(40 ILCS 5/3-109) (from Ch. 108 1/2, par. 3-109)
Sec. 3-109. Persons excluded.
(a) The following persons shall not be eligible to participate in a fund
created under this Article:
(1) part-time police officers, special police |
| officers, night watchmen, temporary employees, traffic guards or so-called auxiliary police officers specially appointed to aid or direct traffic at or near schools or public functions, or to aid in civil defense, municipal parking lot attendants, clerks or other civilian employees of a police department who perform clerical duties exclusively;
|
|
(2) any police officer who fails to pay the
|
| contributions required under Section 3-125.1, computed (i) for funds established prior to August 5, 1963, from the date the municipality established the fund or the date of a police officer's first appointment (including an appointment on probation), whichever is later, or (ii) for funds established after August 5, 1963, from the date, as determined from the statistics or census provided in Section 3-103, the municipality became subject to this Article by attaining the minimum population or by referendum, or the date of a police officer's first appointment (including an appointment on probation), whichever is later, and continuing during his or her entire service as a police officer; and
|
|
(3) any person who has elected under Section 3-109.1
|
| to participate in the Illinois Municipal Retirement Fund rather than in a fund established under this Article, without regard to whether the person continues to be employed as chief of police or is employed in some other rank or capacity within the police department, unless the person has lawfully rescinded that election.
|
|
(b) A police officer who is reappointed shall, before being declared
eligible to participate in the pension fund, repay to the fund as required
by Section 3-124 any refund received thereunder.
(c) Any person otherwise qualified to participate who was
excluded from participation by reason of the age restriction removed by
Public Act 79-1165 may elect to participate by making a written application
to the Board before January 1, 1990. Persons so electing shall begin
participation on the first day of the month following the date of
application. Such persons may also elect to establish creditable service
for periods of employment as a police officer during which they did not
participate by paying into the police pension fund, before January 1, 1990,
the amount that the person would have contributed had deductions from
salary been made for such purpose at the time such service was rendered,
together with interest thereon at 6% per annum from the time such service
was rendered until the date the payment is made.
(d) A person otherwise qualified to participate who was excluded from
participation by reason of the fitness requirement removed by this amendatory
Act of 1995 may elect to participate by making a written application to the
Board before July 1, 1996. Persons so electing shall begin participation on
the first day of the month following the month in which the application is
received by the Board. These persons may also elect to establish creditable
service for periods of employment as a police officer during which they did not
participate by paying into the police pension fund, before January 1, 1997, the
amount that the person would have contributed had deductions from salary been
made for this purpose at the time the service was rendered, together with
interest thereon at 6% per annum, compounded annually, from the time the
service was rendered until the date of payment.
(e) A person employed by the Village of Shiloh who is otherwise qualified to participate and was excluded from
participation by reason of his or her failure to make written application to the Board within 3 months after receiving his or her first appointment or reappointment as required under Section 3-106 may elect to participate by making a written application to the
Board before July 1, 2008. Persons so electing shall begin participation on
the first day of the month following the month in which the application is
received by the Board. These persons may also elect to establish creditable
service for periods of employment as a police officer during which they did not
participate by paying into the police pension fund, before January 1, 2009, the
amount that the person would have contributed had deductions from salary been
made for this purpose at the time the service was rendered, together with
interest thereon at 6% per annum, compounded annually, from the time the
service was rendered until the date of payment. The Village of Shiloh must pay to the System the corresponding employer contributions, plus interest.
(f) A person who has entered into a personal services contract to perform police duties for the Village of Bartonville on or before the effective date of this amendatory Act of the 96th General Assembly may be appointed as an officer in the Village of Bartonville within 6 months after the effective date of this amendatory Act, but shall be excluded from participating under this Article.
(g) A person employed by the Village of Glen Carbon who is otherwise qualified to participate and was excluded from
participation by reason of his or her failure to make written application to the Board within 3 months after receiving his or her first appointment or reappointment as required under Section 3-106 may elect to participate by making a written application to the
Board before January 1, 2011. Persons so electing shall begin participation on
the first day of the month following the month in which the application is
received by the Board. These persons may also elect to establish creditable
service for periods of employment as a police officer during which they did not
participate by paying into the police pension fund, before July 1, 2011, (i) employee contributions that the person would have contributed had deductions from salary been
made for this purpose at the time the service was rendered, (ii) employer contributions that the employer would have contributed had deductions from salary been
made for this purpose at the time the service was rendered, plus (iii) interest on items (i) and (ii) at the actuarially assumed interest rate, compounded annually, from the time the
service was rendered until the date of payment.
(Source: P.A. 95-483, eff. 8-28-07; 96-775, eff. 8-28-09; 96-1252, eff. 7-23-10.)
|
(40 ILCS 5/3-109.3)
Sec. 3-109.3. Self-managed plan.
(a) Purpose. The General Assembly finds that it is
important for municipalities to be able to attract and retain the most
qualified police officers and that in order to attract and retain these police
officers, municipalities should have the flexibility to provide a defined
contribution plan as an alternative for eligible employees who elect not
to participate in a defined benefit retirement program provided under this
Article. Accordingly, a self-managed plan shall be provided, which shall offer
participating employees the opportunity to accumulate assets for retirement
through a combination of employee and employer contributions that may be
invested in mutual funds, collective investment funds, or other investment
products and used to purchase annuity contracts, either fixed or variable,
or a combination thereof. The plan must be qualified under the Internal
Revenue Code of 1986.
(b) Study by Commission; Adoption of plan.
The Illinois Pension Laws Commission (or its successor, the Commission on Government Forecasting and Accountability) shall study
and evaluate the creation
of a statewide self-managed plan for eligible employees under this Article.
The Commission shall report its findings and recommendations to the General
Assembly no later than January 1, 2002.
In accordance with the recommendations of the Commission and any action
taken by the General Assembly in response to those recommendations, a statewide
self-managed plan shall be adopted for eligible employees under this Article.
The self-managed plan shall take effect as specified in the plan, but in no
event earlier than July 1, 2002 or the date of its approval by the U.S.
Internal Revenue Service, whichever occurs later.
The self-managed plan shall include a plan document and shall provide for the
adoption of such rules and procedures as are necessary or desirable for the
administration of the self-managed plan. Consistent with fiduciary duty to the
participants and beneficiaries of the self-managed plan, it may provide for
delegation of suitable aspects of plan administration to companies authorized
to do business in this State.
