reglab/housing_qa huggingface dataset:
40 ILCS 5/7-201.1
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 7 - Illinois Municipal Retirement Fund

 (from Ch. 108 1/2, par. 7-201.1)Sec. 7-201.1.         Participation in commingled investment funds-Transfer of  investment functions and securities.(a) The retirement board may invest in any commingled investment fund or  funds established and maintained by the Illinois State Board of Investment  under the provisions of Article 22A of this Code. The book value of all  commingled equity participations plus the book value of other stock  investments owned by this system shall not exceed the maximum permissible  percentage rate for equity investments prescribed in Section 7-201. All  commingled fund participations shall be subject to the law governing the  Illinois State Board of Investment and the rules, policies and directives  of that Board.(b) The retirement board may, by resolution duly adopted by a majority  vote of its membership, transfer to the Illinois State Board of Investment  created by Article 22A of this Code, for management and administration, all  investments owned by the Fund of every kind and character. Upon completion  of such transfer, the authority of the retirement board to make investments  shall terminate. Thereafter, all investments of the reserves of the Fund  shall be made by the Illinois State Board of Investment in accordance with  the provisions of Article 22A of this Code.Such transfer shall be made not later than the first day of the fourth  month next following the date of such resolution. Before such transfer an  audit of such investments shall be completed by a certified public  accountant selected by the Illinois State Board of Investment and approved  by the Auditor General of the State of Illinois. The expense of such audit  shall be defrayed by the retirement board.    (Source: P.A. 78-645.)
40 ILCS 5/7-202
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 7 - Illinois Municipal Retirement Fund

 (from Ch. 108 1/2, par. 7-202)Sec. 7-202.     Accounts.         An adequate system of accounts shall be kept in accordance with  generally accepted accounting and sound actuarial principles. The accounts  and reserves designated in Section 7-203 to 7-208, inclusive, shall be  maintained.    (Source: Laws 1963, p. 161.)
40 ILCS 5/7-203
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 7 - Illinois Municipal Retirement Fund

 (from Ch. 108 1/2, par. 7-203)Sec. 7-203.     Employee reserves.Separate reserves shall be maintained for each participating employee in  such detail as is necessary to administer all benefits provided herein, and  to segregate accurately the separate liabilities of each participating  municipality and its instrumentalities, or of any participating  instrumentality, with respect to each participating employee.    (Source: Laws 1963, p. 161.)
40 ILCS 5/7-204
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 7 - Illinois Municipal Retirement Fund

 (from Ch. 108 1/2, par. 7-204)Sec. 7-204.     Municipality reserves.(a) Except as provided in paragraph (b) of this Section, each  participating municipality and its instrumentalities, and each  participating instrumentality, shall be treated as an independent unit  within the fund, except that if it has any sheriff's law enforcement  employees, it shall be treated as 2 independent units, one  for its sheriff's law enforcement employees and the second for its other  employees. Separate municipality reserves shall be maintained in such form  and detail as is necessary to show the net accumulated balances of each  municipality, created or arising under this Article.(b) In the event of termination and dissolution of any participating  municipality or participating instrumentality and its obligations are not  assumed or transferred by law to another municipality, any net debit or  credit balance remaining in the reserve account of such municipality, or  participating instrumentality, shall be transferred to a Terminated  Municipality Reserve Account which shall be used to fund any future  benefits of its employees arising out of service with the terminated  municipality or participating instrumentality.Any deficiency arising in the Terminated Municipality Reserve Account  shall be eliminated by a contribution by all remaining municipalities and  participating instrumentalities at a uniform percent of payroll, to be  determined, collected with other contributions required under Section 7-172.(c) The municipality reserve for each municipality or participating  instrumentality that has any sheriff's law enforcement  employees shall be divided into 2  reserves. A reserve for the sheriff's law enforcement employees shall be  allocated an amount in the same proportion to the total amount in reserve  as the total number of sheriff's law enforcement employees is to the total  participating employees of the municipality or participating  instrumentality  at that date. The remainder shall be  allocated to the reserve for other employees.    (Source: P.A. 87-740.)
40 ILCS 5/7-205.1
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 7 - Illinois Municipal Retirement Fund

 (from Ch. 108 1/2, par. 7-205.1)Sec. 7-205.1.     Reserves for Disability Benefits.A temporary and total and permanent disability benefit reserves shall be  created for payment of all temporary and total and permanent disability  benefits.1.  Amounts to fund the cost of total and permanent disability benefits  shall be established at the time such benefits are granted under actuarial  tables adopted by the Board upon recommendation of the Actuary of the Fund.  All total and permanent disability benefits payable shall be charged to  this reserved amount.2.  Temporary disability benefit payments shall be charged to the  disability reserve when made.3.  Amounts credited to the disability reserve shall be derived from  municipality contributions made pursuant to Section 7-172, paragraph (b),  subparagraph 3.4. The total and permanent disability reserve shall be revalued annually  as of December 31. Any adjustment required therein by such revaluation  shall be charged or credited to the earnings and experience variation  reserve.    (Source: P.A. 77-2121.)
40 ILCS 5/7-206
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 7 - Illinois Municipal Retirement Fund

