reglab/statecodes huggingface dataset:
Illinois Administrative Code › Title 80 - PUBLIC OFFICIALS AND EMPLOYEES › Part 1650 - THE ADMINISTRATION AND OPERATION OF THE TEACHERS' RETIREMENT SYSTEM › Subpart M - QUALIFIED ILLINOIS DOMESTIC RELATIONS ORDERS › Section 1650.1117 - QILDROs Against Persons Who Became Members Prior to July 1, 1999

Current through Register Vol. 48, No. 28, July 12, 2024
a) A QILDRO that
				applies to a person who became a member of the System prior to July 1, 1999
				must be accompanied by the original Consent to Issuance of QILDRO signed by the
				member. If the original has been filed with the court, a certified copy of the
				original is acceptable.
b) The
				Consent to Issuance of QILDRO must be in the form adopted by the System as of
				the valid receipt date of the QILDRO. The required consent form is available
				from the System on the System's website trsil.org, or upon request. A consent
				form that is not in the form adopted by the System is invalid.
c) In accordance with Section 1-119(m)(1) of
				the Act [40
				ILCS 5/1-119(m)(1) ], a consent form
				must be signed by the member to whom the QILDRO applies. A consent form signed
				by a judge or any person other than the member is invalid. In the event of a
				dispute regarding the validity of a member's consent to issuance of a QILDRO,
				the System may, in its sole discretion, require a consent form bearing the
				member's notarized signature.
Illinois Administrative Code › Title 80 - PUBLIC OFFICIALS AND EMPLOYEES › Part 1650 - THE ADMINISTRATION AND OPERATION OF THE TEACHERS' RETIREMENT SYSTEM › Subpart M - QUALIFIED ILLINOIS DOMESTIC RELATIONS ORDERS › Section 1650.1118 - Alternate Payee's Address

Current through Register Vol. 48, No. 28, July 12, 2024
a) An
				alternate payee is responsible to report to the System in writing of each
				change in his or her name and mailing address.
b) When a member's retirement benefit,
				lump-sum death benefit, or refund subject to a QILDRO becomes payable, the
				System will send notice to the last address of the alternate payee reported to
				the System that the benefit or refund is payable. Other than sending such
				notice, the System shall have no duty to take any other action to locate an
				alternate payee.
c) The 180-day
				period during which the System will hold the retirement benefit, lump-sum death
				benefit, or refund as provided in Section 1-119(e)(2) of the Act [40 ILCS
				5/1-119(e)(2) ] begins on the date
				that the notice described in subsection (b) of this Section is sent to the last
				address of the alternate payee reported to the System, or on the date that the
				retirement benefit, lump-sum death benefit, or refund becomes payable,
				whichever is later.
d) If the
				System does not receive written confirmation of the alternate payee's current
				mailing address within the 180-day period, any amounts held will be paid to the
				regular payee, except for the situation described in subsection (e) of this
				Section.
e) For partial member's
				refunds as defined in Section
				1650.1110(g),
				if the System knows the alternate payee's current mailing address but does not
				receive a completed withholding election form within the 180-day period, any
				amount held will be paid to the alternate payee, subject to mandatory 20
				percent federal income tax withholding.
Illinois Administrative Code › Title 80 - PUBLIC OFFICIALS AND EMPLOYEES › Part 1650 - THE ADMINISTRATION AND OPERATION OF THE TEACHERS' RETIREMENT SYSTEM › Subpart M - QUALIFIED ILLINOIS DOMESTIC RELATIONS ORDERS › Section 1650.1119 - Electing Form of Payment

Current through Register Vol. 48, No. 28, July 12, 2024
a) A
				member's election either to receive or forego a proportional annuity under
				Section 20 of the Retirement Systems Reciprocal Act [40 ILCS 5] is not a
				prohibited election under Section 1-119(j)(1) of the Code.
b) A member's election to take a refund is
				not a prohibited election under Section 1-119(j)(1) of the Code. However, a
				member's election to roll over a refund payment does not affect the alternate
				payee's right to payment of the amount designated in the QILDRO.
c) A member's election of a form of payment
				of annuity that reduces the member's total benefit, while still allowing full
				payment to the alternate payee under a QILDRO at the date of the election, is
				not a prohibited election under Section 1-119(j)(1) of the Code.
d) A member's failure to elect a 2.2 upgrade,
				or failure to make all upgrade contributions in a timely fashion, is not a
				prohibited election under Section 1-119(j)(1) of the Code.
e) A dependent beneficiary's election to
				receive monthly survivor benefits is not a prohibited election under Section
				1-119(j)(1) of the Code.
f) A
				member's election of the Accelerated Annual Increase (AAI) provided in Section
				16-190.6 of the Code, or the Accelerated Pension Benefit (APB) provided in
				Section 16-190.5 of the Code, is a prohibited election under Section
				1-119(j)(1) of the Code, if so provided in Section
				1650.3330.
g) The System may, in its sole discretion,
				hold a proposed election until clarification is obtained from a court of
				competent jurisdiction as to whether the proposed election is a prohibited
				election under Section 1-119(j)(1) of the Code. It shall be the duty of the
				member or alternate payee to obtain such clarification upon request of the
				System.
Illinois Administrative Code › Title 80 - PUBLIC OFFICIALS AND EMPLOYEES › Part 1650 - THE ADMINISTRATION AND OPERATION OF THE TEACHERS' RETIREMENT SYSTEM › Subpart M - QUALIFIED ILLINOIS DOMESTIC RELATIONS ORDERS › Section 1650.1120 - Automatic Annual Increases