(c) Selection of service providers and funding vehicles. The principal
administrator of the self-managed plan shall solicit proposals to provide
administrative services and funding vehicles for the self-managed plan from
insurance and annuity companies and mutual fund companies, banks, trust
companies, or other financial institutions authorized to do business in this
State. In reviewing the proposals received and approving and contracting with
no fewer than 2 and no more than 7 companies, the principal administrator shall
consider, among other things, the following criteria:
(1) the nature and extent of the benefits that would |
| be provided to the participants;
|
|
(2) the reasonableness of the benefits in relation to
|
|
(3) the suitability of the benefits to the needs and
|
| interests of the participating employees and the employer;
|
|
(4) the ability of the company to provide benefits
|
| under the contract and the financial stability of the company; and
|
|
(5) the efficacy of the contract in the recruitment
|
| and retention of employees.
|
|
The principal administrator shall periodically review each approved company.
A company may continue to provide administrative services and funding vehicles
for the self-managed plan only so long as it continues to be an approved
company under contract with the principal administrator.
(d) Employee Direction. Employees who are participating in the
program must be allowed to direct the transfer of their account balances among
the various investment options offered, subject to applicable contractual
provisions. The participant shall not be deemed a fiduciary by reason of
providing such investment direction. A person who is a fiduciary shall not be
liable for any loss resulting from such investment direction and shall not be
deemed to have breached any fiduciary duty by acting in accordance with that
direction. The self-managed plan does not guarantee any of the investments in
the employee's account balances.
(e) Participation. An eligible employee must make a written election in
accordance with the provisions of Section 3-109.2 and the procedures
established under the self-managed plan. Participation in the self-managed
plan by an eligible employee who elects to participate in the self-managed plan
shall begin on the first day of the first pay period following the later of the
date the employee's election is filed with the fund or the employer, but in no
event sooner than the effective date of the self-managed plan.
A police officer who has elected to participate in the self-managed plan
under this Section must continue participation while employed in an eligible
position, and may not participate in any other retirement program administered
by the municipality while employed as a police officer by that municipality.
Participation in the self-managed plan under this Section shall constitute
membership in an Article 3 pension fund.
(f) No Duplication of Service Credit. Notwithstanding any other provision
of this Article, a police officer may not purchase or receive service or
service credit applicable to any other retirement program administered by a
fund under this Article for any period during which the police officer was a
participant in the self-managed plan established under this Section.
(g) Contributions. The self-managed plan shall be funded by contributions
from participants in the self-managed plan and employer contributions as
provided in this Section.
The contribution rate for a participant in the self-managed plan under
this Section shall be a minimum of 10% of his or her salary. This required
contribution shall be made as an "employer pick-up" under Section 414(h) of
the Internal Revenue Code of 1986 or any successor Section thereof. An
employee may make additional contributions to the self-managed plan in
accordance with the terms of the plan.
The self-managed plan shall provide for employer contributions to be credited
to each self-managed plan participant at a rate of 10% of the participating
employee's salary, less the amount of the employer contribution used to provide
disability benefits for the employee. The amounts so credited shall be paid
into the participant's self-managed plan accounts in the manner prescribed by
the plan.
An amount of employer contribution, not exceeding 1.5% of the participating
employee's salary, shall be used for the purpose of providing disability
benefits to the participating employee. Prior to the beginning of each plan
year under the self-managed plan, the principal administrator shall determine,
as a percentage of salary, the amount of employer contributions to be allocated
during that plan year for providing disability benefits for employees in the
self-managed plan.
(h) Vesting; Withdrawal; Return to Service. A participant in the
self-managed plan becomes fully vested in the employer contributions credited
to his or her account in the self-managed plan on the earliest to occur of the
following:
(1) completion of 6 years of service with the
|
|
(2) the death of the participating employee while
|
| employed by the municipality, if the participant has completed at least 1.5 years of service.
|
|
A participant in the self-managed plan who receives a distribution of his or
her vested amounts from the self-managed plan upon or after termination of
employment shall forfeit all service credit and accrued rights in the fund of
his or her employer; if subsequently re-employed, the participant shall be
considered a new employee. If a former participant again becomes a
participating employee and continues as such for at least 2 years, all such
rights, service credit, and previous status as a participant shall be restored
upon repayment of the amount of the distribution without interest.
(i) Benefit amounts. If a participating employee who is fully vested in
employer contributions terminates employment, the participating employee shall
be entitled to a benefit which is based on the account values attributable to
both employer and employee contributions and any investment return thereon.
If a participating employee who is not fully vested in employer contributions
terminates employment, the employee shall be entitled to a benefit based on the
account values attributable to the employee's contributions and any investment
return thereon, plus the following percentage of employer contributions and any
investment return thereon: 20% after the second year; 40% after the third year;
60% after the fourth year; 80% after the fifth year; and 100% after the sixth
year. The remainder of employer contributions and investment return thereon
shall be forfeited. Any employer contributions
that are forfeited shall be held in escrow by the company investing those
contributions and shall be used as directed by the municipality for future
allocations of employer contributions or for the restoration of amounts
previously forfeited by former participants who again become participating
employees.
(Source: P.A. 93-632, eff. 2-1-04; 93-1067, eff. 1-15-05.)
|
(40 ILCS 5/3-110) (from Ch. 108 1/2, par. 3-110)
Sec. 3-110. Creditable service.
(a) "Creditable service" is the time served by a police officer as a member
of a regularly constituted police force of a municipality. In computing
creditable service furloughs without pay exceeding 30 days shall not be
counted, but all leaves of absence for illness or accident, regardless of
length, and all periods of disability retirement for which a police officer has
received no disability pension payments under this Article shall be counted.
(a-5) Up to 3 years of time during which the police officer receives
a disability pension under Section 3-114.1, 3-114.2, 3-114.3, or 3-114.6
shall be counted as creditable service, provided that
(i) the police officer returns to active service after the disability for a
period at least equal to the period for which credit is to be established and
(ii) the police officer makes contributions to the fund based on the rates
specified in Section 3-125.1 and the salary upon which the disability pension
is based. These contributions may be paid at any time prior to the
commencement of a retirement pension. The police officer may, but need not,
elect to have the contributions deducted from the disability pension or to
pay them in installments on a schedule approved by the board. If not
deducted from the disability pension, the contributions shall include
interest at the rate of 6% per year, compounded annually, from the date
for which service credit is being established to the date of payment. If
contributions are paid under this subsection (a-5) in excess of those
needed to establish the credit, the excess shall be refunded. This
subsection (a-5) applies to persons receiving a disability pension under
Section 3-114.1, 3-114.2, 3-114.3, or 3-114.6 on the effective date of this
amendatory Act of the 91st General Assembly, as well as persons who begin to
receive such a disability pension after that date.
