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90_HB0313sam002
SDS/90HB0313pam1/bkp
1 AMENDMENT TO HOUSE BILL 313
2 AMENDMENT NO. . Amend House Bill 313, with page and
3 line references to Senate Amendment No.1, on page 1, line 12,
4 by deleting "and 17-116.1" and inserting "17-106, 17-115,
5 17-116.1, 17-117, 17-117.1, 17-120, 17-122, 17-134, 17-146,
6 17-146.1 and 17-149"; and
7 on page 118 by inserting after line 30 the following:
8 "(40 ILCS 5/17-106) (from Ch. 108 1/2, par. 17-106)
9 Sec. 17-106. Contributor, member or teacher.
10 "Contributor", "member" or "teacher": All members of the
11 teaching force of the city, including principals, assistant
12 principals, the general superintendent of schools, deputy
13 superintendents of schools, associate superintendents of
14 schools, assistant and district superintendents of schools,
15 members of the Board of Examiners, all other persons whose
16 employment requires a teaching certificate issued by the
17 Board of Examiners, any educational, administrative,
18 professional, or other staff employed in a charter school
19 operating in compliance with the Charter Schools Law who is
20 certified under the law governing the certification of
21 teachers, and employees of the Board of Trustees, but
22 excluding persons contributing concurrently to any other
23 public employee pension system in Illinois or receiving
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1 retirement pensions under another Article of this Code
2 (unless the person's eligibility to participate in that other
3 pension system arises from the holding of an elective public
4 office, and the person has held that public office for at
5 least 10 years), persons employed on an hourly basis, and
6 persons receiving pensions from the fund who are employed
7 temporarily by the Board of Education for 100 75 days or less
8 in any school year and not on an annual basis.
9 In the case of a person who has been making contributions
10 and otherwise participating in this Fund prior to the
11 effective date of this amendatory Act of 1991, and whose
12 right to participate in the Fund is established or confirmed
13 by this amendatory Act, such prior participation in the Fund,
14 including all contributions previously made and service
15 credits previously earned by the person, are hereby
16 validated.
17 (40 ILCS 5/17-115) (from Ch. 108 1/2, par. 17-115)
18 Sec. 17-115. Eligibility for service retirement pension.
19 (a) The Board shall find a contributor eligible for
20 service retirement pension when he has:
21 (1) 1. Left the employment of the Board of
22 Education or the board after completing 5 or more years
23 of service, or has been retired compulsorily as a regular
24 teacher because of age.
25 (2) 2. Contributed to the fund the total sums
26 provided in this Article.
27 (3) 3. Contributed as a member of the teaching
28 force in the public schools of the City or to the State
29 Universities Retirement System or to the Teachers'
30 Retirement System of the State of Illinois during the
31 last 5 years of his term of service.
32 (4) 4. Filed a written application for pension.
33 (b) In computing the years of service for which annuity
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1 is granted, the following conditions shall apply:
2 (1) 1. No more than 10 years of teaching service in
3 public schools of the several states or in schools
4 operated by or under the auspices of the United States
5 shall be allowed. This maximum shall be reduced by the
6 service credit which is validated under paragraph (i) of
7 Section 15-113 and paragraph (3) of Section 16-127 of
8 this Code. Three-fifths of the term of service for which
9 an annuity is granted shall have been rendered in the
10 public schools of the city. No portion of any such
11 service shall be included in the total period of service
12 for which a pension is payable or paid by some other
13 public retirement system; provided that this shall not
14 apply to any benefit payable only after the teacher's
15 death or to any compensation or annuity paid by the Board
16 of Education after retirement from active service.
17 (2) 2. Up to No more than 5 years of military
18 active service, if preceded by service as a teacher under
19 this fund or under Article 16, shall be included in the
20 total period of service even though it can otherwise be
21 used in the computation of a pension or other benefit
22 provided for service in any branch of the armed forces of
23 the United States.
24 (Source: P.A. 83-803.)"; and
25 on page 121 by inserting after line 17 the following:
26 "(40 ILCS 5/17-117) (from Ch. 108 1/2, par. 17-117)
27 Sec. 17-117. Disability retirement pension.
28 (a) The conditions prescribed in items 1 and 2 in
29 Section 17-116 for computing service retirement pensions
30 shall apply in the computation of disability retirement
31 pensions.
