reglab/statecodes huggingface dataset:
Illinois Administrative Code › Title 50 - INSURANCE › Part 4404 - PORTABILITY OF CREDITABLE SERVICE TIME FOR DOWNSTATE AND SUBURBAN POLICE PENSION FUNDS › Section 4404.110 - Failure to Pay, or Death of the Officer

Current through Register Vol. 48, No. 28, July 12, 2024
a) In the event that the officer fails to pay
			 the additional contributions required by the current pension fund to satisfy
			 the effective transfer of the designated creditable service time deemed
			 appropriate by the board of trustees and agreed to by the officer, if
			 applicable, or the officer terminates service before the expiration of the
			 statutory 5 year maximum:
1) The officer will
			 receive an amount equal to the amounts actually contributed by, or on behalf
			 of, the applicant to the prior pension fund as employee contributions and, if
			 applicable, the amount of interest paid by the officer to the prior pension
			 fund to reinstate creditable service as calculated under Section
			 4404.76
			 of this Part within 30 days after failure to meet the terms of the agreed to
			 payment schedule; and
2) All
			 partial payments made by the officer to the current fund.
Illinois Administrative Code › Title 50 - INSURANCE › Part 4404 - PORTABILITY OF CREDITABLE SERVICE TIME FOR DOWNSTATE AND SUBURBAN POLICE PENSION FUNDS › Section 4404.120 - Forfeiture

Current through Register Vol. 48, No. 28, July 12, 2024
Transferred credit that is not granted due to failure to pay
				the additional contribution, if applicable, within the required time is lost.
				It may not be transferred to another pension fund and may not be reinstated in
				the pension fund from which it was transferred. [40 ILCS
				5/3-110(d)(5) ]
Illinois Administrative Code › Title 50 - INSURANCE › Part 4404 - PORTABILITY OF CREDITABLE SERVICE TIME FOR DOWNSTATE AND SUBURBAN POLICE PENSION FUNDS › Section 4404.130 - Current Pension Fund Reporting Requirements

Current through Register Vol. 48, No. 28, July 12, 2024
Within 30 days after the designated creditable service time has
				been transferred to the current pension fund, the current pension fund must
				file a report with the Pension Division. The report must contain the
				following:
a) The name and FEIN of the
			 current pension fund to which creditable service time was
			 transferred;
b) The name and FEIN
			 of the prior pension fund from which creditable service time was
			 transferred;
c) The name and Social
			 Security Number of the officer for whom creditable service time was
			 transferred;
d) The beginning and
			 ending dates for all periods of creditable service time transferred;
e) The reduced creditable service time
			 credited to the current pension fund, if applicable;
f) The amount transferred from the prior
			 pension fund, including a breakdown of the total to include:
1) The formula and assumptions used to
			 determine the amount representing the officer's contributions, including the
			 amount itself;
2) The formula and
			 assumptions used to determine the amount of interest paid on the amounts in
			 subsection (f)(1) of this Section, including the amount itself;
3) The formula and assumptions used to
			 determine the amount of interest paid by the officer to reinstate service, if
			 any, including the amount itself;
4) The amount designated as the employer
			 contribution; and
5) Any other
			 assumptions used;
Illinois Administrative Code › Title 50 - INSURANCE › Part 4404 - PORTABILITY OF CREDITABLE SERVICE TIME FOR DOWNSTATE AND SUBURBAN POLICE PENSION FUNDS › Section 4404.140 - Failure to Comply

Current through Register Vol. 48, No. 28, July 12, 2024
If any party fails to comply with the requirements of this
				Part, including either the substance or filing requirements contained herein,
				such party shall be subject to the penalty provisions of the Illinois Pension
				Code [40 ILCS
				5/1A-113(d) ] and 50 Ill. Adm. Code
				4435.
Illinois Administrative Code › Title 50 - INSURANCE › Part 4405 - ELECTRONIC FILING › Section 4405.10 - Authority

Current through Register Vol. 48, No. 28, July 12, 2024
This Part is promulgated by the Director of Insurance of the
				State of Illinois to implement Section 1A-109 which requires all pension funds
				to file an annual statement with the Department of Insurance. Section 1A-103 of
				the Illinois Pension Code empowers the Director to promulgate rules necessary
				for the administration and enforcement of the Illinois Pension Code
				[40 ILCS 5/1A-103
				].
Illinois Administrative Code › Title 50 - INSURANCE › Part 4405 - ELECTRONIC FILING › Section 4405.20 - Purpose and Scope

Current through Register Vol. 48, No. 28, July 12, 2024
The purpose of this Part is to prescribe the format in which
				the Department of Insurance will accept the filing of annual statements from
				all pension funds. All pension funds required to file an annual statement under
				Section 1A-109 of the Illinois Pension Code [40 ILCS
				5/1A-109 ] need to file their annual statement
				pursuant to this Part in order to comply with Sections 1A-109 and 1A-113 of the
				Illinois Pension Code [40 ILCS 5/1A-109 and 1 A-113].
Illinois Administrative Code › Title 50 - INSURANCE › Part 4405 - ELECTRONIC FILING › Section 4405.30 - Electronic Filing

Current through Register Vol. 48, No. 28, July 12, 2024
All pension, annuity or retirement funds or systems within the
				scope of this Part shall file their annual statement electronically with the
				Pension Division of the Illinois Department of Insurance. For purposes of this
				Part, electronic filing shall mean the transmittal of information over computer
				lines, with the use of a modem/facsimile, directly into the computer data base
				of the Department of Insurance.
Illinois Administrative Code › Title 50 - INSURANCE › Part 4405 - ELECTRONIC FILING › Section 4405.40 - Procedure

