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Illinois Compiled Statutes

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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.

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40 ILCS 5/4-123

    (40 ILCS 5/4-123) (from Ch. 108 1/2, par. 4-123)
    Sec. 4-123. To control and manage the Pension Fund. In accordance with the applicable provisions of Articles 1 and 1A and this Article, to control and manage, exclusively, the following:
        (1) the pension fund,
        (2) until the board's investment authority is
terminated pursuant to Section 4-123.2, investment expenditures and income, including interest dividends, capital gains, and other distributions on the investments, and
        (3) all money donated, paid, assessed, or provided by
law for the pensioning of disabled and retired firefighters, their surviving spouses, minor children, and dependent parents.
    All money received or collected shall be credited by the treasurer of the municipality to the account of the pension fund and held by the treasurer of the municipality subject to the order and control of the board. The treasurer of the municipality shall maintain a record of all money received, transferred, and held for the account of the board.
(Source: P.A. 101-610, eff. 1-1-20.)