Chapter 40, PENSIONS

(40 ILCS 5/22-216) (from Ch. 108 1/2, par. 22-216) Sec. 22-216. Board created. A board, composed of the president, vice president, secretary, treasurer, manager, chairman of the patrol committee, vice-chairman of the patrol committee and the chief officer of the fire insurance pa…

(40 ILCS 5/22-217) (from Ch. 108 1/2, par. 22-217) Sec. 22-217. Board officers. The Board of Trustees shall elect from their number a president, a secretary and a treasurer, and may elect from their number a vice president, an assistant secretary and an assistant treasurer. The v…

(40 ILCS 5/22-218) (from Ch. 108 1/2, par. 22-218) Sec. 22-218. Powers and duties of Board. The Board shall have the powers and duties stated in Section 22-219 to 22-225, inclusive, in addition to the other powers and duties provided in this Division. (Source: Laws 1963, p. 161.)…

(40 ILCS 5/22-219) (from Ch. 108 1/2, par. 22-219) Sec. 22-219. To control and manage fund. To have exclusive control and management of the pension fund. (Source: Laws 1963, p. 161.)

(40 ILCS 5/22-220) (from Ch. 108 1/2, par. 22-220) Sec. 22-220. To determine benefits. To hear and decide all applications for pensions or benefits under this Division. The decision of the board of trustees on applications shall be final and conclusive and not subject to review o…

(40 ILCS 5/22-221) (from Ch. 108 1/2, par. 22-221) Sec. 22-221. To accept gifts. To receive gifts and donations to the fund from all sources, including rewards in moneys, fees, gifts and emoluments, that shall be paid or given for or on account of extraordinary services by the fi…

(40 ILCS 5/22-222) (from Ch. 108 1/2, par. 22-222) Sec. 22-222. To invest funds. To invest funds coming into their hands in the name of the Board of Trustees of the patrolmen's pension fund, in such investments as may be made by a trustee of a trust fund under the laws of the Sta…

(40 ILCS 5/22-223) (from Ch. 108 1/2, par. 22-223) Sec. 22-223. To retain principal of investments. Except as provided in Section 22-232 the Board of Trustees shall have the right and power, in their sole discretion, to provide that the principal of invested funds shall be held i…

(40 ILCS 5/22-224) (from Ch. 108 1/2, par. 22-224) Sec. 22-224. To keep records. To keep full and complete records of all its meetings and proceedings. (Source: Laws 1963, p. 161.)

(40 ILCS 5/22-225) (from Ch. 108 1/2, par. 22-225) Sec. 22-225. To make rules. To make all necessary rules and regulations for the discharge of its duties. (Source: Laws 1963, p. 161.)

(40 ILCS 5/22-226) (from Ch. 108 1/2, par. 22-226) Sec. 22-226. Deposit of moneys and property. All moneys, securities and other property belonging to the fund shall be deposited in such depository as the Board of Trustees shall order, and shall be at all times subject to the con…

(40 ILCS 5/22-227) (from Ch. 108 1/2, par. 22-227) Sec. 22-227. Treasurer. The treasurer of the Board of Trustees shall keep books and accounts concerning the fund in the manner prescribed by the Board of Trustees. The books and accounts shall always be subject to the inspection …

(40 ILCS 5/22-228) (from Ch. 108 1/2, par. 22-228) Sec. 22-228. Moneys - How paid. All moneys ordered to be paid from the pension fund shall be paid by the treasurer or assistant treasurer of said Board of Trustees only upon warrants signed by the president or vice president of t…

(40 ILCS 5/22-229) (from Ch. 108 1/2, par. 22-229) Sec. 22-229. Annual report of trustees. During the month of January in each year the Board of Trustees shall make a report to the Board of Underwriters of the condition of the pension fund as of the close of the preceding calenda…

(40 ILCS 5/22-230) (from Ch. 108 1/2, par. 22-230) Sec. 22-230. Fund exempt from seizure. No portion of the pension fund shall, either before or after its order of distribution by such Board of Trustees to such disabled or retired members of the fire insurance patrol or to the su…

(40 ILCS 5/22-231) (from Ch. 108 1/2, par. 22-231) Sec. 22-231. Discontinuance of fire insurance patrol - Trustees of fund. If the Board of Underwriters of any such city, village or incorporated town, at any time after creating a pension fund as provided in the Fire Insurance Pat…

(40 ILCS 5/22-232) (from Ch. 108 1/2, par. 22-232) Sec. 22-232. Discontinuance of fund. If the Board of Underwriters of any such city, village or incorporated town, at any time after creating a pension fund as provided in the Fire Insurance Patrolmen's Pension Fund Act of the Ill…

