reglab/housing_qa huggingface dataset:
40 ILCS 5/1-108
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 1 - General Provisions: Short Title, Effect Of Code And Other Provisions

 (from Ch. 108 1/2, par. 1-108)Sec. 1-108.         (a) In any proceeding commenced against an employee of a pension  fund, alleging a civil wrong arising out of any act or omission occurring  within the scope of the employee's pension fund employment, unless the court  or the jury finds that the conduct which gave rise to the claim was intentional,  wilful or wanton misconduct, the pension fund shall indemnify the employee  for any damages awarded and court costs and attorneys' fees assessed as  part of any final and unreversed judgment and any attorneys' fees, court  costs and litigation expenses incurred by the employee in defending the  claim.  In any such proceeding if a majority of the board or trustees who  are not a party to the action determine that the conduct which gave rise  to the claim was not intentional, wilful or wanton misconduct, the board  or trustees may agree to settlement of the proceeding and the pension fund  shall indemnify the employee for any damages, court costs and attorneys'  fees agreed to as part of the settlement and any attorneys' fees, court  costs and litigation expenses incurred in defending the claim.(b) No employee of a pension fund shall be entitled to indemnification  under this Section unless within 15 days after receipt by the employee of  service of process, he shall give written notice of such proceeding to the pension fund.(c) Each pension fund may insure against loss or liability of employees  which may arise as a result of these claims.  This insurance shall be carried  by a company authorized to provide such coverage in this State.(d) Nothing contained or implied in this Section shall operate, or be  construed or applied, to deprive the State or a pension fund, or any other  employee thereof, of any immunity or any defense heretofore available.(e) This Section shall apply regardless of whether the employee is sued  in his or her individual or official capacity.(f) This Section shall not apply to claims for bodily injury or damage  to property arising from motor vehicle accidents.(g) This Section shall apply to all proceedings filed on or after its  effective date, and to any proceeding pending on its effective date, if  the pension fund employee gives notice to the pension fund within 30 days  of the Act's effective date.    (Source: P.A. 80-1078.)
40 ILCS 5/1-109
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 1 - General Provisions: Short Title, Effect Of Code And Other Provisions

 (from Ch. 108 1/2, par. 1-109)Sec. 1-109. Duties of fiduciaries. A fiduciary with  respect to a retirement system or pension fund established  under this Code shall discharge his or her duties with respect to the  retirement system or pension fund solely in the interest of the participants  and beneficiaries and:(a) for the exclusive purpose of:(1) providing benefits to participants and their         beneficiaries; and(2) defraying reasonable expenses of         administering the retirement system or pension fund;(b) with the care, skill, prudence and diligence     under the circumstances then prevailing that a prudent man acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character with like aims;(c) by diversifying the investments of the retirement     system or pension fund so as to minimize the risk of large losses, unless under the circumstances it is clearly prudent not to do so; and(d) in accordance with the provisions of the Article     of this Code governing the retirement system or pension fund. (Source: P.A. 102-558, eff. 8-20-21.)
40 ILCS 5/1-109.2
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 1 - General Provisions: Short Title, Effect Of Code And Other Provisions

 (from Ch. 108 1/2, par. 1-109.2)Sec. 1-109.2.     Extent of Cofiduciary Duties.     (a) (1) Except to the extent  otherwise required in subsection (b) of this Section, a fiduciary of a  retirement  system or pension fund to whom a specified duty has not been allocated shall  not be responsible or liable for an act or omission, in connection with  that duty, by the fiduciary to whom that duty has been allocated, except  to the extent that the allocation, or the continuation thereof, is a violation  of Section 1-109 of this Code.  Nothing in this paragraph (1) shall be  construed  to relieve a fiduciary from responsibility or liability for any act by that  fiduciary.(2) Except to the extent otherwise required in subsection (b) of this  Section a fiduciary shall not be responsible or liable for an act or omission,  in connection with a specific fiduciary activity, by any other person who  has been designated to carry out that fiduciary activity, except to the  extent that the designation, or the continuation thereof at any time under  the circumstances then prevailing, is a violation of Section 1-109 of this  Code.  Nothing in this paragraph (2) shall be construed to relieve a fiduciary  from responsibility for any act by that fiduciary.(b) With respect to any retirement system or pension fund established under this Code:(1) Each trustee shall use reasonable care to prevent any other trustee  from committing a breach of duty; and(2) Subject to the provisions of Section 22A-113 of this Code, all trustees  shall jointly manage and control the assets of the retirement system or pension fund.Nothing in this subsection (b) shall be construed to attribute a duty to  a trustee which would be inconsistent with the appointment of, and delegation  of authority to, an investment manager in accordance with paragraph (a)  of Section 1-109.1 of this Code.    (Source: P.A. 82-960.)
40 ILCS 5/1-109.5
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 1 - General Provisions: Short Title, Effect Of Code And Other Provisions

