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| | 102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB3004 Introduced 2/19/2021, by Rep. Mark Batinick SYNOPSIS AS INTRODUCED:
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| 40 ILCS 5/1-109.5 new | | 40 ILCS 5/1-109.6 new | |
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Amends the General Provisions Article of the Illinois Pension Code. Provides that no individual who is a board member of a pension fund, investment board, or retirement system may be employed by a pension fund, investment board, or retirement system established under the Code or by any vendor of a pension fund, investment board, or retirement system established under the Code for a period of 5 years after he or she ceases to be a board member. Provides that no pension fund, investment board, or retirement system may pay membership dues to a membership organization or association that has any pecuniary interest with any entity that provides services to a pension fund, investment board, or retirement system unless: (1) the membership organization or association provides to the retirement system, pension fund, or investment board a list of those pecuniary interests, the total annual value of those pecuniary interests or payments, and the services that those pecuniary interests or payments relate to; and (2) the pension fund, investment board, or retirement system posts those reports in a location that is readily available to its members.
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| | | FISCAL NOTE ACT MAY APPLY | | PENSION IMPACT NOTE ACT MAY APPLY |
| | A BILL FOR |
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| | HB3004 | | LRB102 14774 RPS 20127 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 adding |
| 5 | | Sections 1-109.5 and 1-109.6 as follows:
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| 6 | | (40 ILCS 5/1-109.5 new) |
| 7 | | Sec. 1-109.5. Prohibition on employment for former board |
| 8 | | members. No individual who is a board member of a pension fund, |
| 9 | | investment board, or retirement system may be employed by a |
| 10 | | pension fund, investment board, or retirement system |
| 11 | | established under this Code or by any vendor of a pension fund, |
| 12 | | investment board, or retirement system established under this |
| 13 | | Code for a period of 5 years after he or she ceases to be a |
| 14 | | board member.
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| 15 | | (40 ILCS 5/1-109.6 new) |
| 16 | | Sec. 1-109.6. Membership dues. No pension fund, investment |
| 17 | | board, or retirement system may pay membership dues to a |
| 18 | | membership organization or association that has any pecuniary |
| 19 | | interest with any entity that provides services to a pension |
| 20 | | fund, investment board, or retirement system unless: (1) the |
| 21 | | membership organization or association provides to the |
| 22 | | retirement system, pension fund, or investment board a list of |