Full Text of SB2525 96th General Assembly
SB2525eng 96TH GENERAL ASSEMBLY
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SB2525 Engrossed |
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LRB096 16690 AMC 31974 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 |
| Section 1-107 as follows:
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| (40 ILCS 5/1-107) (from Ch. 108 1/2, par. 1-107)
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| Sec. 1-107. Indemnification of trustees, consultants, and | | 8 |
| employees of
retirement systems and pension funds. Every | | 9 |
| retirement system, pension
fund, or other system or fund | | 10 |
| established under this Code, other than a retirement system | | 11 |
| established under Article 2, 14, 15, 16, or 18 of this Code or | | 12 |
| the investment board established under Article 22A of this | | 13 |
| Code, must indemnify and
protect the trustees against all | | 14 |
| damage claims
and suits, including defense thereof, when | | 15 |
| damages are sought for negligent
or wrongful acts alleged to | | 16 |
| have been committed in the scope of their powers and duties as | | 17 |
| trustees. | | 18 |
| Every retirement system established under Article 2, 14, | | 19 |
| 15, 16, or 18 of this Code may indemnify and
protect the | | 20 |
| trustees against all damage claims
and suits, including defense | | 21 |
| thereof, when damages are sought for negligent
or wrongful acts | | 22 |
| alleged to have been committed in the scope of their powers and | | 23 |
| duties as trustees. |
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SB2525 Engrossed |
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LRB096 16690 AMC 31974 b |
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| The investment board established under Article 22A of this | | 2 |
| Code may indemnify and
protect its members against all damage | | 3 |
| claims
and suits, including defense thereof, when damages are | | 4 |
| sought for negligent
or wrongful acts alleged to have been | | 5 |
| committed in the scope of their powers and duties as members. | | 6 |
| Every retirement system, pension
fund, or other system or | | 7 |
| fund established under this Code may indemnify and
protect the | | 8 |
| trustees, staff and consultants against all damage claims
and | | 9 |
| suits, including defense thereof, when damages are sought for | | 10 |
| negligent
or wrongful acts alleged to have been committed in | | 11 |
| the scope of employment
or under the direction of the trustees. | | 12 |
| However, the trustees, staff, and
consultants shall not be | | 13 |
| indemnified for wilful misconduct and gross negligence.
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| Each board is authorized to insure against loss or | | 15 |
| liability of the trustees,
staff, and consultants which may | | 16 |
| result from these damage claims. This insurance
shall be | | 17 |
| carried in a company which is licensed to write such coverage | | 18 |
| in this State.
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| (Source: P.A. 80-1364.)
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| Section 99. Effective date. This Act takes effect upon | | 21 |
| becoming law.
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