Chapter 40, PENSIONS

(40 ILCS 5/22A-111.1) (from Ch. 108 1/2, par. 22A-111.1) Sec. 22A-111.1. Public Employees Deferred Compensation Plan. The Board shall also have the responsibilities imposed on it by Article 24 of this Act in relation to a deferred compensation plan for public employees. (Source: …

(40 ILCS 5/22A-112) (from Ch. 108 1/2, par. 22A-112) Sec. 22A-112. Investment authority. The board shall have the authority to invest funds, subject to the requirements and restrictions set forth in Sections 1-109, 1-109.1, 1-109.2, 1-110, 1-111, 1-114 and 1-115 of this Code. No …

(40 ILCS 5/22A-113) (from Ch. 108 1/2, par. 22A-113) Sec. 22A-113. Transfer of securities and investment functions. (a) As soon as possible or practicable following the enactment of this Article and prior to July 1, 1970, the trustees of the State Employees' Retirement System, th…

(40 ILCS 5/22A-113.1) (from Ch. 108 1/2, par. 22A-113.1) Sec. 22A-113.1. Investable funds. Each retirement system under the management of the Illinois State Board of Investment shall report to the board from time to time the amounts of funds available for investment. These amount…

(40 ILCS 5/22A-113.2) (from Ch. 108 1/2, par. 22A-113.2) Sec. 22A-113.2. Custodian. The securities, funds and other assets transferred to the Illinois State Board of Investment or otherwise acquired by the board shall be placed in the custody of the board's custodian. The custodi…

(40 ILCS 5/22A-113.3) (from Ch. 108 1/2, par. 22A-113.3) Sec. 22A-113.3. Investable funds of education foundation. The Illinois Bank Examiners' Education Foundation shall report to the board from time to time the amounts of monies available for investment by the board. These amou…

(40 ILCS 5/22A-113.4) (Section scheduled to be repealed on January 1, 2027) Sec. 22A-113.4. 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…

(40 ILCS 5/22A-113.5) Sec. 22A-113.5. 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 …

(40 ILCS 5/22A-114) (from Ch. 108 1/2, par. 22A-114) Sec. 22A-114. Accounting. In the management of pension and education funds the board: (1) may, for investment purposes, commingle all or a part of the invested assets of one or more pension or education funds under its jurisdic…

(40 ILCS 5/22A-115) (from Ch. 108 1/2, par. 22A-115) Sec. 22A-115. Audits and reports. At least annually, the books, records, accounts and securities of the board shall be audited by a certified public accountant designated by the Auditor General of the State. The audit opinion s…

(40 ILCS 5/22B-101) Sec. 22B-101. Establishment. The Police Officers' Pension Investment Fund is created with authority to manage the reserves, funds, assets, securities, properties, and moneys of the police pension funds created pursuant to Article 3 of this Code, all as provide…

(40 ILCS 5/22B-102) Sec. 22B-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. 101-610, eff. 1-1-20.)

(40 ILCS 5/22B-103) Sec. 22B-103. Fund. "Fund" means the Police Officers' Pension Investment Fund. (Source: P.A. 101-610, eff. 1-1-20.)

(40 ILCS 5/22B-104) Sec. 22B-104. Transferor pension fund. "Transferor pension fund" means any pension fund established pursuant to Article 3 of this Code. (Source: P.A. 101-610, eff. 1-1-20.)

(40 ILCS 5/22B-105) Sec. 22B-105. Participating pension fund. "Participating pension fund" means any pension fund established pursuant to Article 3 of this Code that has transferred securities, funds, assets, and moneys, and responsibility for custody and control of those securit…

(40 ILCS 5/22B-106) Sec. 22B-106. Pension fund assets. "Pension fund assets" means the reserves, funds, assets, securities, and moneys of any transferor pension fund. (Source: P.A. 101-610, eff. 1-1-20.)

