Terms Used In Illinois Compiled Statutes > 40 ILCS 5 > Article 1A - Regulation Of Public Pension Funds

• Accrued liability: means the actuarial present value of future benefit payments and appropriate administrative expenses under a plan, reduced by the actuarial present value of all future normal costs (including any participant contributions) with respect to the participants included in the actuarial valuation of the plan. See Illinois Compiled Statutes 40 ILCS 5/1A-102
• Actuarial present value: means the single amount, as of a given valuation date, that results from applying actuarial assumptions to an amount or series of amounts payable or receivable at various times. See Illinois Compiled Statutes 40 ILCS 5/1A-102
• Actuarial value of assets: means the value assigned by the actuary to the assets of a plan for the purposes of an actuarial valuation. See Illinois Compiled Statutes 40 ILCS 5/1A-102
• Amortization: Paying off a loan by regular installments.
• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Appraisal: A determination of property value.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Beneficiary: means a person eligible for or receiving benefits from a pension fund as provided in the Article of this Code under which the fund is established. See Illinois Compiled Statutes 40 ILCS 5/1A-102
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Consolidated Fund: means : (i) with respect to the pension funds established under Article 3 of this Code, the Police Officers' Pension Investment Fund established under Article 22B of this Code; and (ii) with respect to the pension funds established under Article 4 of this Code, the Firefighters' Pension Investment Fund established under Article 22C of this Code. See Illinois Compiled Statutes 40 ILCS 5/1A-102
• Contract: A legal written agreement that becomes binding when signed.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Current value: means the fair market value when available; otherwise, the fair value as determined in good faith by a trustee, assuming an orderly liquidation at the time of the determination. See Illinois Compiled Statutes 40 ILCS 5/1A-102
• Department: means the Department of Insurance of the State of Illinois. See Illinois Compiled Statutes 40 ILCS 5/1A-102
• Director: means the Director of the Department of Insurance. See Illinois Compiled Statutes 40 ILCS 5/1A-102
• Division: means the Public Pension Division of the Department of Insurance. See Illinois Compiled Statutes 40 ILCS 5/1A-102
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Ex officio: Literally, by virtue of one's office.
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• Fiduciary: A trustee, executor, or administrator.
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Freedom of Information Act: A federal law that mandates that all the records created and kept by federal agencies in the executive branch of government must be open for public inspection and copying. The only exceptions are those records that fall into one of nine exempted categories listed in the statute. ^{Source: OCC}
• Governmental unit: means the State of Illinois, any instrumentality or agency thereof (except transit authorities or agencies operating within or within and without cities with a population over 3,000,000), and any political subdivision or municipal corporation that establishes and maintains a public pension fund. See Illinois Compiled Statutes 40 ILCS 5/1A-102
• individual: shall include every infant member of the species homo sapiens who is born alive at any stage of development. See Illinois Compiled Statutes 5 ILCS 70/1.36
• Judgement: The official decision of a court finally determining the respective rights and claims of the parties to a suit.
• Minority leader: See Floor Leaders
• Month: means a calendar month, and the word "year" a calendar year unless otherwise expressed; and the word "year" alone, is equivalent to the expression "year of our Lord. See Illinois Compiled Statutes 5 ILCS 70/1.10
• Normal cost: means that part of the actuarial present value of all future benefit payments and appropriate administrative expenses assigned to the current year under the actuarial valuation method used by the plan (excluding any amortization of the unfunded accrued liability). See Illinois Compiled Statutes 40 ILCS 5/1A-102
• Participant: means a participating member or deferred pensioner or annuitant of a pension fund as provided in the Article of this Code under which the pension fund is established, or a beneficiary thereof. See Illinois Compiled Statutes 40 ILCS 5/1A-102
• Pension fund: means any public pension fund, annuity and benefit fund, or retirement system established under this Code. See Illinois Compiled Statutes 40 ILCS 5/1A-102
• Plaintiff: The person who files the complaint in a civil lawsuit.
• Plan year: means the calendar or fiscal year on which the records of a given plan are kept. See Illinois Compiled Statutes 40 ILCS 5/1A-102
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
• Summons: Another word for subpoena used by the criminal justice system.
• Supplemental annual cost: means that portion of the unfunded accrued liability assigned to the current year under one of the following bases:
           (1) interest only on the unfunded accrued liability;
           (2) the level annual amount required to amortize the