Current through Register Vol. 48, No. 28, July 12, 2024
a) The
				alternate payee will or will not receive a proportionate share of any automatic
				annual increase in the member's retirement benefit under Section 16-136.1 of
				the Act [40 ILCS
				5/16-136.1], according to the designation in the
				QILDRO.
b) Except as provided in
				subsection (c) of this Section, the initial increase in the amount due the
				alternate payee under the QILDRO is payable with the next succeeding increase
				due the member after the effective date of the QILDRO.
c) In the event that the effective date of
				the QILDRO is in the same month that the member's benefit is increased, the
				alternate payee's initial increase is not payable until the next succeeding
				increase in the member's benefit.
d) The System will calculate the amount of
				any increase payable to the alternate payee under the QILDRO.
e) The amount of any increase payable to the
				alternate payee (other than any increase resulting from the member's initial
				automatic annual increase) is the percentage of increase due the member under
				Section 16-133.1 or Section 16-136.1 of the Act [40
				ILCS 5/16-133.1, 16-136.1], multiplied by the
				alternate payee's monthly benefit as of the date of the increase.
f) The amount of any increase payable to the
				alternate payee resulting from the member's initial automatic annual increase
				is the percentage of increase due the member under Section 16-133.1 or Section
				16-136.1 of the Act [40
				ILCS 5/16-133.1, 16-136.1], multiplied by the
				alternate payee's monthly benefit as of the date of the increase, multiplied by
				the following fraction:
1) The numerator is
				the number of months elapsed between:
A) The
				later of the effective date of the QILDRO or the date of retirement,
				and
B) The date that the initial
				increase becomes payable; and
Illinois Administrative Code › Title 80 - PUBLIC OFFICIALS AND EMPLOYEES › Part 1650 - THE ADMINISTRATION AND OPERATION OF THE TEACHERS' RETIREMENT SYSTEM › Subpart M - QUALIFIED ILLINOIS DOMESTIC RELATIONS ORDERS › Section 1650.1122 - Providing Benefit Information for Divorce Purposes

Current through Register Vol. 48, No. 28, July 12, 2024
a) Within 45 days after receiving a subpoena
				or request from a member, the System will provide a statement for divorce
				purposes regarding the value of a member's retirement benefit through June 30
				of the last completed school year for which data are on file with the System.
				If requested, the System will also provide the TRS Member Guide, the TRS QILDRO
				publication, and this Subpart.
b)
				Within 45 days after receiving a percentage QILDRO, if the System receives the
				percentage QILDRO before the member has commenced receiving retirement
				benefits, the System will provide a statement including the following
				information:
1) School year of initial
				membership in the System;
2) Amount
				of permissive and regular service credit;
3) Non-reduced monthly retirement benefit
				estimate;
4) Earliest date when
				non-reduced monthly retirement benefit will become payable;
5) Permissive service credit
				purchased;
6)2.2 upgrade
				information;
7) Refund upon
				termination of employment;
8)
				Survivor benefit contribution refund;
9) Lump-sum death benefit amount;
10) Whether the member has filed a retirement
				application; and
11) Intended
				retirement date, if the member has filed a retirement application.
Illinois Administrative Code › Title 80 - PUBLIC OFFICIALS AND EMPLOYEES › Part 1650 - THE ADMINISTRATION AND OPERATION OF THE TEACHERS' RETIREMENT SYSTEM › Subpart M - QUALIFIED ILLINOIS DOMESTIC RELATIONS ORDERS › Section 1650.1123 - Suspension and Expiration of a QILDRO

Current through Register Vol. 48, No. 28, July 12, 2024
a) If a member who is an annuitant of the
				System subject to a valid QILDRO re-enters active TRS membership, payments to
				the alternate payee will be suspended for the same period of time that the
				member's retirement benefits are suspended. Resumption of the alternate payee's
				payments will be subject to the same limitations that apply to resumption of
				the member's benefits.
b) A QILDRO
				expires:
1) Upon the death of the alternate
				payee, in which case the right to receive the affected benefit or refund will
				revert to the member or the member's designated beneficiaries.
2) Upon the death of the member and payment
				of all amounts subject to the QILDRO.
3) When the member takes a refund that
				terminates membership in the System, even if the member's refund is paid to an
				alternate payee. A QILDRO that expires because the member took a refund is not
				revived by the member's subsequent return to membership in the
				System.
4) In accordance with the
				provisions of a valid court order terminating the QILDRO.
5) After payment of all amounts provided in
				the QILDRO.
6) Upon receipt of a
				valid QILDRO applicable to the same member and same alternate payee as provided
				in subsection (c).
Illinois Administrative Code › Title 80 - PUBLIC OFFICIALS AND EMPLOYEES › Part 1650 - THE ADMINISTRATION AND OPERATION OF THE TEACHERS' RETIREMENT SYSTEM › Subpart M - QUALIFIED ILLINOIS DOMESTIC RELATIONS ORDERS › Section 1650.1124 - Income Tax Reporting

Current through Register Vol. 48, No. 28, July 12, 2024
For tax reporting of income received pursuant to a QILDRO, if
				  the alternate payee is the annuitant's spouse or former spouse, the System will
				  report income to the recipient and the nontaxable portion of the member's
				  benefit will be allocated pro rata between the annuitant and the alternate
				  payee. However, if the alternate payee is the annuitant's child or other
				  dependent, the System will report income received by the child or other
				  dependent to the annuitant, and the nontaxable portion of the member's benefit
				  will be allocated to the annuitant.
Illinois Administrative Code › Title 80 - PUBLIC OFFICIALS AND EMPLOYEES › Part 1650 - THE ADMINISTRATION AND OPERATION OF THE TEACHERS' RETIREMENT SYSTEM › Subpart M - QUALIFIED ILLINOIS DOMESTIC RELATIONS ORDERS › Section 1650.1125 - Lump-Sum Death Benefit Allocation to Alternate Payee

