Illinois § 22B-124 Accounting for pension fund assets

Illinois Statutes

§ 22B-124 — Accounting for pension fund assets

Illinois § 22B-124

JurisdictionIllinois

TopicGOVERNMENT

Ch. 40PENSIONS

Act 40 ILCS 5/Illinois Pension Code.

Art.Article 22B - The Police Officers' Pension Investment Fund

This text of Illinois § 22B-124 (Accounting for pension fund assets) is published on Counsel Stack Legal Research, covering Illinois primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

40 Ill. Comp. Stat. 22B-124 (2026).

Text

In the management of the pension fund assets of the transferor pension funds, the Fund:

(1)shall carry all pension fund assets at fair market value determined in accordance with generally accepted accounting principles and accounting procedures approved by the board. Each investment initially transferred to the Fund by a transferor pension fund shall be similarly valued, except that the board may elect to place such value on any investment conditionally in which case, the amount of any later realization of such asset in cash that is in excess of or is less than the amount so credited shall be credited or charged to the account maintained for the transferor pension fund that made the transfer;

(2)shall keep proper books of account that shall reflect at all times the value of all investmen

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In the management of the pension fund assets of the transferor pension funds, the Fund: (1) shall carry all pension fund assets at fair market value determined in accordance with generally accepted accounting principles and accounting procedures approved by the board. Each investment initially transferred to the Fund by a transferor pension fund shall be similarly valued, except that the board may elect to place such value on any investment conditionally in which case, the amount of any later realization of such asset in cash that is in excess of or is less than the amount so credited shall be credited or charged to the account maintained for the transferor pension fund that made the transfer; (2) shall keep proper books of account that shall reflect at all times the value of all investments held by the Fund; and (3) shall charge all distributions made by the Fund to or for a transferor pension fund to the account maintained for that fund.