reglab/housing_qa huggingface dataset:
40 ILCS 5/22B-121
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 22B - The Police Officers' Pension Investment Fund

Sec. 22B-121. Management and direction of investments.(a) The board shall have the authority to manage the pension fund assets of the transferor pension funds for the purpose of obtaining a total return on investments for the long term.(b) The authority of the board to manage pension fund assets and the liability shall begin when there has been a physical transfer  of the pension fund assets to the Fund and placed in the custody of the Fund's custodian or custodians, as described in Section 22B-123.(c) The pension fund assets of the Fund shall be maintained in accounts held outside the State treasury.  Moneys in those accounts are not subject to administrative charges or chargebacks, including, but not limited to, those authorized under the State Finance Act.(d) The board may not delegate its management functions, but it may, but is not required to, arrange to compensate for personalized investment advisory service for any or all investments under its control with any national or state bank or trust company authorized to do a trust business and domiciled in Illinois, other financial institution organized under the laws of Illinois, or an investment advisor who is qualified under the federal Investment Advisers Act of 1940 and is registered under the Illinois Securities Law of 1953. Nothing contained in this Article prevents the board from subscribing to general investment research services available for purchase or use by others. The board shall also have the authority to compensate for accounting services.(e) This Section does not prohibit the board from directly investing pension fund assets in public market investments, private investments, real estate investments, or other investments authorized by this Code.   (Source: P.A. 101-610, eff. 1-1-20.)
40 ILCS 5/22B-122
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 22B - The Police Officers' Pension Investment Fund

Sec. 22B-122. Investment authority. The Fund shall have the authority to invest funds, subject to the requirements and restrictions set forth in Sections 1-109, 1-109.1, 1-109.2, 1-110, 1-111, 1-114, and 1-115 of this Code.The Fund shall not be subject to any of the limitations applicable to investments of pension fund assets by the transferor pension funds under Sections 1-113.1 through 1-113.12 or Article 3 of this Code. The Fund shall not, for purposes of Article 1 of this Code, be deemed to be a retirement system, pension fund, or investment board whose investments are restricted by Section 1-113.2 of this Code, and, as a result, the Fund shall be subject to the provisions of Section 1-109.1, including, but not limited to:  utilization of emerging investment managers; increasing racial, ethnic, and gender diversity of its fiduciaries; utilization of businesses owned by minorities, women, and persons with disabilities; utilization of minority broker-dealers; utilization of minority investment managers; and applicable reporting requirements.No bank or savings and loan association shall receive investment funds as permitted by this Section, unless it has complied with the requirements established pursuant to Section 6 of the Public Funds Investment Act. The limitations set forth in Section 6 of the Public Funds Investment Act shall be applicable only at the time of investment and shall not require the liquidation of any investment at any time.The Fund shall have the authority to enter into such agreements and to execute such documents as it determines to be necessary to complete any investment transaction.All investments shall be clearly held and accounted for to indicate ownership by the Fund. The Fund may direct the registration of securities in its own name or in the name of a nominee created for the express purpose of registration of securities by a national or state bank or trust company authorized to conduct a trust business in the State of Illinois.Investments shall be carried at cost or at a value determined in accordance with generally accepted accounting principles and accounting procedures approved by the Fund.   (Source: P.A. 101-610, eff. 1-1-20.)
40 ILCS 5/22B-123
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 22B - The Police Officers' Pension Investment Fund

Sec. 22B-123. Custodian. The pension fund assets transferred to or otherwise acquired by the Fund shall be placed in the custody of a custodian who shall provide adequate safe deposit facilities for those assets and hold all such securities, funds, and other assets subject to the order of the Fund.Each custodian shall furnish a corporate surety bond of such amount as the board designates, which bond shall indemnify the Fund, the board, and the officers and employees of the Fund against any loss that may result from any action or failure to act by the custodian or any of the custodian's agents. All charges incidental to the procuring and giving of any bond shall be paid by the board and each bond shall be in the custody of the board.   (Source: P.A. 101-610, eff. 1-1-20.)
40 ILCS 5/22B-124
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 22B - The Police Officers' Pension Investment Fund

Sec. 22B-124. Accounting for  pension fund assets. In the management of the pension fund assets of the transferor pension funds, the Fund:(1) shall carry all pension fund assets at fair     market value determined in accordance with generally accepted accounting principles and accounting procedures approved by the board. Each investment initially transferred to the Fund by a transferor pension fund shall be similarly valued, except that the board may elect to place such value on any investment conditionally in which case, the amount of any later realization of such asset in cash that is in excess of or is less than the amount so credited shall be credited or charged to the account maintained for the transferor pension fund that made the transfer;(2) shall keep proper books of account that shall     reflect at all times the value of all investments held by the Fund; and(3) shall charge all distributions made by the Fund     to or for a transferor  pension fund to the account maintained for that fund.  (Source: P.A. 101-610, eff. 1-1-20.)
40 ILCS 5/22B-125
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 22B - The Police Officers' Pension Investment Fund