Current through Register Vol. 48, No. 28, July 12, 2024
a) Each fund shall
			 be responsible for ensuring effective delivery of its annual report through the
			 electronic filing system.
b) The
			 perimeters and the substance of the annual statement report shall be furnished
			 to each pension annuity and retirement fund or system by the Department at
			 least 60 days prior to the deadline date for submission.
Illinois Administrative Code › Title 50 - INSURANCE › Part 4415 - PAYMENT OF ANNUAL COMPLIANCE FEES FOR PENSION FUNDS › Section 4415.10 - Purpose

Current through Register Vol. 48, No. 28, July 12, 2024
This Part sets forth the procedural requirements for the
				submission of the annual compliance fee by pension funds to the Department of
				Financial and Professional Regulation-Division of Insurance as required by
				Section 1A-112 of the Illinois Pension Code [
				40 ILCS 5/1A-112 ].
				Additionally, this Part will further the directive of the Legislature given to
				the Public Pension Division of the Division of Insurance to automate its
				operations as set forth in Section 1A-107 of the Illinois Pension Code [
				40 ILCS
				5/1A-107 ].
Illinois Administrative Code › Title 50 - INSURANCE › Part 4415 - PAYMENT OF ANNUAL COMPLIANCE FEES FOR PENSION FUNDS › Section 4415.20 - Applicability

Current through Register Vol. 48, No. 28, July 12, 2024
This Part applies to every pension fund that is required to
				file an annual statement with the Division of Insurance pursuant to Section
				1A-109 of the Code [
				40 ILCS
				5/1A-109 ] .
Illinois Administrative Code › Title 50 - INSURANCE › Part 4415 - PAYMENT OF ANNUAL COMPLIANCE FEES FOR PENSION FUNDS › Section 4415.30 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
Automated Clearing House, or ACH, means a central distribution
				and settlement point for the electronic clearing of debts between the financial
				institutions rather than the physical movement of paper items. The term
				includes any Federal reserve bank, or an organization established by agreement
				with the National Automated Clearing House Association, which operates as a
				clearing house for transmitting or receiving entries between banks and/or bank
				accounts and which authorizes an electronic transfer of funds between banks or
				bank's accounts.
ACH Debit means the electronic transfer of funds from the
				pension fund's account for deposit in the Public Pension Regulation Fund
				pursuant to Section 8(f) of the State Finance Act [
				30 ILCS
				105/8(f) ] .
Annual compliance fee means the fee required to be paid by
				pension funds pursuant to Section 1A-112 of the Illinois Pension Code [
				40 ILCS 5/1A-112 ].
Basis point means 0.01 % [
				40 ILCS 5/1A-102
				].
Department means the Illinois Department of Financial and
				Professional Regulation.
Division of Insurance means the Illinois Department of
				Financial and Professional Regulation-Division of Insurance.
Payment information means the data that the Division of
				Insurance requires from a pension fund for the purpose of making an ACH Debit
				transaction.
Pension Fund means any public pension fund, annuity and benefit
				fund, or retirement system established under the Illinois Pension Code [
				40 ILCS 5/1A-102
				].
Pension Laws means the Illinois Pension Code [ 40 ILCS 5 ], the
				Deferred Compensation Continuing Appropriation Act [ 40 ILCS 10 ], and the
				State Pension Funds Continuing Appropriation Act [ 40 ILCS 15 ].
Public Pension Division means the Public Employee Pension
				Division of the Division of Insurance [
				40 ILCS 5/1A-102
				].
State Pension Fund means any of the following pension funds:
				General Assembly Retirement System (see 40 ILCS 5 /Art. 2), State Employees'
				Retirement System (see 40 ILCS 5 /Art. 14), State Universities Retirement
				System (see 40 ILCS 5 /Art. 15), Teachers' Retirement System of the State of
				Illinois (see 40 ILCS 5 /Art. 16), and Judges Retirement System of Illinois
				(see 40 ILCS 5 /Art. 18).
Illinois Administrative Code › Title 50 - INSURANCE › Part 4415 - PAYMENT OF ANNUAL COMPLIANCE FEES FOR PENSION FUNDS › Section 4415.40 - Annual Compliance Fee Amount

Current through Register Vol. 48, No. 28, July 12, 2024
Every pension fund that is required to file an annual statement
				under Section 1A-109 of the Code shall pay an annual compliance fee pursuant to
				the following schedule:
a)
In
			 the case of a pension fund under Article 3 or 4 of the Code, the annual
			 compliance fee is 0.02 % (2 basis points) of the total assets of the pension
			 fund, as reported in the most current annual statement of the fund, but no more
			 than $8,000; or
b)
In the case of all other pension funds and retirement systems, the
			 annual compliance fee shall be $8,000.
[
			 40 ILCS
			 5/1A-112(a) ]
Illinois Administrative Code › Title 50 - INSURANCE › Part 4415 - PAYMENT OF ANNUAL COMPLIANCE FEES FOR PENSION FUNDS › Section 4415.50 - Notification of Annual Compliance Fee Amount

