40 ILCS 5/ Illinois Pension Code.

(40 ILCS 5/22-503.2) (from Ch. 108 1/2, par. 22-503.2)

Sec. 22-503.2. (Repealed).

(Source: P.A. 83-861. Repealed by P.A. 90-507, eff. 8-22-97.)

(40 ILCS 5/22-504) (from Ch. 108 1/2, par. 22-504)

Sec. 22-504. (Repealed).

(Source: Laws 1963, p. 161. Repealed by P.A. 90-507, eff. 8-22-97.)

(40 ILCS 5/22-505) (from Ch. 108 1/2, par. 22-505)

Sec. 22-505. (Repealed).

(Source: P.A. 87-757. Repealed by P.A. 90-507, eff. 8-22-97.)

(40 ILCS 5/22-506) (from Ch. 108 1/2, par. 22-506)

Sec. 22-506. (Repealed).

(Source: P.A. 83-334. Repealed by P.A. 90-507, eff. 8-22-97.)

(40 ILCS 5/22-507) (from Ch. 108 1/2, par. 22-507)

Sec. 22-507. (Repealed).

(Source: P.A. 77-2560. Repealed by P.A. 90-507, eff. 8-22-97.)

(40 ILCS 5/22-508) (from Ch. 108 1/2, par. 22-508)

Sec. 22-508. (Repealed).

(Source: Laws 1963, p. 161. Repealed P.A. 90-507, eff. 8-22-97.)

(40 ILCS 5/22-509) (from Ch. 108 1/2, par. 22-509)

Sec. 22-509. (Repealed).

(Source: P.A. 81-691. Repealed by P.A. 90-507, eff. 8-22-97.)

(40 ILCS 5/Art. 22 Div. 6 heading) DIVISION 6. PENSION RIGHTS OF EMPLOYEES IN THE MILITARY OR NAVAL SERVICE

(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 the United States, or ordered to active duty in the military or naval forces of the State", approved March 26, 1941, and all subsequent amendments and modifications thereof, to the extent applicable, shall apply to preserve pension rights of employees subject to this Code.

(Source: Laws 1963, p. 2034.)

(40 ILCS 5/Art. 22 Div. 7 heading) DIVISION 7. ADDITIONAL PENSION PROVISION

(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 pension from the corporate fund of such city to any city employee who has served the city in an elective capacity for 18 or more years and who subsequently has served such city as an employee for a period of time which when added to the period of his service as an elective official aggregates a total service of 30 or more years, and who is not eligible for participation in any established pension fund or any established annuity and benefit fund, upon such employee reaching age 65 or more and whose service shall be terminated by resignation or otherwise.

(b) The pension herein authorized under paragraph (a) shall be an annual pension of 60% of the annual salary or compensation paid to such employee during the last year of his service, provided that such annual pension shall not exceed $1800.

(c) The pension herein authorized to be granted shall be paid to the person entitled in the same manner as his salary was paid during his last period of service by appropriations from moneys in the corporate fund of such city in the annual appropriation bill.

(Source: Laws 1963, p. 161.)

(40 ILCS 5/Art. 22 Div. 8 heading) DIVISION 8. COMMISSION ON GOVERNMENT FORECASTING AND ACCOUNTABILITY (Source: P.A. 96-328, eff. 8-11-09.)

(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 shall upon request provide the Commission with such information and other assistance as it may find necessary or useful for the performance of its duties.

(Source: P.A. 93-632, eff. 2-1-04; 93-1067, eff. 1-15-05.)

(40 ILCS 5/Art. 22 Div. 9 heading) DIVISION 9. GENERAL

(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 a part thereof.

(Source: Laws 1963, p. 161.)

(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 the retirement systems, together with mathematical functions derived from rates of probability combined with an interest discount factor that may be adopted by a board of trustees or retirement board upon recommendation of a qualified actuary based upon the experience of the pension fund or retirement system.

(Source: P.A. 77-1200.)

(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 option shall have his retirement annuity otherwise payable to him reduced by the actuarial equivalent of the amount required to provide the reversionary annuity according to the applicable ages of the member or participant and the reversionary annuity beneficiary.

The term "actuarial equivalent" shall mean an annuity or benefit of equal value to an annuity or benefit or accumulated contributions when computed according to the actuarial tables in effect for the pension fund or retirement system.

(Source: P.A. 77-1468.)

(40 ILCS 5/Art. 22 Div. 10 heading) DIVISION 10. REPORTING TO THE GENERAL ASSEMBLY ON THE STATE-ADMINISTERED RETIREMENT SYSTEMS

(40 ILCS 5/22-1001) (from Ch. 108 1/2, par. 22-1001)

Sec. 22-1001. Submission of information. By March 1 of each year, the retirement systems created under Articles 2, 14, 15, 16 and 18 of this Code shall each submit the following information to the Commission on Government Forecasting and Accountability:

(1) the most recent actuarial valuation computed using the projected unit credit actuarial cost method for retirement and ancillary benefits.

