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

    Amends the Illinois Pension Code. Makes a technical change in a Section concerning the Illinois Municipal Retirement Fund.


LRB102 03593 RPS 13606 b

PENSION IMPACT NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB1562LRB102 03593 RPS 13606 b

1    AN ACT concerning public employee benefits.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Illinois Pension Code is amended by
5changing Section 7-102 as follows:
 
6    (40 ILCS 5/7-102)  (from Ch. 108 1/2, par. 7-102)
7    Sec. 7-102. Purpose. The The purpose of this fund is to
8provide a sound and efficient system for the payment of
9annuities and other benefits, in addition to the annuities and
10benefits available, as herein provided, under the Federal
11Social Security Act, to certain officers and employees, and to
12their beneficiaries, of municipalities, as herein defined.
13    It is the mission of this Fund to efficiently and
14impartially develop, implement and administer programs that
15provide income protection to members and their beneficiaries
16on behalf of participating employers in a prudent manner.
17(Source: P.A. 87-740.)