 (from Ch. 108 1/2, par. 7-206)Sec. 7-206.     Death Reserve.     All death benefit payments shall be charged  to the Death Reserve, other than $3,000 death benefits paid after December  31, 1988 upon the death of an annuitant.  All  contributions for death purposes under Section 7-172(b)4 shall be  credited to the same reserve.  Whenever the balance in such reserve at the  close of a year exceeds 100% of the average annual charges to this account  during the 3 preceding calendar years, the basic actuarial assumptions upon  which municipality contribution rates for these purposes are based, shall  be reviewed and revised in such manner as is deemed necessary to reduce  such balance.     (Source: P.A. 89-136, eff. 7-14-95.)
40 ILCS 5/7-207.1
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 7 - Illinois Municipal Retirement Fund

 (from Ch. 108 1/2, par. 7-207.1)Sec. 7-207.1.     Reserve For Variation In Benefit Payments.     A Reserve for Variation in Benefit Payments may be established.1.  Credits to such Reserve shall consist of:(a) Any employee contributions,  not in excess of $10.00, received by  the Fund subsequent to claim for and payment of a separation refund,  provided, however, that upon request of any employee rightfully entitled  thereto the aforesaid amount shall be paid him from this Reserve.(b) Any benefit checks or warrants issued and outstanding more than  two years.(c) Any balances in Employee or Municipality Reserves that are not  properly creditable to those Reserves.2. Charges to such Reserve shall consist of:(a) Benefit claims properly payable under this Article, the reserves  for which have been previously transferred to this reserve or for which  no reserves exist.(b) Benefit overpayments deemed uncollectible by the Board.(c) Amount required to adjust employee or municipal reserves to  correct balance.    (Source: P.A. 81-1536.)
40 ILCS 5/7-208
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 7 - Illinois Municipal Retirement Fund

 (from Ch. 108 1/2, par. 7-208)Sec. 7-208.     Earnings and experience variation reserve.     One  earnings and experience variation reserve shall be maintained.  All other  accounts for this purpose shall be abolished upon the effective date of this  amendatory Act of 1995.  Moneys in abolished reserve accounts shall be  transferred to the earnings and experience variation reserve.  No more than  one-half of all interest income and earnings on investments of whatever type,  including realized gains on disposition of investments and unrealized  gains in market value, shall be credited thereto.  All investment earnings  expense of whatever type, including realized losses on disposition of  investments and unrealized losses in market value, shall be charged  thereto.  All administrative expenses directly relating to investments may be  charged thereto.  Excess or deficiencies in the annuity and disability reserves  shall be charged or credited to this reserve.  Whenever a balance exists in  such reserve, it shall be included in the basis used for determining the  effective interest rate.   The  balance in the reserve shall be distributed as of the end of each year, but a  contingency balance of not more than twice the projected interest requirement  for the next year may be maintained.  If the balance ever exceeds twice the projected requirement, the excess shall  be distributed to municipality reserves.If the Board determines that the funds available in this reserve, after  required transfers, will not be sufficient to provide administrative expenses  of the fund, the Board may include in the municipality contribution rate  authorized by Section 7-172 a percentage of earnings on the earnings of  all participating employees to provide an amount required for the  administrative expenses.Upon adoption of generally accepted accounting procedures that allow for  the recognition of unrealized gains or losses in market value, those gains or  losses shall be allocated to employer accounts including the earnings and  experience variation reserve in the same proportion those accounts were to  total assets prior to the implementation of market value accounting.    (Source: P.A. 89-136, eff. 7-14-95.)
40 ILCS 5/7-209
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 7 - Illinois Municipal Retirement Fund