(40 ILCS 5/22B-125)Sec. 22B-125. Audits and reports.(a) At least annually, the books, records, accounts, and securities of the Fund shall be audited by a certified public accountant selected by the board and conducted in accordance with the rules and procedures promulgated by the Governmental Accounting Standards Board. The audit opinion shall be published as a part of the annual report of the Fund, which shall be submitted to the transferor pension funds and to the Department of Insurance.(b) For the quarterly periods ending September 30, December 31, and March 31, the Fund shall submit to the participating  pension funds and to the Department of Insurance a report providing, among other things, the following information:(1) a full description of the investments acquired,     showing average costs;(2) a full description of the securities sold or     exchanged, showing average proceeds or other conditions of an exchange;(3) gains or losses realized during the period;(4) income from investments;  and(5) administrative expenses.(c) An annual report shall be prepared by the Fund for submission to the participating  pension funds and to the Department of Insurance within 6 months after the close of each fiscal year. A fiscal year shall date from July 1 of one year to June 30 of the year next following. This report shall contain full information concerning the results of investment operations of the Fund.  This report shall include the information described in subsection (b) and, in addition thereto, the following information:(1) a listing of the investments held by the Fund at     the end of the year, showing their book values and market values and their income yields on market values;(2) comments on the pertinent factors affecting such     investments;(3) a review of the policies maintained by the Fund     and any changes that occurred during the year;(4) a copy of the audited financial statements for     the year;(5) recommendations for possible changes in this     Article or otherwise governing the operations of the Fund; and(6) a listing of the names of securities brokers and     dealers dealt with during the year showing the total amount of commissions received by each on transactions with the Fund.  (Source: P.A. 101-610, eff. 1-1-20.)
40 ILCS 5/Art. 22C heading
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 22C - The Firefighters' Pension Investment Fund

 ARTICLE 22C.  THE FIREFIGHTERS' PENSION INVESTMENT FUND  (Source: P.A. 101-610, eff. 1-1-20.)
40 ILCS 5/22C-101
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 22C - The Firefighters' Pension Investment Fund

Sec. 22C-101. Establishment.  The Firefighters' Pension Investment Fund is created with authority to manage the reserves, funds, assets, securities, properties, and moneys of the firefighter pension funds created pursuant to Article 4 of this Code, all as provided in this Article.  (Source: P.A. 101-610, eff. 1-1-20.)
40 ILCS 5/22C-102
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 22C - The Firefighters' Pension Investment Fund

Sec. 22C-102. Definitions. For the purposes of this Article, the following words and phrases shall have the meaning ascribed to them unless the context requires otherwise.  (Source: P.A. 101-610, eff. 1-1-20.)
40 ILCS 5/22C-103
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 22C - The Firefighters' Pension Investment Fund

Sec. 22C-103. Fund. "Fund" means the Firefighters' Pension Investment Fund.  (Source: P.A. 101-610, eff. 1-1-20.)
40 ILCS 5/22C-104
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 22C - The Firefighters' Pension Investment Fund

Sec. 22C-104. Transferor pension fund. "Transferor pension fund" means any pension fund established pursuant to Article 4 of this Code.  (Source: P.A. 101-610, eff. 1-1-20.)
40 ILCS 5/22C-105
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 22C - The Firefighters' Pension Investment Fund

Sec. 22C-105. Participating pension fund. "Participating pension fund" means any  pension fund established pursuant to Article 4 of this Code that has transferred securities, funds, assets, and moneys, and responsibility for custody and control of those securities, funds, assets, and moneys, to the Fund pursuant to Section 4-123.2.  (Source: P.A. 101-610, eff. 1-1-20.)
40 ILCS 5/22C-106
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 22C - The Firefighters' Pension Investment Fund

Sec. 22C-106. Pension fund assets. "Pension fund assets" means the reserves, funds, assets, securities, and moneys  of any transferor pension fund.  (Source: P.A. 101-610, eff. 1-1-20.)
40 ILCS 5/22C-107
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 22C - The Firefighters' Pension Investment Fund

