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90_HB0372
40 ILCS 5/17-115 from Ch. 108 1/2, par. 17-115
40 ILCS 5/17-117 from Ch. 108 1/2, par. 17-117
40 ILCS 5/17-117.1 from Ch. 108 1/2, par. 17-117.1
40 ILCS 5/17-120 from Ch. 108 1/2, par. 17-120
40 ILCS 5/17-122 from Ch. 108 1/2, par. 17-122
40 ILCS 5/17-134 from Ch. 108 1/2, par. 17-134
40 ILCS 5/17-146 from Ch. 108 1/2, par. 17-146
40 ILCS 5/17-146.1 from Ch. 108 1/2, par. 17-146.1
30 ILCS 805/8.21 new
Amends the Chicago Teacher Article of the Illinois
Pension Code. Deletes a limitation on investment in stocks
and convertible debt. Changes provisions relating to the
manner of determining the value of the Fund's investments.
Restores full payment of the retirement annuity for certain
persons who elected reversionary annuities before January 1,
1984, where the beneficiary has predeceased the retiree.
Requires filing of a claim with the Industrial Commission
before applying for a duty disability benefit. Makes other
administrative and technical changes. Amends the State
Mandates Act to require implementation without reimbursement.
Effective immediately.
LRB9001754EGfg
LRB9001754EGfg
1 AN ACT to amend the Illinois Pension Code by changing
2 Sections 17-115, 17-117, 17-117.1, 17-120, 17-122, 17-134,
3 17-146, and 17-146.1 and to amend the State Mandates Act.
4 Be it enacted by the People of the State of Illinois,
5 represented in the General Assembly:
6 Section 5. The Illinois Pension Code is amended by
7 changing Sections 17-115, 17-117, 17-117.1, 17-120, 17-122,
8 17-134, 17-146, and 17-146.1 as follows:
9 (40 ILCS 5/17-115) (from Ch. 108 1/2, par. 17-115)
10 Sec. 17-115. Eligibility for service retirement pension.
11 (a) The Board shall find a contributor eligible for
12 service retirement pension when he has:
13 (1) 1. Left the employment of the Board of
14 Education or the board after completing 5 or more years
15 of service, or has been retired compulsorily as a regular
16 teacher because of age.
17 (2) 2. Contributed to the fund the total sums
18 provided in this Article.
19 (3) 3. Contributed as a member of the teaching
20 force in the public schools of the City or to the State
21 Universities Retirement System or to the Teachers'
22 Retirement System of the State of Illinois during the
23 last 5 years of his term of service.
24 (4) 4. Filed a written application for pension.
25 (b) In computing the years of service for which annuity
26 is granted, the following conditions shall apply:
27 (1) 1. No more than 10 years of teaching service in
28 public schools of the several states or in schools
29 operated by or under the auspices of the United States
30 shall be allowed. This maximum shall be reduced by the
31 service credit which is validated under paragraph (i) of
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1 Section 15-113 and paragraph (3) of Section 16-127 of
2 this Code. Three-fifths of the term of service for which
3 an annuity is granted shall have been rendered in the
4 public schools of the city. No portion of any such
5 service shall be included in the total period of service
6 for which a pension is payable or paid by some other
7 public retirement system; provided that this shall not
8 apply to any benefit payable only after the teacher's
9 death or to any compensation or annuity paid by the Board
10 of Education after retirement from active service.
11 (2) 2. Up to No more than 5 years of military
12 active service, if preceded by service as a teacher under
13 this fund or under Article 16, shall be included in the
14 total period of service even though it can otherwise be
15 used in the computation of a pension or other benefit
16 provided for service in any branch of the armed forces of
17 the United States.
18 (Source: P.A. 83-803.)
19 (40 ILCS 5/17-117) (from Ch. 108 1/2, par. 17-117)
20 Sec. 17-117. Disability retirement pension.
21 (a) The conditions prescribed in items 1 and 2 in
22 Section 17-116 for computing service retirement pensions
23 shall apply in the computation of disability retirement
24 pensions.
25 (1) 1. Each teacher retired or retiring after 10
26 years of service and with less than 20 years of service
27 because of permanent disability not incurred as a
28 proximate result of the performance of duty shall receive
29 a disability retirement pension equal to 1 2/3% of
30 average salary for each year of service.
31 (2) 2. If the total service is 20 years and less
32 than 25 years and the teacher's age is under 55, the
33 disability retirement pension shall equal a service
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1 retirement pension discounted 1/2 of 1% for each month
2 the age of the contributor is less than 55 down to a
3 minimum age of 50 years, provided the disability
4 retirement pension so computed shall not be less than the
5 amount payable under paragraph 1.