(b) Creditable service includes all periods of service in the military,
naval or air forces of the United States entered upon while an active police
officer of a municipality, provided that upon applying for a permanent pension,
and in accordance with the rules of the board, the police officer pays into the
fund the amount the officer would have contributed if he or she had been a
regular contributor during such period, to the extent that the municipality
which the police officer served has not made such contributions in the
officer's behalf. The total amount of such creditable service shall not
exceed 5 years, except that any police officer who on July 1, 1973 had more
than 5 years of such creditable service shall receive the total amount thereof.
(b-5) Creditable service includes all periods of service in the military, naval, or air forces of the United States entered upon before beginning service as an active police officer of a municipality, provided that, in accordance with the rules of the board, the police officer pays into the fund the amount the police officer would have contributed if he or she had been a regular contributor during such period, plus an amount determined by the Board to be equal to the municipality's normal cost of the benefit, plus interest at the actuarially assumed rate calculated from the date the employee last became a police officer under this Article. The total amount of such creditable service shall not exceed 2 years. (c) Creditable service also includes service rendered by a police
officer while on leave of absence from a police department to serve as an
executive of an organization whose membership consists of members of a
police department, subject to the following conditions: (i) the police
officer is a participant of a fund established under this Article with at
least 10 years of service as a police officer; (ii) the police officer
received no credit for such service under any other retirement system,
pension fund, or annuity and benefit fund included in this Code; (iii)
pursuant to the rules of the board the police officer pays to the fund the
amount he or she would have contributed had the officer been an active
member of the police department; (iv) the organization pays a
contribution equal to the municipality's normal cost for that
period of service; and (v) for all leaves of absence under this subsection (c), including those beginning before the effective date of this amendatory Act of the 97th General Assembly, the police officer continues to remain in sworn status, subject to the professional standards of the public employer or those terms established in statute.
(d)(1) Creditable service also includes periods of |
| service originally established in another police pension fund under this Article or in the Fund established under Article 7 of this Code for which (i) the contributions have been transferred under Section 3-110.7 or Section 7-139.9 and (ii) any additional contribution required under paragraph (2) of this subsection has been paid in full in accordance with the requirements of this subsection (d).
|
|
(2) If the board of the pension fund to which
|
| creditable service and related contributions are transferred under Section 7-139.9 determines that the amount transferred is less than the true cost to the pension fund of allowing that creditable service to be established, then in order to establish that creditable service the police officer must pay to the pension fund, within the payment period specified in paragraph (3) of this subsection, an additional contribution equal to the difference, as determined by the board in accordance with the rules and procedures adopted under paragraph (6) of this subsection. If the board of the pension fund to which creditable service and related contributions are transferred under Section 3-110.7 determines that the amount transferred is less than the true cost to the pension fund of allowing that creditable service to be established, then the police officer may elect (A) to establish that creditable service by paying to the pension fund, within the payment period specified in paragraph (3) of this subsection (d), an additional contribution equal to the difference, as determined by the board in accordance with the rules and procedures adopted under paragraph (6) of this subsection (d) or (B) to have his or her creditable service reduced by an amount equal to the difference between the amount transferred under Section 3-110.7 and the true cost to the pension fund of allowing that creditable service to be established, as determined by the board in accordance with the rules and procedures adopted under paragraph (6) of this subsection (d).
|
|
(3) Except as provided in paragraph (4), the
|
| additional contribution that is required or elected under paragraph (2) of this subsection (d) must be paid to the board (i) within 5 years from the date of the transfer of contributions under Section 3-110.7 or 7-139.9 and (ii) before the police officer terminates service with the fund. The additional contribution may be paid in a lump sum or in accordance with a schedule of installment payments authorized by the board.
|
|
(4) If the police officer dies in service before
|
| payment in full has been made and before the expiration of the 5-year payment period, the surviving spouse of the officer may elect to pay the unpaid amount on the officer's behalf within 6 months after the date of death, in which case the creditable service shall be granted as though the deceased police officer had paid the remaining balance on the day before the date of death.
|
|
(5) If the additional contribution that is required
|
| or elected under paragraph (2) of this subsection (d) is not paid in full within the required time, the creditable service shall not be granted and the police officer (or the officer's surviving spouse or estate) shall be entitled to receive a refund of (i) any partial payment of the additional contribution that has been made by the police officer and (ii) those portions of the amounts transferred under subdivision (a)(1) of Section 3-110.7 or subdivisions (a)(1) and (a)(3) of Section 7-139.9 that represent employee contributions paid by the police officer (but not the accumulated interest on those contributions) and interest paid by the police officer to the prior pension fund in order to reinstate service terminated by acceptance of a refund.
|
|
At the time of paying a refund under this item (5),
|
| the pension fund shall also repay to the pension fund from which the contributions were transferred under Section 3-110.7 or 7-139.9 the amount originally transferred under subdivision (a)(2) of that Section, plus interest at the rate of 6% per year, compounded annually, from the date of the original transfer to the date of repayment. Amounts repaid to the Article 7 fund under this provision shall be credited to the appropriate municipality.
|
|
Transferred credit that is not granted due to failure
|
| to pay the additional contribution within the required time is lost; it may not be transferred to another pension fund and may not be reinstated in the pension fund from which it was transferred.
|
|
(6) The Public Pension Division of the Department of
|
| Insurance shall establish by rule the manner of making the calculation required under paragraph (2) of this subsection, taking into account the appropriate actuarial assumptions; the police officer's service, age, and salary history; the level of funding of the pension fund to which the credits are being transferred; and any other factors that the Division determines to be relevant. The rules may require that all calculations made under paragraph (2) be reported to the Division by the board performing the calculation, together with documentation of the creditable service to be transferred, the amounts of contributions and interest to be transferred, the manner in which the calculation was performed, the numbers relied upon in making the calculation, the results of the calculation, and any other information the Division may deem useful.