Sec. 22C-107. Invest. "Invest" means to acquire, invest, reinvest, exchange, or retain pension fund assets of the transferor pension funds and to sell and manage the reserves, funds, securities, moneys, or assets of the transferor pension fund, all in accordance with this Article.  (Source: P.A. 101-610, eff. 1-1-20.)
40 ILCS 5/22C-108
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 22C - The Firefighters' Pension Investment Fund

Sec. 22C-108. Investment advisor. "Investment advisor" means any person or business entity that provides investment advice to the board on a personalized basis and with an understanding of the policies and goals of the board. "Investment advisor" does not include any person or business entity that provides statistical or general market research data available for purchase or use by others.  (Source: P.A. 101-610, eff. 1-1-20.)
40 ILCS 5/22C-112
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 22C - The Firefighters' Pension Investment Fund

Sec. 22C-112. Transition period. "Transition period" means the period immediately following the effective date of this amendatory Act of the 101st General Assembly during which pension fund assets, and responsibility for custody and control of those assets, will be transferred from the transferor pension funds to the board, as described in Section 22C-120.  (Source: P.A. 101-610, eff. 1-1-20.)
40 ILCS 5/22C-113
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 22C - The Firefighters' Pension Investment Fund

Sec. 22C-113. Illinois Municipal League. "Illinois Municipal League" means the unincorporated, nonprofit, nonpolitical association of Illinois cities, villages, and incorporated towns described in Section 1-8-1 of the Illinois Municipal Code.  (Source: P.A. 101-610, eff. 1-1-20.)
40 ILCS 5/22C-114
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 22C - The Firefighters' Pension Investment Fund

Sec. 22C-114. Purpose, establishment, and governance. The Fund is established to consolidate the transferor pension funds to streamline investments  and eliminate unnecessary and redundant administrative costs, thereby ensuring more money is available to fund pension benefits for the beneficiaries of the transferor pension funds. The transition board trustees and permanent board trustees of the Fund shall be fiduciaries for the participants and beneficiaries of the participating pension funds and shall discharge their duties with respect to the retirement system or pension fund solely in the interest of the participants and beneficiaries. Further, the transition board trustees and permanent board trustees, acting prudently and as fiduciaries, shall take all reasonable steps to ensure that all of the transferor pension funds are treated equitably and that the financial condition of one participating pension fund, including, but not limited to, pension benefit funding levels and ratios, will have no effect on the financial condition of any other transferor pension fund.  (Source: P.A. 101-610, eff. 1-1-20.)
40 ILCS 5/22C-117
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 22C - The Firefighters' Pension Investment Fund

Sec. 22C-117. Meetings of the board.(a) The transition board and the permanent board shall each meet at least quarterly and otherwise upon written request of either the Chairperson or 3 other members. The Chairperson shall preside over meetings of the board.  The executive director and personnel of the board shall prepare agendas and materials and required postings for meetings of the board.(b) Six members of the board shall constitute a quorum.(c) All actions taken by the transition board and the permanent board shall require a vote of least 5 trustees, except that the following shall require a vote of at least 6 trustees: the adoption of actuarial assumptions;  the selection of the chief investment officer, fiduciary counsel, or a consultant as defined under Section 1-101.5 of this Code; the adoption of rules for the conduct of election of trustees; and the adoption of asset allocation policies and investment policies.   (Source: P.A. 101-610, eff. 1-1-20.)
40 ILCS 5/22C-119
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 22C - The Firefighters' Pension Investment Fund

Sec. 22C-119. Adoption of rules. The board shall adopt such rules (not inconsistent with this Code) as in its judgment are desirable to implement and properly administer this Article.  Such rules shall specifically provide for the following: (1) the implementation of the transition process described in Section 22C-120; (2) the process by which the participating pension funds may request transfer of funds; (3) the process for the transfer in, receipt for, and investment of pension assets received by the Fund after the transition period from the participating  pension funds; (4) the process by which contributions from municipalities and fire protection districts for the benefit of the participating pension funds may, but are not required to, be directly transferred to the Fund; and (5) compensation and benefits for its employees. A copy of the rules adopted by the Fund shall be filed with the Secretary of State and the Department of Insurance. The adoption and effectiveness of such rules shall not be subject to Article 5 of the Illinois Administrative Procedure Act.  (Source: P.A. 101-610, eff. 1-1-20.)
40 ILCS 5/22C-121
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 22C - The Firefighters' Pension Investment Fund

