Illinois Statutes
§ 17-148 — Method of paying pensions
Illinois·Topic GOVERNMENT·Ch. 40 PENSIONS·Act 40 ILCS 5/ Illinois Pension Code.·Art. Article 17 - Public School Teachers' Pension And Retirement Fund--Cities Of Over 500,000 Inhabitants
Annual pensions and automatic annual increases shall be paid in 12 monthly installments and shall be so adjusted that all monthly payments are the same. This shall apply also to automatic increases accrued from the anniversary of the pension or the 61st birthdate, whichever is later, to the following January. In computing the first pension payment for a fractional part of a month, 30 days shall constitute one month. Beginning January 1, 1970, the pension payment shall begin on the first day of the month, with the issuance of the last check on the first day of the month in which death occurs. If a pensioner is reinstated as a contributor, no pension shall be paid for the month in which re-employment occurs. The pensioner shall reimburse the Fund for any pension payments received to which he
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Legislative History
(Source: P.A. 84-1028.)
Nearby Sections
15
§ 17-101
Creation of fund§ 17-102
Terms defined§ 17-103
Actuarial equivalent§ 17-104
Board§ 17-105
Board of Education§ 17-105.1
Employer§ 17-106
Contributor, member or teacher§ 17-106.1
Administrator§ 17-107
Creditable service§ 17-108
Fiscal year and school year§ 17-109
Fund§ 17-109.1
Pension deferred§ 17-109.2
Pension pending period§ 17-110
Pension period§ 17-111
Reversionary pension