093_HB0595eng

 
HB0595 Engrossed                     LRB093 04340 EFG 04389 b

 1        AN ACT in relation to pensions.

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

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

 6        (40 ILCS 5/7-102) (from Ch. 108 1/2, par. 7-102)
 7        Sec. 7-102.  Purpose of fund. The purpose of this fund is
 8    to provide a sound and efficient system for  the  payment  of
 9    annuities  and  other  benefits, in addition to the annuities
10    and benefits available, as herein provided, under the Federal
11    Social Security Act, to certain officers and  employees,  and
12    to 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.
17    (Source: P.A. 87-740.)