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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 changing | ||||||||||||||||||||||||
5 | Sections 2-127, 2-129, 3-128, 4-121, 5-178, 6-174, 7-174, | ||||||||||||||||||||||||
6 | 8-192, 9-185, 11-181, 12-156, 13-701, 14-134, 15-159, 16-163, | ||||||||||||||||||||||||
7 | 17-137, and 18-135 as follows:
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8 | (40 ILCS 5/2-127) (from Ch. 108 1/2, par. 2-127)
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9 | Sec. 2-127. Board created. The system shall be administered | ||||||||||||||||||||||||
10 | by a board
of trustees of 14
7 members as follows: the | ||||||||||||||||||||||||
11 | President of the Senate, ex
officio, or his or her designee; | ||||||||||||||||||||||||
12 | the State Treasurer, ex officio, or his or her designee; the | ||||||||||||||||||||||||
13 | State Comptroller, ex officio, or his or her designee; the | ||||||||||||||||||||||||
14 | Lieutenant Governor, ex officio, or his or her designee; the | ||||||||||||||||||||||||
15 | Attorney General, ex officio, or his or her designee; 2 members | ||||||||||||||||||||||||
16 | of the
Senate appointed by the President; 3 members of the | ||||||||||||||||||||||||
17 | House of
Representatives appointed by the Speaker; and one | ||||||||||||||||||||||||
18 | person elected
from the member annuitants under rules | ||||||||||||||||||||||||
19 | prescribed by the board ; and 3 persons appointed by the | ||||||||||||||||||||||||
20 | Governor who do not hold any other State office and who are not | ||||||||||||||||||||||||
21 | participants. All 3 of the Governor's appointees must have a | ||||||||||||||||||||||||
22 | minimum of 5 years of experience in the direct management, | ||||||||||||||||||||||||
23 | analysis, supervision, or investment of assets . Only
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1 | participants are eligible to serve as the 2 board members | ||||||
2 | appointed by the President of the Senate, the 3 board members | ||||||
3 | appointed by the Speaker of the House of Representatives, and | ||||||
4 | the one board member elected from the member annuitants . Not | ||||||
5 | more
than two members of the House of Representatives, and not | ||||||
6 | more than one member
of the Senate so appointed shall be of the | ||||||
7 | same political party. Board members appointed by the President | ||||||
8 | of the Senate and the Speaker of the House
Appointed
board | ||||||
9 | members shall serve for 2-year terms. If the office of | ||||||
10 | President of
the Senate or Speaker of the House is vacant or | ||||||
11 | its incumbent is not
a participant, the position of trustee | ||||||
12 | otherwise occupied by such officers
shall be deemed vacant and | ||||||
13 | be filled by appointment by the Governor with a
member of the | ||||||
14 | Senate or the House, as the case may be. This appointment
shall | ||||||
15 | be of the same political party as the vacated position.
| ||||||
16 | Elections for the annuitant member shall be held in January | ||||||
17 | of 1993 and
every fourth year thereafter. Nominations and
| ||||||
18 | elections shall be conducted in accordance with such procedures | ||||||
19 | as the
Board may prescribe. In the event that only one eligible | ||||||
20 | person is
nominated, the Board may declare the nominee elected | ||||||
21 | at the close of the
nomination period, and need not conduct an | ||||||
22 | election. The annuitant member
elected in 1989 shall serve for | ||||||
23 | a term of 4 years beginning February 1,
1989; thereafter, an | ||||||
24 | annuitant member shall serve for a period of
4 years from the | ||||||
25 | February 1st immediately following the date
of election, and | ||||||
26 | until a successor is elected and qualified.
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1 | The Governor shall appoint 3 persons to the board in | ||||||
2 | January 2008 and the Governor's appointees shall serve for a | ||||||
3 | term of 4 years.
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4 | Every person designated to serve as a trustee shall take an | ||||||
5 | oath of
office and shall thereupon qualify as a trustee. The | ||||||
6 | oath shall state that
the person will diligently and honestly | ||||||
7 | administer the affairs of the
system, and will not knowingly | ||||||
8 | violate or wilfully permit the violation of
any of the | ||||||
9 | provisions of this Article.
| ||||||
10 | All members of the board of trustees who do not have a | ||||||
11 | minimum of 5 years of experience in the direct management, | ||||||
12 | analysis, supervision, or investment of assets must undergo | ||||||
13 | annual financial training under rules prescribed by the board.
| ||||||
14 | (Source: P.A. 86-273; 86-1488.)
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15 | (40 ILCS 5/2-129) (from Ch. 108 1/2, par. 2-129)
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16 | Sec. 2-129. Board voting. Each trustee is entitled to one | ||||||
17 | vote on any action of the board.
Not less than 8
4 concurring | ||||||
18 | votes shall be necessary for action by the board at
any | ||||||
19 | meeting. No decision or action shall be effective unless so | ||||||
20 | approved by
the board.
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21 | (Source: P.A. 83-1440.)
| ||||||
22 | (40 ILCS 5/3-128) (from Ch. 108 1/2, par. 3-128)
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23 | Sec. 3-128. Board created. A board of 7
5 members shall | ||||||
24 | constitute a board of trustees to administer the
pension fund |
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1 | and to designate the beneficiaries thereof. The board shall be
| ||||||
2 | known as the "Board of Trustees of the Police Pension Fund"
of | ||||||
3 | the municipality.
| ||||||
4 | Four
Two members of the board shall be appointed by the | ||||||
5 | mayor or president of
the board of trustees of the municipality | ||||||
6 | involved. Two of these appointees shall not hold any other | ||||||
7 | public office, shall not be participants in the fund, and shall | ||||||
8 | also have a minimum of 5 years of experience in the direct | ||||||
9 | management, analysis, supervision, or investment of assets.
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10 | The 5th
3rd and 6th
4th
members of the board shall be elected | ||||||
11 | from the active participants of
the pension fund by such active
| ||||||
12 | participants. The 7th
5th member shall be elected by and from | ||||||
13 | the
beneficiaries.
| ||||||
14 | One of the members appointed
by the mayor or president of | ||||||
15 | the board of trustees shall serve for
one year beginning on the | ||||||
16 | 2nd Tuesday in May
after the municipality comes under this | ||||||
17 | Article. A second
The other
appointed member shall serve for 2 | ||||||
18 | years beginning on the same date. Their
successors shall serve | ||||||
19 | for 2
years each or until their successors are appointed and | ||||||
20 | qualified.
| ||||||
21 | The other 2 members appointed by the mayor, who do not hold | ||||||
22 | any other public office and who have the requisite financial | ||||||
23 | background, shall serve for 2 years beginning on the 2nd | ||||||
24 | Tuesday of May of 2008 or after the municipality comes under | ||||||
25 | this Article.
| ||||||
26 | The election for board members
shall be held biennially on |
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1 | the 3rd Monday in April, at such place or
places in the | ||||||
2 | municipality and under the Australian ballot system and such
| ||||||
3 | other regulations as shall be prescribed by the appointed | ||||||
4 | members of the
board.
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5 | The active pension fund participants shall be entitled to | ||||||
6 | vote only
for the active participant members of the board. All | ||||||
7 | beneficiaries of
legal age may vote only for the member chosen | ||||||
8 | from among the
beneficiaries. No person shall be entitled to | ||||||
9 | cast more than one ballot at
such election. The term of elected | ||||||
10 | members shall be 2 years,
beginning on the 2nd Tuesday of the | ||||||
11 | first May after the election.
| ||||||
12 | Upon the death, resignation or inability to act of any | ||||||
13 | elected board
member, his or her successor shall be elected for | ||||||
14 | the
unexpired term at a special election, to be called by the | ||||||
15 | board and
conducted in the same manner as the regular biennial | ||||||
16 | election.
| ||||||
17 | Members of the board shall neither receive nor have any | ||||||
18 | right to
receive any salary from the pension fund for services | ||||||
19 | performed as trustees
in that office.
| ||||||
20 | All members of the board of trustees who do not have a | ||||||
21 | minimum of 5 years of experience in the direct management, | ||||||
22 | analysis, supervision, or investment of assets must undergo | ||||||
23 | annual financial training under rules prescribed by the board.
| ||||||
24 | (Source: P.A. 83-1440.)