(40 ILCS 5/22B-107) Sec. 22B-107. Invest. "Invest" means to acquire, invest, reinvest, exchange, or retain pension fund assets of the transferor pension funds and to sell and manage the reserves, funds, securities, moneys, or assets of the transferor pension fund, all in accordan…

(40 ILCS 5/22B-108) Sec. 22B-108. Investment advisor. "Investment advisor" means any person or business entity that provides investment advice to the Board on a personalized basis and with an understanding of the policies and goals of the Board. "Investment advisor" does not incl…

(40 ILCS 5/22B-112) Sec. 22B-112. Transition period. "Transition period" means the period immediately following the effective date of this amendatory Act of the 101st General Assembly during which pension fund assets, and responsibility for custody and control of those assets, wi…

(40 ILCS 5/22B-113) Sec. 22B-113. Illinois Municipal League. "Illinois Municipal League" means the unincorporated, nonprofit, nonpolitical association of Illinois cities, villages, and incorporated towns described in Section 1-8-1 of the Illinois Municipal Code. (Source: P.A. 101…

(40 ILCS 5/22B-114) Sec. 22B-114. Purpose, establishment, and governance. The Fund is established to consolidate the transferor pension funds to streamline investments and eliminate unnecessary and redundant administrative costs, thereby ensuring more money is available to fund p…

(40 ILCS 5/22B-115) Sec. 22B-115. Board of Trustees of the Fund. (a) No later than one month after the effective date of this amendatory Act of the 101st General Assembly or as soon thereafter as may be practicable, the Governor shall appoint, by and with the advice and consent o…

(40 ILCS 5/22B-116) Sec. 22B-116. Conduct and administration of elections; terms of office. (a) For the election of the permanent trustees, the transition board shall administer the initial elections and the permanent board shall administer all subsequent elections. Each board sh…

(40 ILCS 5/22B-117) Sec. 22B-117. Meetings of the board. (a) The transition board and the permanent board shall each meet at least quarterly and otherwise upon written request of either the Chairperson or 3 other members. The Chairperson shall preside over meetings of the board. …

(40 ILCS 5/22B-118) Sec. 22B-118. Operation and administration of the Fund. (a) The operation and administration of the Fund shall be managed by an executive director. No later than 2 months after the transition board is appointed or as soon thereafter as may be practicable, the …

(40 ILCS 5/22B-119) Sec. 22B-119. Adoption of rules. The board shall adopt such rules (not inconsistent with this Code) as in its judgment are desirable to implement and properly administer this Article. Such rules shall specifically provide for the following: (1) the implementat…

(40 ILCS 5/22B-120) Sec. 22B-120. Transition period; transfer of securities, assets, and investment functions. (a) The transition period shall commence on the effective date of this amendatory Act of the 101st General Assembly and shall end as determined by the board, consistent …

(40 ILCS 5/22B-121) Sec. 22B-121. Management and direction of investments. (a) The board shall have the authority to manage the pension fund assets of the transferor pension funds for the purpose of obtaining a total return on investments for the long term. (b) The authority of t…

(40 ILCS 5/22B-122) Sec. 22B-122. Investment authority. The Fund shall have the authority to invest funds, subject to the requirements and restrictions set forth in Sections 1-109, 1-109.1, 1-109.2, 1-110, 1-111, 1-114, and 1-115 of this Code. The Fund shall not be subject to any…

(40 ILCS 5/22B-123) Sec. 22B-123. Custodian. The pension fund assets transferred to or otherwise acquired by the Fund shall be placed in the custody of a custodian who shall provide adequate safe deposit facilities for those assets and hold all such securities, funds, and other a…

(40 ILCS 5/22B-124) Sec. 22B-124. Accounting for pension fund assets. In the management of the pension fund assets of the transferor pension funds, the Fund: (1) shall carry all pension fund assets at fair market value determined in accordance with generally accepted accounting p…

(40 ILCS 5/22B-125) Sec. 22B-125. Audits and reports. (a) At least annually, the books, records, accounts, and securities of the Fund shall be audited by a certified public accountant selected by the board and conducted in accordance with the rules and procedures promulgated by t…

(40 ILCS 5/22C-101) Sec. 22C-101. Establishment. The Firefighters' Pension Investment Fund is created with authority to manage the reserves, funds, assets, securities, properties, and moneys of the firefighter pension funds created pursuant to Article 4 of this Code, all as provi…

(40 ILCS 5/22C-102) Sec. 22C-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. 101-610, eff. 1-1-20.)

