ILCS » Chapter 40 · Act 5

40 ILCS 5/3-132

To control and manage the Pension Fund

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(40 ILCS 5/3-132) (from Ch. 108 1/2, par. 3-132)
    Sec. 3-132. To control and manage the Pension Fund. In accordance with the applicable provisions of Articles 1 and 1A and this Article, to control and manage, exclusively, the following:
        (1) the pension fund,
        (2) until the board's investment authority is
    
terminated pursuant to Section 3-132.1, investment expenditures and income, including interest dividends, capital gains and other distributions on the investments, and
        (3) all money donated, paid, assessed, or provided by
    
law for the pensioning of disabled and retired police officers, their surviving spouses, minor children, and dependent parents.
    All money received or collected shall be credited by the treasurer of the municipality to the account of the pension fund and held by the treasurer of the municipality subject to the order and control of the board. The treasurer of the municipality shall maintain a record of all money received, transferred, and held for the account of the board.
(Source: P.A. 101-610, eff. 1-1-20.)

    
Notes of Decisions
Cited in 8 cases (2 in the last 5 years), 1997–2025 · leading case: Board of Trustees of The Riverdale Police Pension Fund v. Village of Riverdale
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Board of Trustees of The Riverdale Police Pension Fund v. Village of Riverdale (2014) illappct · cites it 2× “Plaintiff Pension Board is an administrative agency created by the Pension Code (40 ILCS 5/3-128 (West 2010)) with the exclusive authority to control and manage the Pension Fund (40 ILCS 5/3-132 (West 2010)). In addition, the Pension Board has the authority to order the payment…”
Board of Trustees of The Riverdale Police Pension Fund v. Village of Riverdale (2014) illappct · cites it 3× “Plaintiff Pension Board is an administrative agency created by the Pension Code (40 ILCS 5/3-128 (West 2010)) with the exclusive authority to control and manage the Pension Fund (40 ILCS 5/3-132 (West 2010)). In addition, the Pension Board has the authority to order the payment…”
Vokac v. Berwyn Police Pension Fund (2025) illappct “3d 526, 528-29 (2006) (citing 40 ILCS 5/3-132 (West 2004)). Here, the Board was tasked with determining the date Mr.”
Morris v. Harper (2009) illappct · cites it 3× “) 40 ILCS 5/3-132 (West 2006). Because the trustees have the authority to control and manage the pension fund and order payments and because the treasurer holds the money "subject to the order and control of the board," it is the *1291 treasurer's nondiscretionary duty to pay…”
Village of Stickney v. Board of Trustees of the Police Pension Fund (2004) illappct · cites it 2× “See 40 ILCS 5/3-132 (West 2002). The Village contends it has the right to participate as a "party in interest" (see 40 ILCS 5/1-101.”
Vokac v. The Berwyn Police Pension Fund (2025) illappct “3d 526, 528-29 (2006) (citing 40 ILCS 5/3-132 (West 2004)). Here, the Board was tasked with determining the date Mr.”
Board of Trustees of Barrington Police Pension Fund v. Village of Barrington Ethics Board (1997) illappct · cites it 2× “1 (West 1994)), the pension fund trustees have exclusive authority to control and manage the police pension fund (40 ILCS 5/3-132 (West 1994)). They also owe fiduciary duties to the pension fund participants and beneficiaries; can allocate and delegate their fiduciary duties as…”
Williams v. Board of Trustees of the Morron Grove Firefighters' Pension Fund (2010) illappct “” 40 ILCS5/3-132 (West 2006). 12 1-08-1212 In Village of Stickney, the court concluded that the board had the authority to hold pension fund hearings and to establish proceedings for those hearings because the legislature intended to provide the board with “ ‘exclusive authority…”
— 40 ILCS 5/3-132(1) — 1 case
Morris v. Harper (2009) illappct “) 40 ILCS 5/3-132 (West 2006). Because the trustees have the authority to control and manage the pension fund and order payments and because the treasurer holds the money "subject to the order and control of the board," it is the *1291 treasurer's nondiscretionary duty to pay…”
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