32 (1) 1. Each teacher retired or retiring after 10
33 years of service and with less than 20 years of service
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1 because of permanent disability not incurred as a
2 proximate result of the performance of duty shall receive
3 a disability retirement pension equal to 1 2/3% of
4 average salary for each year of service.
5 (2) 2. If the total service is 20 years and less
6 than 25 years and the teacher's age is under 55, the
7 disability retirement pension shall equal a service
8 retirement pension discounted 1/2 of 1% for each month
9 the age of the contributor is less than 55 down to a
10 minimum age of 50 years, provided the disability
11 retirement pension so computed shall not be less than the
12 amount payable under paragraph 1.
13 (3) 3. If the total service is 20 years or more and
14 the teacher has attained age 55, and is under age 60, a
15 disability retirement pension shall equal a service
16 retirement pension without discount.
17 (4) 4. If the total service is 25 years or more
18 regardless of age, a disability pension shall equal a
19 service retirement pension without discount.
20 (5) 5. If the total service is 20 years or more and
21 the teacher is age 60 or over, a service retirement
22 pension shall be payable.
23 (b) For disability retirement pensions, the following
24 further conditions shall apply:
25 (1) 1. Written application shall be submitted
26 within 3 years from the date of separation.
27 (2) 2. The applicant shall submit to examination by
28 physicians appointed by the board within one year from
29 the date of their appointment.
30 (3) 3. Two physicians, appointed by the board,
31 shall declare the applicant to be suffering from a
32 disability which wholly and presumably permanently
33 incapacitates him for teaching or for service as an
34 employee of the board. In the event of disagreement by
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1 the physicians, a third physician, appointed by the
2 board, shall declare the applicant wholly and presumably
3 permanently incapacitated.
4 (c) Disability retirement pensions shall begin on the
5 effective date of resignation or the day following the close
6 of the payroll period for which credit was validated,
7 whichever is later.
8 (Source: P.A. 86-1488.)
9 (40 ILCS 5/17-117.1) (from Ch. 108 1/2, par. 17-117.1)
10 Sec. 17-117.1. Duty disability. A teacher who becomes
11 wholly and presumably permanently totally incapacitated for
12 duty while under age 65 as the proximate result of injuries
13 sustained or a hazardous condition encountered in the
14 performance and within the scope of his duties, if such
15 injury or hazard was not the result of his own negligence,
16 shall be entitled to a duty disability benefit, provided:
17 (1) application for the benefit is made to the
18 Board not more than 6 months after a final settlement or
19 an award from the Industrial Commission or within 6
20 months of the manifestation of an injury or illness that
21 can be traced directly to an injury or illness for which
22 a claim was filed with the Industrial Commission the
23 occurrence of an injury disability or 6 months after the
24 occurrence of disablement if an occupational disease;
25 (2) certification is received from 2 or more
26 physicians designated by the board that the teacher is
27 physically incapacitated for teaching service; and
28 (3) the teacher provides the Board with a copy of
29 the notice of the occurrence that was filed with the
30 Board of Education within the time provided by law
31 resulting in disability is filed with the board within 90
32 days of the date thereof.
33 The benefit shall be payable during disability and shall
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1 be 75% of the salary in effect at date of disability, payable
2 until the teacher's attainment of age 65. At such time if
3 disability still exists, the teacher shall become entitled to
4 a service retirement pension. Creditable service shall accrue
5 during the period the disability benefit is payable.
6 Before any action is taken by the board on an application
7 for a duty disability benefit, the teacher shall file a claim
8 with the Industrial Commission to establish that the
9 disability was incurred while the teacher was acting within
10 the scope of and in the course of his duties under the terms
11 of the Workers' Compensation or Occupational Diseases Acts,
12 whichever may be applicable. The benefit shall be payable
13 after a finding by the Commission that the claim was
14 compensable under either of the aforesaid Acts; but if such
15 finding is appealed the benefit shall be payable only upon
16 affirmance of the Commission's finding. After the teacher has
17 made timely application for a duty disability benefit
18 supported by the certificate of two or more physicians, he
19 shall be entitled to a disability retirement pension provided
20 in Section 17-117 of this Act until such time as the
21 Industrial Commission award finding that his disability is
22 duty-connected as provided in this Section becomes final.