|
|
(e)(1) Creditable service also includes periods of
|
| service originally established in the Fund established under Article 7 of this Code for which the contributions have been transferred under Section 7-139.11.
|
|
(2) If the board of the pension fund to which
|
| creditable service and related contributions are transferred under Section 7-139.11 determines that the amount transferred is less than the true cost to the pension fund of allowing that creditable service to be established, then the amount of creditable service the police officer may establish under this subsection (e) shall be reduced by an amount equal to the difference, as determined by the board in accordance with the rules and procedures adopted under paragraph (3) of this subsection.
|
|
(3) The Public Pension Division of the Department of
|
| Insurance shall establish by rule the manner of making the calculation required under paragraph (2) of this subsection, taking into account the appropriate actuarial assumptions; the police officer's service, age, and salary history; the level of funding of the pension fund to which the credits are being transferred; and any other factors that the Division determines to be relevant. The rules may require that all calculations made under paragraph (2) be reported to the Division by the board performing the calculation, together with documentation of the creditable service to be transferred, the amounts of contributions and interest to be transferred, the manner in which the calculation was performed, the numbers relied upon in making the calculation, the results of the calculation, and any other information the Division may deem useful.
|
|
(4) Until January 1, 2010, a police officer who
|
| transferred service from the Fund established under Article 7 of this Code under the provisions of Public Act 94-356 may establish additional credit, but only for the amount of the service credit reduction in that transfer, as calculated under paragraph (3) of this subsection (e). This credit may be established upon payment by the police officer of an amount to be determined by the board, equal to (1) the amount that would have been contributed as employee and employer contributions had all of the service been as an employee under this Article, plus interest thereon at the rate of 6% per year, compounded annually from the date of service to the date of transfer, less (2) the total amount transferred from the Article 7 Fund, plus (3) interest on the difference at the rate of 6% per year, compounded annually, from the date of the transfer to the date of payment. The additional service credit is allowed under this amendatory Act of the 95th General Assembly notwithstanding the provisions of Article 7 terminating all transferred credits on the date of transfer.
|
|
(Source: P.A. 103-426, eff. 8-4-23.)
|
(40 ILCS 5/3-110.10) (Text of Section from P.A. 102-857)
Sec. 3-110.10. Transfer from Article 7. Until January 1, 2009, a person may transfer to a fund established under this Article up to 8 years of creditable service accumulated under Article 7 of this Code upon payment to the fund of an amount to be determined by
the board, equal to (i) the difference between the amount of
employee and employer contributions transferred to the fund
under Section 7-139.11 and the amounts that would have been contributed had such
contributions been made at the rates applicable to an employee under this Article, plus (ii) interest thereon at the actuarially assumed rate, compounded annually, from the date of service to the
date of payment.
No later than 6 months after July 23, 2021 (the effective date of Public Act 102-113), a person may transfer to a fund established under this Article creditable service accumulated under Article 7 of this Code for service as a sheriff's law enforcement employee, person employed by a participating municipality to perform police duties, or law enforcement officer employed on a full-time basis by a forest preserve district upon payment to the fund of an amount to be determined by the board, equal to (i) the difference between the amount of employee and employer contributions transferred to the fund under Section 7-139.14 and the amounts that would have been contributed had such contributions been made at the rates applicable to an employee under this Article, plus (ii) interest thereon at the actuarially assumed rate, compounded annually, from the date of service to the date of payment. No later than 6 months after the effective date of this amendatory Act of the 102nd General Assembly, a person may transfer to a fund established under this Article creditable service accumulated under Article 7 of this Code for service as a county correctional officer or as a person employed by a participating municipality to perform administrative duties related to law enforcement upon payment to the fund of an amount to be determined by the board, equal to (i) the difference between the amount of employee and employer contributions transferred to the fund under Section 7-139.14 and the amounts that would have been contributed had such contributions been made at the rates applicable to an employee under this Article, plus (ii) interest thereon at the actuarially assumed rate, compounded annually, from the date of service to the date of payment. (Source: P.A. 102-113, eff. 7-23-21; 102-857, eff. 5-13-22.) (Text of Section from P.A. 102-1061) Sec. 3-110.10. Transfer from Article 7. Until January 1, 2009, a person may transfer to a fund established under this Article up to 8 years of creditable service accumulated under Article 7 of this Code upon payment to the fund of an amount to be determined by
the board, equal to (i) the difference between the amount of
employee and employer contributions transferred to the fund
under Section 7-139.11 and the amounts that would have been contributed had such
contributions been made at the rates applicable to an employee under this Article, plus (ii) interest thereon at the actuarially assumed rate, compounded annually, from the date of service to the
date of payment.
No later than September 30, 2023, a person may transfer to a fund established under this Article creditable service accumulated under Article 7 of this Code for service as a sheriff's law enforcement employee, person employed by a participating municipality to perform police duties, law enforcement officer employed on a full-time basis by a forest preserve district, or person employed by a participating municipality or instrumentality to perform administrative duties related to law enforcement upon payment to the fund of an amount to be determined by the board, equal to (i) the difference between the amount of employee and employer contributions transferred to the fund under Section 7-139.14 and the amounts that would have been contributed had such contributions been made at the rates applicable to an employee under this Article, plus (ii) interest thereon at the actuarially assumed rate, compounded annually, from the date of service to the date of payment. (Source: P.A. 102-113, eff. 7-23-21; 102-1061, eff. 1-1-23 .) |
(40 ILCS 5/3-110.12) Sec. 3-110.12. Transfer to Article 4 fund. (a) At any time during the
6 months following the effective date of this Section, an active member of an Article 4 firefighters' pension fund may apply for transfer to that fund of up to 6 years of his or her creditable service accumulated
in the police pension fund under this Article that is administered by the same unit of local government if that active member was not subject to disciplinary action when he or she terminated employment with that police department. The creditable service shall be transferred upon payment by
the police pension fund to the Article 4 fund of an amount
equal to: (1) the amounts accumulated to the credit of the |
| applicant on the books of the fund on the date of transfer for the service to be transferred; and
|
|
(2) employer contributions in an amount equal to the
|
| amount determined under item (1); and
|
|
(3) any interest paid by the applicant in order to
|
|
Participation in the police pension fund with respect to the transferred creditable service shall terminate on the date of transfer.
