS 5/7-199.1) (from Ch. 108 1/2, par. 7-199.1) Sec. 7-199.1. To administer a joint group accident and health insurance program in accordance with this Section. (a) The board may purchase and administer a joint group accident and health insurance policy as defined in Section…

(40 ILCS 5/7-199.2) (from Ch. 108 1/2, par. 7-199.2) Sec. 7-199.2. To determine unfunded liability. To cause to be actuarially determined the unfunded liability existing in the Fund as of the date provided by subsection (c) of Section 5-1 of the School Code by reason of annuities…

(40 ILCS 5/7-199.3) Sec. 7-199.3. To establish and administer deferred compensation and tax-deferred annuity programs for units of local government. The Board may establish and administer deferred compensation, tax deferred annuity, and similar tax-savings programs for employees …

(40 ILCS 5/7-200) (from Ch. 108 1/2, par. 7-200) Sec. 7-200. To carry on other duties. To carry on generally any other reasonable activities, including, without limitation, the making of administrative decisions on participation and coverage, which are necessary for carrying out …

(40 ILCS 5/7-201) (from Ch. 108 1/2, par. 7-201) Sec. 7-201. The assets of the fund in excess of the amount of cash required for current operation as determined by the board shall be invested, subject to the requirements and restrictions set forth in Sections 1-109, 1-109.1, 1-10…

(40 ILCS 5/7-201.1) (from Ch. 108 1/2, par. 7-201.1) Sec. 7-201.1. 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 Illino…

(40 ILCS 5/7-202) (from Ch. 108 1/2, par. 7-202) Sec. 7-202. Accounts. An adequate system of accounts shall be kept in accordance with generally accepted accounting and sound actuarial principles. The accounts and reserves designated in Section 7-203 to 7-208, inclusive, shall be…

(40 ILCS 5/7-203) (from Ch. 108 1/2, par. 7-203) Sec. 7-203. Employee reserves. Separate reserves shall be maintained for each participating employee in such detail as is necessary to administer all benefits provided herein, and to segregate accurately the separate liabilities of…

(40 ILCS 5/7-204) (from Ch. 108 1/2, par. 7-204) Sec. 7-204. Municipality reserves. (a) Except as provided in paragraph (b) of this Section, each participating municipality and its instrumentalities, and each participating instrumentality, shall be treated as an independent unit …

(40 ILCS 5/7-205) (from Ch. 108 1/2, par. 7-205) Sec. 7-205. Reserves for annuities. Appropriate reserves shall be created for payment of all annuities granted under this Article at the time such annuities are granted and in amounts determined to be necessary under actuarial tabl…

(40 ILCS 5/7-205.1) (from Ch. 108 1/2, par. 7-205.1) Sec. 7-205.1. Reserves for Disability Benefits. A temporary and total and permanent disability benefit reserves shall be created for payment of all temporary and total and permanent disability benefits. 1. Amounts to fund the c…

(40 ILCS 5/7-206) (from Ch. 108 1/2, par. 7-206) Sec. 7-206. Death Reserve. All death benefit payments shall be charged to the Death Reserve, other than $3,000 death benefits paid after December 31, 1988 upon the death of an annuitant. All contributions for death purposes under S…

(40 ILCS 5/7-207.1) (from Ch. 108 1/2, par. 7-207.1) Sec. 7-207.1. Reserve For Variation In Benefit Payments. A Reserve for Variation in Benefit Payments may be established. 1. Credits to such Reserve shall consist of: (a) Any employee contributions, not in excess of $10.00, rece…

(40 ILCS 5/7-208) (from Ch. 108 1/2, par. 7-208) Sec. 7-208. Earnings and experience variation reserve. One earnings and experience variation reserve shall be maintained. All other accounts for this purpose shall be abolished upon the effective date of this amendatory Act of 1995…

(40 ILCS 5/7-209) (from Ch. 108 1/2, par. 7-209) Sec. 7-209. Earnings and Interest. (a) Balances at the beginning of each year which remain in employee reserves at the end of the year shall be credited with interest annually at the prescribed rate. (b) Municipality reserves shall…

(40 ILCS 5/7-210) (from Ch. 108 1/2, par. 7-210) Sec. 7-210. Funds. (a) All money received by the board shall immediately be deposited with the custodian for the account of the Fund, or in the case of funds received under Section 7-199.1, in a separate account maintained for that…

(40 ILCS 5/7-211) (from Ch. 108 1/2, par. 7-211) Sec. 7-211. Authorizations. (a) Each participating municipality and instrumentality thereof and each participating instrumentality shall: 1. Deduct all normal and additional contributions and contributions for federal Social Securi…

(40 ILCS 5/7-212) (from Ch. 108 1/2, par. 7-212) Sec. 7-212. Executive director. The executive director shall be in charge of the general administration of the fund. He shall have such special powers and duties as may be properly delegated or assigned by the board from time to ti…

(40 ILCS 5/7-213) (from Ch. 108 1/2, par. 7-213) Sec. 7-213. Actuary. The actuary shall be the technical advisor of the board and in addition to general advice shall specifically be responsible for and shall: 1. Make a general investigation, at least once every 3 years, of the ex…

(40 ILCS 5/7-214) (from Ch. 108 1/2, par. 7-214) Sec. 7-214. Custodian. The Board shall appoint one or more custodians to receive and hold the assets of the Fund on such terms as the Board may agree. (Source: P.A. 99-8, eff. 7-9-15.)

