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| | 102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB1562 Introduced 2/17/2021, by Rep. Emanuel Chris Welch SYNOPSIS AS INTRODUCED:
| | 40 ILCS 5/7-102 | from Ch. 108 1/2, par. 7-102 |
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Amends the Illinois Pension Code. Makes a technical change in a Section
concerning the Illinois Municipal Retirement Fund.
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| | | PENSION IMPACT NOTE ACT MAY APPLY | |
| | A BILL FOR |
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| | HB1562 | | LRB102 03593 RPS 13606 b |
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| 1 | | AN ACT concerning public employee benefits.
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| 2 | | Be it enacted by the People of the State of Illinois, |
| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Illinois Pension Code is amended by |
| 5 | | changing Section 7-102 as follows:
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| 6 | | (40 ILCS 5/7-102) (from Ch. 108 1/2, par. 7-102)
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| 7 | | Sec. 7-102. Purpose. The
The purpose of this fund is to |
| 8 | | provide a sound and
efficient system for
the payment of |
| 9 | | annuities and other benefits, in addition to the annuities
and |
| 10 | | benefits available, as herein provided, under the Federal |
| 11 | | Social
Security Act, to certain officers and employees, and to |
| 12 | | their
beneficiaries, of municipalities, as herein defined. |
| 13 | | It is the mission of this Fund to efficiently and |
| 14 | | impartially develop,
implement and administer programs that |
| 15 | | provide income protection to members
and their beneficiaries |
| 16 | | on behalf of participating employers in a prudent
manner.
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| 17 | | (Source: P.A. 87-740.)
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