Chapter 40, PENSIONS

(40 ILCS 5/7-173) (from Ch. 108 1/2, par. 7-173) Sec. 7-173. Contributions by employees. (a) Each participating employee shall make contributions to the fund as follows: 1. For retirement annuity purposes, normal contributions of 3 3/4% of earnings. 2. Additional contributions of…

(40 ILCS 5/7-173.1) (from Ch. 108 1/2, par. 7-173.1) Sec. 7-173.1. Additional contribution by sheriff's law enforcement employees. (a) Each sheriff's law enforcement employee shall make an additional contribution of 1% of earnings, which shall be considered as normal contribution…

(40 ILCS 5/7-173.2) (from Ch. 108 1/2, par. 7-173.2) Sec. 7-173.2. Pickup of employee contributions. (a) Until July 1, 1984, each participating municipality and each participating instrumentality may elect, for all of its employees, to pick up the employee contributions required …

(40 ILCS 5/7-174) (from Ch. 108 1/2, par. 7-174) (Text of Section before amendment by P.A. 104-634) Sec. 7-174. Board created. (a) A board of 8 members shall constitute a board of trustees authorized to carry out the provisions of this Article. Each trustee shall be a participati…

(40 ILCS 5/7-174.5) Sec. 7-174.5. Leaves of absence for trustees. Each participating municipality or instrumentality that employs an employee who is an elected trustee shall make available to the elected trustee at least 20 days of paid leave of absence per year for the purpose o…

(40 ILCS 5/7-175) (from Ch. 108 1/2, par. 7-175) Sec. 7-175. Board elections. (a) During the period beginning on August 1 and ending on September 15 of each year the board shall accept nominations of candidates for election to the trusteeships for terms beginning the next January…

(40 ILCS 5/7-175.1) (from Ch. 108 1/2, par. 7-175.1) Sec. 7-175.1. Election of employee and annuitant trustees. (a) The board shall prepare and send ballots and ballot envelopes to the employees and annuitants eligible to vote as of September of that year. The ballots shall conta…

(40 ILCS 5/7-176) (from Ch. 108 1/2, par. 7-176) Sec. 7-176. Board officers. The board shall elect from its members a president, vice president and secretary, to serve at the board's pleasure. They shall perform the duties designated by the board and serve without compensation. (…

(40 ILCS 5/7-177) (from Ch. 108 1/2, par. 7-177) Sec. 7-177. Board meetings. The board shall hold regular meetings at least 4 times in each year and such special meetings at such other times as may be called by the executive director upon written notice of at least 3 trustees. At…

(40 ILCS 5/7-178) (from Ch. 108 1/2, par. 7-178) Sec. 7-178. Board powers and duties. The board shall have the powers and duties stated in Sections 7-179 to 7-200, inclusive, in addition to such other powers and duties provided in this Article. (Source: Laws 1963, p. 161.)

(40 ILCS 5/7-179) (from Ch. 108 1/2, par. 7-179) Sec. 7-179. To authorize and suspend annuities. To authorize or suspend the payment of any annuity or benefit in accordance with this Article. (Source: Laws 1963, p. 161.)

(40 ILCS 5/7-180) (from Ch. 108 1/2, par. 7-180) Sec. 7-180. To prepare and approve budget. To prepare and approve, prior to the beginning of each calendar year, a budget of operating expenses for such year. (Source: Laws 1963, p. 161.)

(40 ILCS 5/7-181) (from Ch. 108 1/2, par. 7-181) Sec. 7-181. To subpoena witnesses. To compel witnesses to attend meetings and to testify upon any necessary matter concerning the fund and allow fees not in excess of $10 to any such witness for such attendance upon any one day. (S…

(40 ILCS 5/7-182) (from Ch. 108 1/2, par. 7-182) Sec. 7-182. To authorize municipality contribution rates and adopt actuarial tables and interest rates. To authorize municipality contribution rates and adopt actuarial tables and establish effective and prescribed rates of interes…

(40 ILCS 5/7-183) (from Ch. 108 1/2, par. 7-183) Sec. 7-183. To request information. To request such information from any participating or covered employee or from any participating or covered municipality or instrumentality thereof or participating instrumentality as is necessar…

(40 ILCS 5/7-184) (from Ch. 108 1/2, par. 7-184) Sec. 7-184. To determine prior service. To determine the length of prior service from such information as is available. Any such determination shall be conclusive as to any such period of service, unless the board reconsiders the c…

(40 ILCS 5/7-185) (from Ch. 108 1/2, par. 7-185) Sec. 7-185. To establish offices. To establish an office or offices with suitable space for meetings of the board and for use of the necessary administrative personnel. All books and records of the fund shall be kept in such office…

(40 ILCS 5/7-186) (from Ch. 108 1/2, par. 7-186) Sec. 7-186. To appoint executive director. To appoint an executive director to manage the office and carry out the technical administrative duties of the fund. (Source: Laws 1963, p. 161.)

(40 ILCS 5/7-187) (from Ch. 108 1/2, par. 7-187) Sec. 7-187. To appoint actuary. To appoint an actuary to perform all the necessary actuarial requirements of the fund. (Source: Laws 1963, p. 161.)

(40 ILCS 5/7-188) (from Ch. 108 1/2, par. 7-188) Sec. 7-188. To appoint investment counsel. To appoint such investment counsel as, in the opinion of the board, may be required from time to time. (Source: Laws 1963, p. 161.)

(40 ILCS 5/7-189) (from Ch. 108 1/2, par. 7-189) Sec. 7-189. To obtain additional services. To obtain by employment or by contract such additional actuarial services and such legal, medical, clerical or other services as is required for the efficient administration of the fund. (…

(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) (Text of Section before amendment by P.A. 104-810) 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 amou…

(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) (Text of Section before amendment by P.A. 104-810) 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 annu…

(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…