Chapter 40 — PENSIONS

(40 ILCS 5/14-131) Sec. 14-131. Contributions by State. (a) The State shall make contributions to the System by appropriations of amounts which, together with other employer contributions from trust, federal, and other funds, employee contributions, investment income, and other i…

(40 ILCS 5/14-132) (from Ch. 108 1/2, par. 14-132) (Text of Section WITH the changes made by P.A. 98-599, which has been held unconstitutional) Sec. 14-132. Obligations of State; funding guarantee. (a) The payment of the required department contributions, all allowances, annuitie…

(40 ILCS 5/14-132.2) Sec. 14-132.2. Payment into the General Obligation Retirement and Interest Fund. Notwithstanding any other law, on the first day of each month, or as soon thereafter as practical, the System shall pay over to the State for deposit into the General Obligation …

(40 ILCS 5/14-133) (from Ch. 108 1/2, par. 14-133) (Text of Section WITH the changes made by P.A. 98-599, which has been held unconstitutional) Sec. 14-133. Contributions on behalf of members. (a) Except as provided in subsection (a-5), each participating employee shall make cont…

(40 ILCS 5/14-133.1) (from Ch. 108 1/2, par. 14-133.1) Sec. 14-133.1. Pickup of contributions. (a) Each department shall pick up the employee contributions required by Section 14-133 for all compensation earned after December 31, 1981, and the contributions so picked up shall be …

(40 ILCS 5/14-133.5) (This Section was added by P.A. 98-599, which has been held unconstitutional) Sec. 14-133.5. 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 5/14-134) (from Ch. 108 1/2, par. 14-134) Sec. 14-134. Board created. The retirement system created by this Article shall be a trust, separate and distinct from all other entities. The responsibility for the operation of the system and for making effective this Article i…

(40 ILCS 5/14-134.1) (from Ch. 108 1/2, par. 14-134.1) Sec. 14-134.1. Board-elected members-vacancies. The 2 elected trustees shall be elected, beginning in 1986 and every 5 years thereafter, for a term of 5 years beginning July 15 next following their election. The trustees to b…

(40 ILCS 5/14-135) (from Ch. 108 1/2, par. 14-135) Sec. 14-135. Board's powers and duties. The board shall have the powers and duties stated in the Sections which succeed this Section and precede Section 14-136, in addition to the other powers and duties provided in this Article.…

(40 ILCS 5/14-135.01) (from Ch. 108 1/2, par. 14-135.01) Sec. 14-135.01. To establish an office and system of records. To establish an office or offices for the meetings of the board and for the administrative personnel; to provide for the installation of a complete and adequate …

(40 ILCS 5/14-135.02) (from Ch. 108 1/2, par. 14-135.02) Sec. 14-135.02. To hold meetings. To hold regular meetings at least quarterly in each year and such special meetings as may be deemed necessary. All meetings shall be open to the public. The board shall keep a record of all…

(40 ILCS 5/14-135.03) (from Ch. 108 1/2, par. 14-135.03) Sec. 14-135.03. To prescribe rules and administer system. To establish rules and regulations and formulate policy for proper operation of the system and the transaction of its business; to prescribe rules for the determinat…

(40 ILCS 5/14-135.04) (from Ch. 108 1/2, par. 14-135.04) Sec. 14-135.04. To pass on annuities. To consider and pass on all applications for annuities, allowances and benefits, and have examinations made of persons receiving disability benefits, at least once each year. (Source: P…

(40 ILCS 5/14-135.05) (from Ch. 108 1/2, par. 14-135.05) Sec. 14-135.05. To adopt actuarial tables. To adopt all necessary actuarial tables to be used in the operation of the system as prepared by the actuary, and compile such additional data as may be necessary for required actu…

(40 ILCS 5/14-135.06) (from Ch. 108 1/2, par. 14-135.06) Sec. 14-135.06. To have an audit and submit statements. To have the accounts of the system audited annually by a certified public accountant designated by the Auditor General; to submit an annual statement to the Governor a…

