State of Illinois
91st General Assembly
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91_HB1943

 
                                               LRB9102929EGfg

 1        AN  ACT  to  amend  the Illinois Pension Code by changing
 2    Section 7-174.

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

 5        Section  5.   The  Illinois  Pension  Code  is amended by
 6    changing Section 7-174 as follows:

 7        (40 ILCS 5/7-174) (from Ch. 108 1/2, par. 7-174)
 8        Sec. 7-174.  Board created.
 9        (a)  A board of 8 members shall  constitute  a  board  of
10    trustees  authorized  to  carry  out  the  provisions of this
11    Article.  Each trustee shall be a participating employee of a
12    participating municipality or  participating  instrumentality
13    or  an  annuitant of the Fund and no person shall be eligible
14    to become a trustee after January 1, 1979 who does  not  have
15    at least 8 years of creditable service.
16        (b)  The   board  shall  consist  of  representatives  of
17    various groups as follows:
18             1.  4 trustees shall be a chief  executive  officer,
19        chief  finance  officer,  or  other officer, executive or
20        department  head  of  a  participating  municipality   or
21        participating  instrumentality,  and  each  such  trustee
22        shall be designated as an executive trustee.
23             2.  3 trustees shall be employees of a participating
24        municipality  or  participating  instrumentality and each
25        such trustee shall be designated as an employee trustee.
26             3.  One trustee shall be an annuitant of  the  Fund,
27        who shall be designated the annuitant trustee.
28        (c)  A  person  elected  as  a trustee shall qualify as a
29    trustee, after declaration by the board that he has been duly
30    elected, upon taking and subscribing  to  the  constitutional
31    oath of office and filing same in the office of the Fund.
 
                            -2-                LRB9102929EGfg
 1        (d)  The  term of office of each trustee shall begin upon
 2    January 1 of the year following  the  year  in  which  he  is
 3    elected  and shall continue for a period of 5 years and until
 4    a successor has been elected and qualified,  or  until  prior
 5    resignation, death, incapacity or disqualification.
 6        (e)  Any   elected  trustee  (other  than  the  annuitant
 7    trustee) shall be disqualified immediately  upon  termination
 8    of  employment  with  all  participating  municipalities  and
 9    instrumentalities  thereof or upon any change in status which
10    removes any such trustee  from  all  employments  within  the
11    group   he  represents.    The  annuitant  trustee  shall  be
12    disqualified upon termination of his or her annuity.
13        (f)  The trustees shall fill any vacancy in the board  by
14    appointment,  for  the  period  until  the  next  election of
15    trustees, or, if the remaining term is less than 2 years, for
16    the remainder of the term, and until his successor  has  been
17    elected and qualified.
18        (g)  Trustees shall serve without compensation, but shall
19    be   reimbursed  for  any  reasonable  expenses  incurred  in
20    attending meetings of the board and in performing  duties  on
21    behalf  of  the  Fund  and  for  the  amount  of any earnings
22    withheld  by  any  employing  municipality  or  participating
23    instrumentality because of attendance at any board meeting.
24        (h)  Each trustee other than the annuitant trustee  shall
25    be  entitled  to  one  vote on any and all actions before the
26    board; the annuitant trustee is not entitled to vote  on  any
27    matter.   At  least  5  least  4  concurring  votes  shall be
28    necessary for every decision or action by the board at any of
29    its meetings.  No decision or action shall  become  effective
30    unless  presented and so approved at a regular or duly called
31    special meeting of the board.
32    (Source: P.A. 89-136, eff. 7-14-95.)

33        Section  99.  Effective  date.   This  Act  takes  effect
 
                            -3-                LRB9102929EGfg
 1    January 1, 2001.

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