23 Any amounts provided for the teacher under such Acts
24 shall be applied as an offset to the duty disability benefit
25 payable hereunder in such manner as may be prescribed by the
26 rules of the board.
27 (Source: P.A. 81-992.)
28 (40 ILCS 5/17-120) (from Ch. 108 1/2, par. 17-120)
29 Sec. 17-120. Reversionary pension. Any contributor, at
30 any time prior to retirement on a service retirement pension,
31 may exercise an option of taking a lesser amount of service
32 retirement pension and providing with the remainder of his
33 equity, determined on an actuarial equivalent basis, a
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1 reversionary pension benefit for any person named in a
2 written designation filed by the contributor with the board,
3 provided that the pension resulting from such election is not
4 less than $40 per month, or more than the reduced pension
5 payable after the exercise of the option. If the reduced
6 pension to the retired teacher is less than that provided for
7 a beneficiary, whether or not the aforesaid minimum amount is
8 payable, the election shall be void.
9 The pension to a beneficiary shall begin on the first day
10 of the month next following the month in which the retired
11 teacher dies.
12 If the beneficiary survives the date of retirement of the
13 teacher, but does not survive the retired teacher, no
14 reversionary pensions shall be payable, and no change shall
15 be made in the rate of pension granted previously to the
16 retired teacher if the reversionary annuity was elected prior
17 to January 1, 1984. If the reversionary annuity was elected
18 on or after January 1, 1984 and the beneficiary survives the
19 date of retirement of the teacher, but does not survive the
20 retired teacher, the teacher's service pension shall be
21 restored to the full service pension amount beginning on the
22 first day of the month next following the month in which the
23 beneficiary dies or on the effective date of this amendatory
24 Act of 1997, whichever occurs later, provided that the Board
25 adopts actuarial factors that take into account the
26 additional cost involved.
27 If the beneficiary dies after the such election but
28 before the retirement of the teacher, the election shall be
29 void. No change shall be permitted in the written
30 designation filed with the board.
31 In the case of a reversionary annuity elected on or after
32 January 1, 1984, no reversionary annuity shall be paid if the
33 teacher dies before the expiration of 730 days from the date
34 that a written designation was filed with the board, even
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1 though the teacher was receiving a reduced annuity.
2 Sections 1-103.1 and 17-157 do not apply to the changes
3 made to this Section by this amendatory Act of 1997.
4 (Source: P.A. 83-812.)
5 (40 ILCS 5/17-122) (from Ch. 108 1/2, par. 17-122)
6 Sec. 17-122. Survivor's and children's pensions - Amount.
7 Upon the death of a teacher who has completed at least 1 1/2
8 years of contributing service with either this Fund or the
9 State Universities Retirement System or the Teachers'
10 Retirement System of the State of Illinois, provided his
11 death occurred while (a) in active service covered by the
12 fund or during his first 18 months of continuous employment
13 without a break in service under any other participating
14 system as defined in the Illinois Retirement Systems
15 Reciprocal Act except the State Universities Retirement
16 System and the Teachers' Retirement System of the State of
17 Illinois, (b) on a creditable leave of absence, (c) on a
18 noncreditable leave of absence of no more than one year, or
19 (d) a pension was deferred or pending provided the teacher
20 had at least 10 years of validated service credit, or upon
21 the death of a pensioner otherwise qualified for such
22 benefit, the surviving spouse and unmarried minor children of
23 the deceased teacher under age 18 shall be entitled to
24 pensions, under the conditions stated hereinafter. Such
25 survivor's and children's pensions shall be based on the
26 average of the 4 highest consecutive years of salary in the
27 last 10 years of service or on the average salary for total
28 service, if total service has been less than 4 years,
29 according to the following percentages:
30 30% of average salary or 50% of the retirement pension
31 earned by the teacher, whichever is larger, subject to the
32 prescribed maximum monthly payment, for a surviving spouse
33 alone on attainment of age 50;
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1 60% of average salary for a surviving spouse and
2 eligible minor children of the deceased teacher.