6 (3) 3. If the total service is 20 years or more and
7 the teacher has attained age 55, and is under age 60, a
8 disability retirement pension shall equal a service
9 retirement pension without discount.
10 (4) 4. If the total service is 25 years or more
11 regardless of age, a disability pension shall equal a
12 service retirement pension without discount.
13 (5) 5. If the total service is 20 years or more and
14 the teacher is age 60 or over, a service retirement
15 pension shall be payable.
16 (b) For disability retirement pensions, the following
17 further conditions shall apply:
18 (1) 1. Written application shall be submitted
19 within 3 years from the date of separation.
20 (2) 2. The applicant shall submit to examination by
21 physicians appointed by the board within one year from
22 the date of their appointment.
23 (3) 3. Two physicians, appointed by the board,
24 shall declare the applicant to be suffering from a
25 disability which wholly and presumably permanently
26 incapacitates him for teaching or for service as an
27 employee of the board. In the event of disagreement by
28 the physicians, a third physician, appointed by the
29 board, shall declare the applicant wholly and presumably
30 permanently incapacitated.
31 (c) Disability retirement pensions shall begin on the
32 effective date of resignation or the day following the close
33 of the payroll period for which credit was validated,
34 whichever is later.
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1 (Source: P.A. 86-1488.)
2 (40 ILCS 5/17-117.1) (from Ch. 108 1/2, par. 17-117.1)
3 Sec. 17-117.1. Duty disability. A teacher who becomes
4 wholly and presumably permanently totally incapacitated for
5 duty while under age 65 as the proximate result of injuries
6 sustained or a hazardous condition encountered in the
7 performance and within the scope of his duties, if such
8 injury or hazard was not the result of his own negligence,
9 shall be entitled to a duty disability benefit, provided:
10 (1) application for the benefit is made to the
11 Board not more than 6 months after a final settlement or
12 an award from the Industrial Commission or within 6
13 months of the manifestation of an injury or illness that
14 can be traced directly to an injury or illness for which
15 a claim was filed with the Industrial Commission the
16 occurrence of an injury disability or 6 months after the
17 occurrence of disablement if an occupational disease;
18 (2) certification is received from 2 or more
19 physicians designated by the board that the teacher is
20 physically incapacitated for teaching service; and
21 (3) the teacher provides the Board with a copy of
22 the notice of the occurrence that was filed with the
23 Board of Education within the time provided by law
24 resulting in disability is filed with the board within 90
25 days of the date thereof.
26 The benefit shall be payable during disability and shall
27 be 75% of the salary in effect at date of disability, payable
28 until the teacher's attainment of age 65. At such time if
29 disability still exists, the teacher shall become entitled to
30 a service retirement pension. Creditable service shall accrue
31 during the period the disability benefit is payable.
32 Before any action is taken by the board on an application
33 for a duty disability benefit, the teacher shall file a claim
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1 with the Industrial Commission to establish that the
2 disability was incurred while the teacher was acting within
3 the scope of and in the course of his duties under the terms
4 of the Workers' Compensation or Occupational Diseases Acts,
5 whichever may be applicable. The benefit shall be payable
6 after a finding by the Commission that the claim was
7 compensable under either of the aforesaid Acts; but if such
8 finding is appealed the benefit shall be payable only upon
9 affirmance of the Commission's finding. After the teacher has
10 made timely application for a duty disability benefit
11 supported by the certificate of two or more physicians, he
12 shall be entitled to a disability retirement pension provided
13 in Section 17-117 of this Act until such time as the
14 Industrial Commission award finding that his disability is
15 duty-connected as provided in this Section becomes final.
16 Any amounts provided for the teacher under such Acts
17 shall be applied as an offset to the duty disability benefit
18 payable hereunder in such manner as may be prescribed by the
19 rules of the board.
20 (Source: P.A. 81-992.)
21 (40 ILCS 5/17-120) (from Ch. 108 1/2, par. 17-120)
22 Sec. 17-120. Reversionary pension. Any contributor, at
23 any time prior to retirement on a service retirement pension,
24 may exercise an option of taking a lesser amount of service
25 retirement pension and providing with the remainder of his
26 equity, determined on an actuarial equivalent basis, a
27 reversionary pension benefit for any person named in a
28 written designation filed by the contributor with the board,
29 provided that the pension resulting from such election is not
30 less than $40 per month, or more than the reduced pension
31 payable after the exercise of the option. If the reduced
32 pension to the retired teacher is less than that provided for
33 a beneficiary, whether or not the aforesaid minimum amount is
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1 payable, the election shall be void.
