Full Text of HB3400 95th General Assembly
HB3400 95TH GENERAL ASSEMBLY
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95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008 HB3400
Introduced 2/26/2007, by Rep. Elaine Nekritz SYNOPSIS AS INTRODUCED: |
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Amends the Illinois Pension Code. Makes changes concerning the composition of the boards of trustees of the retirement systems and pension funds. Provides for appointment to the boards of trustees of members who do not hold any other public office, who are not participants in the fund, and who have a minimum of 5 years of experience in the direct management, analysis, supervision, or investment of assets. Requires that all members of the boards of trustees who do not have a minimum of 5 years of experience in the direct management, analysis, supervision, or investment of assets must undergo annual financial training. Makes other changes. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.
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FISCAL NOTE ACT MAY APPLY |
PENSION IMPACT NOTE ACT MAY APPLY |
STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT |
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A BILL FOR
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HB3400 |
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LRB095 09751 AMC 31918 b |
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| AN ACT concerning public employee benefits.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| 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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| (40 ILCS 5/2-127) (from Ch. 108 1/2, par. 2-127)
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| 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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| 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.
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| Elections for the annuitant member shall be held in January | 17 |
| of 1993 and
every fourth year thereafter. Nominations and
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| 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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| 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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| 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.
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| 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.
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| (Source: P.A. 86-273; 86-1488.)
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| (40 ILCS 5/2-129) (from Ch. 108 1/2, par. 2-129)
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| 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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| (Source: P.A. 83-1440.)
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| (40 ILCS 5/3-128) (from Ch. 108 1/2, par. 3-128)
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| 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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| and to designate the beneficiaries thereof. The board shall be
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| known as the "Board of Trustees of the Police Pension Fund"
of | 3 |
| the municipality.
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| 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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| 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
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| participants. The 7th
5th member shall be elected by and from | 13 |
| the
beneficiaries.
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| 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.
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| 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.
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| The election for board members
shall be held biennially on |
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| the 3rd Monday in April, at such place or
places in the | 2 |
| municipality and under the Australian ballot system and such
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| other regulations as shall be prescribed by the appointed | 4 |
| members of the
board.
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| 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.
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| 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.
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| 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.
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| 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.
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| (Source: P.A. 83-1440.)
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| (40 ILCS 5/4-121) (from Ch. 108 1/2, par. 4-121)
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| 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
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| 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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| 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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| 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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| of 2 years.
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| 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.
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| 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
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| possible; and (3) if the membership of the board falls below 3 | 21 |
| persons, the
Illinois Director of Insurance or his or her
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| designee shall be deemed a member of
the board, ex officio.
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| The members chosen from the active and retired
firefighters | 24 |
| shall be elected by ballot at elections to
be held on the 3rd
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| 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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| and under such regulations
as shall be prescribed by the board.
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| 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.
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| 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.
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| 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
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| 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.
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| The board shall elect annually from its members a president
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| and secretary.
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| 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.
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| All members of the board of trustees who do not have a |
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| 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.
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| (Source: P.A. 94-317, eff. 7-25-05.)
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| (40 ILCS 5/5-178) (from Ch. 108 1/2, par. 5-178)
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| Sec. 5-178. Board created. A board of 10
8 members shall
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| 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.
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| 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
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| 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 |
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| 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.
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| 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.
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| 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.
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| 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.
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| 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.
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| 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.
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| 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 |
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LRB095 09751 AMC 31918 b |
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| annual financial training under rules prescribed by the board.
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| (Source: P.A. 86-273.)
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| (40 ILCS 5/6-174) (from Ch. 108 1/2, par. 6-174)
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| 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.
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| 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
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| 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.
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| 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.
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| 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:
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| (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
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| 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.
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| (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.
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| The board shall conduct regular elections annually, at |
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| 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.
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| Any member of the board, elected as aforesaid, shall | 11 |
| continue in office
until his or her successor is elected and | 12 |
| qualified.
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| 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.
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| 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.
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| 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.
