Illinois Pension Code Articles

Post

CTPF is created and administered in accordance with the Illinois Pension Code (40 ILCS 5/1-101 et seq.); you can access the Illinois Pension Code on the Illinois General Assembly website.

Articles of the Illinois Pension Code that apply to CTPF can be found below:

Article 1 – General Provisions

Article 1 provides information related to definitions, fiduciary duties, investments, prohibited transactions, Qualified Illinois Domestic Relations Orders, Tier II pensions (applicable to covered employees who started working on January 1, 2011, or after), and other information that generally applies to all pension funds and systems covered by the Illinois Pension Code.

Article 1A – Regulation of Public Pension Funds

Article 1A provides information related to definitions, Public Pension Division examinations, actuarial statements, normal cost, advisory services, reports to the Governor and the General Assembly, economic opportunity investments, annual statements, fees, penalties, and other information.

Article 17 – Public School Teachers’ Pension And Retirement Fund—Cities Of Over 500,000 Inhabitants

Article 17 provides information specific to CTPF, including definitions, Tier I, computation of service, eligibility, calculation of pension, refund of contributions, early retirement, disability pensions, survivor’s pensions, death benefits, optional increases in pension, employer contributions, member contributions, payroll deductions, outside and other service, cancellation of pensions, reemployment, board membership, board elections, board authority, and other information.

Article 20 – Retirement Systems Reciprocal Act

Article 20 provides information related to members that have reciprocal service in two or more participating systems under the Illinois Pension Code.