3 If no eligible spouse survives, or the surviving spouse
4 remarries, or the parent of the children of the deceased
5 member is otherwise ineligible for a survivor's pension, a
6 children's pension for eligible minor children under age 18
7 shall be paid to their parent or legal guardian for their
8 benefit according to the following percentages:
9 30% of average salary for one child;
10 60% of average salary for 2 or more children.
11 On January 1, 1981, any survivor or child who was
12 receiving a survivor's or children's pension on or before
13 January 1, 1971, shall have his survivor's or children's
14 pension then being paid increased by 1% for each full year
15 which has elapsed from the date the pension began. On January
16 1, 1982, any survivor or child whose pension began after
17 January 1, 1971, but before January 1, 1981, shall have his
18 survivor's or children's pension then being paid increased 1%
19 for each full year which has elapsed from the date the
20 pension began. On January 1, 1987, any survivor or child
21 whose pension began on or before January 1, 1977, shall have
22 the monthly survivor's or children's pension increased by $1
23 for each full year which has elapsed since the pension began.
24 Beginning January 1, 1990, every survivor's and
25 children's pension shall be increased (1) on each January 1
26 occurring on or after the commencement of the pension if the
27 deceased teacher died while receiving a retirement pension,
28 or (2) in other cases, on each January 1 occurring on or
29 after the first anniversary of the commencement of the
30 pension, by an amount equal to 3% of the current amount of
31 the pension, including all increases previously granted under
32 this Article, notwithstanding Section 17-157. Such increases
33 shall apply without regard to whether the deceased teacher
34 was in service on or after the effective date of this
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1 amendatory Act of 1991, but shall not accrue for any period
2 prior to January 1, 1990.
3 Subject to the minimum established below, the maximum
4 amount of pension for a surviving spouse alone or one minor
5 child shall be $400 per month, and the maximum combined
6 pensions for a surviving spouse and children of the deceased
7 teacher shall be $600 per month, with individual pensions
8 adjusted for all beneficiaries pro rata to conform with this
9 limitation. If proration is unnecessary the minimum
10 survivor's and children's pensions shall be $40 per month.
11 The minimum total survivor's and children's pension payable
12 upon the death of a contributor or annuitant which occurs
13 after December 31, 1986, shall be 50% of the earned
14 retirement pension of such contributor or annuitant,
15 calculated without early retirement discount in the case of
16 death in service.
17 On death after retirement, the total survivor's and
18 children's pensions shall not exceed the monthly retirement
19 or disability pension paid to the deceased retirant.
20 Survivor's and children's benefits described in this Section
21 shall apply to all service and disability pensioners eligible
22 for a pension as of July 1, 1981.
23 (Source: P.A. 86-273; 86-1488.)
24 (40 ILCS 5/17-134) (from Ch. 108 1/2, par. 17-134)
25 Sec. 17-134. Contributions for leaves of absence;
26 military service; computing service. In computing service
27 for pension purposes the following periods of service shall
28 stand in lieu of a like number of years of teaching service
29 upon payment therefor in the manner hereinafter provided: (a)
30 time spent on sabbatical leaves of absence, sick leaves or
31 maternity or paternity leaves; (b) service with teacher or
32 labor organizations based upon special leaves of absence
33 therefor granted by the Board of Education; (c) a maximum of
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1 5 years spent in the military service of the United States,
2 of which up to 2 years may have been served outside the
3 pension period; (d) unused sick days at termination of
4 service to a maximum of 244 days; (e) time lost due to layoff
5 and curtailment of the school term from June 6 through June
6 21, 1976; and (f) time spent after June 30, 1982 as a member
7 of the Board of Education, if required to resign from an
8 administrative or teaching position in order to qualify as a
9 member of the Board of Education.
10 (1) 1. For time spent on or after September 6, 1948
11 on sabbatical leaves of absence or sick leaves, for which
12 salaries are paid, the Board of Education shall make
13 payroll deductions at the applicable rates in effect
14 during such periods.