| ||||||
25 | (40 ILCS 5/4-121) (from Ch. 108 1/2, par. 4-121)
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1 | Sec. 4-121. Board created. There is created in each | ||||||
2 | municipality or fire protection district a
board of trustees to | ||||||
3 | be known as the "Board of Trustees of the Firefighters'
Pension | ||||||
4 | Fund". The membership of the board for each municipality shall
| ||||||
5 | be, respectively, as follows: in cities, the treasurer, clerk, | ||||||
6 | marshall
or chief officer of the fire department, and the | ||||||
7 | comptroller if there is
one, or if not, the mayor; in each | ||||||
8 | township, village or incorporated town,
the president of the | ||||||
9 | municipality's board of trustees, the village or town
clerk, | ||||||
10 | village or town attorney, village or town treasurer, and the | ||||||
11 | chief
officer of the fire department; and in each fire | ||||||
12 | protection district, the
president and other 2 members of its | ||||||
13 | board of trustees and the marshall
or chief of its fire | ||||||
14 | department or service, as the case may be; and in all
the | ||||||
15 | municipalities above designated 3 additional persons chosen | ||||||
16 | from their
active firefighters and one other person who has | ||||||
17 | retired under the "Firemen's
Pension Fund Act of 1919", or this | ||||||
18 | Article. Notwithstanding any provision of this Section to the | ||||||
19 | contrary, the term of office of each member of a board | ||||||
20 | established on or before the 3rd Monday in April, 2006 shall | ||||||
21 | terminate on the 3rd Monday in April, 2006, but all incumbent | ||||||
22 | members shall continue to exercise all of the powers and be | ||||||
23 | subject to all of the duties of a member of the board until all | ||||||
24 | the new members of the board take office. | ||||||
25 | Beginning on the 3rd Monday in April, 2006, the board for | ||||||
26 | each municipality or fire protection district shall consist of |
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1 | 5 members. Two members of the board shall be appointed by the | ||||||
2 | mayor or president of the board of trustees of the municipality | ||||||
3 | or fire protection district involved. Two members of the board | ||||||
4 | shall be active participants of the pension fund who are | ||||||
5 | elected from the active participants of the fund. One member of | ||||||
6 | the board shall be a person who is retired under the Firemen's | ||||||
7 | Pension Fund Act of 1919 or this Article who is elected from | ||||||
8 | persons retired under the Firemen's Pension Fund Act of 1919 or | ||||||
9 | this Article.
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10 | Beginning on the 3rd Monday in January of 2008, the board | ||||||
11 | for each municipality or fire protection district shall consist | ||||||
12 | of 7 members. Four members of the board shall be appointed by | ||||||
13 | the mayor or president of the board of trustees of the | ||||||
14 | municipality or fire protection district involved. Two members | ||||||
15 | of the board shall be active participants of the pension fund | ||||||
16 | who are elected from the active participants of the fund. One | ||||||
17 | member of the board shall be a person who is retired under the | ||||||
18 | Firemen's Pension Fund Act of 1919 or this Article who is | ||||||
19 | elected from persons retired under the Firemen's Pension Fund | ||||||
20 | Act of 1919 or this Article. | ||||||
21 | Two of the 4 members of the board appointed by the mayor or | ||||||
22 | president of the board of trustees of the municipality shall | ||||||
23 | not hold any other public office, shall not be a participant in | ||||||
24 | the fund, and shall also have a minimum of 5 years of | ||||||
25 | experience in the direct management, analysis, supervision, or | ||||||
26 | investment of assets. All appointed members shall serve a term |
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1 | of 2 years.
| ||||||
2 | For the purposes
of this Section, a firefighter receiving a | ||||||
3 | disability pension
shall be considered a retired firefighter. | ||||||
4 | In the event
that there are no retired firefighters under the | ||||||
5 | Fund
or if none is willing to serve on the board, then an | ||||||
6 | additional active
firefighter shall be elected to the board in | ||||||
7 | lieu of the
retired firefighter that would otherwise be | ||||||
8 | elected.
| ||||||
9 | If the regularly constituted fire department of a | ||||||
10 | municipality is
dissolved and Section 4-106.1 is not | ||||||
11 | applicable, the board shall continue
to exist and administer | ||||||
12 | the Fund so long as there continues to be any
annuitant or | ||||||
13 | deferred pensioner in the Fund. In such cases, elections
shall | ||||||
14 | continue to be held as specified in this Section, except that: | ||||||
15 | (1)
deferred pensioners shall be deemed to be active members | ||||||
16 | for the purposes
of such elections; (2) any otherwise | ||||||
17 | unfillable positions on the board,
including ex officio | ||||||
18 | positions, shall be filled by election from the
remaining | ||||||
19 | firefighters and deferred pensioners of the Fund, to the extent
| ||||||
20 | possible; and (3) if the membership of the board falls below 3 | ||||||
21 | persons, the
Illinois Director of Insurance or his or her
| ||||||
22 | designee shall be deemed a member of
the board, ex officio.
| ||||||
23 | The members chosen from the active and retired
firefighters | ||||||
24 | shall be elected by ballot at elections to
be held on the 3rd
| ||||||
25 | Monday in April of the applicable years under the Australian | ||||||
26 | ballot system,
at such place or places, in the municipality, |
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| |||||||
1 | and under such regulations
as shall be prescribed by the board.
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2 | No person shall cast more than one vote for each
candidate | ||||||
3 | for whom he or she is eligible to vote. In the elections for | ||||||
4 | board
members to be chosen from the active firefighters, all | ||||||
5 | active
firefighters and no
others may vote. In the elections | ||||||
6 | for board members to be chosen from
retired firefighters, the | ||||||
7 | retired firefighters and no others may vote.
| ||||||
8 | Each member of the board so elected shall hold office for a | ||||||
9 | term of 3
years and until his or her successor has been duly | ||||||
10 | elected and qualified.
| ||||||
11 | The board shall canvass the ballots and declare which | ||||||
12 | persons have been
elected and for what term
or terms | ||||||
13 | respectively. In case of a tie vote between 2 or more
| ||||||
14 | candidates, the board shall determine by lot which candidate or | ||||||
15 | candidates
have been elected and for what term or terms | ||||||
16 | respectively. In the event
of the failure, resignation, or | ||||||
17 | inability to act of any board member,
a successor shall be | ||||||
18 | elected for the unexpired
term at a special election called by | ||||||
19 | the board and conducted
in the same manner as a
regular | ||||||
20 | election.
| ||||||
21 | The board shall elect annually from its members a president
| ||||||
22 | and secretary.
| ||||||
23 | Board members shall not receive or have any right to | ||||||
24 | receive any salary
from a pension fund for services performed | ||||||
25 | as board members.
| ||||||
26 | All members of the board of trustees who do not have a |
| |||||||
| |||||||
1 | minimum of 5 years of experience in the direct management, | ||||||
2 | analysis, supervision, or investment of assets must undergo | ||||||
3 | annual financial training under rules prescribed by the board.
| ||||||
4 | (Source: P.A. 94-317, eff. 7-25-05.)
| ||||||
5 | (40 ILCS 5/5-178) (from Ch. 108 1/2, par. 5-178)
| ||||||
6 | Sec. 5-178. Board created. A board of 10
8 members shall
| ||||||
7 | constitute a board of trustees authorized to administer the | ||||||
8 | provisions of
this Article. The board shall be known as the | ||||||
9 | Retirement Board of the
Policemen's Annuity and Benefit Fund of | ||||||
10 | the city.
| ||||||
11 | The board shall consist of 6
4 persons appointed by
the | ||||||
12 | mayor of the city; 3 policemen employed by the city, at least | ||||||
13 | one of
whom shall be a lieutenant or of a rank superior to | ||||||
14 | lieutenant, one of whom
shall be of the rank of sergeant, and | ||||||
15 | one of whom shall be of the rank of
investigator or a rank | ||||||
16 | inferior to that rank; and one
annuitant of the fund, or a | ||||||
17 | pensioner of any prior police pension fund
in operation, by | ||||||
18 | authority of law, in the city. Children less than age
18 shall | ||||||
19 | not be eligible for board membership. The term of office for
| ||||||
20 | all members shall be 3 years. Upon his or her election, the | ||||||
21 | member holding the
rank of investigator or a rank inferior to | ||||||
22 | that rank shall be detailed by
the Police Superintendent to the | ||||||
23 | office of the board for the duration of
his or her term as | ||||||
24 | trustee. Two of the 6 persons appointed by the mayor of the | ||||||
25 | city shall not hold any other public office, shall not be a |
| |||||||
| |||||||
1 | participant in the fund, and shall also have a minimum of 5 | ||||||
2 | years of experience in the direct management, analysis, | ||||||
3 | supervision, or investment of assets. These 2 members must be | ||||||
4 | approved by a majority vote of the City Council.