(40 ILCS 5/14-135.07) (from Ch. 108 1/2, par. 14-135.07) Sec. 14-135.07. To accept gifts. To accept any gift, grant or bequest of any money or securities for the purposes designated by the grantor, made with the specific purpose of providing cash benefits for some or all of the m…

(40 ILCS 5/14-135.08) (from Ch. 108 1/2, par. 14-135.08) Sec. 14-135.08. To certify required State contributions. (a) To certify to the Governor and to each department, on or before November 15 of each year until November 15, 2011, the required rate for State contributions to the…

(40 ILCS 5/14-135.09) (from Ch. 108 1/2, par. 14-135.09) Sec. 14-135.09. To obtain services. To obtain, pursuant to the "Personnel Code", approved July 18, 1955, as now or hereafter amended, an executive secretary, an actuary and such medical and other services as shall be requir…

(40 ILCS 5/14-135.10) (from Ch. 108 1/2, par. 14-135.10) Sec. 14-135.10. To subpoena witnesses. To compel witnesses to attend and testify before it upon any necessary matter concerning the System, and to allow reasonable fees to such witnesses for attendance at such meetings in a…

(40 ILCS 5/14-135.11) Sec. 14-135.11. To request information. To request from any member, annuitant, beneficiary, or employer such information as is necessary for the proper administration of the System. (Source: P.A. 99-450, eff. 8-24-15.)

(40 ILCS 5/14-136) (from Ch. 108 1/2, par. 14-136) Sec. 14-136. Executive Secretary. The Executive Secretary shall be the executive officer in charge of the administration of the detailed affairs of the system. He shall: (a) collect and receipt for all payments made to the system…

(40 ILCS 5/14-137) (from Ch. 108 1/2, par. 14-137) Sec. 14-137. Treasurer. The Treasurer of the State of Illinois shall be, ex-officio, the treasurer of the system. He shall: (a) act as official custodian of the cash and securities belonging to the system and provide adequate saf…

(40 ILCS 5/14-138) (from Ch. 108 1/2, par. 14-138) Sec. 14-138. Actuary. The Actuary shall be the technical advisor of the board on matters regarding the operation of the system. The actuary shall: (a) at least once every 3 years, make a general investigation of the mortality, re…

(40 ILCS 5/14-139) (from Ch. 108 1/2, par. 14-139) Sec. 14-139. Legal counsel. The Attorney General of the State shall be the legal advisor to the board. (Source: P.A. 80-841.)

(40 ILCS 5/14-140) (from Ch. 108 1/2, par. 14-140) Sec. 14-140. Duties of a department. Each department in the preparation of payroll vouchers covering payments of salary and wages to members for employment, shall indicate, for each employee who is a member of the system, in addi…

(40 ILCS 5/14-141) (from Ch. 108 1/2, par. 14-141) Sec. 14-141. Duties of Director of Central Management Services. The Director of Central Management Services in considering all payroll vouchers which are required under "An Act in relation to State finance", approved June 10, 191…

(40 ILCS 5/14-142) (from Ch. 108 1/2, par. 14-142) Sec. 14-142. Duties of Director of Central Management Services. The Director of Central Management Services in passing on payroll vouchers as required under the provisions of the "Personnel Code", approved July 18, 1955, as amend…

(40 ILCS 5/14-143) (from Ch. 108 1/2, par. 14-143) Sec. 14-143. Duties of State Comptroller. The State Comptroller shall draw warrants or prepare direct deposit transmittals upon the State Treasurer payable from the funds of this system for purposes provided for in this Article u…

(40 ILCS 5/14-144) (from Ch. 108 1/2, par. 14-144) Sec. 14-144. Authorizations. Members shall, by virtue of the payment of the contributions required to be paid to this system, receive a vested interest in their accumulated contributions in the system, and, in consideration of su…

(40 ILCS 5/14-145) (from Ch. 108 1/2, par. 14-145) Sec. 14-145. Retirement systems reciprocal act. The Retirement Systems Reciprocal Act, Article 20 of this Code, as now or hereafter amended, is adopted and made a part of this Article. (Source: P.A. 80-841.)