15 (2) 2. For time spent on sabbatical or sick leaves
16 commencing on or after September 1, 1961, and for time
17 spent on maternity or paternity leaves, for which no
18 salaries are paid, teachers desiring credit therefor
19 shall pay the required contributions at the rates in
20 effect during such periods as though they were in
21 teaching service. If the Board of Education pays salary
22 for vacations which occur during a teacher's sick leave
23 or maternity or paternity leave without salary, vacation
24 pay for which the teacher would have qualified while in
25 active service shall be considered part of the teacher's
26 total salary for pension purposes. No more than 12 months
27 of sick leave or maternity or paternity leave credit may
28 be allowed any person during the entire term of service.
29 Sabbatical leave credit shall be limited to the time the
30 person on leave without salary under Board of Education
31 rules is allowed to engage in an activity for which he
32 receives salary or compensation.
33 (3) 3. For time spent prior to September 6, 1948,
34 on sabbatical leaves of absence or sick leaves for which
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1 salaries were paid, teachers desiring service credit
2 therefor shall pay the required contributions at the
3 maximum applicable rates in effect during such periods.
4 (4) 4. For service with teacher or labor
5 organizations authorized by special leaves of absence,
6 for which no payroll deductions are made by the Board of
7 Education, teachers desiring service credit therefor
8 shall contribute to the fund upon the basis of the actual
9 salary received from such organizations at the percentage
10 rates in effect during such periods for certified
11 positions with the Board of Education. To the extent the
12 actual salary exceeds the regular salary, which shall be
13 defined as the salary rate, as calculated by the board of
14 trustees, in effect for the teacher's regular position in
15 teaching service on September 1, 1983 or on the effective
16 date of the leave with the organization, whichever is
17 later, the organization shall pay to the fund the
18 employer's normal cost as set by the board of trustees on
19 the increment.
20 (5) 5. For time spent in the military service,
21 teachers entitled to and desiring credit therefor shall
22 contribute the amount required for each year of service
23 or fraction thereof at the rates in force (a) at the date
24 of appointment, or (b) on return to teaching service as a
25 regularly certified teacher, as the case may be; provided
26 such rates shall not be less than $450 per year of
27 service. These conditions shall apply unless the Board
28 of Education elects to and does pay into the fund the
29 amount which would have been due from such person had he
30 been employed as a teacher during such time. In the case
31 of credit for military service not during the pension
32 period, the teacher must also pay to the Fund an amount
33 determined by the board to be equal to the employer's
34 normal cost of the benefits accrued from such service,
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1 plus interest thereon at 5% per year, compounded
2 annually, from the date of appointment conclusion of the
3 military service to the date of payment.
4 The changes to this Section made by Public Act
5 87-795 this amendatory Act of 1991 shall apply not only
6 to persons who on or after its effective date are in
7 service under the Fund, but also to persons whose status
8 as a teacher terminated prior to that date, whether or
9 not the person is an annuitant on that date. In the case
10 of an annuitant who applies for credit allowable under
11 this Section for a period of military service that did
12 not immediately follow employment, and who has made the
13 required contributions for such credit, the annuity shall
14 be recalculated to include the additional service credit,
15 with the increase taking effect on the date the Fund
16 received written notification of the annuitant's intent
17 to purchase the credit, if payment of all the required
18 contributions is made within 60 days of such notice, or
19 else on the first annuity payment date following the date
20 of payment of the required contributions. In calculating
21 the automatic annual increase for an annuity that has
22 been recalculated under this Section, the increase
23 attributable to the additional service allowable under
24 this amendatory Act of 1991 shall be included in the
25 calculation of automatic annual increases accruing after
26 the effective date of the recalculation.
27 The total credit for military service shall not
28 exceed 5 years, except that any teacher who on July 1,
29 1963, had validated credit for more than 5 years of
30 military service shall be entitled to the total amount of
31 such credit.
32 (6) 6. A maximum of 244 unused sick days credited
33 to his account by the Board of Education on the date of
34 termination of employment. Members, upon verification of
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1 unused sick days, may add this service time to total
2 creditable service.