| ||||||
5 | The members of a retirement board holding office in a city | ||||||
6 | at the
time this Article becomes effective, including elected, | ||||||
7 | appointed and
ex-officio members, shall continue in office | ||||||
8 | until the expiration of
their respective terms or appointment | ||||||
9 | and until their respective
successors are elected or appointed, | ||||||
10 | and qualified.
| ||||||
11 | At least 30 days prior to the expiration of the term of | ||||||
12 | office of
each appointive member the mayor shall appoint a | ||||||
13 | successor for a term of
3 years.
| ||||||
14 | The board shall conduct a regular election at least 30 days | ||||||
15 | prior to
the expiration of the terms of the active policemen | ||||||
16 | members and
annuitant or beneficiary members for election of a | ||||||
17 | successor of each
such member for a term of 3 years.
| ||||||
18 | Any member of the board so appointed or elected shall | ||||||
19 | continue in
office until his or her successor is selected and | ||||||
20 | has qualified.
| ||||||
21 | Any person so appointed or elected shall qualify by taking | ||||||
22 | an oath of
office. A copy thereof shall be kept in the office | ||||||
23 | of the city clerk of
the city.
| ||||||
24 | All members of the board of trustees who do not have a | ||||||
25 | minimum of 5 years of experience in the direct management, | ||||||
26 | analysis, supervision, or investment of assets must undergo |
| |||||||
| |||||||
1 | annual financial training under rules prescribed by the board.
| ||||||
2 | (Source: P.A. 86-273.)
| ||||||
3 | (40 ILCS 5/6-174) (from Ch. 108 1/2, par. 6-174)
| ||||||
4 | Sec. 6-174. Board created. A board of 10
8 members shall | ||||||
5 | constitute a
board of trustees authorized to administer the | ||||||
6 | provisions of this Article.
The board shall be known as the | ||||||
7 | Retirement Board of the Firemen's Annuity
and Benefit Fund of | ||||||
8 | the city.
| ||||||
9 | The board shall consist of the city treasurer, the city | ||||||
10 | comptroller, the
city clerk, a deputy fire commissioner | ||||||
11 | designated by the fire commissioner
of the city, 3 firemen | ||||||
12 | employed by the city, and 1 annuitant of the fund or
a fireman | ||||||
13 | pensioner of any prior firemen's pension fund in operation, by
| ||||||
14 | authority of law, in the city , and 2 persons appointed by the | ||||||
15 | mayor of the city who do not hold any other public office, who | ||||||
16 | are not participants in the fund, and who also have a minimum | ||||||
17 | of 5 years of experience in the direct management, analysis, | ||||||
18 | supervision, or investment of assets. These 2 members must be | ||||||
19 | approved by a majority vote of the City Council . Children less | ||||||
20 | than age 18 shall not be
eligible for membership.
| ||||||
21 | The members of a retirement board holding office at the | ||||||
22 | time this
Article becomes effective, including elected and ex | ||||||
23 | officio members, shall
continue in office until the expiration | ||||||
24 | of their respective terms or
appointment and until their | ||||||
25 | respective successors are elected or appointed,
and qualified.
|
| |||||||
| |||||||
1 | In a city which first attains a population of over 500,000 | ||||||
2 | and comes
under the provisions of this Article, the active | ||||||
3 | firemen members of the
board of trustees of any firemen's | ||||||
4 | pension fund then in effect in such city
and the member of such | ||||||
5 | board who was chosen from the retired members of
such fund | ||||||
6 | shall become members of the board as follows:
| ||||||
7 | (a) The active fireman member for whom the highest number | ||||||
8 | of votes was
cast and counted at the most recent election for | ||||||
9 | board members shall become
a member of the retirement board for | ||||||
10 | a term which shall end on December 1st
of the third year after | ||||||
11 | the year in which this Article comes into force in
the city; | ||||||
12 | the member of the board for whom the second highest number of
| ||||||
13 | votes was cast and counted at such election shall become a | ||||||
14 | member of the
retirement board for a term which shall end on | ||||||
15 | December 1st of the second
year after the year in which this | ||||||
16 | Article comes into force in the city; and
the member of the | ||||||
17 | board for whom the third highest number of votes was cast
and | ||||||
18 | counted at such election shall become a member of the | ||||||
19 | retirement board
for a term which shall end on December 1st of | ||||||
20 | the first year after the year
in which this Article comes into | ||||||
21 | force in the city.
| ||||||
22 | (b) The annuitant member of the pension fund shall become a | ||||||
23 | member of
the board for a term which shall end on December 1st | ||||||
24 | of the second year
after the year in which this Article comes | ||||||
25 | into force in the city.
| ||||||
26 | The board shall conduct regular elections annually, at |
| |||||||
| |||||||
1 | least 30 days
prior to the expiration of the term of the active | ||||||
2 | fireman member of the
board whose term next expires, for the | ||||||
3 | election of a successor for a term
of 3 years. The board also | ||||||
4 | shall conduct regular elections biennially, at
least 30 days | ||||||
5 | prior to the expiration of the term of the member who is a
| ||||||
6 | pensioner of any pension fund formerly in effect in such city | ||||||
7 | or an
annuitant of the annuity and benefit fund herein | ||||||
8 | provided, for the election
of a successor to such member for a | ||||||
9 | term of 2 years.
| ||||||
10 | Any member of the board, elected as aforesaid, shall | ||||||
11 | continue in office
until his or her successor is elected and | ||||||
12 | qualified.
| ||||||
13 | The 2 persons appointed by the mayor who do not hold any | ||||||
14 | other public office, who are not participants in the fund, and | ||||||
15 | who also have a minimum of 5 years of experience in the direct | ||||||
16 | management, analysis, supervision, or investment of assets | ||||||
17 | shall serve 2-year terms.
| ||||||
18 | Each member of the board, before entering upon the duties | ||||||
19 | of his or her office,
shall take the oath prescribed by the | ||||||
20 | Constitution of this State, which
oath shall be filed in the | ||||||
21 | office of the city clerk of the city.
| ||||||
22 | All members of the board of trustees who do not have a | ||||||
23 | minimum of 5 years of experience in the direct management, | ||||||
24 | analysis, supervision, or investment of assets must undergo | ||||||
25 | annual financial training under rules prescribed by the board.
| ||||||
26 | (Source: P.A. 86-273.)
|
| |||||||
| |||||||
1 | (40 ILCS 5/7-174) (from Ch. 108 1/2, par. 7-174)
| ||||||
2 | Sec. 7-174. Board created.
| ||||||
3 | (a) A board of 10
8 members shall
constitute a board of | ||||||
4 | trustees authorized to carry out the provisions of
this | ||||||
5 | Article. Excluding the 2 persons appointed by the Governor, | ||||||
6 | each
Each trustee shall be a participating employee of a
| ||||||
7 | participating municipality or participating instrumentality or | ||||||
8 | an annuitant
of the Fund .
and
Excluding the 2 persons appointed | ||||||
9 | by the Governor, no person shall be eligible to become a | ||||||
10 | trustee after January
1, 1979 who does not have at least 8 | ||||||
11 | years of creditable service.
| ||||||
12 | (b) The board shall consist of representatives of various | ||||||
13 | groups as
follows:
| ||||||
14 | 1. 4 trustees shall be a chief executive officer, chief | ||||||
15 | finance
officer, or other officer, executive or department | ||||||
16 | head of a
participating municipality or participating | ||||||
17 | instrumentality, and each
such trustee shall be designated | ||||||
18 | as an executive trustee.
| ||||||
19 | 2. 3 trustees shall be employees of a participating | ||||||
20 | municipality or
participating instrumentality and each | ||||||
21 | such trustee shall be designated
as an employee trustee.
| ||||||
22 | 3. One trustee shall be an annuitant of the Fund, who | ||||||
23 | shall be
designated the annuitant trustee.
| ||||||
24 | 4. 2 trustees who do not hold any other public office, | ||||||
25 | who are not participants in the fund, and who also have a |
| |||||||
| |||||||
1 | minimum of 5 years of experience in the direct management, | ||||||
2 | analysis, supervision, or investment of assets shall be | ||||||
3 | appointed by the Governor.
| ||||||
4 | (c) A person elected as a trustee shall qualify as a | ||||||
5 | trustee, after
declaration by the board that he has been duly | ||||||
6 | elected, upon taking and
subscribing to the constitutional oath | ||||||
7 | of office and filing same in the
office of the Fund.
| ||||||
8 | (d) Excluding the 2 trustees appointed by the Governor, the
| ||||||
9 | The term of office of each trustee shall begin upon January 1 | ||||||
10 | of
the year following the year in which he is elected and shall | ||||||
11 | continue
for a period of 5 years and until a successor has been | ||||||
12 | elected and
qualified, or until prior resignation, death, | ||||||
13 | incapacity or
disqualification. The 2 trustees appointed by the | ||||||
14 | mayor Governor shall serve terms of 2 years.
| ||||||
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
| ||||||
19 | removes any such trustee from all employments within the group | ||||||
20 | he represents.