Sec. 1-109.5. Prohibition on employment for board members. Except as otherwise provided in this Section and in accordance with Section 5-45 of the  State Officials and Employees Ethics Act, no individual who is a board member of a pension fund, investment board, or retirement system may be employed by that pension fund, investment board, or retirement system at any time during his or her service and for a period of 12 months after he or she ceases to be a board member.If a senior administrative staff position becomes vacant and no executive member of the staff is willing to accept the position, an individual serving as a board member may temporarily serve as an interim member of the senior administrative staff of the fund under the following conditions:(1) the senior administrative staff position is     vacant and the board is conducting and documenting a public search for a new permanent replacement who is not a member of the board of trustees of the fund;(2) a majority of the board of trustees of the fund     votes to designate a specific board member to serve in the senior administrative staff position;(3) the board-designated interim member of the senior     administrative staff does not receive any salary or benefits associated with the position;(4) the board-designated interim member of the senior     administrative staff serves for a period of not more than 6 months; and(5) the trustee vacates his or her position as a     trustee while serving as an interim member of the senior administrative staff. (Source: P.A. 102-603, eff. 1-1-22.)
40 ILCS 5/1-110.5
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 1 - General Provisions: Short Title, Effect Of Code And Other Provisions

Sec. 1-110.5. (Repealed).        (Source: P.A. 94-79, eff. 1-27-06. Repealed by P.A. 95-521, eff. 8-28-07.)
40 ILCS 5/1-110.17
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 1 - General Provisions: Short Title, Effect Of Code And Other Provisions

Sec. 1-110.17. Expiration of prohibited transactions. If, at least 4 years after the effective date of an amendatory Act that initially establishes a prohibited transaction under this Article, the Illinois Investment Policy Board concludes that divestment is no longer necessary due to achievement of the underlying goals of the amendatory Act establishing the prohibited transaction, changes in status surrounding the prohibited transactions, or other verifiable reasons, the Illinois Investment Policy Board may cease actions to require divestment, identify restricted companies, or prohibit transactions by a majority vote of the Illinois Investment Policy Board if: (1) no less than one year prior to the change in policy, the Illinois Investment Policy Board notifies, in writing, the General Assembly of the change in policy and lists the reasons for changing the policy; and (2) the General Assembly does not, before the change in policy, adopt a House Resolution or a Senate Resolution instructing the Illinois Investment Policy Board to not change the policy.  (Source: P.A. 102-118, eff. 7-23-21.)
40 ILCS 5/1-111
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 1 - General Provisions: Short Title, Effect Of Code And Other Provisions

 (from Ch. 108 1/2, par. 1-111)Sec. 1-111.     Ten Per Cent Limitation of Employer Securities.     A plan may  not acquire a security issued by an employer of employees covered by  the retirement system or pension fund, if immediately after such acquisition,  the aggregate fair market value of such employer securities held by the  retirement system or pension fund exceed 10 per cent of the fair market value  of the assets of the retirement system or pension fund.    (Source: P.A. 81-948.)
40 ILCS 5/1-113.1
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 1 - General Provisions: Short Title, Effect Of Code And Other Provisions

Sec. 1-113.1.         Investment authority of pension funds established under  Article 3 or 4.  The board of trustees of a police pension fund established  under Article 3 of this Code or firefighter pension fund established under  Article 4 of this Code shall draw pension funds from the treasurer of the  municipality and, beginning January 1, 1998, invest any part thereof in the  name of the board in the items listed in Sections 1-113.2 through 1-113.4  according to the limitations and requirements of this Article.  These  investments shall be made with the care, skill, prudence, and diligence that a  prudent person acting in like capacity and familiar with such matters would use  in the conduct of an enterprise of like character with like aims.Interest and any other income from the investments shall be credited to the  pension fund.For the purposes of Sections 1-113.2 through 1-113.11, the "net assets" of a  pension fund include both the cash and invested assets of the pension fund.    (Source: P.A. 90-507, eff. 8-22-97.)
40 ILCS 5/1-113.3
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 1 - General Provisions: Short Title, Effect Of Code And Other Provisions