(40 ILCS 5/7-215) (from Ch. 108 1/2, par. 7-215) Sec. 7-215. Retirement Systems Reciprocal Act. The "Retirement Systems Reciprocal Act", being Article 20 of this Code as now enacted or hereafter amended is hereby adopted and made a part of this Article. The additional cost of ann…

(40 ILCS 5/7-217) (from Ch. 108 1/2, par. 7-217) Sec. 7-217. Payment of benefits and assignments. (a) Except as otherwise provided in this Section, all moneys in the Fund created by this Article, and all securities and other property of the Fund, and all annuities and other benef…

(40 ILCS 5/7-218) (from Ch. 108 1/2, par. 7-218) Sec. 7-218. Compulsory retirement. No provision of this Article shall operate to cause compulsory retirement of any employee, nor to give any employee any specific right to remain in service. Separations and retirements from the se…

(40 ILCS 5/7-219) (from Ch. 108 1/2, par. 7-219) Sec. 7-219. Felony conviction. None of the benefits provided for in this Article 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…

(40 ILCS 5/7-220) (from Ch. 108 1/2, par. 7-220) Sec. 7-220. 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 revi…

(40 ILCS 5/7-221) (from Ch. 108 1/2, par. 7-221) Sec. 7-221. 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: Laws 1963, …

(40 ILCS 5/7-222) (from Ch. 108 1/2, par. 7-222) Sec. 7-222. Reduction of disability and survivor's benefits on account of corresponding benefits payable under the Workers' Compensation Act and the Workers' Occupational Diseases Act. Whenever any person is entitled to a disabilit…

(40 ILCS 5/7-223) (from Ch. 108 1/2, par. 7-223) Sec. 7-223. The amendments to Sections 7-137, 7-146, 7-147, 7-150 and 7-151 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 5/7-224) Sec. 7-224. Section 415 limitations. Notwithstanding any other provisions of this Article, the combined benefits and contributions provided to any participating employee by all plans of any participating municipality and its instrumentalities and any participati…

(40 ILCS 5/7-225) Sec. 7-225. Increases in earnings; pension impact statement. Before increasing the earnings of an officer, executive, or manager by 12% or more: (1) the authorities of the respective employer who are authorizing the increase must contact the Illinois Municipal R…

(40 ILCS 5/8-101) (from Ch. 108 1/2, par. 8-101) Sec. 8-101. Creation of fund. In each city of more than 500,000 inhabitants a Municipal Employees', Officers', and Officials' Annuity and Benefit Fund shall be created, set apart, maintained and administered, in the manner prescrib…

(40 ILCS 5/8-102) (from Ch. 108 1/2, par. 8-102) Sec. 8-102. Terms defined. The terms used in this Article have the meanings ascribed to them in Sections 8-103 to 8-125, inclusive, except when the context otherwise requires. (Source: Laws 1963, p. 161.)

(40 ILCS 5/8-103) (from Ch. 108 1/2, par. 8-103) Sec. 8-103. Fund. "Fund": The Municipal Employees', Officers', and Officials' Annuity and Benefit Fund herein created. (Source: Laws 1963, p. 161.)

(40 ILCS 5/8-104) (from Ch. 108 1/2, par. 8-104) Sec. 8-104. The 1921 Act. "The 1921 Act": "An Act to provide for the creation, setting apart, maintenance and administration of a municipal employees', officers', and officials' annuity and benefit fund in cities having a populatio…

(40 ILCS 5/8-105) (from Ch. 108 1/2, par. 8-105) Sec. 8-105. Court and Law Department Employees' Annuity Act. "Court and Law Department Employees' Annuity Act": "An Act to provide for the creation, setting apart, maintenance and administration of a Municipal Court and Law Departm…

(40 ILCS 5/8-106) (from Ch. 108 1/2, par. 8-106) Sec. 8-106. Board of Election Commissioners Employees' Annuity Act. "Board of Election Commissioners Employees' Annuity Act": "An Act to provide for the creation, setting apart, maintenance and administration of a Board of Election…

(40 ILCS 5/8-107) (from Ch. 108 1/2, par. 8-107) Sec. 8-107. Public School Employees' Pension Act of 1903. "Public School Employees' Pension Act of 1903": "An Act to provide for the formation and disbursement of a public school employees' pension fund in cities having a populatio…

(40 ILCS 5/8-107.1) (from Ch. 108 1/2, par. 8-107.1) Sec. 8-107.1. Public Library Employes' Pension Act. "Public Library Employes' Pension Act": "An Act to provide for the formation and disbursement of a public library employes' pension fund in cities having a population exceedin…