2 The pension to a beneficiary shall begin on the first day
3 of the month next following the month in which the retired
4 teacher dies.
5 If the beneficiary survives the date of retirement of the
6 teacher, but does not survive the retired teacher, no
7 reversionary pensions shall be payable, and no change shall
8 be made in the rate of pension granted previously to the
9 retired teacher if the reversionary annuity was elected prior
10 to January 1, 1984. If the reversionary annuity was elected
11 on or after January 1, 1984 and the beneficiary survives the
12 date of retirement of the teacher, but does not survive the
13 retired teacher, the teacher's service pension shall be
14 restored to the full service pension amount beginning on the
15 first day of the month next following the month in which the
16 beneficiary dies or on the effective date of this amendatory
17 Act of 1997, whichever occurs later, provided that the Board
18 adopts actuarial factors that take into account the
19 additional cost involved.
20 If the beneficiary dies after the such election but
21 before the retirement of the teacher, the election shall be
22 void. No change shall be permitted in the written
23 designation filed with the board.
24 In the case of a reversionary annuity elected on or after
25 January 1, 1984, no reversionary annuity shall be paid if the
26 teacher dies before the expiration of 730 days from the date
27 that a written designation was filed with the board, even
28 though the teacher was receiving a reduced annuity.
29 Sections 1-103.1 and 17-157 do not apply to the changes
30 made to this Section by this amendatory Act of 1997.
31 (Source: P.A. 83-812.)
32 (40 ILCS 5/17-122) (from Ch. 108 1/2, par. 17-122)
33 Sec. 17-122. Survivor's and children's pensions - Amount.
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1 Upon the death of a teacher who has completed at least 1 1/2
2 years of contributing service with either this Fund or the
3 State Universities Retirement System or the Teachers'
4 Retirement System of the State of Illinois, provided his
5 death occurred while (a) in active service covered by the
6 fund or during his first 18 months of continuous employment
7 without a break in service under any other participating
8 system as defined in the Illinois Retirement Systems
9 Reciprocal Act except the State Universities Retirement
10 System and the Teachers' Retirement System of the State of
11 Illinois, (b) on a creditable leave of absence, (c) on a
12 noncreditable leave of absence of no more than one year, or
13 (d) a pension was deferred or pending provided the teacher
14 had at least 10 years of validated service credit, or upon
15 the death of a pensioner otherwise qualified for such
16 benefit, the surviving spouse and unmarried minor children of
17 the deceased teacher under age 18 shall be entitled to
18 pensions, under the conditions stated hereinafter. Such
19 survivor's and children's pensions shall be based on the
20 average of the 4 highest consecutive years of salary in the
21 last 10 years of service or on the average salary for total
22 service, if total service has been less than 4 years,
23 according to the following percentages:
24 30% of average salary or 50% of the retirement pension
25 earned by the teacher, whichever is larger, subject to the
26 prescribed maximum monthly payment, for a surviving spouse
27 alone on attainment of age 50;
28 60% of average salary for a surviving spouse and
29 eligible minor children of the deceased teacher.
30 If no eligible spouse survives, or the surviving spouse
31 remarries, or the parent of the children of the deceased
32 member is otherwise ineligible for a survivor's pension, a
33 children's pension for eligible minor children under age 18
34 shall be paid to their parent or legal guardian for their
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1 benefit according to the following percentages:
2 30% of average salary for one child;
3 60% of average salary for 2 or more children.
4 On January 1, 1981, any survivor or child who was
5 receiving a survivor's or children's pension on or before
6 January 1, 1971, shall have his survivor's or children's
7 pension then being paid increased by 1% for each full year
8 which has elapsed from the date the pension began. On January
9 1, 1982, any survivor or child whose pension began after
10 January 1, 1971, but before January 1, 1981, shall have his
11 survivor's or children's pension then being paid increased 1%
12 for each full year which has elapsed from the date the
13 pension began. On January 1, 1987, any survivor or child
14 whose pension began on or before January 1, 1977, shall have
15 the monthly survivor's or children's pension increased by $1
16 for each full year which has elapsed since the pension began.
17 Beginning January 1, 1990, every survivor's and
18 children's pension shall be increased (1) on each January 1
19 occurring on or after the commencement of the pension if the
20 deceased teacher died while receiving a retirement pension,
21 or (2) in other cases, on each January 1 occurring on or
22 after the first anniversary of the commencement of the
23 pension, by an amount equal to 3% of the current amount of
24 the pension, including all increases previously granted under
25 this Article, notwithstanding Section 17-157. Such increases
26 shall apply without regard to whether the deceased teacher
27 was in service on or after the effective date of this
28 amendatory Act of 1991, but shall not accrue for any period
29 prior to January 1, 1990.
