40 ILCS 5/19-109
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 19 - Closed Funds

 (from Ch. 108 1/2, par. 19-109)Sec. 19-109.         Membership on board ceases, when - Vacancies - Powers and  duties - Amount of annuities.Whenever any elective member of the board of trustees shall cease to be  in the employ of or to be a member of the board of inspectors of the house  of correction, or a beneficiary of the house of correction employees' fund,  his or her membership in the board of trustees shall cease. All vacancies  in the board of trustees shall be filled by a ballot as aforesaid.The board of trustees shall have power and it shall be its duty:1. To make all payments from the pension fund pursuant to the provisions  of this Division.2. To administer and invest, to purchase, hold, sell or assign and  transfer any part of the pension fund remaining in the hands of the  treasurer or any of the securities in which the fund, or any part thereof,  may be invested.3. To pay all necessary expenses in connection with the administration  of the fund and in carrying out the provisions of this Division for which  provisions are not otherwise made.4. To take by gift, grant or bequest, or otherwise, any money or  property of any kind and hold the same for the benefit of the fund.5. To make and establish all such rules for the transactions of its  business and such other rules, regulations and bylaws as may be necessary  for the proper administration of the fund committed to its charge, and the  performance of the duties imposed upon it.6. To see that there is no restitution of deductions from salaries after  the contributor has become eligible to an annuity under this Division.7. It shall keep full and complete records of its meetings and of the  receipts and disbursements on account of such fund, and also a complete  list of all contributors to the fund, and of all annuitants receiving  benefits therefrom, and such other records as in its judgment shall seem  necessary and shall make and publish annually a full and complete statement  of its financial transactions.8. The board shall hear and determine all applications for benefits  given under this Division, on account of disability and shall have power to  suspend any annuity given on account of disability whenever in its judgment  the disability of the beneficiary has ceased, or for any other good cause.9. Any contributor to the fund who is at least 55 years of age and who  has been in the service of the house of correction for a period of 25  years, and has contributed to the fund for the same period, shall have the  right to retire and become a beneficiary under this Division as follows:  Any such contributor who retires and becomes a beneficiary of this fund  after July 1, 1951, shall receive a benefit or annuity of 40% of salary per  annum; provided, if such contributor remains in the service until he serves  30 years or attains an age of 60 years, he shall receive a benefit or  annuity of 45% of salary; and provided further if such contributor remains  in the service until he serves 35 years or attains an age of 65 years, the  amount of such benefit shall be 50% of salary, as defined in this Division.  The annuities are to be paid in equal monthly installments, and in case of  insufficient funds in the treasury, the treasurer shall be empowered to pay  to the beneficiaries a pro rata amount of the sum in the treasury, such pro  rata amount to be divided equally among the beneficiaries entitled to the  same.Any contributor to the fund who has been in the service of the house of  correction for a period of more than 10 years but less than 25 years and  has contributed to the fund during his entire period of service shall have  a right to receive from this fund after the attainment of age 55 years an  annuity of an amount equal to 1/15 of the amount he would have received had  he remained a contributor to this fund until he had been in the service for  25 years, for each year of service over 10 years; provided, however, that  service for a period of 8 months in any 1 calendar year shall be considered  as a year of service for that year.Any male contributor to this fund who retires on annuity and at that  time is single and does not have a child or children under the age of 18  years, shall be entitled to receive a refund of the additional 2% which he  has contributed to this fund from and after the effective date of this  Amendatory Act.    (Source: Laws 1965, p. 937.)