Current through Register Vol. 48, No. 28, July 12, 2024
The Public Pension Division shall notify by mail each pension
				fund of the amount of its annual compliance fee, calculated pursuant to Section
				4415.40
				of this Part, at least 45 days prior to the payment due date set forth in
				Section
				4415.60
				of this Part. Failure of the Public Pension Division to provide notification to
				any pension fund pursuant to this Section does not relieve any pension fund
				from the obligations of Section 1A-112 of the Code.
Illinois Administrative Code › Title 50 - INSURANCE › Part 4415 - PAYMENT OF ANNUAL COMPLIANCE FEES FOR PENSION FUNDS › Section 4415.60 - Annual Compliance Fee Payment Date

Current through Register Vol. 48, No. 28, July 12, 2024
The annual compliance fee shall be due on June 30 for
				the following State fiscal year.
[
				40 ILCS
				5/1A-112(b) ]
Illinois Administrative Code › Title 50 - INSURANCE › Part 4415 - PAYMENT OF ANNUAL COMPLIANCE FEES FOR PENSION FUNDS › Section 4415.70 - Payment Method

Current through Register Vol. 48, No. 28, July 12, 2024
a) Payment of
			 the annual compliance fee may be made by any of the following methods:
1) By check or money order in U.S. funds,
			 made payable to the Illinois State Treasurer and mailed to the Department of
			 Financial and Professional Regulation-Division of Insurance, P.O. Box 7087,
			 Springfield, Illinois 62791;
2) By
			 State voucher, submitted to the address in subsection (a)(1) above;
			 or
3) By utilizing an ACH payment
			 process that is compatible with the State accounting systems. This option
			 cannot be utilized without first obtaining specific written acceptance from the
			 Division of Insurance.
Illinois Administrative Code › Title 50 - INSURANCE › Part 4415 - PAYMENT OF ANNUAL COMPLIANCE FEES FOR PENSION FUNDS › Section 4415.80 - Hearing on Annual Compliance Fee Amount

Current through Register Vol. 48, No. 28, July 12, 2024
A pension fund that wants to challenge the annual compliance
				fee as calculated by the Public Pension Division pursuant to Section
				4415.40
				of this Part, and as stated in the notification pursuant to Section
				4415.50
				of this Part, may submit a written request for hearing pursuant to 50 Ill. Adm.
				Code 2402 within 15 days after receipt of the notification. The written request
				shall include the pension fund's reasons for disagreement with the Public
				Pension Division's calculation of the annual compliance fee and must include a
				copy of the Public Pension Division notification sent pursuant to Section
				4415.50
				of this Part. The pension fund will not be assessed late fees pursuant to 50
				Ill. Adm. Code 4435 and Section 1A-113 of the Code by the Division of Insurance
				unless the pension fund loses its administrative hearing under 50 Ill. Adm.
				Code 2402.
Illinois Administrative Code › Title 50 - INSURANCE › Part 4415 - PAYMENT OF ANNUAL COMPLIANCE FEES FOR PENSION FUNDS › Section 4415.90 - Penalties

Current through Register Vol. 48, No. 28, July 12, 2024
Every pension fund required to pay an annual compliance fee
				pursuant to Section
				4415.20 will also
				be subject to a penalty as set forth in Section 1A-113(c) of the Illinois
				Pension Code [ 40 ILCS 5 ] and may also be subject to a civil penalty as set
				forth in Section 1A-113(d)(5) of the Code and 50 Ill. Adm. Code
				4435.60
				if the pension fund fails to comply by the payment due date, as set forth in
				Section
				4415.60.
Illinois Administrative Code › Title 50 - INSURANCE › Part 4415 - PAYMENT OF ANNUAL COMPLIANCE FEES FOR PENSION FUNDS › ILLUSTRATION A - Designation for Fund Transfer for State Pension Fund for Payment of Annual Compliance Fee

Current through Register Vol. 48, No. 28, July 12, 2024
Illinois Department of Insurance Public Pension
				Division
Designation for Automated Clearing House Payment
				of Annual Compliance Fees
State Pension Fund Name:
				________________________________________________
City:________________________ State ________________ Zip Code
				_____________
Fund Account Number to be Debited:
				_________________________________________
Fund Account Number to be Credited:
				_________________________________________
Amount of Transfer:
				_______________________________________________________
Requested Date of Transfer:
				________________________________________________
Statutory Authority:
				________________________________________________________
Authorized State Pension Fund Representative:
				_________________________________
Phone Number:
				__________________________________________________________
Signed:
				________________________________________________________________
Dated:
				_________________________________________________________________
Illinois Administrative Code › Title 50 - INSURANCE › Part 4415 - PAYMENT OF ANNUAL COMPLIANCE FEES FOR PENSION FUNDS › ILLUSTRATION B - Designation for Automated Clearing House Payment of Compliance Annual Fees

Current through Register Vol. 48, No. 28, July 12, 2024
Illinois Department of Insurance Public Pension
				Division
Designation for Automated Clearing House Payment
				of Annual Compliance Fees
Depository Name:
				_______________________________________________________
Account Name:
				_________________________________________________________
City:________________________________ State ____________ Zip
				Code __________
Routing Transit Number of Depository Above:
				__________________________________
Account Number to be Debited:
				_____________________________________________
Authorized Pension Representative:
				__________________________________________
Phone Number:
				__________________________________________________________
Signed:
				________________________________________________________________
Dated:
				_________________________________________________________________
Illinois Administrative Code › Title 50 - INSURANCE › Part 4425 - SECURITIES CUSTODY AFFIDAVIT › Section 4425.10 - Purpose