The annuitant trustee shall be disqualified upon | ||||||
21 | termination of his or her
annuity.
| ||||||
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
or her successor has | ||||||
26 | been elected and qualified.
|
| |||||||
| |||||||
1 | (g) Trustees shall serve without compensation, but shall be
| ||||||
2 | reimbursed for any reasonable expenses incurred in attending | ||||||
3 | meetings of
the board and in performing duties on behalf of the | ||||||
4 | Fund and for the
amount of any earnings withheld by any | ||||||
5 | employing municipality or
participating instrumentality | ||||||
6 | because of attendance at any board
meeting.
| ||||||
7 | (h) Each trustee other than the annuitant trustee shall be | ||||||
8 | entitled to
one vote on any and all actions before the board; | ||||||
9 | the annuitant trustee is
not entitled to vote on any matter. At | ||||||
10 | least 5
4 concurring votes
shall be necessary for every | ||||||
11 | decision or action by the board at any of its
meetings. No | ||||||
12 | decision or action shall become effective unless presented and | ||||||
13 | so
approved at a regular or duly called special meeting of the | ||||||
14 | board.
| ||||||
15 | All members of the board of trustees who do not have a | ||||||
16 | minimum of 5 years of experience in the direct management, | ||||||
17 | analysis, supervision, or investment of assets must undergo | ||||||
18 | annual financial training under rules prescribed by the board.
| ||||||
19 | (Source: P.A. 89-136, eff. 7-14-95.)
| ||||||
20 | (40 ILCS 5/8-192)
(from Ch. 108 1/2, par. 8-192)
| ||||||
21 | Sec. 8-192. Board created. A board of 7
5 members shall | ||||||
22 | constitute a Board of Trustees authorized to
carry out the | ||||||
23 | provisions of this Article. The board shall be known as the
| ||||||
24 | Retirement Board of the Municipal Employees', Officers', and | ||||||
25 | Officials'
Annuity and Benefit Fund of the city, or for the |
| |||||||
| |||||||
1 | sake of brevity may also
be known and referred to as the | ||||||
2 | Retirement Board of the Municipal
Employees' Annuity and | ||||||
3 | Benefit Fund of such city. The board shall consist
of the city | ||||||
4 | comptroller, the city treasurer, 2 persons appointed by the | ||||||
5 | mayor of the city and confirmed by the City Council, and 3 | ||||||
6 | members who shall be
employees, to be elected as follows:
| ||||||
7 | Within 30 days after the effective date, the mayor of the | ||||||
8 | city shall
arrange for and hold an election.
| ||||||
9 | One employee shall be elected for a term ending on the | ||||||
10 | first day in the
month of December of the first year next | ||||||
11 | following the effective date; one
for a term ending December | ||||||
12 | 1st of the following year; and one for a term
ending on | ||||||
13 | December 1st of the second following year.
| ||||||
14 | The city comptroller, with the approval of the board, may | ||||||
15 | appoint a
designee from among employees of the city who are | ||||||
16 | versed in the affairs of
the comptroller's office to act in the | ||||||
17 | absence of the comptroller on all
matters pertaining to | ||||||
18 | administering the provisions of this Article.
| ||||||
19 | The 2 persons appointed by the mayor of the city shall not | ||||||
20 | hold any other public office, shall not be participants in the | ||||||
21 | fund, and shall also have a minimum of 5 years of experience in | ||||||
22 | the direct management, analysis, supervision, or investment of | ||||||
23 | assets. These 2 appointees shall serve terms of 2 years.
| ||||||
24 | The members of a Retirement Board of a municipal | ||||||
25 | employees', officers',
and officials' annuity and benefit fund | ||||||
26 | holding office in a city at the
time this Article becomes |
| |||||||
| |||||||
1 | effective, including elective and ex-officio
members, shall | ||||||
2 | continue in office until the expiration of their terms and
| ||||||
3 | until their respective successors are elected or appointed and | ||||||
4 | have
qualified.
| ||||||
5 | An employee member who takes advantage of the early | ||||||
6 | retirement incentives
provided under this amendatory Act of the | ||||||
7 | 93rd General Assembly may continue as
a member until the end of | ||||||
8 | his or her term.
| ||||||
9 | All members of the board of trustees who do not have a | ||||||
10 | minimum of 5 years of experience in the direct management, | ||||||
11 | analysis, supervision, or investment of assets must undergo | ||||||
12 | annual financial training under rules prescribed by the board.
| ||||||
13 | (Source: P.A. 93-654, eff. 1-16-04.)
| ||||||
14 | (40 ILCS 5/9-185) (from Ch. 108 1/2, par. 9-185)
| ||||||
15 | Sec. 9-185. Board created.
| ||||||
16 | (a) A board of 11
9 members shall constitute the
board of | ||||||
17 | trustees authorized to carry out the provisions of this | ||||||
18 | Article.
The board of trustees shall be known as "The | ||||||
19 | Retirement Board of the County
Employees' Annuity and Benefit | ||||||
20 | Fund of .... County". The board shall
consist of 6
2 members | ||||||
21 | appointed and 5
7 members elected as
hereinafter prescribed.
| ||||||
22 | (b) The appointed members shall be appointed as follows: | ||||||
23 | One member
shall be appointed by the comptroller of such | ||||||
24 | county, who may be the
comptroller or some person chosen by him | ||||||
25 | from among employees of the county,
who are
versed in the |
| |||||||
| |||||||
1 | affairs of the comptroller's office; and one member shall be
| ||||||
2 | appointed by the treasurer of such county, who may be the | ||||||
3 | treasurer or some
person chosen by him from among employees of | ||||||
4 | the County who are versed in
the affairs of the treasurer's | ||||||
5 | office ; one member shall be appointed by the clerk of the | ||||||
6 | county, who may be the clerk or some person chosen by him from | ||||||
7 | among employees of the county, who are versed in the affairs of | ||||||
8 | the clerk's office; one member shall be appointed by the | ||||||
9 | state's attorney of the county, who may be the state's attorney | ||||||
10 | or some person chosen by him from among employees of the | ||||||
11 | county, who are versed in the affairs of the state's attorney's | ||||||
12 | office; and 2 members who do not hold any other public office, | ||||||
13 | who are not participants in the fund, and who also have a | ||||||
14 | minimum of 5 years of experience in the direct management, | ||||||
15 | analysis, supervision, or investment of assets shall be | ||||||
16 | appointed by the president of the county board. The 2 members | ||||||
17 | appointed by the president of the county board must be approved | ||||||
18 | by the board of commissioners of the county .
| ||||||
19 | The member appointed by the comptroller , the member | ||||||
20 | appointed by the clerk, and one of the members appointed by the | ||||||
21 | president shall hold office for a term
ending on December 1st | ||||||
22 | of the first year following the year of appointment.