Current through Register Vol. 48, No. 28, July 12, 2024
The alternate payee share of any lump-sum death benefit will
				  be satisfied as follows:
a) First,
				from any refund of accumulated or excess contributions, prior to any
				distribution to the designated beneficiaries.
b) Second, from any survivor benefit payable
				as a lump sum, prior to any distribution to the designated beneficiaries,
				subject to the following:
1) All eligible
				dependent beneficiaries will first elect whether to receive the survivor
				benefit in monthly payments or in a lump-sum payment.
2) If monthly payments are elected, no amount
				is payable to the alternate payee from those monthly survivor benefit
				payments.
3) If any portion of the
				survivor benefit is payable as a lump sum, the balance of any alternate payee
				share not paid from the refund of accumulated or excess contributions will be
				paid from the lump-sum survivor benefit, prior to any distribution to the
				designated beneficiaries.
Illinois Administrative Code › Title 80 - PUBLIC OFFICIALS AND EMPLOYEES › Part 1650 - THE ADMINISTRATION AND OPERATION OF THE TEACHERS' RETIREMENT SYSTEM › Subpart N - PAYROLL DEDUCTION PROGRAM › Section 1650.1202 - Payroll Deduction Agreements - Suspensions and Terminations (Repealed)

Current through Register Vol. 48, No. 28, July 12, 2024
Illinois Administrative Code › Title 80 - PUBLIC OFFICIALS AND EMPLOYEES › Part 1650 - THE ADMINISTRATION AND OPERATION OF THE TEACHERS' RETIREMENT SYSTEM › Subpart N - PAYROLL DEDUCTION PROGRAM › Section 1650.1203 - Payroll Deduction Program - Full-Time Employment Defined (Repealed)

Current through Register Vol. 48, No. 28, July 12, 2024
Illinois Administrative Code › Title 80 - PUBLIC OFFICIALS AND EMPLOYEES › Part 1650 - THE ADMINISTRATION AND OPERATION OF THE TEACHERS' RETIREMENT SYSTEM › Subpart N - PAYROLL DEDUCTION PROGRAM › Section 1650.1205 - Employer Payment of Member's Optional Service, Refund and/or Upgrade Contribution Balance (Repealed)

Current through Register Vol. 48, No. 28, July 12, 2024
Illinois Administrative Code › Title 80 - PUBLIC OFFICIALS AND EMPLOYEES › Part 1650 - THE ADMINISTRATION AND OPERATION OF THE TEACHERS' RETIREMENT SYSTEM › Subpart O - RETIREMENT BENEFITS › Section 1650.2900 - Excess Benefit Arrangement

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				Adoption and Nature of the Arrangement.
1)
				The Arrangement. The Teachers' Retirement System of the State of Illinois,
				pursuant to the authority granted to it by
				40 ILCS
				5/1-116, hereby adopts the Teachers' Retirement System
				Excess Benefit Arrangement, effective January 1, 1997.
2) Nature of the Arrangement. This
				Arrangement is a portion of a governmental plan (as that term is defined in
				section 414(d) of the Internal Revenue Code of 1986, as amended, and Section
				3(32) of the Employee Retirement Income Security Act of 1974, as amended), and
				is administered as a qualified governmental excess benefit arrangement pursuant
				to the provisions of Code section 415(m) (
				26
				USC 415(m) ).
Illinois Administrative Code › Title 80 - PUBLIC OFFICIALS AND EMPLOYEES › Part 1650 - THE ADMINISTRATION AND OPERATION OF THE TEACHERS' RETIREMENT SYSTEM › Subpart P - COMPETITIVE SELECTION PROCEDURES FOR INVESTMENT SERVICES › Section 1650.3000 - Summary and Purpose

Current through Register Vol. 48, No. 28, July 12, 2024
This Subpart P implements the provisions of Public Act 96-6
				  to ensure investment transparency and objective consideration of potential
				  investment managers and consultants, as authorized by the Illinois Pension Code
				  [40
				  ILCS 5/1-113.14 ]. Procurement of all investment
				  services by the Teachers' Retirement System of the State of Illinois is
				  conducted in accordance with the competitive selection procedures set forth in
				  this Subpart.
Illinois Administrative Code › Title 80 - PUBLIC OFFICIALS AND EMPLOYEES › Part 1650 - THE ADMINISTRATION AND OPERATION OF THE TEACHERS' RETIREMENT SYSTEM › Subpart P - COMPETITIVE SELECTION PROCEDURES FOR INVESTMENT SERVICES › Section 1650.3005 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
a) The definitions
				in Articles 1 and 16 of the Illinois Pension Code [40 ILCS 5 /Arts. 1 and 16]
				apply to this Subpart.
b) The
				definition of "investment services" in the Illinois Pension Code [40
				ILCS 5/1-113.14(a) ] applies to this
				Subpart.
c) "System" means the
				Teachers' Retirement System of the State of Illinois.
d) "Consultant" means the independent
				investment consulting firm or firms contractually engaged by the System to
				provide general or specialty investment consulting services for the prudent
				administration of the System's investment portfolio.
e) "Board" means the Board of Trustees of the
				Teachers' Retirement System of the State of Illinois.
f) "Investment Committee" means the
				investment committee of the Board of Trustees of the Teachers' Retirement
				System of the State of Illinois.
g)
				"Manager Database" means an industry database of institutional quality
				registered investment management firms utilized by the consultant as described
				in this Subpart.
h) "Oversight
				Committee" refers to the applicable internal staff governance committee,
				including, but not limited to, the following:
1) Public Markets Oversight Committee
				(PMOC)
2) Private Capital Oversight
				Committee (PCOC)
3) Real Asset
				Oversight Committee (RAOC)
4)
				Diversifying Strategies Oversight Committee (DSOC)
5) Real Estate Oversight Committee
				(REOC)
6) TRS Staff Investment
				Committee (TRSIC)
Illinois Administrative Code › Title 80 - PUBLIC OFFICIALS AND EMPLOYEES › Part 1650 - THE ADMINISTRATION AND OPERATION OF THE TEACHERS' RETIREMENT SYSTEM › Subpart P - COMPETITIVE SELECTION PROCEDURES FOR INVESTMENT SERVICES › Section 1650.3010 - Public Markets Manager Database