30 Subject to the minimum established below, the maximum
31 amount of pension for a surviving spouse alone or one minor
32 child shall be $400 per month, and the maximum combined
33 pensions for a surviving spouse and children of the deceased
34 teacher shall be $600 per month, with individual pensions
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1 adjusted for all beneficiaries pro rata to conform with this
2 limitation. If proration is unnecessary the minimum
3 survivor's and children's pensions shall be $40 per month.
4 The minimum total survivor's and children's pension payable
5 upon the death of a contributor or annuitant which occurs
6 after December 31, 1986, shall be 50% of the earned
7 retirement pension of such contributor or annuitant,
8 calculated without early retirement discount in the case of
9 death in service.
10 On death after retirement, the total survivor's and
11 children's pensions shall not exceed the monthly retirement
12 or disability pension paid to the deceased retirant.
13 Survivor's and children's benefits described in this Section
14 shall apply to all service and disability pensioners eligible
15 for a pension as of July 1, 1981.
16 (Source: P.A. 86-273; 86-1488.)
17 (40 ILCS 5/17-134) (from Ch. 108 1/2, par. 17-134)
18 Sec. 17-134. Contributions for leaves of absence;
19 military service; computing service. In computing service
20 for pension purposes the following periods of service shall
21 stand in lieu of a like number of years of teaching service
22 upon payment therefor in the manner hereinafter provided: (a)
23 time spent on sabbatical leaves of absence, sick leaves or
24 maternity or paternity leaves; (b) service with teacher or
25 labor organizations based upon special leaves of absence
26 therefor granted by the Board of Education; (c) a maximum of
27 5 years spent in the military service of the United States,
28 of which up to 2 years may have been served outside the
29 pension period; (d) unused sick days at termination of
30 service to a maximum of 244 days; (e) time lost due to layoff
31 and curtailment of the school term from June 6 through June
32 21, 1976; and (f) time spent after June 30, 1982 as a member
33 of the Board of Education, if required to resign from an
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1 administrative or teaching position in order to qualify as a
2 member of the Board of Education.
3 (1) 1. For time spent on or after September 6, 1948
4 on sabbatical leaves of absence or sick leaves, for which
5 salaries are paid, the Board of Education shall make
6 payroll deductions at the applicable rates in effect
7 during such periods.
8 (2) 2. For time spent on sabbatical or sick leaves
9 commencing on or after September 1, 1961, and for time
10 spent on maternity or paternity leaves, for which no
11 salaries are paid, teachers desiring credit therefor
12 shall pay the required contributions at the rates in
13 effect during such periods as though they were in
14 teaching service. If the Board of Education pays salary
15 for vacations which occur during a teacher's sick leave
16 or maternity or paternity leave without salary, vacation
17 pay for which the teacher would have qualified while in
18 active service shall be considered part of the teacher's
19 total salary for pension purposes. No more than 12 months
20 of sick leave or maternity or paternity leave credit may
21 be allowed any person during the entire term of service.
22 Sabbatical leave credit shall be limited to the time the
23 person on leave without salary under Board of Education
24 rules is allowed to engage in an activity for which he
25 receives salary or compensation.
26 (3) 3. For time spent prior to September 6, 1948,
27 on sabbatical leaves of absence or sick leaves for which
28 salaries were paid, teachers desiring service credit
29 therefor shall pay the required contributions at the
30 maximum applicable rates in effect during such periods.
31 (4) 4. For service with teacher or labor
32 organizations authorized by special leaves of absence,
33 for which no payroll deductions are made by the Board of
34 Education, teachers desiring service credit therefor
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1 shall contribute to the fund upon the basis of the actual
2 salary received from such organizations at the percentage
3 rates in effect during such periods for certified
4 positions with the Board of Education. To the extent the
5 actual salary exceeds the regular salary, which shall be
6 defined as the salary rate, as calculated by the board of
7 trustees, in effect for the teacher's regular position in
8 teaching service on September 1, 1983 or on the effective
9 date of the leave with the organization, whichever is
10 later, the organization shall pay to the fund the
11 employer's normal cost as set by the board of trustees on
12 the increment.