Sec. 1-113.3.         List of additional permitted investments for pension funds  with net assets of $2,500,000 or more.(a) In addition to the items in Section  3-113.2, a pension fund established under Article 3 or 4 that has net assets of  at least $2,500,000 may invest a portion of its net assets in the following  items:(1) Separate accounts that are managed by life     insurance companies authorized to transact business in Illinois and are comprised of diversified portfolios consisting of common or preferred stocks, bonds, or money market instruments.(2) Mutual funds that meet the following requirements:(i) the mutual fund is managed by an investment         company as defined and registered under the federal Investment Company Act of 1940 and registered under the Illinois Securities Law of 1953;(ii) the mutual fund has been in operation for at         least 5 years;(iii) the mutual fund has total net assets of         $250 million or more; and(iv) the mutual fund is comprised of diversified         portfolios of common or preferred stocks, bonds, or money market instruments.(b) A pension fund's total investment in the items authorized under this  Section shall not exceed 35% of the market value of the pension fund's net  present assets stated in its most recent annual report on file with the  Illinois Department of Insurance.    (Source: P.A. 90-507, eff. 8-22-97.)
40 ILCS 5/1-113.4
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 1 - General Provisions: Short Title, Effect Of Code And Other Provisions

Sec. 1-113.4. List of additional permitted investments for pension funds  with net assets of $5,000,000 or more.(a) In addition to the items in Sections 1-113.2 and 1-113.3, a pension fund  established under Article 3 or 4 that has net assets of at least $5,000,000 and  has appointed an investment adviser under Section 1-113.5 may, through that  investment adviser, invest a portion of its assets in common and preferred  stocks authorized for investments of trust funds under the laws of the State  of Illinois.  The stocks must meet all of the following requirements:(1) The common stocks are listed on a national     securities exchange or board of trade (as defined in the federal Securities Exchange Act of 1934 and set forth in subdivision G of Section 3 of the Illinois Securities Law of 1953) or quoted in the National Association of Securities Dealers Automated Quotation System National Market System (NASDAQ NMS).(2) The securities are of a corporation created or     existing under the laws of the United States or any state, district, or territory thereof and the corporation has been in existence for at least 5 years.(3) The corporation has not been in arrears on     payment of dividends on its preferred stock during the preceding 5 years.(4) The market value of stock in any one corporation     does not exceed 5% of the cash and invested assets of the pension fund, and the investments in the stock of any one corporation do not exceed 5% of the total outstanding stock of that corporation.(5) The straight preferred stocks or convertible     preferred stocks are issued or guaranteed by a corporation whose common stock qualifies for investment by the board.(6) The issuer of the stocks has been subject to the     requirements of Section 12 of the federal Securities Exchange Act of 1934 and has been current with the filing requirements of Sections 13 and 14 of that Act during the preceding 3 years.(b) A pension fund's total investment in the items authorized under this  Section and Section 1-113.3 shall not exceed 35% of the market value of the  pension fund's net present assets stated in its most recent annual report on  file with the Illinois Department of Insurance.(c) A pension fund that invests funds under this Section shall  electronically file with the Division any reports of its investment activities  that the Division may require, at the times and in the format required by the  Division.  (Source: P.A. 100-201, eff. 8-18-17.)
40 ILCS 5/1-113.4a
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 1 - General Provisions: Short Title, Effect Of Code And Other Provisions

Sec. 1-113.4a. List of additional permitted investments for Article 3 and 4  pension funds with net assets of $10,000,000 or more.(a) In addition to the items in Sections 1-113.2 and 1-113.3, a pension fund established under Article 3 or 4 that has net assets of at least $10,000,000 and has appointed an investment adviser, as defined under Sections 1-101.4 and 1-113.5, may, through that investment adviser, invest an additional portion of its assets in common and preferred stocks and mutual funds.(b) The stocks must meet all of the following requirements:(1) The common stocks must be listed on a national     securities exchange or board of trade (as defined in the Federal Securities Exchange Act of 1934 and set forth in paragraph G of Section 3 of the Illinois Securities Law of 1953) or quoted in the National Association of Securities Dealers Automated Quotation System National Market System.(2) The securities must be  of a corporation in     existence for at least 5 years.(3) The market value of stock in any one corporation     may not exceed 5% of the cash and invested assets of the pension fund, and the investments in the stock of any one corporation may not exceed 5% of the total outstanding stock of that corporation.(4) The straight preferred stocks or convertible     preferred stocks must be issued or guaranteed by a corporation whose common stock qualifies for investment by the board.(c) The mutual funds must meet the following requirements:(1) The mutual fund must be managed by an investment     company registered under the Federal Investment Company Act of 1940 and registered under the Illinois Securities Law of 1953.(2) The mutual fund must have been in operation for     at least 5 years.(3) The mutual fund must have total net assets of     $250,000,000 or more.(4) The mutual fund must be comprised of a     diversified portfolio of common or preferred stocks, bonds, or money market instruments.(d) A pension fund's total investment in the items authorized under this Section and Section 1-113.3 shall not exceed 50% effective July 1, 2011 and 55% effective July 1, 2012 of the market value of the pension fund's net present assets stated in its most recent annual report on file with the Department of Insurance.(e) A pension fund that invests funds under this Section shall electronically file with the Division any reports of its investment activities that the Division may require, at the time and in the format required by the Division.  (Source: P.A. 96-1495, eff. 1-1-11.)
40 ILCS 5/1-113.6
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 1 - General Provisions: Short Title, Effect Of Code And Other Provisions