(40 ILCS 5/22-301) (from Ch. 108 1/2, par. 22-301) Sec. 22-301. Payments to families or dependents of policemen and firemen killed or fatally injured. The corporate authorities of any city or village by general ordinance may provide for the payment of an allowance of money to the…

(40 ILCS 5/22-302) (from Ch. 108 1/2, par. 22-302) Sec. 22-302. Beneficiaries of allowance. Any payment of death allowance made hereunder shall be made as follows: (a) If there is a widow and minor child or children, then in equal parts to the widow and minor child or children; (…

(40 ILCS 5/22-303) (from Ch. 108 1/2, par. 22-303) Sec. 22-303. Conservation of allowance. The corporate authorities of any such city or village may make provision by ordinance for the conservation of the money paid under the foregoing sections of this Division and the income the…

(40 ILCS 5/22-304) (from Ch. 108 1/2, par. 22-304) Sec. 22-304. Source of payment. The allowance of money to be paid in accordance with the foregoing provisions of this Division may be paid: (a) from a fund created and maintained out of the corporate revenues of such city or vill…

(40 ILCS 5/22-305) (from Ch. 108 1/2, par. 22-305) Sec. 22-305. Certificate of clerk or other officer. Upon the death of a policeman or fireman who is killed or fatally injured while in the performance of his duty, the city or village clerk, as the case may be, or any officer of …

(40 ILCS 5/22-306) (from Ch. 108 1/2, par. 22-306) Sec. 22-306. The corporate authorities of any city or the village may provide by ordinance that in case of an accident resulting in an injury to or death of a policeman or fireman in the employ of such city or village while in th…

(40 ILCS 5/22-306.1) (from Ch. 108 1/2, par. 22-306.1) Sec. 22-306.1. (a) If a physician, medical facility or other provider of medical treatment receives notice from a municipality that, pursuant to an ordinance enacted under Section 22-306 or under its home rule powers, the mun…

(40 ILCS 5/22-307) (from Ch. 108 1/2, par. 22-307) Sec. 22-307. Common law rights barred. Whenever any city or village enacts an ordinance pursuant to this Division, no common law right to recover damages against such city or village for injury or death sustained by any policeman…

(40 ILCS 5/22-308) (from Ch. 108 1/2, par. 22-308) Sec. 22-308. Action by city or village against third party. Where the death of a policeman or fireman for which an award or allowance of money is payable by any city or village under any ordinance enacted pursuant to the provisio…

(40 ILCS 5/22-401) (from Ch. 108 1/2, par. 22-401) Sec. 22-401. Pension fund - body politic and corporate. Any annuity and benefit fund, annuity and retirement fund or retirement system, heretofore or hereafter created by the legislature of the State of Illinois for the benefit o…

(40 ILCS 5/22-402) (from Ch. 108 1/2, par. 22-402) Sec. 22-402. Purpose of fund. Each such pension fund is hereby declared to be created in the public interest and for the general welfare of the State, and pursuant to the governmental powers of the State, separate and apart from …

(40 ILCS 5/22-403) (from Ch. 108 1/2, par. 22-403) Sec. 22-403. Tax levy - nature of obligation. Any tax heretofore or hereafter levied for the benefit or purposes of any such pension fund by the tax-levying body authorized by the law creating such fund to levy such tax, and any …

(40 ILCS 5/22-404) (from Ch. 108 1/2, par. 22-404) Sec. 22-404. Obligation for expenditures. Expenditures made and expenses incurred in connection with the administration of any pension fund shall not be construed to be a debt imposed upon the State or upon any county, city, town…

(40 ILCS 5/22-405) (from Ch. 108 1/2, par. 22-405) Sec. 22-405. Employees of two or more municipal corporations. Employees of two or more municipal corporations having the same territorial limits and the same taxpayers, or of two or more bodies politic and corporate having the sa…

(40 ILCS 5/22-601) (from Ch. 108 1/2, par. 22-601) Sec. 22-601. Preservation of pension rights. The provisions of "An Act authorizing municipal corporations to preserve civil service and pension rights of their employees inducted into or enlisting in the land or naval forces of t…

(40 ILCS 5/22-701) (from Ch. 108 1/2, par. 22-701) Sec. 22-701. Employee with service as elected official. (a) In addition to all the other powers now granted by law, the city council of any city of more than 500,000 inhabitants shall, by ordinance, provide for the payment of a p…