Current through Register Vol. 48, No. 28, July 12, 2024
The purpose of this Part is to provide verification that
				dealers maintaining custody and possession of, or control over, the securities
				of a pension fund are in compliance with the requirements of Section 1-113.7 of
				the Illinois Pension Code [40
				ILCS 5/1-113.7] (see P.A. 90-507, effective August 22,
				1997), and this Part. Verification shall take the form of a notarized affidavit
				provided to the pension fund on an annual basis pursuant to Section
				4425.40 of
				this Part.
Illinois Administrative Code › Title 50 - INSURANCE › Part 4425 - SECURITIES CUSTODY AFFIDAVIT › Section 4425.20 - Applicability

Current through Register Vol. 48, No. 28, July 12, 2024
This Part shall apply to all pension funds established under
				Article 3 or 4 of the Illinois Pension Code [40 ILCS 5/3-101 through 3 -152 and
				4-01 through 4-144].
Illinois Administrative Code › Title 50 - INSURANCE › Part 4425 - SECURITIES CUSTODY AFFIDAVIT › Section 4425.30 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
Accountant means an independent certified public accountant or
				accounting firm who is in good standing with the American Institute of CPAs and
				all states in which the accountant is licensed to practice.
Dealer means a person, other than a natural person, required to
				be registered as a broker or dealer with the Securities and Exchange Commission
				pursuant to Section 15(a) of the Securities Exchange Act of 1934 (
				15 USC
				780(a) ).
Financial Operations Principal shall mean a person associated
				with a dealer whose duties include:
final approval and responsibility for the accuracy of financial
				reports submitted to any duly established securities industry regulatory
				body;
final preparation of such reports;
supervision of individuals who assist in the preparation of
				such reports;
supervision of and responsibility for individuals who are
				involved in the actual maintenance of the member's books and records from which
				such reports are derived;
supervision and/or performance of the dealer's responsibilities
				under all financial responsibility rules promulgated pursuant to the provisions
				of the Securities Exchange Act;
overall supervision of and responsibility for the individuals
				who are involved in the administration and maintenance of the dealer's custody,
				control and processing of securities; or
any other matter involving the financial and operational
				management of the member.
Pension Fund means all pension funds established under Article
				3 or 4 of the Illinois Pension Code [40 ILCS 5/3-101 through 3 -152 and 4-101
				through 4-144].
Illinois Administrative Code › Title 50 - INSURANCE › Part 4425 - SECURITIES CUSTODY AFFIDAVIT › Section 4425.40 - Notarized Affidavit

Current through Register Vol. 48, No. 28, July 12, 2024
When a pension fund has entered into a custodial arrangement
				with a dealer, for the safekeeping of the pension fund's securities
				investments, on or before the dealer takes possession of or control of the
				securities, the pension fund shall obtain from the dealer a notarized
				affidavit, signed by a financial operations principal of the dealer. So long as
				such custodial arrangement is maintained, the dealer shall continue to provide
				the pension fund with a notarized affidavit by April 30th for each succeeding
				year. The notarized affidavit shall include, but not be limited to the
				following:
a) A statement that the
			 dealer is a registered broker-dealer with the U.S. Securities and Exchange
			 Commission and is a member in good standing with the National Association of
			 Securities Dealers; and
1) With respect to
			 securities that are not issued only in book-entry form:
A) All such securities of each pension fund
			 are either held in safekeeping in a place reasonably free from risk of
			 destruction or held in custody by a securities depository that is a "clearing
			 agency" registered with the U.S. Securities and Exchange Commission;
B) The dealer is a member in good standing
			 with the Securities Investor Protection Corporation;
C) The dealer will send to each pension fund,
			 no less frequently than each calendar quarter, an itemized statement showing
			 the moneys and securities in the custody or possession of the dealer at the end
			 of such period; and
D) An
			 independent certified public accountant conducts an audit of the dealer, no
			 less frequently than once each calendar year, that reviews the dealer's
			 internal accounting controls and procedures for safeguarding securities;
			 and
Illinois Administrative Code › Title 50 - INSURANCE › Part 4425 - SECURITIES CUSTODY AFFIDAVIT › Section 4425.50 - Pension Funds Bookkeeping and Records Requirement

Current through Register Vol. 48, No. 28, July 12, 2024
Each pension fund engaged in a custodial arrangement with a
				dealer shall maintain a copy of the affidavit required by Section
				4425.40 of
				this Part as a part of the pension fund's books and records.
Illinois Administrative Code › Title 50 - INSURANCE › Part 4425 - SECURITIES CUSTODY AFFIDAVIT › Section 4425.60 - Penalties

Current through Register Vol. 48, No. 28, July 12, 2024
If a pension fund fails to meet the requirements of this Part,
				such pension fund shall be subject to the penalty provisions set forth in 50
				Ill. Adm. Code 4435.
Illinois Administrative Code › Title 50 - INSURANCE › Part 4430 - INVESTMENT FEE DISCLOSURE REQUIREMENTS FOR PENSION FUNDS › Section 4430.10 - Scope

Current through Register Vol. 48, No. 28, July 12, 2024
This Part is applicable to all police and firefighter pension
				funds and pension fund boards which are subject to the provisions of Sections
				1-113.1 through 113.10 of the Illinois Pension Code [40
				ILCS 5/1-113.1 through 1-113.10].
Illinois Administrative Code › Title 50 - INSURANCE › Part 4430 - INVESTMENT FEE DISCLOSURE REQUIREMENTS FOR PENSION FUNDS › Section 4430.20 - Required Disclosures