3 (7) 7. In all cases where time spent on leave is
4 creditable and no payroll deductions therefor are made by
5 the Board of Education, persons desiring service credit
6 shall make the required contributions directly to the
7 fund.
8 (8) 8. For time lost without pay due to layoff and
9 curtailment of the school term from June 6 through June
10 21, 1976, as provided in item (e) of the first paragraph
11 of this Section, persons who were contributors on the
12 days immediately preceding such layoff shall receive
13 credit upon paying to the Fund a contribution based on
14 the rates of compensation and employee contributions in
15 effect at the time of such layoff, together with an
16 additional amount equal to 12.2% of the compensation
17 computed for such period of layoff, plus interest on the
18 entire amount at 5% per annum from January 1, 1978 to the
19 date of payment. If such contribution is paid, salary
20 for pension purposes for any year in which such a layoff
21 occurred shall include the compensation recognized for
22 purposes of computing that contribution.
23 (9) 9. For time spent after June 30, 1982, as a
24 nonsalaried member of the Board of Education, if required
25 to resign from an administrative or teaching position in
26 order to qualify as a member of the Board of Education,
27 an administrator or teacher desiring credit therefor
28 shall pay the required contributions at the rates and
29 salaries in effect during such periods as though the
30 member were in service.
31 Effective September 1, 1974, the interest charged for
32 validation of service described in paragraphs (2) through (5)
33 sub-paragraphs 2 through 5 of this Section shall be
34 compounded annually at a rate of 5% commencing one year after
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1 the termination of the leave, or return to service.
2 (Source: P.A. 86-272; 86-1488; 87-794.)
3 (40 ILCS 5/17-146) (from Ch. 108 1/2, par. 17-146)
4 Sec. 17-146. To make investments. To invest the moneys
5 of the fund, subject to the requirements and restrictions set
6 forth in this Article and in Sections 1-109, 1-109.1,
7 1-109.2, 1-110, 1-111, 1-114 and 1-115. The total book value
8 of all stocks and convertible debt owned by the fund shall
9 not exceed 50% of the aggregate book value of all investments
10 of the fund, calculated on the basis of amortized cost.
11 No bank or savings and loan association shall receive
12 investment funds as permitted by this Section, unless it has
13 complied with the requirements established pursuant to
14 Section 6 of the Public Funds Investment Act. Those
15 requirements shall be applicable only at the time of
16 investment and shall not require the liquidation of any
17 investment at any time.
18 The board shall have the authority to enter into any
19 agreements and to execute any documents that it determines to
20 be necessary to complete any investment transaction.
21 All investments shall be clearly held and accounted for
22 to indicate ownership by the fund. The board may direct the
23 registration of securities or the holding of interests in
24 real property in the name of the fund or in the name of a
25 nominee created for the express purpose of registering
26 securities or holding interests in real property by a
27 national or state bank or trust company authorized to conduct
28 a trust business in the State of Illinois. The board may
29 hold title to interests in real property in the name of the
30 fund or in the name of a title holding corporation created
31 for the express purpose of holding title to interests in real
32 property.
33 Investments shall be carried at cost or at a book value
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1 determined in accordance with generally accepted accounting
2 principles and accounting procedures approved by the board.
3 No adjustments shall be made in investment carrying values
4 for ordinary current market price fluctuations, but reserves
5 may be provided to account for possible losses or unrealized
6 gains.
7 The book value of investments held by the fund in one or
8 more commingled investment accounts shall be determined in
9 accordance with generally accepted accounting principles the
10 cost of its units of participation in those commingled
11 account or accounts.
12 The board of trustees of any fund established under this
13 Article may not transfer its investment authority, nor
14 transfer the assets of the fund to any other person or entity
15 for the purpose of consolidating or merging its assets and
16 management with any other pension fund or public investment
17 authority, unless the board resolution authorizing such
18 transfer is submitted for approval to the contributors and
19 pensioners of the fund at elections held not less than 30
20 days after the adoption of such resolution by the board, and
21 such resolution is approved by a majority of the votes cast
22 on the question in both the contributors election and the
23 pensioners election. The election procedures and
24 qualifications governing the election of trustees shall
25 govern the submission of resolutions for approval under this
26 paragraph, insofar as they may be made applicable.