Current through Register Vol. 48, No. 28, July 12, 2024
a) The consultant makes use of an industry
				database (Manager Database) containing institutional quality firms that are
				registered investment managers. No fee is required to participate in the
				Manager Database.
b) The Manager
				Database serves as the primary pool from which the System identifies candidates
				for public market investment manager searches.
c) To be considered in a public market
				search, all interested investment managers not currently in the Manager
				Database should ensure that all required information has been submitted to the
				Manager Database prior to the screening dates specified in the candidate
				profiles described in Sections
				1650.3017,
				1650.3020
				and
				1650.3025.
				Should a search be conducted for which a developed database does not exist or
				is incomplete, investment managers may also submit or be requested to submit a
				written Request for Information (RFI).
d) The consultant's contact information is
				available on the TRS website (https://www.trsil.org).
Illinois Administrative Code › Title 80 - PUBLIC OFFICIALS AND EMPLOYEES › Part 1650 - THE ADMINISTRATION AND OPERATION OF THE TEACHERS' RETIREMENT SYSTEM › Subpart P - COMPETITIVE SELECTION PROCEDURES FOR INVESTMENT SERVICES › Section 1650.3015 - Emerging Investment Managers

Current through Register Vol. 48, No. 28, July 12, 2024
a)
				The System's Emerging Manager Program is broadly available across all asset
				classes. The program is open to any firm meeting the definition of "emerging
				investment manager" as defined in Section 1-109.1(4) of the Illinois Pension
				Code and to any other younger, growing investment firms with smaller asset
				bases and developing track records. Any firm interested in participating in the
				Emerging Manager Program may submit the appropriate questionnaire provided on
				the TRS website (https://www.trsil.org). All responses are reviewed by staff
				and included in the System's emerging manager database.
b) Staff screens the System's database for
				emerging manager candidates across all asset classes and actively pursues other
				potential candidates not included within the database through industry
				participation and other networking channels.
c) Based on review of the database and
				submitted questionnaires, staff meets to identify managers that appear to have
				the highest probability of success over the next three to five years and the
				potential for graduation from the Emerging Manager Program into the main
				portfolio.
d) Staff and the
				consultant conduct in-person interviews of managers at the System's offices or
				an alternate location agreed upon by the System and the manager.
e) Following favorable results of the
				in-person interviews, staff identifies finalist firms for on-site due diligence
				at the candidate firm's offices. On-site visits and finalist recommendations
				must be approved by the applicable Oversight Committee.
f) After on-site due diligence is completed,
				staff initiates fee and contract negotiations with the finalist firms. All
				contracts and related documentation relative to hiring an investment manager,
				including any open items relating to fee or contract terms, must be disclosed
				and negotiated in final form prior to final commitment.
g) Any finalist firm that successfully passes
				staff due diligence review (including approval of the applicable Oversight
				Committee) and fee and contract negotiations is eligible for final commitment
				from staff and may be invited to present to the Investment Committee.
Illinois Administrative Code › Title 80 - PUBLIC OFFICIALS AND EMPLOYEES › Part 1650 - THE ADMINISTRATION AND OPERATION OF THE TEACHERS' RETIREMENT SYSTEM › Subpart P - COMPETITIVE SELECTION PROCEDURES FOR INVESTMENT SERVICES › Section 1650.3017 - Candidate Profile for Investment Manager Searches

Current through Register Vol. 48, No. 28, July 12, 2024
a) The candidate profile described in this
				Subpart P is a customized written document prepared by staff that specifically
				defines the detailed requirements of a given investment manager search and the
				investment manager qualifications and characteristics that are sought in the
				particular search.
b) To ensure
				accessibility to the public, whenever an investment manager search is
				initiated, the candidate profile document is posted to the TRS website. To
				ensure global transparency, all investment manager searches are available on
				the Illinois Procurement Policy Board website via a link to the TRS
				website.
c) The candidate profile
				document delineates all relevant information and metrics particular to the
				given search. The information and metrics are specific to each manager search,
				and customized based on the necessary qualifications for the search. Evaluation
				criteria and minimum qualifications will generally be comprised of the
				following:
1) Manager style;
2) Manager type;
3) Minority investment manager
				inclusion;
4) Amount to be
				allocated;
5) Investment
				vehicles;
6) Process for
				identification of candidates;
7)
				Process for selection of semi-finalist candidates;
8) Process for selection of
				finalists;
9) Minimum asset
				requirement;
10) Minimum
				professional investment experience;
11) Stability of professional
				staff;
12) Geographic
				location;
13) Involvement with
				other business;
14) Financial
				well-being of firm;
15) Long range
				plan;
16) Investment
				style;
17) Investment
				research;
18) Minimum performance
				record;
19) Performance preferred
				attributes;
20) Performance
				comparisons;
21) Client
				communications and rapport;
22)
				Fees;
23) Compliance with Illinois
				State law and divestment restrictions; and
24) Manager guidelines and investment
				management agreement.
Illinois Administrative Code › Title 80 - PUBLIC OFFICIALS AND EMPLOYEES › Part 1650 - THE ADMINISTRATION AND OPERATION OF THE TEACHERS' RETIREMENT SYSTEM › Subpart P - COMPETITIVE SELECTION PROCEDURES FOR INVESTMENT SERVICES › Section 1650.3020 - Public Market Searches