Current through Register Vol. 48, No. 28, July 12, 2024
No pension fund shall engage an investment advisor, registered
				broker-dealer, bank, insurer or any other person for the purpose of providing
				investment services unless the following written disclosure requirements are
				met:
a) A description, expressed as a
			 set amount or range in dollars or as a percentage of the dollar value of a
			 particular transaction or transactions, of any and all commissions, fees,
			 penalties, or any other items of compensation related to a particular
			 transaction that may be received by any such person from the pension fund. The
			 written description must be furnished by any such person effectuating any
			 transaction with a pension fund, and the written description need not be
			 furnished with respect to each subsequent transaction to which the description
			 applies.
b) If the investment
			 service contemplated is one which might result in the pension fund acquiring an
			 asset from any inventory held by an investment advisor, registered
			 broker-dealer, bank, insurer, or other person, the written engagement or
			 contract must also include a statement disclosing:
1) The possibility that the investment
			 advisor, registered broker-dealer, bank or insurer may obtain a financial
			 benefit from such sale beyond the items listed under subsection (a) above;
			 and
2) That the realization and
			 extent of any such benefit is dependent upon market valuations as of the date
			 the inventoried asset was acquired as compared to the price at which the
			 pension fund acquires the asset; and
3) That the pension fund should take steps to
			 familiarize itself with the market in which any such acquisitions or
			 investments are to be made.
Illinois Administrative Code › Title 50 - INSURANCE › Part 4430 - INVESTMENT FEE DISCLOSURE REQUIREMENTS FOR PENSION FUNDS › Section 4430.30 - Recordkeeping

Current through Register Vol. 48, No. 28, July 12, 2024
When authorizing any investment transaction, every pension fund
				subject to the provisions of Sections 1-113.1 through 1-113.10 of the Illinois
				Pension Code shall:
a) Establish,
			 maintain and file with the Pension Division of the Department of Insurance by
			 no later than April 1, 1998, its current investment policy as required by
			 Section 1-113.6 of the Illinois Pension Code. In addition, every pension fund
			 shall file revisions to its investment policy with the Pension Division of the
			 Department of Insurance 30 days after such revision is adopted by the pension
			 fund board; and
b) Establish and
			 maintain such books, receipts, confirmations, statements, or other records in
			 sufficient detail to verify and support all annual statements and investment
			 and financial reports required to be filed with the Pension Division. Such
			 records shall include, but are not limited to, any of the following records
			 received by the pension fund:
1) The minutes
			 of any meeting of the board wherein investment matters are discussed;
2) All correspondence, orders or directions
			 to or from any person providing investment or custodial services;
3) Any documentation concerning the letting
			 and acceptance of bids for investment services;
4) Any bank or brokerage policy, contract or
			 other account statement reporting the status of a pension fund
			 investment;
5) Any receipt,
			 confirmation, transmittal advice, binder or other record which confirms,
			 verifies or reports any investment transaction; any investment cost, expense,
			 fee or penalty; or any investment transaction profit or loss.
Illinois Administrative Code › Title 50 - INSURANCE › Part 4430 - INVESTMENT FEE DISCLOSURE REQUIREMENTS FOR PENSION FUNDS › Section 4430.40 - Penalties

Current through Register Vol. 48, No. 28, July 12, 2024
If any party fails to comply with the requirements of this
				Part, including either the substance or filing requirements contained herein,
				such party shall be subject to the penalty provisions of the Illinois Pension
				Code [40 ILCS
				5/1A-113(d) ] and 50 Ill. Adm. Code
				4435.
Illinois Administrative Code › Title 50 - INSURANCE › Part 4435 - NONCOMPLIANCE NOTIFICATION AND PENALTIES › Section 4435.10 - Purpose

Current through Register Vol. 48, No. 28, July 12, 2024
This Part sets forth the procedural requirements and penalty
				fee schedules for pension funds, governmental units or elected or appointed
				officials of a governmental unit that fail to comply with the requirements of
				the Illinois Pension Code and the Department of Insurance's administrative
				regulations implementing the Illinois Pension Code.
Illinois Administrative Code › Title 50 - INSURANCE › Part 4435 - NONCOMPLIANCE NOTIFICATION AND PENALTIES › Section 4435.20 - Applicability

Current through Register Vol. 48, No. 28, July 12, 2024
This Part applies to any pension fund, governmental unit or
				elected or appointed officials of a governmental unit that is subject to any
				law establishing a pension fund or retirement system for the benefit of
				employees of the governmental unit [40 ILCS
				5/1A-113(d) ] (see P.A. 90-507,
				effective August 22, 1997).
Illinois Administrative Code › Title 50 - INSURANCE › Part 4435 - NONCOMPLIANCE NOTIFICATION AND PENALTIES › Section 4435.30 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
Actuarial Statement means the informational filing as required
				by Section 1A-110 or 1A-111 of the Illinois Pension Code [40 ILCS 5/1A-110 and
				1 A-111] (see P.A. 90-507, effective August 22, 1997), which is filed in
				conjunction with the annual statement.
Annual Statement means the information filed by pension funds
				pursuant to Section 1A-109 of the Illinois Pension Code [40 ILCS
				5/1A-109 ] (see P.A. 90-507, effective August 22,
				1997).
Annual Compliance Fee means the fee paid to the Department by
				pension funds pursuant to Section 1A-112 of the Illinois Pension Code
				[40 ILCS 5/1A-112 ] (see P.A.
				90-507, effective August 22, 1997).
Code means the Illinois Pension Code [40 ILCS 5 ].
Department means the Department of Insurance of the State of
				Illinois [40 ILCS 5/1A-102 ]
				(see P.A. 90-507, effective August 22, 1997).
Division means the Public Pension Division of the Department of
				Insurance [40 ILCS 5/1A-102] (see P.A. 90-507, effective August 22,
				1997).
Governmental Unit means the State of Illinois, any
				instrumentality or agency thereof (except transit authorities or agencies
				operating within or within and without cities with a population over
				3,000,000), and any political subdivision or municipal corporation that
				establishes and maintains a public pension fund [40 ILCS 5/1A-102] (see P.A.
				90-507, effective August 22, 1997).
Pension Fund means any public pension fund, annuity and benefit
				fund, or retirement system established under the Illinois Pension Code
				[40 ILCS 5/1A-102 ]
				(see P.A. 90-507, effective August 22, 1997).
Illinois Administrative Code › Title 50 - INSURANCE › Part 4435 - NONCOMPLIANCE NOTIFICATION AND PENALTIES › Section 4435.40 - Notification of Noncompliance

