HB1562 102ND GENERAL ASSEMBLY

LRB102 03593 RPS 13606 b

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.

PENSION IMPACT NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning public employee benefits.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Illinois Pension Code is amended by changing Section 7-102 as follows:

(40 ILCS 5/7-102) (from Ch. 108 1/2, par. 7-102)

Sec. 7-102. Purpose. The The purpose of this fund is to provide a sound and efficient system for the payment of annuities and other benefits, in addition to the annuities and benefits available, as herein provided, under the Federal Social Security Act, to certain officers and employees, and to their beneficiaries, of municipalities, as herein defined.

It is the mission of this Fund to efficiently and impartially develop, implement and administer programs that provide income protection to members and their beneficiaries on behalf of participating employers in a prudent manner.

(Source: P.A. 87-740.)