Illinois § 16-185 Benefit Trust Reserve

Illinois Statutes

§ 16-185 — Benefit Trust Reserve

Illinois·Topic GOVERNMENT·Ch. 40 PENSIONS·Act 40 ILCS 5/ Illinois Pension Code.·Art. Article 16 - Teachers' Retirement System Of The State Of Illinois

(a)On July 1, 2003, the Employer's Contribution Reserve shall be renamed the Benefit Trust Reserve. The Benefit Trust Reserve shall serve as a clearing account for income and expenses of the System as well as transfers to and from the other reserve accounts established under this Article and adjustments thereto.

(b)This Reserve shall be credited with all contributions, investment income, and other income received by the System, except as otherwise required by this Article.

(c)This Reserve shall be charged with all benefits and refunds paid and all other expenses of the System, except as otherwise required under this Article.

Free access — add to your briefcase to read the full text and ask questions with AI

(a) On July 1, 2003, the Employer's Contribution Reserve shall be renamed the Benefit Trust Reserve. The Benefit Trust Reserve shall serve as a clearing account for income and expenses of the System as well as transfers to and from the other reserve accounts established under this Article and adjustments thereto. (b) This Reserve shall be credited with all contributions, investment income, and other income received by the System, except as otherwise required by this Article. (c) This Reserve shall be charged with all benefits and refunds paid and all other expenses of the System, except as otherwise required under this Article.

Illinois § 16-185 (Benefit Trust Reserve) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.