Current through Register Vol. 48, No. 28, July 12, 2024
The Division shall provide written notification to each pension
				fund, governmental unit or elected or appointed official of a governmental unit
				of the specific provision(s) of the Code and/or the Department's regulation(s)
				with which the pension fund, governmental unit or elected or appointed official
				of a governmental unit has failed to comply [40 ILCS
				5/1A-113(d)(1) ] (see P.A. 90-507,
				effective August 22, 1997). Each notification shall clearly state the Code
				provision(s) and/or regulation Section(s) violated, the basis for the
				Division's determination of noncompliance, the possible penalty amount
				associated with the noncompliance and, if applicable, the reasonable time, as
				determined by Section
				4435.50
				of this Part, by which the pension fund, governmental unit or elected or
				appointed official of a governmental unit may achieve compliance after receipt
				of this notification.
Illinois Administrative Code › Title 50 - INSURANCE › Part 4435 - NONCOMPLIANCE NOTIFICATION AND PENALTIES › Section 4435.50 - Reasonable Compliance Period for Notification

Current through Register Vol. 48, No. 28, July 12, 2024
a) Upon receipt of the noncompliance
			 notification described in Section
			 4435.40,
			 other than a notification for failure to timely file pursuant to Section
			 1A-113(a), (b) and (c) of the Code, the pension fund, governmental unit or
			 elected or appointed official of a governmental unit notified shall take
			 immediate steps to comply with the provisions of the Code and/or Department's
			 regulation(s) specified in the notice [40 ILCS
			 5/1A-113(d)(2) ] (see P.A. 90-507,
			 effective August 22, 1997).
b) If
			 the pension fund, governmental unit or elected or appointed official of a
			 governmental unit notified fails to comply with the provision(s) of the Code
			 and/or Department's regulation(s) specified in the noncompliance notification
			 within 30 days after receipt of such notification, the Director may hold a
			 hearing pursuant to Section
			 4435.80
			 of this Part to determine if a penalty should be assessed in accordance with
			 the procedures set forth in Section
			 4435.60
			 of this Part (see
			 40 ILCS
			 5/1A-113(d)(3), P.A. 90-507,
			 effective August 22, 1997).
Illinois Administrative Code › Title 50 - INSURANCE › Part 4435 - NONCOMPLIANCE NOTIFICATION AND PENALTIES › Section 4435.60 - Director's Determination of Noncompliance

Current through Register Vol. 48, No. 28, July 12, 2024
a) If the Director, upon hearing held
			 pursuant to Section
			 4435.80
			 of this Part, determines that good and sufficient cause for noncompliance has
			 not been shown, the Director may order the pension fund, governmental unit or
			 elected or appointed official of a governmental unit to submit evidence of
			 compliance within a specified period of not less than 30 days [40
			 ILCS 5/1A-113(d)(4) ](see P.A.
			 90-507, effective August 22, 1997).
b) If evidence of compliance is submitted
			 within the specified period as set forth by order of the Director in subsection
			 (a) of this Section, the Director shall issue a notification of compliance to
			 the pension fund, governmental unit or elected or appointed official of a
			 governmental unit.
c) If evidence
			 of compliance has not been submitted to the Director within the period of time
			 prescribed in the order pursuant to subsection (a) of this Section and no
			 administrative appeal from the order has been initiated, the Director may
			 assess a civil penalty of up to $2,000 against the pension fund, governmental
			 unit or elected or appointed official of a governmental unit for each
			 noncompliance with an order of the Director [40 ILCS
			 5/1A-113(d)(5) ] (see P.A. 90-507,
			 effective August 22, 1997).
Illinois Administrative Code › Title 50 - INSURANCE › Part 4435 - NONCOMPLIANCE NOTIFICATION AND PENALTIES › Section 4435.70 - Director's Determination of Failure to Timely File

Current through Register Vol. 48, No. 28, July 12, 2024
a) If the Director determines that any
			 pension fund has failed, without good and sufficient cause, to file its annual
			 statement within the time prescribed by Section 1A-109 of the Code, the
			 Director may order the pension fund to pay a penalty,
which shall not
			 exceed $100 for each day's delay
[
			 40 ILCS
			 5/1A-113(a) ].
b) If the Director determines that any
			 pension fund has failed, without good and sufficient cause, to file its
			 actuarial statement within the time prescribed by Section 1A-110 or 1A-111 of
			 the Code, the Director may order the pension fund to pay a penalty,
which shall not exceed $100 for each day's delay
[
			 40 ILCS
			 5/1A-113(b) ].
c) If the Director determines that any
			 pension fund has failed to pay a fee within the time prescribed by Section
			 1A-112 of the Code, the Director may order the pension fund to pay a penalty of
			 5% of the amount of the annual compliance fee for each month, or part of a
			 month, that the annual compliance fee is late. The fee shall not exceed 25% of
			 the total amount of the fee due.
Illinois Administrative Code › Title 50 - INSURANCE › Part 4435 - NONCOMPLIANCE NOTIFICATION AND PENALTIES › Section 4435.80 - Hearing to Show Good and Sufficient Cause

