Public Act 095-0394
 		





SB1179 Enrolled
LRB095 08929 HLH 29118 b






    AN ACT concerning local government.

 
    Be it enacted by the People of the State of Illinois,
 
represented in the General Assembly:


 
    Section 5. The Metropolitan Water Reclamation District Act 
is amended  by adding Section 9.6d as follows:
 
    (70 ILCS 2605/9.6d  new)
    Sec. 9.6d. Other Post Employment Benefit Trusts. The Board 
of Commissioners (the Board) may establish one or more trusts 
(Other Post Employment Benefit ("OPEB") Trusts) for the purpose 
of providing for the funding and payment of health and other 
fringe benefits for retired, disabled, or terminated employees 
of the District or for their dependents and beneficiaries. 
Trusts created under this Section are in addition to pension 
benefits for those persons which are currently funded pursuant 
to Article 13 of the Illinois Pension Code.  The OPEB Trusts may 
employ such personnel and enter into such investment, advisory, 
or professional services or similar contracts as deemed 
appropriate by the trustees and recommended by the Treasurer of 
the Metropolitan Water Reclamation District of Greater Chicago 
(the District).  The OPEB Trusts may be established in such 
manner so as to be exempt from taxation under the provisions of 
applicable federal and State tax laws.  The trustee of the OPEB 
Trusts shall be the   District. The Treasurer of the District and 
the trustee shall be indemnified by the District to the fullest 
extent permitted by law for their actions taken with respect to 
the OPEB Trust.  The Board may deposit money with the OPEB 
Trusts derived from the funds of the District  from time to time 
as such money may in the discretion of the Board be 
appropriated for that purpose; and, in addition, the Board may 
lawfully agree with the OPEB Trusts to a binding level of 
funding for periods of time not to exceed 5 fiscal years.  In 
addition, the OPEB Trust documents may permit employees of the 
District to contribute money to provide for such benefits.  To 
the extent participants do not direct the investment of their 
own account, the assets of the OPEB Trusts shall be managed   by 
the Treasurer of the District in any manner, subject only to 
the prudent investor standard and any requirements of 
applicable federal law. The limitations of any other statute 
affecting the investment of District funds shall not apply to 
the OPEB Trusts.  The trustee shall adopt an investment policy 
consistent with the standards articulated in Section 2.5 of the 
Public Funds Investment Act.  The investment policy shall also 
provide for the availability of training for Board members. 
Funds of the OPEB Trusts may be used to pay for costs of 
administering the OPEB Trusts and for the benefits for which 
such trusts have been established in accordance with the terms 
of the OPEB Trust documents.
 

    Section 99. Effective date. This Act takes effect upon 
becoming law.