(40 ILCS 5/22C-103) Sec. 22C-103. Fund. "Fund" means the Firefighters' Pension Investment Fund. (Source: P.A. 101-610, eff. 1-1-20.)

(40 ILCS 5/22C-104) Sec. 22C-104. Transferor pension fund. "Transferor pension fund" means any pension fund established pursuant to Article 4 of this Code. (Source: P.A. 101-610, eff. 1-1-20.)

(40 ILCS 5/22C-105) Sec. 22C-105. Participating pension fund. "Participating pension fund" means any pension fund established pursuant to Article 4 of this Code that has transferred securities, funds, assets, and moneys, and responsibility for custody and control of those securit…

(40 ILCS 5/22C-106) Sec. 22C-106. Pension fund assets. "Pension fund assets" means the reserves, funds, assets, securities, and moneys of any transferor pension fund. (Source: P.A. 101-610, eff. 1-1-20.)

(40 ILCS 5/22C-107) Sec. 22C-107. Invest. "Invest" means to acquire, invest, reinvest, exchange, or retain pension fund assets of the transferor pension funds and to sell and manage the reserves, funds, securities, moneys, or assets of the transferor pension fund, all in accordan…

(40 ILCS 5/22C-108) Sec. 22C-108. Investment advisor. "Investment advisor" means any person or business entity that provides investment advice to the board on a personalized basis and with an understanding of the policies and goals of the board. "Investment advisor" does not incl…

(40 ILCS 5/22C-112) Sec. 22C-112. Transition period. "Transition period" means the period immediately following the effective date of this amendatory Act of the 101st General Assembly during which pension fund assets, and responsibility for custody and control of those assets, wi…

(40 ILCS 5/22C-113) Sec. 22C-113. Illinois Municipal League. "Illinois Municipal League" means the unincorporated, nonprofit, nonpolitical association of Illinois cities, villages, and incorporated towns described in Section 1-8-1 of the Illinois Municipal Code. (Source: P.A. 101…

(40 ILCS 5/22C-114) Sec. 22C-114. Purpose, establishment, and governance. The Fund is established to consolidate the transferor pension funds to streamline investments and eliminate unnecessary and redundant administrative costs, thereby ensuring more money is available to fund p…

(40 ILCS 5/22C-115) Sec. 22C-115. Board of Trustees of the Fund. (a) No later than February 1, 2020 (one month after the effective date of Public Act 101-610) or as soon thereafter as may be practicable, the Governor shall appoint, by and with the advice and consent of the Senate…

(40 ILCS 5/22C-116) Sec. 22C-116. Conduct and administration of elections; terms of office. (a) For the election of the permanent trustees, the transition board shall administer the initial elections and the permanent board shall administer all subsequent elections. Each board sh…

(40 ILCS 5/22C-117) Sec. 22C-117. Meetings of the board. (a) The transition board and the permanent board shall each meet at least quarterly and otherwise upon written request of either the Chairperson or 3 other members. The Chairperson shall preside over meetings of the board. …

(40 ILCS 5/22C-118) Sec. 22C-118. Operation and administration of the Fund. (a) The operation and administration of the Fund shall be managed by an executive director. No later than 2 months after the transition board is appointed or as soon thereafter as may be practicable, the …

(40 ILCS 5/22C-119) Sec. 22C-119. Adoption of rules. The board shall adopt such rules (not inconsistent with this Code) as in its judgment are desirable to implement and properly administer this Article. Such rules shall specifically provide for the following: (1) the implementat…

(40 ILCS 5/22C-120) Sec. 22C-120. Transition period; transfer of securities, assets, and investment functions. (a) The transition period shall commence on the effective date of this amendatory Act of the 101st General Assembly and shall end as determined by the board, consistent …

(40 ILCS 5/22C-121) Sec. 22C-121. Management and direction of investments. (a) The board shall have the authority to manage the pension fund assets of the transferor pension funds for the purpose of obtaining a total return on investments for the long term. (b) The authority of t…