Current through Register Vol. 48, No. 28, July 12, 2024
a) If the Director determines that a hearing
			 should be held to allow a demonstration of good and sufficient cause pursuant
			 to either Section
			 4435.50
			 or Section
			 4435.70,
			 or if a pension fund subject to penalties under Section
			 4435.70
			 requests a hearing, the hearing shall be conducted pursuant to the procedures
			 set forth in 50 Ill. Adm. Code 2402, except that, if more specific procedures
			 are set forth in this Part, then the more specific procedures apply.
b) At the hearing, the burden of proof to
			 show good and sufficient cause for failure to comply with the requirements of
			 the Code and/or Department regulations shall be on the pension fund,
			 governmental unit, or elected or appointed officials of a governmental unit
			 notified pursuant to Section
			 4435.40.
c) In determining whether the pension fund,
			 governmental unit, or elected or appointed official of a governmental unit has
			 met the burden of proof as required by subsection (b), the Director may
			 consider, but is not limited to, the following:
1) Evidence that, due to no fault of the
			 pension fund, governmental unit, or elected or appointed official of a
			 governmental unit, there was an unforeseeable or unexpected delay or
			 occurrence;
2) Evidence of an
			 uncontrollable circumstance; and
3)
			 Evidence pertaining to Acts of God.
Illinois Administrative Code › Title 50 - INSURANCE › Part 4439 - DISSOLUTION AND REESTABLISHMENT OF INACTIVE POLICE PENSION FUNDS AND FIREFIGHTERS' PENSION FUNDS › Section 4439.10 - Purpose

Current through Register Vol. 48, No. 28, July 12, 2024
The purpose of this Part is to set forth the processes,
				procedures and requirements necessary for the dissolution of an inactive
				Article 3 police pension fund or an inactive Article 4 firefighters' pension
				fund, and the processes, procedures and requirements for the reestablishment of
				a dissolved Article 3 police pension fund or a dissolved Article 4
				firefighters' pension fund pursuant to Sections 3-144.6 and 4-106.1 of the
				Illinois Pension Code [40
				ILCS 5/3-144.6 and 4-106.1].
Illinois Administrative Code › Title 50 - INSURANCE › Part 4439 - DISSOLUTION AND REESTABLISHMENT OF INACTIVE POLICE PENSION FUNDS AND FIREFIGHTERS' PENSION FUNDS › Section 4439.20 - Applicability

Current through Register Vol. 48, No. 28, July 12, 2024
This Part shall apply to the pension funds established under
				either Article 3 or Article 4 of the Code for which Section 3-144.6 or 4-106.1
				applies.
Illinois Administrative Code › Title 50 - INSURANCE › Part 4439 - DISSOLUTION AND REESTABLISHMENT OF INACTIVE POLICE PENSION FUNDS AND FIREFIGHTERS' PENSION FUNDS › Section 4439.30 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
"Active member" means a police officer or firefighter who is in
				active service and a participant of a pension fund established pursuant to
				Article 3 or Article 4 of the Code, respectively.
"Beneficiary" means a person eligible for or receiving benefits
				from a pension fund as provided in the Article of the Code under which the
				pension fund is established.
"Code" means the Illinois Pension Code [40 ILCS 5 ].
"Creditable service" shall have the same meaning as in Section
				3-110 or 4-108 of the Code.
"Current pension fund" means the pension fund currently being
				dissolved.
"Current value" means the fair market value, when available;
				otherwise, the fair value as determined in good faith by the municipality,
				assuming an orderly liquidation at the time of the determination.
"Date of refund" means the date the police officer or
				firefighter received a refund from the respective pension fund pursuant to
				Section 3-124 or 4-116 of the Code.
"Director" means the Director of the Illinois Department of
				Insurance.
"Firefighter" shall have the same meaning as in Section 4-106
				of the Code.
"Former firefighter" means an individual who terminated service
				with the municipal fire department and requested and received a refund of
				employee contributions from the firefighters' pension fund.
"Former police officer" means an individual who terminated
				service with the municipal police department and requested and received a
				refund of employee contributions from the police pension fund.
"Independent auditor" means an independent certified public
				accountant or independent accounting firm in good standing with the American
				Institute of CPAs and all states in which the accountant is licensed to
				practice.
"Municipality" shall have the same meaning as in Section 3-103
				of the Code for police pension funds and in Section 4-103 of the Code for
				firefighters' pension funds.
"Participant" means a police officer, firefighter, deferred
				pensioner or beneficiary of the respective pension fund. Participant also
				includes anyone who terminated service prior to being eligible to receive a
				benefit and has not requested and received a refund of contributions.
"Pension Division" means the Public Pension Division of the
				Illinois Department of Insurance.
"Police officer" or "Officer" shall have the same meaning as in
				Section 3-106 of the Code.
"Prior pension fund" means the pension fund in which the police
				officer or firefighter had accumulated creditable service time prior to
				becoming a member of the current pension fund.
"Refund" means the amount of contributions a police officer or
				firefighter received pursuant to Section 3-124 or 4-116 of the Code,
				respectively.
Illinois Administrative Code › Title 50 - INSURANCE › Part 4439 - DISSOLUTION AND REESTABLISHMENT OF INACTIVE POLICE PENSION FUNDS AND FIREFIGHTERS' PENSION FUNDS › Section 4439.40 - Dissolution of Pension Fund