(40 ILCS 5/22-803) Sec. 22-803. Commission on Government Forecasting and Accountability. The Illinois State Board of Investment and all pension funds and retirement systems subject to this Code shall cooperate with the Commission on Government Forecasting and Accountability and s…

(40 ILCS 5/22-901) (from Ch. 108 1/2, par. 22-901) Sec. 22-901. General provisions and savings clause. The provisions of Article 1 and Article 23 of this Code apply to each Division of this Article as though such provisions were fully set forth in each Division of this Article as…

(40 ILCS 5/22-901.1) (from Ch. 108 1/2, par. 22-901.1) Sec. 22-901.1. Actuarial tables defined. Tabular listings of assumed rates of decrement representing such factors as death, disability, separation from service, and ages of retirement, according to sex and ages of members of …

(40 ILCS 5/22-901.2) (from Ch. 108 1/2, par. 22-901.2) Sec. 22-901.2. Adjustment of retirement annuity under reversionary annuity option. Any member or participant of a pension fund or retirement system covered by the provisions of this Code who elects a reversionary annuity opti…

(40 ILCS 5/22A-101) (from Ch. 108 1/2, par. 22A-101) Sec. 22A-101. Establishment. The Illinois State Board of Investment is created with authority to manage, invest and reinvest, the reserves, funds, assets, securities and moneys of any pension fund, as provided in this Article, …

(40 ILCS 5/22A-102) (from Ch. 108 1/2, par. 22A-102) Sec. 22A-102. Definitions. For the purposes of this Article, the following words and phrases shall have the meaning ascribed to them unless the context requires otherwise. (Source: P.A. 76-1829.)

(40 ILCS 5/22A-103) (from Ch. 108 1/2, par. 22A-103) Sec. 22A-103. "Board": The Illinois State Board of Investment. (Source: P.A. 76-1829.)

(40 ILCS 5/22A-104) (from Ch. 108 1/2, par. 22A-104) Sec. 22A-104. Retirement System. "Retirement System": Any pension fund or retirement system governed by Articles 1 to 18, inclusive, of the "Illinois Pension Code", approved March 18, 1963, as amended. (Source: P.A. 77-611.)…

(40 ILCS 5/22A-105) (from Ch. 108 1/2, par. 22A-105) Sec. 22A-105. Pension Fund. "Pension Fund": The reserves, funds, assets, securities, monies and property of any pension fund or retirement system. (Source: P.A. 77-611.)

(40 ILCS 5/22A-105.1) (from Ch. 108 1/2, par. 22A-105.1) Sec. 22A-105.1. "Education fund": The monies, funds, reserves, assets, securities, and property of the Illinois Bank Examiners' Education Foundation held in the Illinois Bank Examiners' Education Fund in the State Treasury.…

(40 ILCS 5/22A-106) (from Ch. 108 1/2, par. 22A-106) Sec. 22A-106. "Manage": To invest, reinvest, exchange, and perform all investment functions with regard to reserves, funds, assets, securities, and moneys which the board is authorized to invest; to preserve and protect such re…

(40 ILCS 5/22A-107) (from Ch. 108 1/2, par. 22A-107) Sec. 22A-107. Invest. "Invest": To acquire, invest, reinvest, exchange or retain property held for a pension fund or education fund, sell and manage the reserves, funds, securities, moneys or assets of any pension fund, retirem…

(40 ILCS 5/22A-108) (from Ch. 108 1/2, par. 22A-108) Sec. 22A-108. Investment. "Investment": Any property acquired by the board for a pension fund, any retirement system or education fund. (Source: P.A. 84-1127.)

(40 ILCS 5/22A-108.1) (from Ch. 108 1/2, par. 22A-108.1) Sec. 22A-108.1. Investment Advisor: Any person or business entity which provides investment advice to the Board on a personalized basis and with an understanding of the policies and goals of the Board. "Investment Advisor" …

(40 ILCS 5/22A-109) (from Ch. 108 1/2, par. 22A-109) Sec. 22A-109. Membership of board. The board shall consist of the following members: (1) Five trustees appointed by the Governor with the advice and consent of the Senate who may not hold an elective State office. (2) The Treas…

(40 ILCS 5/22A-110) (from Ch. 108 1/2, par. 22A-110) Sec. 22A-110. Administration. The board shall appoint a director to administer the affairs of the board subject to and under its supervision and fix his compensation. The Board may appoint investment officers and fix their comp…

(40 ILCS 5/22A-111) (from Ch. 108 1/2, par. 22A-111) Sec. 22A-111. The Board shall manage the investments of any pension fund, retirement system, or education fund for the purpose of obtaining a total return on investments for the long term. It also shall perform such other funct…