The member | ||||||
23 | appointed by the county treasurer , the member appointed by the | ||||||
24 | state's attorney, and the other member appointed by the | ||||||
25 | president shall hold office for a term
ending on December 1st | ||||||
26 | of the second year following the year of appointment.
|
| |||||||
| |||||||
1 | Thereafter, each appointed member shall be appointed by the | ||||||
2 | officer that
appointed his or her predecessor for a term of 2 | ||||||
3 | years.
| ||||||
4 | (c) Three county employee members of the board shall be
| ||||||
5 | elected as follows: within 30 days from and after the date upon | ||||||
6 | which this
Article comes into effect in the county, the clerk | ||||||
7 | of the county shall
arrange for and hold an election. One | ||||||
8 | employee shall be elected for a term
ending on the first day in | ||||||
9 | the month of December of the first year next
following the | ||||||
10 | effective date; one for a term ending on December 1st of the
| ||||||
11 | following year; and one for a term ending December 1st of the | ||||||
12 | second following
year.
| ||||||
13 | (c-1) After January 1, 2008, the first of the 3 county | ||||||
14 | employee members whose term expires or who leaves the board for | ||||||
15 | any reason shall not be replaced by election or appointment, | ||||||
16 | and the board shall thereafter have 2 county employee members.
| ||||||
17 | (d) Beginning December 1, 1988, and every 3 years | ||||||
18 | thereafter,
an annuitant member of the board shall be elected | ||||||
19 | as follows:
the board shall arrange for and hold an election in | ||||||
20 | which only those
participants who are currently receiving | ||||||
21 | retirement benefits
under this Article shall be eligible to | ||||||
22 | vote and be elected. Each such
member shall be elected to a | ||||||
23 | term ending on the first day in the month of
December of the | ||||||
24 | third following year.
| ||||||
25 | (d-1) Beginning December 1, 2001, and every 3 years | ||||||
26 | thereafter, an
annuitant member of the board shall be elected |
| |||||||
| |||||||
1 | as follows:
the board shall arrange for and hold an election in | ||||||
2 | which only those
participants who are currently receiving | ||||||
3 | retirement benefits
under this Article shall be eligible to | ||||||
4 | vote and be elected. Each such
member shall be elected to a | ||||||
5 | term ending on the first day in the month of
December of the | ||||||
6 | third following year. Until December 1, 2001, the position
| ||||||
7 | created under this subsection (d-1) may be filled by the board | ||||||
8 | as in the case
of a vacancy.
| ||||||
9 | (d-2) After January 1, 2008, the first of the 2 county | ||||||
10 | annuitant members whose term expires or who leaves the board | ||||||
11 | for any reason shall not be replaced by election or | ||||||
12 | appointment, and the board shall thereafter have 1 county | ||||||
13 | annuitant member.
| ||||||
14 | (e) Beginning December 1, 1988, if a Forest Preserve | ||||||
15 | District Employees'
Annuity and Benefit Fund shall be in force | ||||||
16 | in such county and the board of
this fund is charged with | ||||||
17 | administering the affairs of such annuity and
benefit fund for | ||||||
18 | employees of such forest preserve district, a forest
preserve | ||||||
19 | district member of the board shall be elected as of December 1, | ||||||
20 | 1988,
and every 3 years thereafter as follows: the board shall | ||||||
21 | arrange for and
hold an election in which only those employees | ||||||
22 | of such forest preserve
district who are contributors to the | ||||||
23 | annuity and benefit fund for employees
of such forest preserve | ||||||
24 | district shall be eligible to vote and be elected.
Each such | ||||||
25 | member shall be elected to a term ending on the first day in | ||||||
26 | the
month of December of the third following year.
|
| |||||||
| |||||||
1 | (f) Beginning December 1, 2001, and every 3 years | ||||||
2 | thereafter, if a Forest
Preserve District Employees' Annuity | ||||||
3 | and Benefit Fund is in force in the
county and the board of | ||||||
4 | this Fund is charged with administering the affairs of
that | ||||||
5 | annuity and benefit fund for employees of the forest preserve | ||||||
6 | district,
a forest preserve district annuitant member of the | ||||||
7 | board shall be elected as
follows: the board shall arrange for | ||||||
8 | and hold an election in which only those
participants who are | ||||||
9 | currently receiving retirement benefits under Article 10
shall | ||||||
10 | be eligible to vote and be elected. Each such member shall be | ||||||
11 | elected to
a term ending on the first day in the month of | ||||||
12 | December of the third following
year. Until December 1, 2001, | ||||||
13 | the position created under this subsection (f)
may be filled by | ||||||
14 | the board as in the case of a vacancy.
| ||||||
15 | All members of the board of trustees who do not have a | ||||||
16 | minimum of 5 years of experience in the direct management, | ||||||
17 | analysis, supervision, or investment of assets must undergo | ||||||
18 | annual financial training under rules prescribed by the board.
| ||||||
19 | (Source: P.A. 92-66, eff. 7-12-01.)
| ||||||
20 | (40 ILCS 5/11-181)
(from Ch. 108 1/2, par. 11-181)
| ||||||
21 | Sec. 11-181. Board created. A board of 11
8 members shall | ||||||
22 | constitute
the board of trustees authorized to carry out the | ||||||
23 | provisions of this
Article. The board shall be known as the | ||||||
24 | Retirement Board of the Laborers'
and Retirement Board | ||||||
25 | Employees' Annuity and Benefit Fund of the city.
The board |
| |||||||
| |||||||
1 | shall consist of 8
5 persons appointed and 2 employees and one
| ||||||
2 | annuitant elected in the manner hereinafter prescribed.
| ||||||
3 | The appointed members of the board shall be appointed as | ||||||
4 | follows:
| ||||||
5 | One member shall be appointed by the comptroller of the | ||||||
6 | city, who
may be himself or anyone chosen from among employees | ||||||
7 | of the city who
are versed in the affairs of the comptroller's | ||||||
8 | office; one member shall
be appointed by the City Treasurer of | ||||||
9 | the city, who may be himself or
a person chosen from among | ||||||
10 | employees of the city who are versed in the affairs
of the City | ||||||
11 | Treasurer's office; one member shall be appointed by the chief | ||||||
12 | financial officer of the city, who may be himself or a person | ||||||
13 | chosen from among employees of the city who are versed in the | ||||||
14 | affairs of the chief financial officer's office; one member | ||||||
15 | shall be an employee of the city
appointed by the president of | ||||||
16 | the local labor organization representing a
majority of the | ||||||
17 | employees participating in the Fund; one
and 2 members shall
be | ||||||
18 | appointed by the civil service commission or the Department
of | ||||||
19 | Personnel of the city from among employees of the
city who are | ||||||
20 | versed in the affairs of the civil service commission's office | ||||||
21 | or
the Department of Personnel ; and 3 members shall be | ||||||
22 | appointed by the mayor of the city who do not hold any other | ||||||
23 | public office, who are not participants in the fund, and who | ||||||
24 | also have a minimum of 5 years of experience in the direct | ||||||
25 | management, analysis, supervision, or investment of assets. | ||||||
26 | The 2 members appointed by the mayor must be approved by the |
| |||||||
| |||||||
1 | city council .
| ||||||
2 | The member appointed by the comptroller shall hold office | ||||||
3 | for a term
ending on December 1st of the first year following | ||||||
4 | the year of appointment.
The member appointed by the City | ||||||
5 | Treasurer shall hold office for a term
ending on December 1st | ||||||
6 | of the second year following the year of appointment.
The | ||||||
7 | member appointed by the civil service commission shall hold | ||||||
8 | office for a
term ending on the first day in the month of | ||||||
9 | December of the third year
following the year of appointment. | ||||||
10 | The additional member appointed by the
civil service commission | ||||||
11 | under this amendatory Act of 1998 shall hold office
for an | ||||||
12 | initial term ending on December 1, 2000, and the member | ||||||
13 | appointed by the
labor organization president shall hold office | ||||||
14 | for an initial term ending on
December 1, 2001. One of the 2 | ||||||
15 | members appointed by the mayor under this amendatory Act of the | ||||||
16 | 95th General Assembly shall hold office for an initial term | ||||||
17 | ending on December 1, 2008, and the other member appointed by | ||||||
18 | the mayor shall hold office for an initial term ending on | ||||||
19 | December 1, 2009. Thereafter each appointive member shall be | ||||||
20 | appointed by
the officer or body that appointed his or her
| ||||||
21 | predecessor, for a term of 3 years.
| ||||||
22 | Members in office on the effective date of this amendatory | ||||||
23 | Act of the 95th General Assembly shall serve their full terms. | ||||||
24 | When the term of the first of the 2 members appointed by the | ||||||
25 | civil service commission expires, the civil service commission | ||||||
26 | shall not appoint a new member to replace him.
|
| |||||||
| |||||||
1 | The 2 employee members of the board shall be elected as | ||||||
2 | follows:
| ||||||
3 | Within 30 days from and after the appointive members have | ||||||
4 | been appointed
and have qualified, the appointive members shall | ||||||
5 | arrange for and hold an
election.
| ||||||
6 | One employee shall be elected for a term ending on December | ||||||
7 | 1st of the
first year next following the effective date; one | ||||||
8 | for a term ending on
December 1st of the following year.
| ||||||
9 | An employee member who takes advantage of the early | ||||||
10 | retirement incentives
provided under this amendatory Act of the | ||||||
11 | 93rd General Assembly may continue as
a member until the end of | ||||||
12 | his or her term.
| ||||||
13 | The initial annuitant member shall be appointed by the | ||||||
14 | other members of
the board for an initial term ending on | ||||||
15 | December 1, 1999.