 (from Ch. 108 1/2, par. 7-209)Sec. 7-209.     Earnings and Interest.(a) Balances at the beginning of each year which remain in employee  reserves at the end of the year shall be credited with interest annually at  the prescribed rate.(b) Municipality reserves shall be charged or credited, as the case may  be, with interest at the prescribed rate applied to the balance therein at  the beginning of the year.(c) Municipality accounts receivable shall be charged with interest at a  rate of 1/2% per month before July 1, 1984, and 1% per month thereafter  on the balance therein unpaid one month or more.  The  unpaid balance shall include charges established retroactively because of  failure of the municipality to report amounts which should be receivable.  Credit balances shall be disregarded in this calculation.(d) The annuity total and permanent disability reserves shall be  credited with interest at the prescribed rate at the end of each year. For  purposes of this computation, the prescribed rate shall be applied to the  balances therein at the beginning of the year.(e) Amounts credited or charged under subsection (a), (b), (c), or  (d) of  this Section shall be charged or credited to the earnings and experience  variation reserve.  Any remaining balance, in excess of the contingency  balance established, shall be transferred to the municipality reserves in  proportion to present values of the annuities of the annuitants of each  participating municipality and participating instrumentality plus the  balance in their municipality reserve.(f) The Board shall fix the rate of interest, to be charged on back,  retroactive, or reinstatement contributions.    (Source: P.A. 89-136, eff. 7-14-95.)
40 ILCS 5/7-211
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 7 - Illinois Municipal Retirement Fund

 (from Ch. 108 1/2, par. 7-211)Sec. 7-211. Authorizations.(a) Each participating municipality and instrumentality thereof and  each participating instrumentality shall:1. Deduct all normal and additional contributions and     contributions for federal Social Security taxes as required by the Social Security Enabling Act from each payment of earnings payable to each participating employee who is entitled to any earnings from such municipality or instrumentality thereof or participating instrumentality, and remit all normal and additional contributions immediately to the board; and2. Pay to the board contributions required by this     Article.(b) Each participating employee shall, by virtue of the payment of  contributions to this fund, receive a vested interest in the annuities  and benefits provided in this Article and in consideration of such vested  interest shall be deemed to have agreed and authorized the deduction from  earnings of all contributions payable to this fund in accordance with this  Article.(c) Payment of earnings less the amounts of contributions provided in  this Article and in the Social Security Enabling Act shall be a full  and complete discharge of all claims for payment for services rendered  by any employee during the period covered by any such payment.(d) Any covered annuitant may authorize the withholding of all or a portion  of his or her annuity, for the payment of premiums on group accident and health  insurance provided pursuant to Section 7-199.1.  The annuitant may revoke  this authorization at any time.  (Source: P.A. 96-1084, eff. 7-16-10.)
40 ILCS 5/7-212
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 7 - Illinois Municipal Retirement Fund

 (from Ch. 108 1/2, par. 7-212)Sec. 7-212.     Executive director.The executive director shall be in charge of the general administration  of the fund. He shall have such special powers and duties as may be  properly delegated or assigned by the board from time to time. Such general  administrative duties shall include: the computation of the amounts of  annuities, benefits, prior service credits and contributions required for  reinstatement of credits for board consideration; the processing of  approved benefit claims and expenses of administration for payment; the  placing of any and all matters before the board which require action or are  in the interest of the board or the fund; the preparation and maintenance  of necessary and proper records for administrative and actuarial purposes;  the conduct of any necessary or desirable communications in the course of  operations of the fund; and the carrying out of any actions of the board  which are so delegated.    (Source: P.A. 77-2121.)
40 ILCS 5/7-213
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 7 - Illinois Municipal Retirement Fund

 (from Ch. 108 1/2, par. 7-213)Sec. 7-213.     Actuary.The actuary shall be the technical advisor of the board and in addition  to general advice shall specifically be responsible for and shall:1.  Make a general investigation, at least once every 3 years, of the  experience of the participating municipalities and participating  instrumentalities as to mortality, disability, retirement, separation,  marital status of employees, marriage of surviving spouses, interest and  employee earnings rates and to make recommendations as a result of any such  investigation as to:a.  The actuarial tables to be used for computing annuities and benefits  and for determining the premiums for disability and death benefit purposes;b. The tables to be used in any regular actuarial valuations; andc. The prescribed rate of interest.2. Make the computations of municipality obligations, contribution rates  including annual valuations of the liabilities and reserves for present and  prospective annuities and benefits, and certify to the correctness thereof;3. Recommend the effective rate of interest to be applicable to each  year;4. Advise the board on any matters of an actuarial nature affecting the  fund.    (Source: P.A. 77-2121.)
40 ILCS 5/7-214
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 7 - Illinois Municipal Retirement Fund

 (from Ch. 108 1/2, par. 7-214)Sec. 7-214. Custodian. The Board shall appoint one or more custodians to receive and hold the assets of the Fund  on such terms as the Board may agree.  (Source: P.A. 99-8, eff. 7-9-15.)
40 ILCS 5/7-215
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 7 - Illinois Municipal Retirement Fund