Current through Register Vol. 48, No. 28, July 12, 2024
a) The
				Board authorizes the System's asset allocation targets and asset class
				structure by recorded vote in a business meeting of the Board conducted in
				accordance with the Open Meetings Act [ 5 ILCS 120 ]. Staff may initiate
				searches as necessary to implement the System's asset allocation and/or manager
				structure.
b) At each meeting of
				the Investment Committee, staff will notify the Board of search activity,
				including the outcome of all completed searches.
c) With the initiation of a search, staff,
				working with the consultant, prepares a written candidate profile that lists
				specific requirements for each search, as described in Section
				1650.3017.
				The candidate profile identifies specific quantitative and qualitative factors,
				such as:
1) Minimum assets under
				management;
2) Minimum track
				record;
3) Risks relative to
				benchmarks;
4) Return relative to
				benchmarks over various time periods;
5) Size and tenure of professional
				staff;
6) Investment strategy and
				process; and
7) Organizational
				stability and strength.
Illinois Administrative Code › Title 80 - PUBLIC OFFICIALS AND EMPLOYEES › Part 1650 - THE ADMINISTRATION AND OPERATION OF THE TEACHERS' RETIREMENT SYSTEM › Subpart P - COMPETITIVE SELECTION PROCEDURES FOR INVESTMENT SERVICES › Section 1650.3025 - Small and Mid Cap Equity Searches

Current through Register Vol. 48, No. 28, July 12, 2024
a) The Board has authorized and directed
				staff to continuously monitor the investment manager universe for attractive
				small and mid cap public equity candidates. Staff and the consultant formally
				screen the full manager universe on a semi-annual basis following the end of
				each fiscal and calendar year.
b)
				Following the semi-annual screening of the small cap and/or mid-cap equity
				database, the search process continues in a manner consistent with the public
				search process in Section
				1650.3020.
Illinois Administrative Code › Title 80 - PUBLIC OFFICIALS AND EMPLOYEES › Part 1650 - THE ADMINISTRATION AND OPERATION OF THE TEACHERS' RETIREMENT SYSTEM › Subpart P - COMPETITIVE SELECTION PROCEDURES FOR INVESTMENT SERVICES › Section 1650.3032 - Co-Investment Opportunities

Current through Register Vol. 48, No. 28, July 12, 2024
a) The
				System's alternative investment relations will often present opportunities for
				co-investment alongside fund investments. When these investments are
				complementary to the portfolio, it is advantageous to the System to participate
				in these opportunities as they provide return enhancement at lower fee
				structures.
b) Co-investment
				opportunities are typically presented to TRS staff from existing alternative
				investment managers. Staff conducts their own separate due diligence on each
				co-investment opportunity.
Illinois Administrative Code › Title 80 - PUBLIC OFFICIALS AND EMPLOYEES › Part 1650 - THE ADMINISTRATION AND OPERATION OF THE TEACHERS' RETIREMENT SYSTEM › Subpart P - COMPETITIVE SELECTION PROCEDURES FOR INVESTMENT SERVICES › Section 1650.3035 - Private Market Real Estate Separate Account Searches

Current through Register Vol. 48, No. 28, July 12, 2024
a) Each year, staff, working with the
				consultants, prepares an annual tactical plan for the management and allocation
				of the System's real estate portfolio. The tactical plan establishes investment
				guidelines, including the allocation to TRS's separate account advisors. The
				Board approves the annual tactical plan by recorded vote in a business meeting
				of the Board conducted in accordance with the Open Meetings Act [ 5 ILCS 120
				].
b) Staff may initiate searches
				as necessary to implement the System's real estate tactical plan and/or fill
				vacancies within the manager structure.
c) Following authorization by the applicable
				Oversight Committee, staff, working with the consultant, prepares a
				standardized RFI that lists specific requirements for the search. The RFI
				identifies specific quantitative and qualitative factors, such as:
1) Minimum assets under management;
2) Minimum track record;
3) Risks relative to benchmarks;
4) Return relative to benchmarks over various
				time periods;
5) Size and tenure of
				professional staff;
6) Investment
				strategy and process; and
7)
				Organizational stability and strength.
Illinois Administrative Code › Title 80 - PUBLIC OFFICIALS AND EMPLOYEES › Part 1650 - THE ADMINISTRATION AND OPERATION OF THE TEACHERS' RETIREMENT SYSTEM › Subpart P - COMPETITIVE SELECTION PROCEDURES FOR INVESTMENT SERVICES › Section 1650.3040 - Consultant Searches

Current through Register Vol. 48, No. 28, July 12, 2024
a) In
				accordance with Section 1-113.14(d) of the Illinois Pension Code, investment
				consultants may serve for a maximum five-year term. Any incumbent consultant is
				eligible to submit a proposal for the new engagement.
b) Staff may initiate a search to provide
				general or specialty investment consulting services to the System through a
				formal Request for Proposal (RFP) process.
c) Following initiation of a search, staff
				prepares an RFP containing the following information:
1) The type of services required;
2) An estimate of when and for how long the
				services will be required;
3) The
				contract to be used;
4) The date
				and time by which proposals must be submitted; and
5) A statement of the information the
				proposal must contain.
Illinois Administrative Code › Title 80 - PUBLIC OFFICIALS AND EMPLOYEES › Part 1650 - THE ADMINISTRATION AND OPERATION OF THE TEACHERS' RETIREMENT SYSTEM › Subpart P - COMPETITIVE SELECTION PROCEDURES FOR INVESTMENT SERVICES › Section 1650.3045 - Evaluation by Investment Committee