Sec. 1-113.6. Investment policies. Every board of trustees of a pension  fund shall adopt a written investment policy and file a copy of that policy  with the Department of Insurance within 30 days after its adoption.  Whenever a  board changes its investment policy, it shall file a copy of the new policy  with the Department within 30 days.The investment policy shall include a statement that material, relevant, and decision-useful sustainability factors have been or are regularly considered by the board, within the bounds of financial and fiduciary prudence, in evaluating investment decisions.  Such factors include, but are not limited to:  (1) corporate governance and leadership factors; (2) environmental factors; (3) social capital factors; (4) human capital factors; and (5) business model and innovation factors, as provided under the Illinois Sustainable Investing Act. (Source: P.A. 101-473, eff. 1-1-20.)
40 ILCS 5/1-113.8
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 1 - General Provisions: Short Title, Effect Of Code And Other Provisions

Sec. 1-113.8.     Limitations on banks and savings and loan associations.     A  bank or savings and loan association shall not receive investment funds from  a pension fund established under Article 3 or 4 of this Code, unless it has  complied with the requirements established under Section 6 of the Public Funds  Investment Act.  The limitations set forth in that Section 6 are applicable  only at the time of investment and do not require the liquidation of any  investment at any time.    (Source: P.A. 90-507, eff. 8-22-97.)
40 ILCS 5/1-113.9
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 1 - General Provisions: Short Title, Effect Of Code And Other Provisions

Sec. 1-113.9.     Illegal investments.       A person registered as a dealer, salesperson, or investment adviser under the  Illinois Securities Law of 1953 who sells a pension fund a security, or engages  in a transaction with a pension fund, that is not authorized by this Code,  shall be subject to the penalty provisions of Subsection E of Section 8 of the  Illinois Securities Law of 1953, if (1) the dealer, salesperson, or investment  adviser has discretionary authority or control over the fund's assets and has  acknowledged in writing that it is acting in a fiduciary capacity for the fund,  (2) the fund has requested the investment advice of the dealer, salesperson, or  investment adviser and has provided the dealer, salesperson, or investment  adviser with its investment policy, and the dealer, salesperson, or investment  adviser acknowledges in writing that the fund is relying primarily on the  investment advice of that dealer, salesperson, or investment adviser, or (3)  the dealer, salesperson, or investment adviser knows or has reason to know that  the fund is not capable of independently evaluating investment risk or  exercising independent judgment with respect to a particular securities  transaction, and nonetheless recommends that the fund engage in that  transaction.A bank or trust company authorized to conduct a trust business in Illinois or  a broker-dealer,  and any officer, director, or employee thereof, that advises or causes a  pension fund to make an investment or engages in a transaction not authorized  by this Code is subject to the penalty provisions of Article V of the Corporate  Fiduciary Act.    (Source: P.A. 90-507, eff. 8-22-97.)
40 ILCS 5/1-113.10
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 1 - General Provisions: Short Title, Effect Of Code And Other Provisions

Sec. 1-113.10.     Legality at time of investment.     The investment limitations  set forth in this Article  are applicable only at the time of investment and do  not require the liquidation of any investment at any time.  However, no  additional pension funds may be invested in any investment item while the  market value of the pension fund's investments in that item meets or exceeds  the applicable limitation.    (Source: P.A. 90-507, eff. 8-22-97.)
40 ILCS 5/1-113.11
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 1 - General Provisions: Short Title, Effect Of Code And Other Provisions

Sec. 1-113.11.     Rules.     The Department of Insurance is authorized to  promulgate rules that are necessary or useful for the administration and  enforcement of Sections 1-113.1 through 1-113.10 of this Article.    (Source: P.A. 90-507, eff. 8-22-97.)
40 ILCS 5/1-113.12
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 1 - General Provisions: Short Title, Effect Of Code And Other Provisions

Sec. 1-113.12. Application.(a) Except as provided in subsection (b) of this Section, Sections 1-113.1 through 1-113.10 apply only  to pension funds established under Article 3 or 4 of this Code.(b) Upon the transfer of the securities, funds, assets, and moneys of a transferor pension fund to a fund created under Article 22B or 22C, that pension fund shall no longer exercise any investment authority with respect to those securities, funds, assets, and moneys and Sections 1-113.1 through 113.10 shall not apply to those securities, funds, assets, and moneys.(Source: P.A. 101-610, eff. 1-1-20.)