40 ILCS 5/ Illinois Pension Code.

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.

40 ILCS 5/12-164

(40 ILCS 5/12-164) (from Ch. 108 1/2, par. 12-164)

Sec. 12-164.

To appoint custodian.

To appoint annually a custodian of the fund; and to deposit all moneys
received or accruing to the fund with the custodian.

(Source: Laws 1963, p. 161.)

40 ILCS 5/12-165

(40 ILCS 5/12-165) (from Ch. 108 1/2, par. 12-165)

Sec. 12-165.

To manage fund.

To have exclusive control and management of all moneys, securities and
other property of said fund; and to defray the total cost of administration
of this Article by means of the tax levy authority provided herein.

(Source: Laws 1963, p. 161.)

40 ILCS 5/12-166

(40 ILCS 5/12-166) (from Ch. 108 1/2, par. 12-166)

Sec. 12-166.

To invest money.

To invest and reinvest the moneys of the
fund subject to the requirements and restrictions set forth in this Article
and in Sections 1-109, 1-109.1, 1-109.2, 1-110, 1-111, 1-114, and 1-115.

No investments shall be purchased or sold or in any manner hypothecated
except by the action of the board duly entered in the record of its
proceedings.

The board may hold, purchase, sell, assign, transfer or dispose of any
of the securities and investments in which any of the moneys of the fund
or the proceeds of those investments have been invested.

The board shall have the authority to enter into any agreements and to
execute any documents that it determines to be necessary to complete any
investment transaction.

All investments shall be clearly held and accounted for to indicate
ownership by the fund.  The board may direct the registration of
securities or the holding of interests in real property in the name of the
fund or in the name of a nominee created for the express purpose of
registering securities or holding interests in real property by a
national or state bank or trust company authorized to conduct a trust
business in the State of Illinois.  The board may hold title to interests
in real property in the name of the fund or in the name of a title
holding corporation created for the express purpose of holding title to
interests in real property.

Investments shall be carried at cost or at a value determined
in accordance with generally accepted accounting principles and accounting
procedures approved by the board.

No bank or savings and loan association shall receive investment funds
as permitted by this Section, unless it has complied with the requirements
established pursuant to Section 6 of the Public Funds Investment Act.
Those requirements shall be applicable only at the time of investment and
shall not require the liquidation of any investment at any time.

The board of trustees of any fund established under this Article may
not transfer its investment authority, nor transfer the assets of the fund
to any other person or entity for the purpose of consolidating or merging
its assets and management with any other pension fund or public investment
authority, unless the board resolution authorizing such transfer is submitted
for approval to the contributors and retirees of the fund at elections held
not less than 30 days after the adoption of such resolution by the board,
and such resolution is approved by a majority of the votes cast on the question
in both the contributors election and the retirees election.  The election
procedures and qualifications governing the election of trustees shall govern
the submission of resolutions for approval under this paragraph, insofar
as they may be made applicable.

(Source: P.A. 90-766, eff. 8-14-98.)