Current through Register Vol. 48, No. 28, July 12, 2024
a) The Investment Committee ensures that the
				decision and process to hire a particular investment manager or consultant, or
				to approve a specific investment, is well-reasoned, thoroughly considered and
				prudent.
b) The Investment
				Committee may review written supporting documentation to assure the greatest
				possible disclosure of all relevant issues; that the search process, investment
				sourcing and related due diligence was fair; and that the screening process was
				consistently applied.
c) Upon
				approval by the Investment Committee, any recommendation to hire a particular
				investment manager or consultant, or to approve a specific investment, is
				submitted to the Board for decision.
Illinois Administrative Code › Title 80 - PUBLIC OFFICIALS AND EMPLOYEES › Part 1650 - THE ADMINISTRATION AND OPERATION OF THE TEACHERS' RETIREMENT SYSTEM › Subpart Q - PLAN QUALIFICATION › Section 1650.3100 - Summary and Purpose

Current through Register Vol. 48, No. 28, July 12, 2024
a) This Subpart
				Q is intended to implement compliance requirements imposed on the Teachers'
				Retirement System of the State of Illinois (System) by the United States
				Internal Revenue Service (IRS). On April 13, 2011, the System received a
				favorable determination letter reflecting the view of the IRS that the System
				complies in form with the applicable requirements for qualification under the
				Internal Revenue Code of 1986, as amended (26 USC). In connection with the
				determination letter application, the System submitted to the IRS proposed
				amendments to the provisions of Article 16 of the Illinois Pension Code [40
				ILCS 5/16 ]. The IRS approved those proposed amendments by issuing a compliance
				statement, and adoption of the proposed amendments is necessary for continued
				reliance on the IRS compliance statement and favorable determination letter.
				While the System worked diligently to seek legislative enactment, the proposed
				amendments to Article 16 of the Illinois Pension Code have not yet been enacted
				by action of the Illinois General Assembly and signature by the Illinois
				Governor.
b) The System therefore
				requested, and the IRS has issued, a revised compliance statement approving
				adoption of the proposed amendments to be made to the Illinois Administrative
				Code, rather than to the Illinois Pension Code. To ensure the continued
				qualification of the retirement plan administered by the System and continued
				reliance on the IRS compliance statement and favorable determination letter,
				the purpose of this Subpart Q is to promulgate the required amendments to the
				System regarding the plan qualification requirements.
Illinois Administrative Code › Title 80 - PUBLIC OFFICIALS AND EMPLOYEES › Part 1650 - THE ADMINISTRATION AND OPERATION OF THE TEACHERS' RETIREMENT SYSTEM › Subpart Q - PLAN QUALIFICATION › Section 1650.3105 - Exclusive Benefit Rule

Current through Register Vol. 48, No. 28, July 12, 2024
Prior to the satisfaction of all liabilities to members or
				  their beneficiaries, no part of the corpus or income of the System shall be
				  used for, or diverted to, purposes other than for the exclusive benefit of the
				  System's members, annuitants and beneficiaries.
Illinois Administrative Code › Title 80 - PUBLIC OFFICIALS AND EMPLOYEES › Part 1650 - THE ADMINISTRATION AND OPERATION OF THE TEACHERS' RETIREMENT SYSTEM › Subpart Q - PLAN QUALIFICATION › Section 1650.3110 - USERRA (Uniformed Services Employment and Reemployment Rights Act (38 USC 4301-4335)) Compliance

Current through Register Vol. 48, No. 28, July 12, 2024
The provisions of
				  40 ILCS 5/1-118
				  (veterans' rights) shall be effective with respect to the System beginning
				  December 12, 1994.
Illinois Administrative Code › Title 80 - PUBLIC OFFICIALS AND EMPLOYEES › Part 1650 - THE ADMINISTRATION AND OPERATION OF THE TEACHERS' RETIREMENT SYSTEM › Subpart Q - PLAN QUALIFICATION › Section 1650.3115 - Required Minimum Distributions

Current through Register Vol. 48, No. 28, July 12, 2024
The provisions of
				  40 ILCS
				  5/1-116.1 (required distributions) shall be effective
				  with respect to the System beginning January 1, 1987.
Illinois Administrative Code › Title 80 - PUBLIC OFFICIALS AND EMPLOYEES › Part 1650 - THE ADMINISTRATION AND OPERATION OF THE TEACHERS' RETIREMENT SYSTEM › Subpart Q - PLAN QUALIFICATION › Section 1650.3120 - Federal Contribution and Benefit Limitations

Current through Register Vol. 48, No. 28, July 12, 2024
The System shall comply with the applicable contribution and
				  benefit limitations imposed by section 415 of the Internal Revenue Code. This
				  Section is effective for years beginning January 1, 1976 through January 14,
				  1991 (the effective date of
				  40 ILCS
				  5/1-116 ).
Illinois Administrative Code › Title 80 - PUBLIC OFFICIALS AND EMPLOYEES › Part 1650 - THE ADMINISTRATION AND OPERATION OF THE TEACHERS' RETIREMENT SYSTEM › Subpart Q - PLAN QUALIFICATION › Section 1650.3125 - Mortality Tables and Interest Rates