Current through Register Vol. 48, No. 28, July 12, 2024
a) The
			 corporate authorities of a municipality in which an Article 3 or Article 4
			 pension fund has been established may choose to dissolve the pension fund by
			 resolution or ordinance if an independent auditor has certified to the
			 authorities that the fund has no liabilities, no participants and no annuitants
			 or beneficiaries entitled to benefits currently or in the future; the Pension
			 Division performs a final examination of the pension fund; and all former
			 police officers and firefighters are informed of the intent to dissolve the
			 pension fund.
b) The corporate
			 authorities of a municipality shall not dissolve an Article 3 or Article 4
			 pension fund prior to the independent auditor certifying to the authorities
			 that the fund has no liabilities, no participants and no annuitants or
			 beneficiaries entitled to benefits currently or in the future, and the
			 requirements of Sections
			 4439.50
			 and
			 4439.60
			 are complete. The cost of this certification shall be borne by the
			 municipality.
c) The corporate
			 authorities of a municipality shall not dissolve an Article 3 or Article 4
			 pension fund prior to the Pension Division performing a final examination of
			 the pension fund that includes, but is not limited to, a review of independent
			 auditor certification as required in Section 4439.50. The corporate authorities
			 of a municipality shall not dissolve the pension fund prior to the municipality
			 receiving a certification from the Pension Division that the municipality has
			 complied with the requirements set forth in this Section.
d) The corporate authorities of a
			 municipality shall notify all former police officers identified in the
			 independent auditor certification of the intent to dissolve the Article 3
			 police pension fund and all former firefighters identified in the independent
			 auditor certification of the intent to dissolve the Article 4 firefighters'
			 pension fund by certified letter to the last known address and by public notice
			 60 days prior to the dissolution of the pension fund.
Illinois Administrative Code › Title 50 - INSURANCE › Part 4439 - DISSOLUTION AND REESTABLISHMENT OF INACTIVE POLICE PENSION FUNDS AND FIREFIGHTERS' PENSION FUNDS › Section 4439.50 - Requirements of Independent Auditor Certification

Current through Register Vol. 48, No. 28, July 12, 2024
a) Prior to the corporate authorities of a
			 municipality dissolving the pension fund by resolution or ordinance, an
			 independent auditor must certify to the authorities that the pension fund has
			 no liabilities, no participants and no beneficiaries, and no deferred
			 pensioners entitled to benefits currently or in the future. A copy of the
			 independent auditor certification shall be submitted to the Pension Division
			 within 30 days after completion of the certification. The municipality shall
			 include with the submission to the Pension Division, if not already included in
			 the independent auditor certification, a copy of the independent auditor's
			 report, including, but not limited to, the information required in subsection
			 (b).
b) The audit shall include,
			 but not be limited to:
1) a review of the most
			 recent annual report filed with the Pension Division;
2) a review of the assets held in the name of
			 the pension fund, recording in the audit report the assets and the current
			 value of the assets;
3) a
			 determination of whether the pension fund has any remaining participants or
			 beneficiaries or former members who have not received a refund;
4) a determination of whether the pension
			 fund has any remaining liabilities, including a report of any remaining
			 liabilities of the pension fund;
5)
			 a determination of whether the pension fund has any former members who have
			 received a refund, recording the individual's:
A) Name;
B) Original date of hire;
C) Date of termination;
D) Dates of any disability or service
			 breaks;
E) Creditable service time
			 in the pension fund;
F) Date of
			 refund; and
G) Amount of
			 refund.
Illinois Administrative Code › Title 50 - INSURANCE › Part 4439 - DISSOLUTION AND REESTABLISHMENT OF INACTIVE POLICE PENSION FUNDS AND FIREFIGHTERS' PENSION FUNDS › Section 4439.60 - Resolution or Ordinance to Dissolve the Pension Fund

Current through Register Vol. 48, No. 28, July 12, 2024
a) The corporate authorities of a
			 municipality in which an Article 3 or Article 4 pension fund has been
			 established may dissolve the pension fund by resolution or ordinance after
			 completion of the requirements in Section
			 4439.40.
b) The corporate authorities of the
			 municipality in which an Article 3 or Article 4 pension fund has been dissolved
			 shall submit to the Pension Division a copy of the signed and dated resolution
			 or ordinance dissolving the pension fund within 30 days after
			 passage.
Illinois Administrative Code › Title 50 - INSURANCE › Part 4439 - DISSOLUTION AND REESTABLISHMENT OF INACTIVE POLICE PENSION FUNDS AND FIREFIGHTERS' PENSION FUNDS › Section 4439.70 - Re-establishment of Dissolved Pension Fund - New Hires

Current through Register Vol. 48, No. 28, July 12, 2024
The corporate authorities of a municipality in which an Article
				3 police pension fund or Article 4 firefighters' pension fund has been
				dissolved in accordance with Section 3-144.6 or 4-106.1 of the Code,
				respectively, shall re-establish the pension fund if a police officer, as
				defined in Section 3-106, or a firefighter, as defined in Section 4-106, is
				hired by the municipality subsequent to the pension fund's dissolution. The
				pension fund shall be re-established in the same manner as it was originally
				established under Section 3-101 or 4-101 of the Code.