HB3004 102ND GENERAL ASSEMBLY

LRB102 14774 RPS 20127 b

102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB3004

Introduced 2/19/2021, by Rep. Mark Batinick

SYNOPSIS AS INTRODUCED:

40 ILCS 5/1-109.5 new
40 ILCS 5/1-109.6 new

Amends the General Provisions Article of the Illinois Pension Code. Provides that no individual who is a board member of a pension fund, investment board, or retirement system may be employed by a pension fund, investment board, or retirement system established under the Code or by any vendor of a pension fund, investment board, or retirement system established under the Code for a period of 5 years after he or she ceases to be a board member. Provides that no pension fund, investment board, or retirement system may pay membership dues to a membership organization or association that has any pecuniary interest with any entity that provides services to a pension fund, investment board, or retirement system unless: (1) the membership organization or association provides to the retirement system, pension fund, or investment board a list of those pecuniary interests, the total annual value of those pecuniary interests or payments, and the services that those pecuniary interests or payments relate to; and (2) the pension fund, investment board, or retirement system posts those reports in a location that is readily available to its members.

FISCAL NOTE ACT MAY APPLY

PENSION IMPACT NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning public employee benefits.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Illinois Pension Code is amended by adding Sections 1-109.5 and 1-109.6 as follows:

(40 ILCS 5/1-109.5 new)

Sec. 1-109.5. Prohibition on employment for former board members. No individual who is a board member of a pension fund, investment board, or retirement system may be employed by a pension fund, investment board, or retirement system established under this Code or by any vendor of a pension fund, investment board, or retirement system established under this Code for a period of 5 years after he or she ceases to be a board member.

(40 ILCS 5/1-109.6 new)

Sec. 1-109.6. Membership dues. No pension fund, investment board, or retirement system may pay membership dues to a membership organization or association that has any pecuniary interest with any entity that provides services to a pension fund, investment board, or retirement system unless: (1) the membership organization or association provides to the retirement system, pension fund, or investment board a list of those pecuniary interests, the total annual value of those pecuniary interests or payments, and the services that those pecuniary interests or payments relate to; and (2) the pension fund, investment board, or retirement system posts those reports in a location that is readily available to its members.