Current through Register Vol. 48, No. 28, July 12, 2024
The mortality tables and interest rates adopted by the Board
				  of Trustees of the System from time to time in accordance with
				  40 ILCS
				  5/16-122 shall apply to 40 ILCS 5/16 as though such
				  provisions were fully set forth in 40 ILCS 5/16. This Section applies beginning
				  July 1, 1984.
Illinois Administrative Code › Title 80 - PUBLIC OFFICIALS AND EMPLOYEES › Part 1650 - THE ADMINISTRATION AND OPERATION OF THE TEACHERS' RETIREMENT SYSTEM › Subpart R - TIER II MEMBERS AND ANNUITANTS › Section 1650.3200 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
For purposes of this Subpart R, "Tier II" means the
				  provisions of Section 1-160 of the Illinois Pension Code that apply to certain
				  members and annuitants of the Teachers' Retirement System of the State of
				  Illinois (the "System") as defined therein.
Illinois Administrative Code › Title 80 - PUBLIC OFFICIALS AND EMPLOYEES › Part 1650 - THE ADMINISTRATION AND OPERATION OF THE TEACHERS' RETIREMENT SYSTEM › Subpart R - TIER II MEMBERS AND ANNUITANTS › Section 1650.3220 - Automatic Increase in Tier II Disability Benefits

Current through Register Vol. 48, No. 28, July 12, 2024
a) A Tier II member or annuitant receiving a
				disability benefit under the provisions of Section 16-149, 16-149.1 or 16-149.2
				of the Code shall receive a 7% increase in the member's or annuitant's initial
				disability benefit on the January 1 following the fourth anniversary of the
				granting of the disability benefit.
b) On each January 1 following the 7%
				increase, the member's or annuitant's Tier II disability benefit shall be
				increased by 3% or one-half the annual unadjusted percentage increase (but not
				less than zero) in the consumer price index-u for the 12-month period ending
				with the September preceding each November 1, whichever is less, of the initial
				disability benefit.
c) If the
				annual unadjusted percentage change in the consumer price index-u preceding
				November 1 is zero or there is a decrease, the Tier II member's or annuitant's
				disability benefit shall not be increased.
d) For persons receiving a disability
				retirement annuity under Section 16-149.2 of the Code, any prior annual
				increases shall cease as soon as the person is eligible to receive the annual
				increase provided in Section 1-160(e) of the Code.
Illinois Administrative Code › Title 80 - PUBLIC OFFICIALS AND EMPLOYEES › Part 1650 - THE ADMINISTRATION AND OPERATION OF THE TEACHERS' RETIREMENT SYSTEM › Subpart R - TIER II MEMBERS AND ANNUITANTS › Section 1650.3221 - Tier II Disability Retirement Annuity Final Average Salary

Current through Register Vol. 48, No. 28, July 12, 2024
Final average salary for the purpose of determining a Tier II
				  disability retirement annuity under Section 16-149.2 of the Illinois Pension
				  Code shall be:
a) For a Tier II member
				with less than 8 years of creditable service, the average salary during the
				member's entire period of creditable service.
b) For a Tier II member with 8 or more years
				of creditable service, the average salary for the highest 8 consecutive years
				within the last 10 years of creditable service as determined under Section
				1-160(b) of the Code.
Illinois Administrative Code › Title 80 - PUBLIC OFFICIALS AND EMPLOYEES › Part 1650 - THE ADMINISTRATION AND OPERATION OF THE TEACHERS' RETIREMENT SYSTEM › Subpart R - TIER II MEMBERS AND ANNUITANTS › Section 1650.3222 - Tier II Disability Retirement Annuity Calculation

Current through Register Vol. 48, No. 28, July 12, 2024
a) The Tier II disability retirement annuity
				shall be equal to the larger of:
1) 35% of the
				most recent annual contract salary rate or, for part-time and substitute
				members, the most recent annualized salary rate; or
2) If the disability commences prior to the
				member's attainment of age 62, the amount computed in accordance with Section
				16-133 of the Code, provided the amount computed under Section 16-133(a)(B)
				shall be reduced by 1/2 of 1% for each month that the member is less than age
				62; or
3) If the disability
				commences after the member's attainment of age 62, and the member is not
				receiving a retirement annuity under Section 16-133 of the Code, the amount
				computed in accordance with Section 16-133.
Illinois Administrative Code › Title 80 - PUBLIC OFFICIALS AND EMPLOYEES › Part 1650 - THE ADMINISTRATION AND OPERATION OF THE TEACHERS' RETIREMENT SYSTEM › Subpart R - TIER II MEMBERS AND ANNUITANTS › Section 1650.3230 - Contributions for Tier II Members with Reciprocal Earnings

Current through Register Vol. 48, No. 28, July 12, 2024
The annual Tier II salary limitations set forth in Section
				  1-160(b-5) of the Illinois Pension Code shall be applied by the System without
				  regard to whether a member has earnings in a reciprocal system as defined in
				  Article 20 of the Code in that plan year.
Illinois Administrative Code › Title 80 - PUBLIC OFFICIALS AND EMPLOYEES › Part 1650 - THE ADMINISTRATION AND OPERATION OF THE TEACHERS' RETIREMENT SYSTEM › Subpart S - BUYOUT PROGRAMS › Section 1650.3310 - Accelerated Annual Increase Buyout Program