The annuitant member elected in 1999 shall be | ||||||
16 | deemed to have been
elected for a 3-year term ending on | ||||||
17 | December 1, 2002.
Thereafter, the annuitant member shall be | ||||||
18 | elected for a 3-year term ending
on December 1st of the third | ||||||
19 | year following the election.
| ||||||
20 | All members of the board of trustees who do not have a | ||||||
21 | minimum of 5 years of experience in the direct management, | ||||||
22 | analysis, supervision, or investment of assets must undergo | ||||||
23 | annual financial training under rules prescribed by the board.
| ||||||
24 | (Source: P.A. 93-654, eff. 1-16-04.)
| ||||||
25 | (40 ILCS 5/12-156) (from Ch. 108 1/2, par. 12-156)
|
| |||||||
| |||||||
1 | Sec. 12-156. Board created.
| ||||||
2 | A board composed of 9
7 members shall constitute a Board of | ||||||
3 | Trustees
authorized to carry out the provisions of this | ||||||
4 | Article. Such Board of
Trustees shall be known as the | ||||||
5 | Retirement Board of the Park Employees' and
Retirement Board | ||||||
6 | Employees' Annuity and Benefit Fund.
| ||||||
7 | Three members of such board shall be appointed by the board | ||||||
8 | of park
commissioners for terms of 3 years. Four members of | ||||||
9 | such board shall be
elected from among the employees for terms | ||||||
10 | of 4 years who shall serve until
their respective successors | ||||||
11 | have been elected and have qualified. Two members shall be | ||||||
12 | appointed by the mayor of the city who do not hold any other | ||||||
13 | public office, who are not participants in the fund, and who | ||||||
14 | also have a minimum of 5 years of experience in the direct | ||||||
15 | management, analysis, supervision, or investment of assets. | ||||||
16 | The 2 members appointed by the mayor must be approved by the | ||||||
17 | city council and shall serve terms of 2 years.
| ||||||
18 | The members of the board of a fund holding office at the | ||||||
19 | time this
Article becomes effective, including elected and | ||||||
20 | appointed members, shall
continue in office until the | ||||||
21 | expiration of their respective terms or
appointments and until | ||||||
22 | their respective successors are appointed or elected
and have | ||||||
23 | qualified. When the term of any appointed member expires, the
| ||||||
24 | board of park commissioners shall appoint a successor.
| ||||||
25 | The board shall conduct regular elections annually under | ||||||
26 | rules which
shall be adopted by it for the election of |
| |||||||
| |||||||
1 | successors to members of the
board whose terms shall expire. | ||||||
2 | All employees who are included under the
provisions of this | ||||||
3 | Article shall be entitled to vote. The ballots shall be
of | ||||||
4 | secret character.
| ||||||
5 | Each person elected or appointed to membership upon the | ||||||
6 | board shall take
a written oath of office that he will, so far | ||||||
7 | as it devolves upon him,
diligently and honestly administer the | ||||||
8 | affairs of the office to which he
was elected or appointed and | ||||||
9 | that he will not knowingly violate or wilfully
permit to be | ||||||
10 | violated any of the provisions of law applicable under this
| ||||||
11 | Article. Such oath shall be subscribed by the person making it, | ||||||
12 | and
certified to by the officer before whom it is taken, and | ||||||
13 | deposited with the
custodian of the fund. Anyone after | ||||||
14 | appointment or election shall be deemed
to have qualified for | ||||||
15 | membership on the board when such certificate is
deposited with | ||||||
16 | the custodian of the fund.
| ||||||
17 | All members of the board of trustees who do not have a | ||||||
18 | minimum of 5 years of experience in the direct management, | ||||||
19 | analysis, supervision, or investment of assets must undergo | ||||||
20 | annual financial training under rules prescribed by the board.
| ||||||
21 | (Source: Laws 1963, p. 161.)
| ||||||
22 | (40 ILCS 5/13-701) (from Ch. 108 1/2, par. 13-701)
| ||||||
23 | Sec. 13-701. Board created. A board of 7
5 members shall | ||||||
24 | constitute the
Board of Trustees authorized to carry out the | ||||||
25 | provisions of this Article.
The board shall be known as the |
| |||||||
| |||||||
1 | Retirement Board of the Metropolitan Water
Reclamation | ||||||
2 | District Pension Fund.
| ||||||
3 | The board shall consist of 2 members appointed by the Board | ||||||
4 | of
Commissioners of the Water Reclamation District ,
and 3 | ||||||
5 | elected employee members , and 2 members appointed by the mayor | ||||||
6 | of the City of Chicago who do not hold any other public office, | ||||||
7 | who are not participants in the fund, and who also have a | ||||||
8 | minimum of 5 years of experience in the direct management, | ||||||
9 | analysis, supervision, or investment of assets. The 2 members | ||||||
10 | appointed by the mayor must be approved by the Chicago City | ||||||
11 | Council .
| ||||||
12 | Each appointed member shall be appointed for a term of 2 | ||||||
13 | years in the
month of January prior to the expiration of the | ||||||
14 | term of office of the
appointed member whose term next expires.
| ||||||
15 | Members of the Board shall hold office until the expiration | ||||||
16 | of their
respective terms and until their respective successors | ||||||
17 | are appointed or
elected and have qualified. This amendatory | ||||||
18 | Act of 1991 shall not affect
the terms of the Board members | ||||||
19 | holding office on its effective date.
| ||||||
20 | Any person elected or appointed as a member of the Board | ||||||
21 | shall qualify by
taking an oath of office to be administered by | ||||||
22 | any officer authorized to
administer oaths or any sitting | ||||||
23 | member of the Board. A copy thereof shall
be filed with the | ||||||
24 | clerk of the Water Reclamation District and with the
Executive | ||||||
25 | Director of the Fund.
| ||||||
26 | All members of the board of trustees who do not have a |
| |||||||
| |||||||
1 | minimum of 5 years of experience in the direct management, | ||||||
2 | analysis, supervision, or investment of assets must undergo | ||||||
3 | annual financial training under rules prescribed by the board.
| ||||||
4 | (Source: P.A. 87-794.)
| ||||||
5 | (40 ILCS 5/14-134) (from Ch. 108 1/2, par. 14-134)
| ||||||
6 | Sec. 14-134. Board created.
The retirement system created | ||||||
7 | by this
Article shall be a trust, separate and distinct from | ||||||
8 | all other entities.
The responsibility for the operation of the | ||||||
9 | system and for making effective
this Article is vested in a | ||||||
10 | board of trustees.
| ||||||
11 | The board shall consist of 9
7 trustees, as follows:
| ||||||
12 | (a) the Director of the
Governor's Office of Management and | ||||||
13 | Budget; (b) the Comptroller; (c)
one trustee, not a State | ||||||
14 | employee, who shall be Chairman, to be appointed
by the | ||||||
15 | Governor for a 5 year term; (d) two members of the system, one | ||||||
16 | of
whom shall be an annuitant age 60 or over, having at least 8 | ||||||
17 | years of
creditable service, to be appointed by the Governor | ||||||
18 | for terms of 5 years;
(e) one member of the system having at | ||||||
19 | least 8 years of creditable service,
to be elected from the | ||||||
20 | contributing membership of the system by the
contributing | ||||||
21 | members as provided in Section 14-134.1; (f) one annuitant of
| ||||||
22 | the system who has been an annuitant for at least one full | ||||||
23 | year, to be
elected from and by the annuitants of the system, | ||||||
24 | as provided in Section
14-134.1 ; (g) two additional members to | ||||||
25 | be appointed by the Governor for 2-year terms who do not hold |
| |||||||
| |||||||
1 | any other public office, who are not participants in the fund, | ||||||
2 | and who also have a minimum of 5 years of experience in the | ||||||
3 | direct management, analysis, supervision, or investment of | ||||||
4 | assets. These 2 members must be confirmed by the State Senate . | ||||||
5 | The Director of the
Governor's Office of Management and Budget
| ||||||
6 | and the Comptroller shall
be ex-officio members and shall serve | ||||||
7 | as trustees during their respective terms
of office, except | ||||||
8 | that each of them may designate another officer or employee
| ||||||
9 | from the same agency to serve in his or her place. However, no | ||||||
10 | ex-officio
member may designate a different proxy within one | ||||||
11 | year after designating a
proxy unless the person last so | ||||||
12 | designated has become ineligible to serve in
that capacity. | ||||||
13 | Except for the elected trustees, any vacancy in the office of
| ||||||
14 | trustee shall be filled in the same manner as the office was | ||||||
15 | filled previously.