(a-5) At any time during the
6 months following the effective date of this amendatory Act of the 102nd General Assembly, an active member of an Article 4 firefighters' pension fund may apply for transfer to that fund of up to 8 years of his or her creditable service accumulated
in a police pension fund under this Article that is administered by a unit of local government if that active member was not subject to disciplinary action when he or she terminated employment with that police department. The creditable service shall be transferred upon payment by
the police pension fund to the Article 4 fund of an amount
equal to:
(1) the amounts accumulated to the credit of the
|
| applicant on the books of the fund on the date of transfer for the service to be transferred; and
|
|
(2) employer contributions in an amount equal to the
|
| amount determined under item (1); and
|
|
(3) any interest paid by the applicant in order to
|
|
Participation in the police pension fund with respect to the transferred creditable service shall terminate on the date of transfer.
(b) At the time of applying for transfer of creditable service under this Section, an active member of an Article 4 firefighters' pension fund may, for the purpose of that transfer, reinstate creditable service that was
terminated by receipt of a refund, by payment to the police pension fund of the
amount of the refund with interest thereon at the rate of 6% per year,
compounded annually, from the date of the refund to the date of payment.
(Source: P.A. 102-63, eff. 7-9-21.)
|
(40 ILCS 5/3-111) (from Ch. 108 1/2, par. 3-111)
Sec. 3-111. Pension.
(a) A police officer age 50 or more with 20 or
more years of creditable service, who is not a participant in the
self-managed plan under Section 3-109.3 and who is no longer in service
as a police officer, shall receive a pension of 1/2 of the salary
attached to the rank held by the officer on the police force for one year
immediately prior to retirement or, beginning July 1, 1987 for persons
terminating service on or after that date, the salary attached to the rank
held on the last day of service or for one year prior to the last day,
whichever is greater. The pension shall be increased by 2.5%
of such salary for each additional year of service over 20 years of service
through 30 years of service, to a maximum of 75% of such
salary.
The changes made to this subsection (a) by this amendatory Act of the
91st General Assembly apply to all pensions that become payable under this
subsection on or after January 1, 1999. All pensions payable under this
subsection that began on or after January 1, 1999 and before the effective date
of this amendatory Act shall be recalculated, and the amount of the increase
accruing for that period shall be payable to the pensioner in a lump sum.
(a-5) No pension in effect on or granted after June 30, 1973 shall be
less than $200 per month. Beginning July 1, 1987, the minimum retirement
pension for a police officer having at least 20 years of creditable service
shall be $400 per month, without regard to whether or not retirement occurred
prior to that date.
If the minimum pension established in Section 3-113.1 is greater than the
minimum provided in this subsection, the Section 3-113.1 minimum controls.
(b) A police officer mandatorily retired from service
due to age by operation of law, having at least 8 but
less than 20 years of creditable service, shall receive a pension
equal to 2 1/2% of the salary attached to the rank he or she held on
the police force for one year immediately prior to retirement or,
beginning July 1, 1987 for persons terminating service on or after that
date, the salary attached to the rank held on the last day of service or
for one year prior to the last day, whichever is greater, for each
year of creditable service.
A police officer who retires or is separated from service having at least 8
years but less than 20 years of creditable service, who is not mandatorily
retired due to age by operation of law, and who does not apply for a refund of
contributions at his or her last separation from police service, shall receive
a pension upon attaining age 60 equal to 2.5% of the salary attached to the
rank held by the police officer on the police force for one year immediately
prior to retirement or, beginning July 1, 1987 for persons terminating service
on or after that date, the salary attached to the rank held on the last day of
service or for one year prior to the last day, whichever is greater, for each
year of creditable service.
(c) A police officer no longer in service who has at least one but less
than 8 years of creditable service in a police pension fund but meets the
requirements of this subsection (c) shall be eligible to receive a pension from
that fund equal to 2.5% of the salary attached to the rank held on the last day
of service under that fund or for one year prior to that last day, whichever is
greater, for each year of creditable service in that fund. The pension shall
begin no earlier than upon attainment of age 60 (or upon mandatory retirement
from the fund by operation of law due to age, if that occurs before age 60) and
in no event before the effective date of this amendatory Act of 1997.
In order to be eligible for a pension under this subsection (c), the police
officer must have at least 8 years of creditable service in a second police
pension fund under this Article and be receiving a pension under subsection (a)
or (b) of this Section from that second fund. The police officer need not be
in service on or after the effective date of this amendatory Act of 1997.
(d) Notwithstanding any other provision of this Article,
the provisions of this subsection (d) apply to a person who is not a participant in the self-managed plan under Section 3-109.3 and who first
becomes a police officer under this Article on or after January 1, 2011. A police officer age 55 or more who has 10 or more years of service in that capacity shall be entitled at his option to receive a monthly pension for his service as a police officer computed by multiplying 2.5% for each year of such service by his or her final average salary. The pension of a police officer who is retiring after attaining age 50 with 10 or more years of creditable service shall be reduced by one-half of 1% for each month that the police officer's age is under age 55. The maximum pension under this subsection (d) shall be 75%
of final average salary. For the purposes of this subsection (d), "final average salary" means the greater of: (i) the average monthly salary obtained by dividing the total salary of the police officer during the 48 consecutive months of service within the last 60 months of service in which the total salary was the highest by the number of months of service in that period; or (ii) the average monthly salary obtained by dividing the total salary of the police officer during the 96 consecutive months of service within the last 120 months of service in which the total salary was the highest by the number of months of service in that period. Beginning on January 1, 2011, for all purposes under
this Code (including without limitation the calculation of
benefits and employee contributions), the annual salary
based on the plan year of a member or participant to whom this Section applies shall not exceed $106,800; however, that amount shall annually thereafter be increased by the lesser of (i) 3% of that amount, including all previous adjustments, or (ii) the annual unadjusted percentage increase (but not less than zero) in the consumer price index-u for the 12 months ending with the September preceding each November 1, including all previous adjustments. Nothing in this amendatory Act of the 101st General Assembly shall cause or otherwise result in any retroactive adjustment of any employee contributions. (Source: P.A. 101-610, eff. 1-1-20.)
|
(40 ILCS 5/3-111.1) (from Ch. 108 1/2, par. 3-111.1)
Sec. 3-111.1. Increase in pension.
(a) Except as provided in subsection (e), the monthly pension of a
police officer who retires after July 1, 1971, and prior to January 1, 1986,
shall be increased, upon either the first of the month following the first
anniversary of the date of retirement if the officer is 60 years of age or over
at retirement date, or upon the first day of the month following attainment of
age 60 if it occurs after the first anniversary of retirement, by 3% of the
originally granted pension and by an additional 3% of the originally granted
pension in January of each year thereafter.
