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| | HB3474 Enrolled | | LRB102 02573 RPS 12575 b |
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| 1 | | AN ACT concerning public employee benefits.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Illinois Pension Code is amended by |
| 5 | | changing Section 7-174 as follows:
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| 6 | | (40 ILCS 5/7-174) (from Ch. 108 1/2, par. 7-174)
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| 7 | | Sec. 7-174. Board created.
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| 8 | | (a) A board of 8 members shall
constitute a board of |
| 9 | | trustees authorized to carry out the provisions of
this |
| 10 | | Article. Each trustee shall be a participating employee of a
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| 11 | | participating municipality or participating instrumentality or |
| 12 | | an annuitant
of the Fund and no person shall be eligible to |
| 13 | | become a trustee after January
1, 1979 who does not have the |
| 14 | | minimum service credit in this Fund to qualify for a pension.
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| 15 | | (b) The board shall consist of representatives of various |
| 16 | | groups as
follows:
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| 17 | | 1. 4 trustees shall be a chief executive officer, |
| 18 | | chief finance
officer, or other officer, executive or |
| 19 | | department head of a
participating municipality or |
| 20 | | participating instrumentality, and each
such trustee shall |
| 21 | | be designated as an executive trustee.
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| 22 | | 2. 3 trustees shall be employees of a participating |
| 23 | | municipality or
participating instrumentality and each |
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| | HB3474 Enrolled | - 2 - | LRB102 02573 RPS 12575 b |
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| 1 | | such trustee shall be designated
as an employee trustee. A |
| 2 | | person who meets the criteria to be an executive trustee |
| 3 | | may not serve as an employee trustee.
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| 4 | | 3. One trustee shall be an annuitant of the Fund, who |
| 5 | | shall be
designated the annuitant trustee.
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| 6 | | (c) A person elected as a trustee shall qualify as a |
| 7 | | trustee, after
declaration by the board that he has been duly |
| 8 | | elected, upon taking and
subscribing to the constitutional |
| 9 | | oath of office and filing same in the
office of the Fund.
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| 10 | | (d) The term of office of each trustee shall begin upon |
| 11 | | January 1 of
the year following the year in which he is elected |
| 12 | | and shall continue
for a period of 5 years and until a |
| 13 | | successor has been elected and
qualified, or until prior |
| 14 | | resignation, death, incapacity or
disqualification.
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| 15 | | (e) Any elected trustee (other than the annuitant trustee) |
| 16 | | shall be
disqualified immediately upon termination of |
| 17 | | employment with all participating
municipalities and |
| 18 | | instrumentalities thereof or upon any change in status which
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| 19 | | removes any such trustee from all employments within the group |
| 20 | | he represents.
The annuitant trustee shall be disqualified |
| 21 | | upon termination of his or her
annuity.
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| 22 | | (f) The trustees shall fill any vacancy in the board by |
| 23 | | appointment,
for the period until the next election of |
| 24 | | trustees, or, if the remaining
term is less than 2 years, for |
| 25 | | the remainder of the term, and until his
successor has been |
| 26 | | elected and qualified.
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| | HB3474 Enrolled | - 3 - | LRB102 02573 RPS 12575 b |
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| 1 | | (g) Trustees shall serve without compensation, but shall |
| 2 | | be
reimbursed for any reasonable expenses incurred in |
| 3 | | attending meetings of
the board and in performing duties on |
| 4 | | behalf of the Fund and for the
amount of any earnings withheld |
| 5 | | by any employing municipality or
participating instrumentality |
| 6 | | because of attendance at any board
meeting.
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| 7 | | (h) Each trustee shall be entitled to
one vote on any and |
| 8 | | all actions before the board. At least 5 concurring votes
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| 9 | | shall be necessary for every decision or action by the board at |
| 10 | | any of its
meetings. No decision or action shall become |
| 11 | | effective unless presented and so
approved at a regular or |
| 12 | | duly called special meeting of the board.
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| 13 | | (Source: P.A. 100-139, eff. 8-18-17.)
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| 14 | | Section 99. Effective date. This Act takes effect upon |
| 15 | | becoming law.
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