| ||||||
16 | A trustee shall serve until a successor qualifies, except
| ||||||
17 | that a trustee who is a member of the system shall be | ||||||
18 | disqualified as a
trustee immediately upon terminating service | ||||||
19 | with the State.
| ||||||
20 | Each trustee is entitled to one vote on the board, and 5
4
| ||||||
21 | trustees shall
constitute a quorum for the transaction of | ||||||
22 | business. The affirmative
votes of a majority of the trustees | ||||||
23 | present, but at least 4
3 trustees, shall be
necessary for | ||||||
24 | action by the board at any meeting. The board's action of July
| ||||||
25 | 22, 1986, by which it amended the bylaws of the system to | ||||||
26 | increase the number
of affirmative votes required for board |
| |||||||
| |||||||
1 | action from 3 to 4 (in response to
Public Act 84-1028, which | ||||||
2 | increased the number of trustees from 5 to 7), and
the board's | ||||||
3 | rejection, between that date and the effective date of this
| ||||||
4 | amendatory Act of 1993, of proposed actions not receiving at | ||||||
5 | least 4
affirmative votes, are hereby validated.
| ||||||
6 | The trustees shall serve without compensation, but shall be | ||||||
7 | reimbursed
from the funds of the system for all necessary | ||||||
8 | expenses incurred through
service on the board.
| ||||||
9 | Each trustee shall take an oath of office that he or she | ||||||
10 | will
diligently and honestly administer the affairs of the | ||||||
11 | system, and will not
knowingly violate or willfully permit the | ||||||
12 | violation of any of
the provisions of law applicable to the | ||||||
13 | system. The oath shall be
subscribed to by the trustee making | ||||||
14 | it, certified by the officer before
whom it is taken, and filed | ||||||
15 | with the Secretary of State. A trustee shall
qualify for | ||||||
16 | membership on the board when the oath has been approved by the
| ||||||
17 | board.
| ||||||
18 | All members of the board of trustees who do not have a | ||||||
19 | minimum of 5 years of experience in the direct management, | ||||||
20 | analysis, supervision, or investment of assets must undergo | ||||||
21 | annual financial training under rules prescribed by the board.
| ||||||
22 | (Source: P.A. 94-793, eff. 5-19-06.)
| ||||||
23 | (40 ILCS 5/15-159) (from Ch. 108 1/2, par. 15-159)
| ||||||
24 | Sec. 15-159. Board created. A board of trustees constituted | ||||||
25 | as provided in
this Section shall administer this System. The |
| |||||||
| |||||||
1 | board shall be known as the
Board of Trustees of the State | ||||||
2 | Universities Retirement System.
| ||||||
3 | (b) Until July 1, 1995, the Board of Trustees shall be | ||||||
4 | constituted
as follows:
| ||||||
5 | Two trustees shall be members of the Board of Trustees of | ||||||
6 | the
University of Illinois, one shall be a member of
the Board | ||||||
7 | of Trustees of Southern Illinois University, one shall be a | ||||||
8 | member
of the Board of Trustees of Chicago State University, | ||||||
9 | one shall be a member of
the Board of Trustees of Eastern | ||||||
10 | Illinois University, one shall be a member of
the Board of | ||||||
11 | Trustees of Governors State University, one shall be a member | ||||||
12 | of
the Board of Trustees of Illinois State University, one | ||||||
13 | shall be a member of
the Board of Trustees of Northeastern | ||||||
14 | Illinois University, one shall be a
member of the Board of | ||||||
15 | Trustees of Northern Illinois University, one shall be a
member | ||||||
16 | of the Board of Trustees of Western Illinois University, and | ||||||
17 | one shall
be a member of the Illinois Community College Board, | ||||||
18 | selected in each case by
their respective boards, and 2 shall
| ||||||
19 | be participants of the system appointed by the Governor for a 6 | ||||||
20 | year term with
the first appointment made pursuant to this | ||||||
21 | amendatory Act of 1984 to be
effective September 1, 1985, and | ||||||
22 | one shall be a participant appointed by the
Illinois Community | ||||||
23 | College Board for a 6 year term, and one shall be a
participant | ||||||
24 | appointed by the Board of Trustees of the University of | ||||||
25 | Illinois
for a 6 year term, and one shall be a participant or | ||||||
26 | annuitant of the system
who is a senior citizen age 60 or older |
| |||||||
| |||||||
1 | appointed by the Governor for a 6 year
term with the first | ||||||
2 | appointment to be effective September 1, 1985.
| ||||||
3 | The terms of all trustees holding office under this | ||||||
4 | subsection (b) on
June 30, 1995 shall terminate at the end of | ||||||
5 | that day and the Board shall
thereafter be constituted as | ||||||
6 | provided in subsection (c).
| ||||||
7 | (c) Beginning July 1, 1995, the Board of Trustees shall be
| ||||||
8 | constituted as follows:
| ||||||
9 | The Board shall consist of 9 trustees appointed by the | ||||||
10 | Governor. Two of the
trustees, designated at the time of | ||||||
11 | appointment, shall be participants of the
System. Two of the | ||||||
12 | trustees, designated at the time of appointment, shall be
| ||||||
13 | annuitants of the System who are receiving retirement annuities | ||||||
14 | under this
Article. The 5 remaining trustees may, but need not, | ||||||
15 | be participants or
annuitants of the System.
| ||||||
16 | The term of office of trustees appointed under this | ||||||
17 | subsection (c)
shall be 6 years, beginning on July 1. However, | ||||||
18 | of the initial trustees
appointed under this subsection (c), 3 | ||||||
19 | shall be appointed for terms of 2 years,
3 shall be appointed | ||||||
20 | for terms of 4 years, and 3 shall be appointed for terms
of 6 | ||||||
21 | years, to be designated by the Governor at the time of | ||||||
22 | appointment.
| ||||||
23 | A vacancy on the board of trustees caused by resignation,
| ||||||
24 | death, expiration of term of office, or other reason shall be | ||||||
25 | filled by a
qualified person appointed by the Governor for the | ||||||
26 | remainder of the unexpired
term.
|
| |||||||
| |||||||
1 | Trustees (other than the trustees incumbent on June 30, | ||||||
2 | 1995)
shall continue in office until their respective | ||||||
3 | successors are appointed
and have qualified, except that a | ||||||
4 | trustee appointed to one of the
participant positions shall be | ||||||
5 | disqualified immediately upon the termination of
his or her | ||||||
6 | status as a participant and a trustee appointed to one of the
| ||||||
7 | annuitant positions shall be disqualified immediately upon the | ||||||
8 | termination of
his or her status as an annuitant receiving a | ||||||
9 | retirement annuity.
| ||||||
10 | (d) Each trustee must take an oath of office
before a | ||||||
11 | notary public of this State and shall qualify as a trustee upon | ||||||
12 | the
presentation to the board of a certified copy of the oath. | ||||||
13 | The oath must state
that the person will diligently and | ||||||
14 | honestly administer the affairs of the
retirement system, and | ||||||
15 | will not knowingly violate or wilfully permit to be
violated | ||||||
16 | any provisions of this Article.
| ||||||
17 | Each trustee shall serve without compensation but shall be | ||||||
18 | reimbursed for
expenses necessarily incurred in attending | ||||||
19 | board meetings and carrying out his
or her duties as a trustee | ||||||
20 | or officer of the system.
| ||||||
21 | (e) This amendatory Act of 1995 is intended to supersede | ||||||
22 | the changes made
to this Section by Public Act 89-4.
| ||||||
23 | (f) Beginning in January of 2008, the 5 members appointed | ||||||
24 | by the Governor who are not the 2 employee members or the 2 | ||||||
25 | annuitant members required under subsection (c) may not be | ||||||
26 | participants or annuitants of the System. Two of these 5 |
| |||||||
| |||||||
1 | members shall not hold any other public office and shall also | ||||||
2 | have a minimum of 5 years of experience in the direct | ||||||
3 | management, analysis, supervision, or investment of assets. | ||||||
4 | Members in office on the effective date of this amendatory Act | ||||||
5 | of the 95th General Assembly who are not the 2 employee members | ||||||
6 | or the 2 annuitant members required under subsection (c) and | ||||||
7 | who are participants or annuitants of the System shall serve | ||||||
8 | until the end of their term and shall be replaced by trustees | ||||||
9 | who are not participants or annuitants when their terms expire. | ||||||
10 | (g) All members of the board of trustees who do not have a | ||||||
11 | minimum of 5 years of experience in the direct management, | ||||||
12 | analysis, supervision, or investment of assets must undergo | ||||||
13 | annual financial training under rules prescribed by the board.