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| (Source: P.A. 86-273.)
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LRB095 09751 AMC 31918 b |
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| (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.
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| (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 |
|
|
|
HB3400 |
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LRB095 09751 AMC 31918 b |
|
| 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.
|
|
|
|
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LRB095 09751 AMC 31918 b |
|
| 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 |
|
|
|
HB3400 |
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LRB095 09751 AMC 31918 b |
|
| 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 |
|
|
|
HB3400 |
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LRB095 09751 AMC 31918 b |
|
| 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 |
|
|
|
HB3400 |
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LRB095 09751 AMC 31918 b |
|
| 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.
|
|
|
|
HB3400 |
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LRB095 09751 AMC 31918 b |
|
| 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 |
|
|
|
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LRB095 09751 AMC 31918 b |
|
| 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.
|
|
|
|
HB3400 |
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LRB095 09751 AMC 31918 b |
|
| 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 |
|
|
|
HB3400 |
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LRB095 09751 AMC 31918 b |
|
| 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 |
|
|
|
HB3400 |
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LRB095 09751 AMC 31918 b |
|
| 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.
|
|
|
|
HB3400 |
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LRB095 09751 AMC 31918 b |
|
| 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)
|
|
|
|
HB3400 |
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LRB095 09751 AMC 31918 b |
|
| 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 |
|
|
|
HB3400 |
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LRB095 09751 AMC 31918 b |
|
| 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 |
|
|
|
HB3400 |
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LRB095 09751 AMC 31918 b |
|
| 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 |
|
|
|
HB3400 |
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LRB095 09751 AMC 31918 b |
|
| 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 |
|
|
|
HB3400 |
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LRB095 09751 AMC 31918 b |
|
| 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 |
|
|
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| 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 |
|
|
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| 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 |
|
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| 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.
|
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| 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 |
|
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| 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
|
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| 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 |
|
|
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| 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 |
|
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LRB095 09751 AMC 31918 b |
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| 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 |
|
|
|
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| 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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|
INDEX
| 2 |
|
Statutes amended in order of appearance
|
| 3 |
| 40 ILCS 5/2-127 |
from Ch. 108 1/2, par. 2-127 |
| 4 |
| 40 ILCS 5/2-129 |
from Ch. 108 1/2, par. 2-129 |
| 5 |
| 40 ILCS 5/3-128 |
from Ch. 108 1/2, par. 3-128 |
| 6 |
| 40 ILCS 5/4-121 |
from Ch. 108 1/2, par. 4-121 |
| 7 |
| 40 ILCS 5/5-178 |
from Ch. 108 1/2, par. 5-178 |
| 8 |
| 40 ILCS 5/6-174 |
from Ch. 108 1/2, par. 6-174 |
| 9 |
| 40 ILCS 5/7-174 |
from Ch. 108 1/2, par. 7-174 |
| 10 |
| 40 ILCS 5/8-192 |
from Ch. 108 1/2, par. 8-192 |
| 11 |
| 40 ILCS 5/9-185 |
from Ch. 108 1/2, par. 9-185 |
| 12 |
| 40 ILCS 5/11-181 |
from Ch. 108 1/2, par. 11-181 |
| 13 |
| 40 ILCS 5/12-156 |
from Ch. 108 1/2, par. 12-156 |
| 14 |
| 40 ILCS 5/13-701 |
from Ch. 108 1/2, par. 13-701 |
| 15 |
| 40 ILCS 5/14-134 |
from Ch. 108 1/2, par. 14-134 |
| 16 |
| 40 ILCS 5/15-159 |
from Ch. 108 1/2, par. 15-159 |
| 17 |
| 40 ILCS 5/16-163 |
from Ch. 108 1/2, par. 16-163 |
| 18 |
| 40 ILCS 5/17-137 |
from Ch. 108 1/2, par. 17-137 |
| 19 |
| 40 ILCS 5/18-135 |
from Ch. 108 1/2, par. 18-135 |
| 20 |
| 30 ILCS 805/8.31 new |
|
| |
|