Current through Register Vol. 48, No. 28, July 12, 2024
a) In accordance with Section 16-190.6(b) of
				the Code, to be eligible for the AAI buyout, a member's retirement date for TRS
				benefit purposes and the effective date of the AAI buyout election must both
				occur within the effective dates of the buyout program.
b) The System will notify each eligible
				member, when applying for a retirement benefit, of the AAI buyout. It is the
				member's responsibility to comply with all instructions and requirements to
				achieve a valid election.
c) A
				member's election of the AAI buyout becomes irrevocable when the member becomes
				an annuitant as defined in Section
				1650.221.
d) The AAI buyout payment will be calculated
				as follows:
1) Calculate the member's monthly
				retirement benefit under the applicable provisions of Article 16. If the member
				has elected a reversionary annuity under Section 16-136, calculate the monthly
				benefit after the reversionary reduction.
2) Multiply the result by the 70% of
				Difference in Monthly Benefit Factor.
Illinois Administrative Code › Title 80 - PUBLIC OFFICIALS AND EMPLOYEES › Part 1650 - THE ADMINISTRATION AND OPERATION OF THE TEACHERS' RETIREMENT SYSTEM › Subpart S - BUYOUT PROGRAMS › Section 1650.3320 - Accelerated Pension Benefit Buyout Program

Current through Register Vol. 48, No. 28, July 12, 2024
a) Each year of the APB program, the System
				will notify all known eligible terminated members about the buyout and
				instructions for electing the APB buyout and the dates of the applicable
				election window, unless the member was notified in a prior year. The System
				will notify that member if the termination refund payable under Section 16-151
				of the Code exceeds the amount of the APB buyout payment calculated by the
				System in accordance with this Section. It is the member's responsibility to
				comply with all TRS instructions and requirements to achieve a valid election.
				A member may not revoke the election after the close of the applicable election
				window.
1) During each year of the program,
				eligible members receiving an offer will be notified of the window to elect the
				buyout. An otherwise eligible member who fails to elect the APB during that
				year's election window must contact the System to be included in any subsequent
				year's election window.
2) If the
				actual amount of APB buyout payment is less than the amount of the offer by a
				factor of 10% or more, the member may withdraw the election before the
				applicable election window closes and revert to the provisions of Article 16
				that would apply in the absence of the APB buyout election.
Illinois Administrative Code › Title 80 - PUBLIC OFFICIALS AND EMPLOYEES › Part 1650 - THE ADMINISTRATION AND OPERATION OF THE TEACHERS' RETIREMENT SYSTEM › Subpart S - BUYOUT PROGRAMS › Section 1650.3330 - QILDRO Administration with Buyout Programs

Current through Register Vol. 48, No. 28, July 12, 2024
a) The System will administer Qualified
				Illinois Domestic Relations Orders (QILDROs) issued in accordance with Section
				1-119 of the Code as follows with respect to the buyout programs. The
				definitions and other provisions of Subpart M are applicable unless otherwise
				provided in this Subpart S.
b) A
				member's buyout election is a prohibited election requiring the alternate
				payee's written consent, in accordance with Section 1-119(j)(1), if the
				alternate payee would be entitled to receive a share of the buyout payment
				under the most recent valid QILDRO on file with the System as of the effective
				date of the election as defined in Section
				1650.3300(a).
				If the alternate payee does not provide the written consent by the expiration
				of the applicable buyout program, the buyout election will be cancelled and any
				benefits or refunds due the member or the member's designated beneficiaries
				will be calculated according to the provisions of Article 16 that would apply
				in the absence of the buyout election, and the QILDRO will be administered as
				if the member did not elect the buyout.
c) AAI Buyouts
1) If an alternate payee is eligible to share
				in the member's AAI buyout payment under this Section, the alternate payee's
				share will be determined from the "partial member's refund" (see Section 1-119
				of the Code, Subpart M of this Part, and Section VI (Partial Refund) of the
				QILDRO and corresponding provision of any Calculation Order (Section (3)(c) or
				Section (4)(C)) on file with the System on the date payment is vouchered (see
				Section
				1650.1116(f)
				).
2) If QILDRO Section III
				(Monthly Retirement Benefit) is blank, the member's AAI buyout election may
				proceed without alternate payee consent, and the alternate payee will not share
				in the buyout payment.
3) If QILDRO
				Section III (Monthly Retirement Benefit) is completed but Section IV
				(Post-Retirement Increases) does not allocate a share to the alternate payee,
				the member's AAI buyout election may proceed without alternate payee consent,
				and the alternate payee will not share in the buyout payment.
4) If QILDRO Section III (Monthly Retirement
				Benefit) is completed and QILDRO Section IV (Post-Retirement Increases)
				allocates a share to the alternate payee, alternate payee consent to the
				member's AAI buyout election is required.
5) If QILDRO Section III (Monthly Retirement
				Benefit) is completed and Section IV (Post-Retirement Increases) allocates a
				share to the alternate payee and the alternate payee has consented to the
				member's AAI buyout election, the alternate payee is entitled to share in the
				AAI buyout payment in the amount indicated in Section VI (Partial
				Refund).
Illinois Administrative Code › Title 80 - PUBLIC OFFICIALS AND EMPLOYEES › Part 1700 - GENERAL ASSEMBLY RETIREMENT SYSTEM › Section 1700.10 - Contributions by Participants

Current through Register Vol. 48, No. 28, July 12, 2024
a)
			 Basis and Rate. Each participant shall make contributions for retirement
			 annuity purposes, covering service as a member on and after November 1, 1947.
			 Such contributions shall be made as a deduction from salary and shall accrue in
			 the case of any participant beginning as of November 1, 1947. Each male
			 participant shall also make contributions for widows' annuity purposes,
			 covering service as a member on and after August 2, 1949, which contributions
			 shall be made as a deduction from any salary to be received by such
			 participant. Widows' annuity contributions shall accrue as of that date in the
			 case of any male participant.
b)
			 Advance Payments of Salary. Any participant who shall receive an advance
			 payment of salary shall contribute to the System the prescribed percentage of
			 the total amount of such payment of salary at the time such salary is received.
			 All contributions by members shall, where possible, be made as a deduction from
			 salary at the time the same is paid to the member.