| ||||||
14 | (Source: P.A. 89-4, eff. 1-1-96; 89-196, eff. 7-21-95.)
| ||||||
15 | (40 ILCS 5/16-163) (from Ch. 108 1/2, par. 16-163)
| ||||||
16 | Sec. 16-163. Board created. Until January of 2008, a
A
| ||||||
17 | board of 11 members constitutes the
board of trustees | ||||||
18 | authorized to carry out the provisions of this Article and is
| ||||||
19 | responsible for the general administration of the System. The | ||||||
20 | board shall
be known as the Board of Trustees of the Teachers' | ||||||
21 | Retirement System
of the State of Illinois. The board shall be | ||||||
22 | composed of the
Superintendent of Education, ex officio, who | ||||||
23 | shall be the president of the
board; 4 persons, not members of | ||||||
24 | the System, to be appointed by the Governor,
who shall hold no | ||||||
25 | elected State office; 4 persons who, at the time of their
|
| |||||||
| |||||||
1 | election, are
teachers as defined in Section 16-106, elected by | ||||||
2 | the
contributing members; and 2 annuitant members elected by | ||||||
3 | the annuitants of the
System, as provided in Section 16-165.
| ||||||
4 | Beginning in January of 2008, a board of 9 members | ||||||
5 | constitutes the board of trustees authorized to carry out the | ||||||
6 | provisions of this Article and is responsible for the general | ||||||
7 | administration of the System. The board shall be known as the | ||||||
8 | Board of Trustees of the Teachers' Retirement System of the | ||||||
9 | State of Illinois. The board shall be composed of the | ||||||
10 | Superintendent of Education, ex officio, who shall be the | ||||||
11 | president of the board; 4 persons, not members of the System, | ||||||
12 | to be appointed by the Governor, who shall hold no elected | ||||||
13 | State office; 3 persons who, at the time of their election, are | ||||||
14 | teachers as defined in Section 16-106 elected by the | ||||||
15 | contributing members; and 1 annuitant members elected by the | ||||||
16 | annuitants of the System, as provided in Section 16-165. Two of | ||||||
17 | the 4 members appointed by the Governor must have a minimum of | ||||||
18 | 5 years of experience in the direct management, analysis, | ||||||
19 | supervision, or investment of assets. Members in office on the | ||||||
20 | effective date of this amendatory Act of the 95th General | ||||||
21 | Assembly shall serve until the end of their terms. The first | ||||||
22 | teacher and the first annuitant whose terms expire shall not be | ||||||
23 | replaced by election. | ||||||
24 | All members of the board of trustees who do not have a | ||||||
25 | minimum of 5 years of experience in the direct management, | ||||||
26 | analysis, supervision, or investment of assets must undergo |
| |||||||
| |||||||
1 | annual financial training under rules prescribed by the board.
| ||||||
2 | (Source: P.A. 94-423, eff. 8-2-05.)
| ||||||
3 | (40 ILCS 5/17-137) (from Ch. 108 1/2, par. 17-137)
| ||||||
4 | Sec. 17-137. Board created. There shall be elected a Board | ||||||
5 | of Trustees,
herein also referred to as the "Board", to | ||||||
6 | administer and
control the Fund
created by this Article. The | ||||||
7 | Board shall consist of 12
members, 2 of whom shall be members | ||||||
8 | of the Board of Education, 6
of whom shall be contributors who | ||||||
9 | are not principals, one of whom shall be a
contributor who is a | ||||||
10 | principal, and 3 of whom shall be pensioners,
all to be chosen | ||||||
11 | as provided in this Article.
| ||||||
12 | Beginning in January of 2008, The Board shall consist of 9 | ||||||
13 | members, 3 of whom shall be members of the Board of Education, | ||||||
14 | 2 of whom shall be contributors who are not principals, one of | ||||||
15 | whom shall be a contributor who is a principal, and one of whom | ||||||
16 | shall be a pensioner, all to be chosen as provided in this | ||||||
17 | Article. The remaining 2 members shall be appointed by the | ||||||
18 | Board of Education, shall hold no other public office, shall | ||||||
19 | not be participants in the fund, and shall have a minimum of 5 | ||||||
20 | years of experience in the direct management, analysis, | ||||||
21 | supervision, or investment of assets. Members in office on the | ||||||
22 | effective date of this amendatory Act of the 95th General | ||||||
23 | Assembly shall serve until the end of their term. The first 4 | ||||||
24 | members who are contributors, who are not principals, and whose | ||||||
25 | terms expire, and the first 2 members who are pensioners and |
| |||||||
| |||||||
1 | whose terms expire shall not be replaced by election. | ||||||
2 | All members of the board of trustees who do not have a | ||||||
3 | minimum of 5 years of experience in the direct management, | ||||||
4 | analysis, supervision, or investment of assets must undergo | ||||||
5 | annual financial training under rules prescribed by the board.
| ||||||
6 | (Source: P.A. 89-136, eff. 7-14-95; 90-566, eff. 1-2-98.)
| ||||||
7 | (40 ILCS 5/18-135) (from Ch. 108 1/2, par. 18-135)
| ||||||
8 | Sec. 18-135. Board created. This system shall be | ||||||
9 | administered by a Board of Trustees, of
7
5 members as follows: | ||||||
10 | the State Treasurer, the Chief Justice
of the Supreme
Court, | ||||||
11 | and 3 participating judges , and 2 persons appointed by the | ||||||
12 | Governor who do not hold any other public office, who are not | ||||||
13 | participants in the fund, and who have a minimum of 5 years of | ||||||
14 | experience in the direct management, analysis, supervision, or | ||||||
15 | investment of assets. The 2 persons appointed by the Governor | ||||||
16 | must be confirmed by the State Senate . The State Treasurer and | ||||||
17 | the Chief
Justice shall be ex-officio members and shall serve | ||||||
18 | as trustees during
their respective terms of office. Each | ||||||
19 | participating judge
trustee shall serve for a term of 3 years. | ||||||
20 | Their successors shall
be appointed by the Supreme Court not | ||||||
21 | more than 3 months nor
less than one month prior to the | ||||||
22 | expiration of their respective terms of office.
| ||||||
23 | Each trustee shall take an oath of office. The filing of a | ||||||
24 | certified
copy of the oath with
the secretary of the board | ||||||
25 | shall qualify the person as a trustee. The
oath shall state |
| |||||||
| |||||||
1 | that the person will diligently and
honestly administer the | ||||||
2 | affairs of the retirement system, and will not
knowingly | ||||||
3 | violate or wilfully permit any of the provisions
of this | ||||||
4 | Article to be violated.
| ||||||
5 | A participant trustee shall be disqualified as a trustee | ||||||
6 | immediately
upon termination
of employment as a judge. The | ||||||
7 | vacancy so created shall be filled
for the unexpired term
by | ||||||
8 | the Supreme Court.
| ||||||
9 | Each trustee shall have one vote on all actions of the | ||||||
10 | board and at
least 4
3 concurring votes shall be necessary for | ||||||
11 | any action by the board at
any meeting. No decision or action | ||||||
12 | shall become effective unless presented
and so approved by the | ||||||
13 | board.
| ||||||
14 | All members of the board of trustees who do not have a | ||||||
15 | minimum of 5 years of experience in the direct management, | ||||||
16 | analysis, supervision, or investment of assets must undergo | ||||||
17 | annual financial training under rules prescribed by the board.
| ||||||
18 | (Source: P.A. 83-1440.)
| ||||||
19 | Section 90. The State Mandates Act is amended by adding | ||||||
20 | Section 8.31 as follows: | ||||||
21 | (30 ILCS 805/8.31 new) | ||||||
22 | Sec. 8.31. Exempt mandate. Notwithstanding Sections 6 and 8 | ||||||
23 | of this Act, no reimbursement by the State is required for the | ||||||
24 | implementation of any mandate created by this amendatory Act of |
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1 | the 95th General Assembly. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2 | Section 99. Effective date. This Act takes effect upon | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3 | becoming law.
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