Illinois Statutes
§ 17-153 — Accounting - Audits
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
The assets of the Fund shall be held for the express purposes set forth in the provisions of this Article subject to the conditions prescribed herein. An adequate system of accounts and records shall be established and maintained that will give effect to the requirements hereof. All assets of the Fund shall be credited to designated reserve accounts according to the purposes for which they are held. Appropriate reserves shall be maintained representing member contributions and other revenues accruing from taxes, state appropriations and miscellaneous sources. At the end of each fiscal year the Board shall have the accounts and records of the Fund audited by certified public accountants selected by the Board. Within 2 weeks after receiving the audit report, the Board shall file a copy of th
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Legislative History
(Source: P.A. 90-566, eff. 1-2-98.)
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