Sec. 22C-121. Management and direction of investments.(a) The board shall have the authority to manage the pension fund assets of the transferor pension funds for the purpose of obtaining a total return on investments for the long term.(b) The authority of the board to manage pension fund assets and the liability shall begin when there has been a physical transfer  of the pension fund assets to the Fund and placed in the custody of the Fund's custodian or custodians, as described in Section 22C-123.(c) The pension fund assets of the Fund shall be maintained in accounts held outside the State treasury.  Moneys in those accounts are not subject to administrative charges or chargebacks, including, but not limited to, those authorized under the State Finance Act.(d) The board may not delegate its management functions, but it may, but is not required to, arrange to compensate for personalized investment advisory service for any or all investments under its control with any national or state bank or trust company authorized to do a trust business and domiciled in Illinois, other financial institution organized under the laws of Illinois, or an investment advisor who is qualified under the federal Investment Advisers Act of 1940 and is registered under the Illinois Securities Law of 1953. Nothing contained in this Article prevents the board from subscribing to general investment research services available for purchase or use by others. The board shall also have the authority to compensate for accounting services.(e) This Section does not prohibit the board from directly investing pension fund assets in public market investments, private investments, real estate investments, or other investments authorized by this Code.   (Source: P.A. 101-610, eff. 1-1-20.)
40 ILCS 5/22C-122
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 22C - The Firefighters' Pension Investment Fund

Sec. 22C-122. Investment authority. The Fund shall have the authority to invest funds, subject to the requirements and restrictions set forth in Sections 1-109, 1-109.1, 1-109.2, 1-110, 1-111, 1-114, and 1-115 of this Code.The Fund shall not be subject to any of the limitations applicable to investments of pension fund assets by the transferor pension funds under Sections 1-113.1 through 1-113.12 or Article 4 of this Code. The Fund shall not, for purposes of Article 1 of this Code, be deemed to be a retirement system, pension fund, or investment board whose investments are restricted by Section 1-113.2 of this Code, and, as a result, the Fund shall be subject to the provisions of Section 1-109.1, including, but not limited to:  utilization of emerging investment managers; increasing racial, ethnic, and gender diversity of its fiduciaries; utilization of businesses owned by minorities, women, and persons with disabilities; utilization of minority broker-dealers; utilization of minority investment managers; and applicable reporting requirements.No bank or savings and loan association shall receive investment funds as permitted by this Section, unless it has complied with the requirements established pursuant to Section 6 of the Public Funds Investment Act. The limitations set forth in Section 6 of the Public Funds Investment Act shall be applicable only at the time of investment and shall not require the liquidation of any investment at any time.The Fund shall have the authority to enter into such agreements and to execute such documents as it determines to be necessary to complete any investment transaction.All investments shall be clearly held and accounted for to indicate ownership by the Fund. The Fund may direct the registration of securities in its own name or in the name of a nominee created for the express purpose of registration of securities by a national or state bank or trust company authorized to conduct a trust business in the State of Illinois.Investments shall be carried at cost or at a value determined in accordance with generally accepted accounting principles and accounting procedures approved by the Fund.  (Source: P.A. 101-610, eff. 1-1-20.)
40 ILCS 5/22C-123
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 22C - The Firefighters' Pension Investment Fund

Sec. 22C-123. Custodian. The pension fund assets transferred to or otherwise acquired by the Fund shall be placed in the custody of a custodian who shall provide adequate safe deposit facilities for those assets and hold all such securities, funds, and other assets subject to the order of the Fund.Each custodian shall furnish a corporate surety bond of such amount as the board designates, which bond shall indemnify the Fund, the board, and the officers and employees of the Fund against any loss that may result from any action or failure to act by the custodian or any of the custodian's agents. All charges incidental to the procuring and giving of any bond shall be paid by the board and each bond shall be in the custody of the board.   (Source: P.A. 101-610, eff. 1-1-20.)
40 ILCS 5/22C-124
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 22C - The Firefighters' Pension Investment Fund

Sec. 22C-124. Accounting for  pension fund assets. In the management of the pension fund assets of the transferor pension funds, the Fund:(1) shall carry all pension fund assets at fair     market value determined in accordance with generally accepted accounting principles and accounting procedures approved by the board. Each investment initially transferred to the Fund by a transferor pension fund shall be similarly valued, except that the board may elect to place such value on any investment conditionally in which case, the amount of any later realization of such asset in cash that is in excess of or is less than the amount so credited shall be credited or charged to the account maintained for the transferor pension fund that made the transfer;(2) shall keep proper books of account that shall     reflect at all times the value of all investments held by the Fund; and(3) shall charge all distributions made by the Fund     to or for a transferor  pension fund to the account maintained for that fund.  (Source: P.A. 101-610, eff. 1-1-20.)