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Illinois Compiled Statutes
Information maintained by the Legislative Reference Bureau Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process. Recent laws may not yet be included in the ILCS database, but they are found on this site as Public Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the Guide. Because the statute database is maintained primarily for legislative drafting purposes, statutory changes are sometimes included in the statute database before they take effect. If the source note at the end of a Section of the statutes includes a Public Act that has not yet taken effect, the version of the law that is currently in effect may have already been removed from the database and you should refer to that Public Act to see the changes made to the current law.
PENSIONS (40 ILCS 5/) Illinois Pension Code. 40 ILCS 5/22-503.2
(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(Repealed).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 Repealed by P.A. 90-507, eff. 8-22-97.)
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40 ILCS 5/22-504
(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(Repealed).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 Repealed by P.A. 90-507, eff. 8-22-97.)
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40 ILCS 5/22-505
(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(Repealed).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 Repealed by P.A. 90-507, eff. 8-22-97.)
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40 ILCS 5/22-506
(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(Repealed).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 Repealed by P.A. 90-507, eff. 8-22-97.)
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40 ILCS 5/22-507
(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(Repealed).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 Repealed by P.A. 90-507, eff. 8-22-97.)
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40 ILCS 5/22-508
(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(Repealed).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 Repealed P.A. 90-507, eff. 8-22-97.)
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40 ILCS 5/22-509
(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(Repealed).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 Repealed by P.A. 90-507, eff. 8-22-97.)
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40 ILCS 5/Art. 22 Div. 6
(40 ILCS 5/Art. 22 Div. 6 heading)
DIVISION 6.
PENSION RIGHTS OF EMPLOYEES
IN THE MILITARY OR NAVAL SERVICE
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40 ILCS 5/22-601
(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.)
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40 ILCS 5/Art. 22 Div. 7
(40 ILCS 5/Art. 22 Div. 7 heading)
DIVISION 7.
ADDITIONAL PENSION PROVISION
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40 ILCS 5/22-701
(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.)
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40 ILCS 5/Art. 22 Div. 8
(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 (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.)
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40 ILCS 5/Art. 22 Div. 9
(40 ILCS 5/Art. 22 Div. 9 heading)
DIVISION 9.
GENERAL
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40 ILCS 5/22-901
(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 .)
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40 ILCS 5/22-901.1
(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.)
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40 ILCS 5/22-901.2
(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.)
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40 ILCS 5/Art. 22 Div. 10
(40 ILCS 5/Art. 22 Div. 10 heading)
DIVISION 10.
REPORTING TO THE GENERAL ASSEMBLY
ON THE STATE-ADMINISTERED RETIREMENT SYSTEMS
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40 ILCS 5/22-1001 (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.
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(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.
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(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.
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(4) a five-year history of the system's liabilities,
| | assets (valued at cost), and unfunded liabilities.
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(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
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(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.
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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.)
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40 ILCS 5/22-1002 (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.)
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40 ILCS 5/22-1003 (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.)
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40 ILCS 5/22-1004 (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
(40 ILCS 5/Art. 22A heading)
ARTICLE 22A. INVESTMENT BOARD
(Source: P.A. 98-463, eff. 8-16-13.) |
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