Bill Text: IL SB3435 | 2017-2018 | 100th General Assembly | Introduced
Bill Title: Amends the Illinois Pension Code. Makes a technical change in a Section concerning the Illinois Municipal Retirement Fund.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Failed) 2019-01-09 - Session Sine Die [SB3435 Detail]
Download: Illinois-2017-SB3435-Introduced.html
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1 | AN ACT concerning public employee benefits.
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2 | Be it enacted by the People of the State of Illinois, | ||||||||||||||||||||||||
3 | represented in the General Assembly:
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4 | Section 5. The Illinois Pension Code is amended by changing | ||||||||||||||||||||||||
5 | Section 7-102 as follows:
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6 | (40 ILCS 5/7-102) (from Ch. 108 1/2, par. 7-102)
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7 | Sec. 7-102. Purpose. The
The purpose of this fund is to | ||||||||||||||||||||||||
8 | provide a sound and
efficient system for
the payment of | ||||||||||||||||||||||||
9 | annuities and other benefits, in addition to the annuities
and | ||||||||||||||||||||||||
10 | benefits available, as herein provided, under the Federal | ||||||||||||||||||||||||
11 | Social
Security Act, to certain officers and employees, and to | ||||||||||||||||||||||||
12 | their
beneficiaries, of municipalities, as herein defined. | ||||||||||||||||||||||||
13 | It is the mission of this Fund to efficiently and | ||||||||||||||||||||||||
14 | impartially develop,
implement and administer programs that | ||||||||||||||||||||||||
15 | provide income protection to members
and their beneficiaries on | ||||||||||||||||||||||||
16 | behalf of participating employers in a prudent
manner.
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17 | (Source: P.A. 87-740.)
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