(40 ILCS 5/14-146) (from Ch. 108 1/2, par. 14-146) Sec. 14-146. Undivided interests. 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 othe…

(40 ILCS 5/14-147) (from Ch. 108 1/2, par. 14-147) Sec. 14-147. Annuities, etc. - Exempt. Except as provided in this Article, all moneys in the fund created by this Article, and all securities and other property of the System, and all annuities and other benefits payable under th…

(40 ILCS 5/14-147.5) Sec. 14-147.5. 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 5/14-147.6) Sec. 14-147.6. Accelerated pension benefit payment for a reduction in annual retirement annuity and survivor's annuity increases. (a) As used in this Section: "Accelerated pension benefit payment" means a lump sum payment equal to 70% of the difference of the…

(40 ILCS 5/14-148) (from Ch. 108 1/2, par. 14-148) Sec. 14-148. Fraud. Any person who knowingly makes any false statement, or falsifies or permits to be falsified any record of this system, in any attempt to defraud the system, is guilty of a Class A misdemeanor. (Source: P.A. 80…

(40 ILCS 5/14-148.1) Sec. 14-148.1. Mistake in benefit. If the System mistakenly sets any benefit at an incorrect amount, it shall recalculate the benefit as soon as may be practicable after the mistake is discovered. If the benefit was mistakenly set too low, the System shall ma…

(40 ILCS 5/14-148.5) Sec. 14-148.5. Indemnification of financial institution for recovery of overpayment. The System may indemnify a bank, savings and loan association, or other financial institution insured by an agency of the federal government as necessary to recover for the S…

(40 ILCS 5/14-149) (from Ch. 108 1/2, par. 14-149) Sec. 14-149. Felony conviction. None of the benefits herein provided for 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 benef…

(40 ILCS 5/14-150) (from Ch. 108 1/2, par. 14-150) Sec. 14-150. 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…

(40 ILCS 5/14-151) (from Ch. 108 1/2, par. 14-151) Sec. 14-151. 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: P.A. 80-…

(40 ILCS 5/14-152) (from Ch. 108 1/2, par. 14-152) Sec. 14-152. The amendments to Sections 14-123, 14-123.1 and 14-124 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 5/14-152.1) Sec. 14-152.1. Application and expiration of new benefit increases. (a) As used in this Section, "new benefit increase" means an increase in the amount of any benefit provided under this Article, or an expansion of the conditions of eligibility for any benefi…

(40 ILCS 5/14-152.2) Sec. 14-152.2. New benefit increases. The General Assembly finds and declares that the amendment to Section 14-104 made by this amendatory Act of the 95th General Assembly that allows members to establish creditable service for certain participation in the Un…

(40 ILCS 5/14-153.3) Sec. 14-153.3. Termination of plan. Upon plan termination, a member's interest in the pension fund will be nonforfeitable. (Source: P.A. 98-1117, eff. 8-26-14.)

(40 ILCS 5/14-155) Sec. 14-155. (Repealed). (Source: P.A. 98-599, eff. 6-1-14. Repealed by P.A. 100-23, eff. 7-6-17.)

(40 ILCS 5/14-156) Sec. 14-156. (Repealed). (Source: P.A. 98-599, eff. 6-1-14. Repealed by P.A. 100-23, eff. 7-6-17.)

(40 ILCS 5/15-101) (from Ch. 108 1/2, par. 15-101) Sec. 15-101. Creation of system. A retirement system is created to provide retirement annuities and other benefits for employees, as defined in this Article, and their dependents. The system shall be known and may be cited as Sta…

(40 ILCS 5/15-102) (from Ch. 108 1/2, par. 15-102) Sec. 15-102. Terms defined. The terms used in this Article shall have the meanings ascribed to them in Sections 15-103 through 15-198, except when the context otherwise requires. (Source: P.A. 98-92, eff. 7-16-13.)

(40 ILCS 5/15-103) (from Ch. 108 1/2, par. 15-103) Sec. 15-103. System. "System": The State Universities Retirement System. (Source: P.A. 83-1440.)

(40 ILCS 5/15-103.1) Sec. 15-103.1. Traditional Benefit Package. "Traditional benefit package": The defined benefit retirement program maintained under the System which includes retirement annuities payable directly from the System as provided in Sections 15-135 through 15-140 (b…