(2) a full disclosure of the provisions of the plan; economic, mortality, termination, and demographic assumptions used for the valuation; methods used to determine the actuarial values; the impact of significant changes in the actuarial assumptions and methods; the most recent experience review; and other information affecting the plan's actuarial status.

(3) the State's share of the amount necessary to fund the normal cost plus interest on the unfunded accrued liability for the next fiscal year as determined by the projected unit credit computations.

(4) a five-year history of the system's liabilities, assets (valued at cost), and unfunded liabilities.

(5) the July 1 market value of system assets and a five-year history of annual and annualized investment returns of the system's total portfolio and each segment of the portfolio; and

(6) measures of financial status, including ten-year trends of: unfunded liabilities, funded ratios, quick liability ratios, current reserves, and other solvency tests requested by the Commission.

For plan years ending prior to December 31, 1984, the historical data submitted by the retirement systems pursuant to items (4) and (6) above may be based on a cost method other than the projected unit credit actuarial cost method. In submitting the data, the retirement systems shall specify the method used.

(Source: P.A. 93-632, eff. 2-1-04; 93-1067, eff. 1-15-05.)

(40 ILCS 5/22-1002) (from Ch. 108 1/2, par. 22-1002)

Sec. 22-1002. Within 3 days of the Governor's submission of the State Budget, the Director of the Governor's Office of Management and Budget shall provide the Commission on Government Forecasting and Accountability with the recommendations for budgeted annual appropriations for each system as specified in the Governor's budget recommendations.

(Source: P.A. 93-632, eff. 2-1-04; 93-1067, eff. 1-15-05.)

(40 ILCS 5/22-1003) (from Ch. 108 1/2, par. 22-1003)

Sec. 22-1003. The Commission on Government Forecasting and Accountability shall receive the information specified in Section 22-1001 and Section 22-1002 of this Act. Commission staff shall examine the information and submit a report of the analysis thereof to the General Assembly. The report shall also include either an analysis of the effect of the different economic assumptions used by the 5 systems, or supplemental valuations using the same economic assumptions for all 5 systems. The Commission shall compare (1) each system's required actuarial funding computed using the projected unit credit actuarial cost method, and (2) the required State contribution levels established by Public Act 88-593. The report shall also identify the amount of the required funding for each system expected to come from (i) budgeted annual appropriations and (ii) continuing appropriations under the State Pension Funds Continuing Appropriation Act.

The Commission shall also compute multiple year projections showing the effect on system liabilities and the State's annual cost (1) if the systems were to be funded according to actuarial recommendations that the Commission deems reasonable, (2) if each system were to be funded according to recommendations made by the system's actuary, and (3) if the systems were to be funded according to the required State contribution levels established by Public Act 88-593; including (i) comparisons of State costs with projected benefit payments, payroll, and the general funds budget, and (ii) comparisons of unfunded liabilities, funded ratios, solvency tests, and projected reserves. The Commission may conduct additional analyses and projections as it deems useful.

(Source: P.A. 93-632, eff. 2-1-04; 93-1067, eff. 1-15-05.)

(40 ILCS 5/22-1004)

Sec. 22-1004. Commission on Government Forecasting and Accountability report on Articles 3 and 4 funds. Each odd numbered year, the Commission on Government Forecasting and Accountability shall analyze data submitted by the Public Pension Division of the Department of Insurance pertaining to the pension systems established under Article 3 and Article 4 of this Code. The Commission shall issue a formal report during such years, the content of which is, to the extent practicable, to be similar in nature to that required under Section 22-1003. In addition to providing aggregate analyses of both systems, the report shall analyze the fiscal status and provide forecasting projections for selected individual funds in each system. To the fullest extent practicable, the report shall analyze factors that affect each selected individual fund's unfunded liability and any actuarial gains and losses caused by salary increases, investment returns, employer contributions, benefit increases, change in assumptions, the difference in employer contributions and the normal cost plus interest, and any other applicable factors. In analyzing net investment returns, the report shall analyze the assumed investment return compared to the actual investment return over the preceding 10 fiscal years. The Public Pension Division of the Department of Insurance shall provide to the Commission any assistance that the Commission may request with respect to its report under this Section.

(Source: P.A. 103-426, eff. 8-4-23.)

(40 ILCS 5/Art. 22A heading) ARTICLE 22A. INVESTMENT BOARD (Source: P.A. 98-463, eff. 8-16-13.)