Section 800.320  Fund Credits

a)         Each fund transferring invested assets to the Board shall receive credit in an appropriate reserve account in the amounts established by the Board.  The credit shall constitute the initial value of the investment account of the particular fund.  As new investments are made from additional moneys made available to the Board for that purpose, proper credit in the established reserve account shall be given to each fund for the proportionate amount applicable to each fund according to the amounts of moneys creditable to each fund.  Reserve amounts shall be determined by:

1)         Allocating expenses and advances on an equitable, proportional basis, taking into account the net asset values of each member retirement system, or any other fund under the jurisdiction and authority of the Board;

2)         Allocating the net change in realized and unrealized gains and losses to each member retirement system, or any other fund under the jurisdiction and authority of the Board, on the 15^th of each calendar month, based on the final percentage of ownership of each member retirement system, or any other fund under the jurisdiction and authority of the Board, for the prior calendar month; and

3)         Allocating the net change in income and expenses for the calendar month to each member retirement system, or any other fund under the jurisdiction and authority of the Board, on the 30^th of each calendar month, taking into account any purchases or redemptions in ownership shares from each member retirement system, or any other fund under the jurisdiction and authority of the Board, during that calendar month.

b)         Periodic interest collections on fixed investments and dividend payments on equities shall be credited to each fund directly on the initial investments transferred to the Board if applicable to those investments, except in the case of commingled investments on which a proportionate amount shall be credited.  New investments may be commingled on a proportionate basis beginning July 1, 1970, with income from the investments distributed accordingly.

(Source:  Amended at 37 Ill. Reg. 2720, effective February 25, 2013)