27 (Source: P.A. 89-636, eff. 8-9-96.)
28 (40 ILCS 5/17-146.1) (from Ch. 108 1/2, par. 17-146.1)
29 Sec. 17-146.1. Participation in commingled investment
30 funds; transfer of investment functions and securities.
31 (a) The retirement board may invest in any commingled
32 investment fund or funds established and maintained by the
33 Illinois State Board of Investment under the provisions of
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1 Article 22A of this Code. The book value of all commingled
2 equity participations plus the book value of other stock
3 investments owned by this system shall not exceed the maximum
4 permissible percentage rate for equity investments prescribed
5 in Section 17-146. All commingled fund participations shall
6 be subject to the law governing the Illinois State Board of
7 Investment and the rules, policies and directives of that
8 Board.
9 (b) The retirement board may, by resolution duly adopted
10 by a majority vote of its membership, transfer to the
11 Illinois State Board of Investment created by Article 22A of
12 this Code, for management and administration, all investments
13 owned by the Fund of every kind and character. Upon
14 completion of such transfer, the authority of the retirement
15 board to make investments shall terminate. Thereafter, all
16 investments of the reserves of the Fund shall be made by the
17 Illinois State Board of Investment in accordance with the
18 provisions of Article 22A of this Code.
19 Such transfer shall be made not later than the first day
20 of the fourth month next following the date of such
21 resolution. Before such transfer an audit of such investments
22 shall be completed by a certified public accountant selected
23 by the Illinois State Board of Investment and approved by the
24 Auditor General of the State of Illinois. The expense of such
25 audit shall be defrayed by the retirement board.
26 (Source: P. A. 78-645.)
27 (40 ILCS 5/17-149) (from Ch. 108 1/2, par. 17-149)
28 Sec. 17-149. Cancellation of pensions.
29 If any person receiving a service or disability
30 retirement pension from the fund is re-employed as a teacher
31 by the Board of Education, the pension shall be cancelled on
32 the date the re-employment begins, or on the first day of a
33 payroll period for which service credit was validated,
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1 whichever is earlier. However, beginning August 23, 1989,
2 the pension shall not be cancelled in case of a service
3 retirement pensioner who is temporarily re-employed for not
4 more than 100 75 days during any school year or on an hourly
5 basis and is not a contributor, provided the pensioner does
6 not receive salary in any school year of an amount more than
7 that payable to a substitute teacher for 100 75 days'
8 employment. A service retirement pensioner who is
9 temporarily re-employed for not more than 100 days during any
10 school year or on an hourly basis shall be entitled, at the
11 end of the school year, to a refund of any contributions made
12 to the fund during that school year.
13 If the pensioner does receive salary from the Board of
14 Education in any school year for more than 100 75 days'
15 employment and then is reinstated as a contributor to the
16 fund, the pensioner shall be deemed to have returned to
17 service on the first day of employment as a
18 pensioner-substitute. The pensioner shall reimburse the fund
19 for pension payments received after the return to service and
20 shall pay to the fund the participant's contributions
21 prescribed in Section 17-130 of this Article.
22 If the date of re-employment occurs within 5 school
23 months after the date of previous retirement, exclusive of
24 any vacation period, the member shall be deemed to have been
25 out of service only temporarily and not permanently retired.
26 Such person shall be entitled to pension payments for the
27 time he could have been employed as a teacher and received
28 salary, but shall not be entitled to pension for or during
29 the summer vacation prior to his return to service.
30 When the member again retires on pension, the time of
31 service and the money contributed by him during re-employment
32 shall be added to the time and money previously credited.
33 Such person must acquire 3 consecutive years of additional
34 contributing service before he may retire again on a pension
-19- SDS/90HB0313pam1/bkp
1 at a rate and under conditions other than those in force or
2 attained at the time of his previous retirement.
3 Notwithstanding Sections 1-103.1 and 17-157, the changes
4 to this Section made by this amendatory Act of 1997 shall
5 apply without regard to whether termination of service
6 occurred before the effective date of this amendatory Act and
7 shall apply retroactively to August 23, 1989.
8 (Source: P.A. 76-742.)".