(b) The monthly pension of a police officer who retired from service
with 20 or more years of service, on or before July 1, 1971, shall be
increased in January of the year following the year of attaining age 65 or
in January of 1972, if then over age 65, by 3% of the originally granted
pension for each year the police officer received pension payments. In each
January thereafter, he or she shall receive an additional increase of 3% of
the original pension.
(c) The monthly pension of a police officer who retires on disability or
is retired for disability shall be increased in January of the year
following the year of attaining age 60, by 3% of the original grant of
pension for each year he or she received pension payments. In each January
thereafter, the police officer shall receive an additional increase of 3%
of the original pension.
(d) The monthly pension of a police officer who retires after January
1, 1986, shall be increased, upon either the first of the month following
the first anniversary of the date of retirement if the officer is 55 years
of age or over, or upon the first day of the month
following attainment of age 55 if it occurs after the first anniversary of
retirement, by 1/12 of 3% of the originally granted pension for each full
month that has elapsed since the pension began, and by an
additional 3% of the originally granted pension in January of each year
thereafter.
The changes made to this subsection (d) by this amendatory Act of the 91st
General Assembly apply to all initial increases that become payable under this
subsection on or after January 1, 1999. All initial increases that became
payable under this subsection on or after January 1, 1999 and before the
effective date of this amendatory Act shall be recalculated and the additional
amount accruing for that period, if any, shall be payable to the pensioner in a
lump sum.
(e) Notwithstanding the provisions of subsection (a), upon the first
day of the month following (1) the first anniversary of the date of
retirement, or (2) the attainment of age 55, or (3) July 1, 1987, whichever
occurs latest, the monthly pension of a police officer who retired on or after
January 1, 1977 and on or before January 1, 1986, and did not receive an
increase under subsection (a) before July 1, 1987, shall be increased by 3% of
the originally granted monthly pension for each full year that has elapsed
since the pension began, and by an additional 3% of the originally granted
pension in each January thereafter. The increases provided under this
subsection are in lieu of the increases provided in subsection (a).
(f) Notwithstanding the other provisions of this Section, beginning
with increases granted on or after July 1, 1993, the second and all
subsequent automatic annual increases granted under subsection (a), (b),
(d), or (e) of this Section shall be calculated as 3% of the amount of
pension payable at the time of the increase, including any increases
previously granted under this Section, rather than 3% of the originally
granted pension amount. Section 1-103.1 does not apply to this subsection
(f).
(g) Notwithstanding any other provision of this Article, the monthly pension of a
person who first becomes a police officer under this Article on or after January 1, 2011 shall be increased on the January 1 occurring either on or after the attainment of age 60 or the first anniversary of the pension start date, whichever is later. Each annual increase shall be calculated at 3% or one-half the annual unadjusted percentage increase (but not less than zero) in the consumer price index-u for the 12 months ending with the September preceding each November 1, whichever is less, of the originally granted pension. If the annual unadjusted percentage change in the consumer price index-u for a 12-month period ending in September is zero or, when compared with the preceding period, decreases, then the pension shall not be increased. For the purposes of this subsection (g), "consumer price index-u" means the index published by the Bureau of Labor Statistics of the United States Department of Labor that measures the average change in prices of goods and services purchased by all urban consumers, United States city average, all items, 1982-84 = 100. The new amount resulting from each annual adjustment shall be determined by the Public Pension Division of the Department of Insurance and made available to the boards of the pension funds. (Source: P.A. 96-1495, eff. 1-1-11.)
|
(40 ILCS 5/3-112) (from Ch. 108 1/2, par. 3-112)
Sec. 3-112. Pension to survivors.
(a) Upon the death of a police officer entitled to a pension under Section
3-111, the surviving spouse shall be entitled to the pension to which the
police officer was then entitled. Upon the death of the surviving spouse,
or upon the remarriage of the surviving spouse if that remarriage
terminates the surviving spouse's eligibility under Section 3-121, the police
officer's unmarried children who are under age 18 or who are dependent because
of physical or mental disability shall be entitled to equal shares of such
pension. If there is no eligible surviving spouse and no eligible child, the
dependent parent or parents of the officer shall be entitled to receive or
share such pension until their death or marriage or remarriage after the death
of the police officer.
Notwithstanding any other provision of this Article, for a person who first becomes a police officer under this Article on or after January 1, 2011, the pension to which the surviving spouse, children, or parents are entitled under this subsection (a) shall be in an amount equal to the greater of (i) 54% of the police officer's monthly salary at the date of death, or (ii) 66 2/3% of the police officer's earned pension at the date of death, and, if there is a surviving spouse, 12% of such monthly salary shall be granted to the guardian of any minor child or children, including a child who has been conceived but not yet born, for each such child until attainment of age 18. Upon the death of the surviving spouse leaving one or more minor children, or upon the death of a police officer leaving one or more minor children but no surviving spouse, a monthly pension of 20% of the monthly salary shall be granted to the duly appointed guardian of each such child for the support and maintenance of each such child until the child reaches age 18. The total pension provided under this paragraph shall not exceed 75% of the monthly salary of the deceased police officer (1) when paid to the survivor of a police officer who has attained 20 or more years of service credit and who receives or is eligible to receive a retirement pension under this Article, (2) when paid to the survivor of a police officer who dies as a result of illness or accident, (3) when paid to the survivor of a police officer who dies from any cause while in receipt of a disability pension under this Article, or (4) when paid to the survivor of a deferred pensioner. Nothing in this subsection (a) shall act to diminish the survivor's
benefits described in subsection (e) of this Section. Notwithstanding Section 1-103.1, the changes made to this subsection apply without regard to whether the deceased police officer was in service on or after the effective date of this amendatory Act of the 101st General Assembly. Notwithstanding any other provision of this Article, the monthly pension
of a survivor of a person who first becomes a police officer under this Article on or after January 1, 2011 shall be increased on the January 1 after attainment of age 60 by the recipient of the survivor's pension and
each January 1 thereafter by 3% or one-half the annual unadjusted percentage increase (but not less than zero) in the consumer price index-u for the 12 months ending with the September preceding each November 1, whichever is less, of the originally granted survivor's pension. If the annual unadjusted percentage change in
the consumer price index-u for a 12-month period ending in September is zero or, when compared with the preceding period, decreases, then the survivor's pension shall not
be increased. For the purposes of this subsection (a), "consumer price index-u" means the index published by the Bureau of Labor Statistics of the United States Department of Labor that measures the average change in prices of goods and services purchased by all urban consumers, United States city average, all items, 1982-84 = 100. The new amount resulting from each annual adjustment shall be determined by the Public Pension Division of the Department of Insurance and made available to the boards of the pension funds. (b) Upon the death of a police officer while in service, having at least
20 years of creditable service, or upon the death of a police officer who
retired from service with at least 20 years of creditable service, whether
death occurs before or after attainment of age 50, the pension earned by
the police officer as of the date of death as provided in Section 3-111
shall be paid to the survivors in the sequence provided in subsection (a)
of this Section.