 (from Ch. 108 1/2, par. 7-215)Sec. 7-215.     Retirement Systems Reciprocal Act.The "Retirement Systems Reciprocal Act", being Article 20 of this Code  as now enacted or hereafter amended is hereby adopted and made a part of  this Article. The additional cost of annuities resulting from awards made  under Section 20-122 of this Code, in excess of employee contributions made  under that Section, shall be financed by a uniform contribution rate paid  by all municipalities and participating instrumentalities with other  contributions under Section 7-172. If a person is qualified for an annuity  under such Act, the Fund may make payments of less than $10 per month,  notwithstanding the limitations set forth in this Article.    (Source: P.A. 78-896.)
40 ILCS 5/7-218
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 7 - Illinois Municipal Retirement Fund

 (from Ch. 108 1/2, par. 7-218)Sec. 7-218.     Compulsory retirement.No provision of this Article shall operate to cause compulsory  retirement of any employee, nor to give any employee any specific right to  remain in service. Separations and retirements from the service of a  municipality or participating instrumentality shall be made in accordance  with the currently existing practices of the respective municipalities and  participating instrumentalities.    (Source: Laws 1963, p. 161.)
40 ILCS 5/7-219
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 7 - Illinois Municipal Retirement Fund

 (from Ch. 108 1/2, par. 7-219)Sec. 7-219. Felony conviction.   None of the benefits provided for in this Article shall be paid to any  person who is convicted of any felony relating to or arising out of or in  connection with his service as an employee.None of the benefits provided for in this Article shall be paid to any person who otherwise would receive a survivor benefit who is convicted of any felony relating to or arising out of or in connection with the service of the employee from whom the benefit results.This Section shall not operate to impair any contract or vested right  heretofore acquired under any law or laws continued in this Article, nor to  preclude the right to a refund, and for the changes under this amendatory Act of the 100th General Assembly, shall not impair any contract or vested right acquired by a survivor prior to the effective date of this amendatory Act of the 100th General Assembly.All future entrants entering service subsequent to July 9, 1955 shall be  deemed to have consented to the provisions of this Section as a condition  of coverage, and all participants entering service subsequent to the effective date of this amendatory Act of the 100th General Assembly shall be deemed to have consented to the provisions of this amendatory Act as a condition of participation.  (Source: P.A. 100-334, eff. 8-25-17.)
40 ILCS 5/7-220
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 7 - Illinois Municipal Retirement Fund

 (from Ch. 108 1/2, par. 7-220)Sec. 7-220. Administrative review. The provisions of the Administrative Review Law, and all amendments and  modifications thereof and the rules adopted  pursuant thereto shall apply to and govern all proceedings for the judicial  review of final administrative decisions of the retirement board provided  for under this Article. The term "administrative decision" is as defined in  Section 3-101 of the Code of Civil Procedure. The venue for actions brought under the Administrative Review Law shall be any county in which the Board maintains an office or the county in which the member's employing participating municipality or participating instrumentality has its main office.   (Source: P.A. 96-1140, eff. 7-21-10; 97-933, eff. 8-10-12.)
40 ILCS 5/7-221
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 7 - Illinois Municipal Retirement Fund

 (from Ch. 108 1/2, par. 7-221)Sec. 7-221.     General provisions and savings clause.The provisions of Article 1 and Article 23 of this Code apply to this  Article as though such provisions were fully set forth in this Article as a  part thereof.    (Source: Laws 1963, p. 161.)
40 ILCS 5/7-222
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 7 - Illinois Municipal Retirement Fund

 (from Ch. 108 1/2, par. 7-222)Sec. 7-222.         Reduction of disability and survivor's benefits on  account of corresponding benefits payable under the Workers'  Compensation Act and the Workers' Occupational Diseases Act.  Whenever  any person is entitled to a disability or survivors benefit under this  Article and to benefits under the Workers' Compensation Act or the  Workers' Occupational Diseases Act in relation to the same injury or  disease, the monthly benefits payable under this Article shall be  reduced by the amount of any such benefits payable under either of those  Acts, except payments for medical, surgical and hospital services,  non-medical remedial care and treatment rendered in accordance with a  religious method of healing recognized by the laws of this State, and  for artificial members or appliances, and fixed statutory payments for  the loss of or the permanent and complete loss of the use of any bodily  member, provided that the monthly benefit payable under this Article  shall not be reduced to less than $10 per month.  If the benefits  deductible under this paragraph are stated in a weekly amount, the  monthly amount for the purposes of this Section shall be 4 1/3 times the  weekly amount.    (Source: P.A. 81-992.)
40 ILCS 5/7-223
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 7 - Illinois Municipal Retirement Fund

 (from Ch. 108 1/2, par. 7-223)Sec. 7-223.         The amendments to Sections 7-137, 7-146, 7-147, 7-150 and  7-151 of this Article (relating to attainment of age 70) made by this  amendatory Act of 1989 shall be retroactive to January 1, 1987.    (Source: P.A. 86-272.)