Illinois General Assembly - Full Text of HB2523
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Full Text of HB2523  102nd General Assembly

HB2523ham002 102ND GENERAL ASSEMBLY

Rep. Stephanie A. Kifowit

Filed: 4/19/2021

 

 


 

 


 
10200HB2523ham002LRB102 12529 RPS 25228 a

1
AMENDMENT TO HOUSE BILL 2523

2    AMENDMENT NO. ______. Amend House Bill 2523 by replacing
3everything after the enacting clause with the following:
 
4    "Section 5. The Illinois Pension Code is amended by
5changing Section 22B-115 as follows:
 
6    (40 ILCS 5/22B-115)
7    Sec. 22B-115. Board of Trustees of the Fund.
8    (a) No later than one month after the effective date of
9this amendatory Act of the 101st General Assembly or as soon
10thereafter as may be practicable, the Governor shall appoint,
11by and with the advice and consent of the Senate, a transition
12board of trustees consisting of 9 members as follows:
13        (1) three members representing municipalities who are
14    mayors, presidents, chief executive officers, chief
15    financial officers, or other officers, executives, or
16    department heads of municipalities and appointed from

 

 

10200HB2523ham002- 2 -LRB102 12529 RPS 25228 a

1    among candidates recommended by the Illinois Municipal
2    League;
3        (2) three members representing participants and who
4    are participants, 2 of whom shall be appointed from among
5    candidates recommended by a statewide fraternal
6    organization representing more than 20,000 active and
7    retired police officers in the State of Illinois, and one
8    of whom shall be appointed from among candidates
9    recommended by a benevolent association representing sworn
10    police officers in the State of Illinois;
11        (3) two members representing beneficiaries and who are
12    beneficiaries, one of whom shall be appointed from among
13    candidates recommended by a statewide fraternal
14    organization representing more than 20,000 active and
15    retired police officers in the State of Illinois, and one
16    of whom shall be appointed from among candidates
17    recommended by a benevolent association representing sworn
18    police officers in the State of Illinois; and
19        (4) one member who is a representative of the Illinois
20    Municipal League.
21    The transition board members shall serve until the initial
22permanent board members are elected and qualified.
23    The transition board of trustees shall select the
24chairperson of the transition board of trustees from among the
25trustees for the duration of the transition board's tenure.
26    (b) The permanent board of trustees shall consist of 9

 

 

10200HB2523ham002- 3 -LRB102 12529 RPS 25228 a

1members as follows:
2        (1) Three members who are mayors, presidents, chief
3    executive officers, chief financial officers, or other
4    officers, executives, or department heads of
5    municipalities that have participating pension funds and
6    are elected by the mayors and presidents of municipalities
7    that have participating pension funds.
8        (2) Three members who are participants of
9    participating pension funds and are elected by the
10    participants of participating pension funds.
11        (3) Two members who are beneficiaries of participating
12    pension funds and are elected by the beneficiaries of
13    participating pension funds.
14        (4) One member recommended by the Illinois Municipal
15    League who shall be appointed by the Governor with the
16    advice and consent of the Senate.
17    The permanent board of trustees shall select the
18chairperson of the permanent board of trustees from among the
19trustees for a term of 2 years. The holder of the office of
20chairperson shall alternate between a person elected or
21appointed under item (1) or (4) of this subsection (b) and a
22person elected under item (2) or (3) of this subsection (b).
23    (c) Each trustee shall qualify by taking an oath of office
24before the Secretary of State stating that he or she will
25diligently and honestly administer the affairs of the board
26and will not violate or knowingly permit the violation of any

 

 

10200HB2523ham002- 4 -LRB102 12529 RPS 25228 a

1provision of this Article.
2    (d) Trustees shall receive no salary for service on the
3board but shall be reimbursed for travel expenses incurred
4while on business for the board according to the standards in
5effect for members of the Commission on Government Forecasting
6and Accountability.
7    A municipality employing a police officer who is an
8elected or appointed trustee of the board must allow
9reasonable time off with compensation for the police officer
10to conduct official business related to his or her position on
11the board, including time for travel. The board shall notify
12the municipality in advance of the dates, times, and locations
13of this official business. The Fund shall timely reimburse the
14municipality for the reasonable costs incurred that are due to
15the police officer's absence.
16    (e) No trustee shall have any interest in any brokerage
17fee, commission, or other profit or gain arising out of any
18investment directed by the board. This subsection does not
19preclude ownership by any member of any minority interest in
20any common stock or any corporate obligation in which an
21investment is directed by the board.
22    (f) Notwithstanding any provision or interpretation of law
23to the contrary, any member of the transition board may also be
24elected or appointed as a member of the permanent board.
25    Notwithstanding any provision or interpretation of law to
26the contrary, any trustee of a fund established under Article

 

 

10200HB2523ham002- 5 -LRB102 12529 RPS 25228 a

13 of this Code may also be appointed as a member of the
2transition board or elected or appointed as a member of the
3permanent board.
4    The restriction in Section 3.1 of the Lobbyist
5Registration Act shall not apply to a member of the transition
6board appointed pursuant to item (4) of subsection (a) or to a
7member of the permanent board appointed pursuant to item (4)
8of subsection (b).
9(Source: P.A. 101-610, eff. 1-1-20.)
 
10    Section 99. Effective date. This Act takes effect January
111, 2022.".