(c) Upon the death of a police officer while in service, having at least
10 but less than 20 years of service, a pension of 1/2 of the salary attached
to the rank or ranks held by the officer for one year immediately
prior to death shall be payable to the survivors in the sequence provided
in subsection (a) of this Section. If death occurs as a result of the
performance of duty, the 10 year requirement shall not apply and the
pension to survivors shall be payable after any period of service.
(d) Beginning July 1, 1987, a minimum pension of $400 per month shall
be paid to all surviving spouses, without regard to the fact that the death
of the police officer occurred prior to that date.
If the minimum pension established in Section 3-113.1 is greater than the
minimum provided in this subsection, the Section 3-113.1 minimum controls.
(e) The pension of the surviving spouse of a police officer who dies (i)
on or after January 1, 2001, (ii) without having begun to receive either a
retirement pension payable under Section 3-111 or a disability pension payable
under Section 3-114.1, 3-114.2, 3-114.3, or 3-114.6, and (iii) as a result of
sickness, accident, or injury incurred in or resulting from the performance of
an act of duty shall not be less than 100% of the salary attached to the rank
held by the deceased police officer on the last day of service, notwithstanding
any provision in this Article to the contrary.
(Source: P.A. 101-610, eff. 1-1-20.)
|
(40 ILCS 5/3-113.1)
Sec. 3-113.1.
Minimum retirement, survivor, and disability pensions.
(a) Beginning January 1, 1999, the minimum retirement pension payable
to a police officer with 20 or more years of creditable service, the minimum
disability pension payable under Section 3-114.1, 3-114.2, 3-114.3, or
3-114.6,
and the minimum surviving spouse's pension shall be $600 per month, without
regard to whether the police officer was in service on or after the effective
date of this amendatory Act of the 91st General Assembly.
In the case of a pensioner whose pension began before the effective date
of this amendatory Act and is subject to increase under this subsection (a),
the pensioner shall be entitled to a lump sum payment of the amount of that
increase accruing from January 1, 1999 (or the date the pension began, if
later) to the effective date of this amendatory Act.
(b) Beginning January 1, 2000, the minimum retirement pension payable
to a police officer with 20 or more years of creditable service, the minimum
disability pension payable under Section 3-114.1, 3-114.2, 3-114.3, or
3-114.6,
and the minimum surviving spouse's pension shall be $800 per month, without
regard to whether the police officer was in service on or after the effective
date of this amendatory Act of the 91st General Assembly.
(c) Beginning January 1, 2001, the minimum retirement pension payable
to a police officer with 20 or more years of creditable service, the minimum
disability pension payable under Section 3-114.1, 3-114.2, 3-114.3, or
3-114.6,
and the minimum surviving spouse's pension shall be $1000 per month, without
regard to whether the police officer was in service on or after the effective
date of this amendatory Act of the 91st General Assembly.
(d) This Section does not grant a pension to any surviving spouse who
is not
otherwise eligible to receive a pension under this Article.
(e) No survivor benefits are payable to a participant in the self-managed
plan.
(Source: P.A. 91-466, eff. 8-6-99; 91-939, eff. 2-1-01.)
|
(40 ILCS 5/3-114.1) (from Ch. 108 1/2, par. 3-114.1)
Sec. 3-114.1.
Disability pension - Line of duty.
(a) If a police officer as the result of sickness, accident or injury
incurred in or resulting from the performance of an act of duty, is found to be
physically or mentally disabled for service in the police department, so as to
render necessary his or her suspension or retirement from the police service,
the police officer shall be entitled to a disability retirement pension equal
to the greatest of (1) 65% of the salary attached to the rank on the
police force held by the officer at the date of suspension of duty or
retirement, (2) the retirement pension that the police officer would be
eligible to receive if he or she retired (but not including any automatic
annual increase in that retirement pension), or (3) the pension provided
under subsection (d), if applicable.
A police officer shall be considered "on duty" while on any assignment
approved by the chief of the police department of the municipality he or she
serves, whether the assignment is within or outside the municipality.
(b) If a police officer on disability pension dies while still disabled,
the disability pension shall continue to be paid to his or her survivors in the
sequence provided in Section 3-112.
(c) From and after July 1, 1987, any pension payable under this
Section shall be at least $400 per month, without regard to the fact that
the disability or death of the police officer occurred prior to that date.
If the minimum pension established in Section 3-113.1 is greater than the
minimum provided in this Section, the Section 3-113.1 minimum controls.
(d) A disabled police officer who (1) is receiving a pension under this
Section
on the effective date of this amendatory Act of the 91st General Assembly, (2)
files with the Fund, within 30 days after that effective date and annually
thereafter while the pension remains payable, a written application for the
benefits of this subsection, including an affidavit stating that the applicant
has not earned any income from gainful employment during the most recently
concluded tax year and a copy of his or her most recent Illinois income tax
return, (3) has service credit in the Fund for at least 7 years of active duty,
and (4) has been receiving the pension under this Section for a period which,
when added to the officer's total service credit in the Fund, equals at least
20 years, shall be eligible to receive an annual noncompounded increase in his
or her pension under this Section, equal to 3% of the original pension.
The Fund may take appropriate steps to verify the applicant's disability
and earnings status, and for this purpose may request from the Department of
Revenue a certified copy of the applicant's Illinois income tax return for any
year for which a benefit under this Section is payable or has been paid.
The annual increase shall accrue on each anniversary of the initial pension
payment date, for so long as the pension remains payable to the disabled police
officer and the required annual application is made, except that the annual
increases under this subsection shall cease if the disabled police officer
earns income from gainful employment. Within 60 days after accepting an
initial application under this subsection, the Fund shall pay to the disabled
police officer, in a lump sum without interest, the amounts resulting from the
annual increases that have accrued retroactively.
This subsection is not limited to persons in active service on or after its
effective date, but it applies only to a pension that is payable under this
Section to a disabled police officer (rather than a survivor). Upon the death
of the disabled police officer, the annuity payable under this Section to his
or her survivors shall include any annual increases previously received, but no
additional increases shall accrue under this subsection.
(Source: P.A. 91-939, eff. 2-1-01.)
|
(40 ILCS 5/3-125) (from Ch. 108 1/2, par. 3-125)
Sec. 3-125. Financing. (a) The city council or the board of trustees of
the municipality shall annually levy a tax upon all
the taxable property of the municipality at the rate on the dollar which
will produce an amount which, when added to the deductions from the salaries
or wages of police officers, and revenues
available from other
sources, will equal a sum sufficient to meet
the annual requirements of the police pension fund. The annual
requirements to be provided by such tax levy are equal
to (1) the normal cost of the pension fund for the year involved, plus
(2) an amount sufficient to bring the total assets of the pension fund up to 90% of the total actuarial liabilities of the pension fund by the end of municipal fiscal year 2040, as annually updated and determined by an enrolled actuary employed by the Illinois Department of Insurance or by an enrolled actuary retained by the pension fund or the municipality. In making these determinations, the required minimum employer contribution shall be calculated each year as a level percentage of payroll over the years remaining up to and including fiscal year 2040 and shall be determined under the projected unit credit actuarial cost method. The tax shall be levied and
collected in the same manner as the general taxes
of the municipality, and in addition to all other taxes now or hereafter authorized to
be levied upon all property within the municipality, and shall be in
addition to the amount authorized to be levied for general purposes as
provided by Section 8-3-1 of the Illinois Municipal Code, approved May
29, 1961, as amended. The tax shall be forwarded directly to the treasurer of the board within 30 business days after receipt by the county.
(b) For purposes of determining the required employer contribution to a pension fund, the value of the pension fund's assets shall be equal to the actuarial value of the pension fund's assets, which shall be calculated as follows: (1) On March 30, 2011, the actuarial value of a |
| pension fund's assets shall be equal to the market value of the assets as of that date.
|
|
(2) In determining the actuarial value of the
|
| System's assets for fiscal years after March 30, 2011, any actuarial gains or losses from investment return incurred in a fiscal year shall be recognized in equal annual amounts over the 5-year period following that fiscal year.
|
|
(c) If a participating municipality fails to transmit to the fund contributions required of it under this Article for more than 90 days after the payment of those contributions is due, the fund may, after giving notice to the municipality, certify to the State Comptroller the amounts of the delinquent payments in accordance with any applicable rules of the Comptroller, and the Comptroller must, beginning in fiscal year 2016, deduct and remit to the fund the certified amounts or a portion of those amounts from the following proportions of payments of State funds to the municipality:
(1) in fiscal year 2016, one-third of the total
|
| amount of any payments of State funds to the municipality;
|
|
(2) in fiscal year 2017, two-thirds of the total
|
| amount of any payments of State funds to the municipality; and
|
|
(3) in fiscal year 2018 and each fiscal year
|
| thereafter, the total amount of any payments of State funds to the municipality.
|
|
The State Comptroller may not deduct from any payments of State funds to the municipality more than the amount of delinquent payments certified to the State Comptroller by the fund.
(d) The police pension fund shall consist of the following moneys which
shall be set apart by the treasurer of the municipality:
(1) All moneys derived from the taxes levied
|
|
(2) Contributions by police officers under Section
|
|
(2.5) All moneys received from the Police Officers'
|
| Pension Investment Fund as provided in Article 22B of this Code;
|
|
(3) All moneys accumulated by the municipality under
|
| any previous legislation establishing a fund for the benefit of disabled or retired police officers;
|
|
(4) Donations, gifts or other transfers authorized by
|
|
(e) The Commission on Government Forecasting and
Accountability shall conduct a study of all funds established
under this Article and shall report its findings to the General
Assembly on or before January 1, 2013. To the fullest extent possible, the study shall include, but not be limited to, the following:
(1) fund balances;
(2) historical employer contribution rates for each
|
|
(3) the actuarial formulas used as a basis for
|
| employer contributions, including the actual assumed rate of return for each year, for each fund;
|
|
(4) available contribution funding sources;
(5) the impact of any revenue limitations caused by
|
| PTELL and employer home rule or non-home rule status; and
|
|
(6) existing statutory funding compliance procedures
|
| and funding enforcement mechanisms for all municipal pension funds.
|
|
(Source: P.A. 101-610, eff. 1-1-20.)
|
(40 ILCS 5/3-125.1) (from Ch. 108 1/2, par. 3-125.1)
Sec. 3-125.1.
Contributions by police officers.
Each police officer
shall contribute to the pension fund the following percentages of salary
for the periods stated: Beginning July 1, 1909 and prior to July 23, 1943,
1% (except that prior to July 1, 1921 not more than one dollar per month
shall be deducted, and except that beginning July 1, 1921 and prior to July
1, 1927 not more than $2 per month shall be deducted); beginning July 23,
1943 and prior to July 20, 1949, 3%; beginning July 20, 1949 and prior to
July 17, 1959, 5%; beginning July 17, 1959 and prior to July 1, 1971, 7%;
beginning July 1, 1971 and prior to July 1, 1975, 7 1/2%; beginning
July 1, 1975 and prior to January 1, 1987, 8 1/2%; beginning
January 1, 1987 and prior to January 1, 2001, 9%; and beginning
January 1, 2001, 9.91%. Such sums shall be paid or deducted monthly.
Contribution to the self-managed plan shall be no less than 10% of
salary.
"Salary" means the annual salary, including longevity, attached to the
police officer's rank, as established by the municipality's appropriation
ordinance, including any compensation for overtime which is included in
the salary so established, but excluding any "overtime pay", "holiday
pay", "bonus pay", "merit pay", or any other cash benefit not included in
the salary so established.
(Source: P.A. 91-939, eff. 2-1-01.)
|
(40 ILCS 5/3-132) (from Ch. 108 1/2, par. 3-132)
Sec. 3-132. 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 3-132.1, 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 police officers, 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.)
|