13 (5) 5. For time spent in the military service,
14 teachers entitled to and desiring credit therefor shall
15 contribute the amount required for each year of service
16 or fraction thereof at the rates in force (a) at the date
17 of appointment, or (b) on return to teaching service as a
18 regularly certified teacher, as the case may be; provided
19 such rates shall not be less than $450 per year of
20 service. These conditions shall apply unless the Board
21 of Education elects to and does pay into the fund the
22 amount which would have been due from such person had he
23 been employed as a teacher during such time. In the case
24 of credit for military service not during the pension
25 period, the teacher must also pay to the Fund an amount
26 determined by the board to be equal to the employer's
27 normal cost of the benefits accrued from such service,
28 plus interest thereon at 5% per year, compounded
29 annually, from the date of appointment conclusion of the
30 military service to the date of payment.
31 The changes to this Section made by Public Act
32 87-795 this amendatory Act of 1991 shall apply not only
33 to persons who on or after its effective date are in
34 service under the Fund, but also to persons whose status
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1 as a teacher terminated prior to that date, whether or
2 not the person is an annuitant on that date. In the case
3 of an annuitant who applies for credit allowable under
4 this Section for a period of military service that did
5 not immediately follow employment, and who has made the
6 required contributions for such credit, the annuity shall
7 be recalculated to include the additional service credit,
8 with the increase taking effect on the date the Fund
9 received written notification of the annuitant's intent
10 to purchase the credit, if payment of all the required
11 contributions is made within 60 days of such notice, or
12 else on the first annuity payment date following the date
13 of payment of the required contributions. In calculating
14 the automatic annual increase for an annuity that has
15 been recalculated under this Section, the increase
16 attributable to the additional service allowable under
17 this amendatory Act of 1991 shall be included in the
18 calculation of automatic annual increases accruing after
19 the effective date of the recalculation.
20 The total credit for military service shall not
21 exceed 5 years, except that any teacher who on July 1,
22 1963, had validated credit for more than 5 years of
23 military service shall be entitled to the total amount of
24 such credit.
25 (6) 6. A maximum of 244 unused sick days credited
26 to his account by the Board of Education on the date of
27 termination of employment. Members, upon verification of
28 unused sick days, may add this service time to total
29 creditable service.
30 (7) 7. In all cases where time spent on leave is
31 creditable and no payroll deductions therefor are made by
32 the Board of Education, persons desiring service credit
33 shall make the required contributions directly to the
34 fund.
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1 (8) 8. For time lost without pay due to layoff and
2 curtailment of the school term from June 6 through June
3 21, 1976, as provided in item (e) of the first paragraph
4 of this Section, persons who were contributors on the
5 days immediately preceding such layoff shall receive
6 credit upon paying to the Fund a contribution based on
7 the rates of compensation and employee contributions in
8 effect at the time of such layoff, together with an
9 additional amount equal to 12.2% of the compensation
10 computed for such period of layoff, plus interest on the
11 entire amount at 5% per annum from January 1, 1978 to the
12 date of payment. If such contribution is paid, salary
13 for pension purposes for any year in which such a layoff
14 occurred shall include the compensation recognized for
15 purposes of computing that contribution.
16 (9) 9. For time spent after June 30, 1982, as a
17 nonsalaried member of the Board of Education, if required
18 to resign from an administrative or teaching position in
19 order to qualify as a member of the Board of Education,
20 an administrator or teacher desiring credit therefor
21 shall pay the required contributions at the rates and
22 salaries in effect during such periods as though the
23 member were in service.
24 Effective September 1, 1974, the interest charged for
25 validation of service described in paragraphs (2) through (5)
26 sub-paragraphs 2 through 5 of this Section shall be
27 compounded annually at a rate of 5% commencing one year after
28 the termination of the leave, or return to service.
29 (Source: P.A. 86-272; 86-1488; 87-794.)
30 (40 ILCS 5/17-146) (from Ch. 108 1/2, par. 17-146)
31 Sec. 17-146. To make investments. To invest the moneys
32 of the fund, subject to the requirements and restrictions set
33 forth in this Article and in Sections 1-109, 1-109.1,
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1 1-109.2, 1-110, 1-111, 1-114 and 1-115. The total book value
2 of all stocks and convertible debt owned by the fund shall
3 not exceed 50% of the aggregate book value of all investments
4 of the fund, calculated on the basis of amortized cost.
5 No bank or savings and loan association shall receive
6 investment funds as permitted by this Section, unless it has
7 complied with the requirements established pursuant to
8 Section 6 of the Public Funds Investment Act. Those
9 requirements shall be applicable only at the time of
10 investment and shall not require the liquidation of any
11 investment at any time.
12 The board shall have the authority to enter into any
13 agreements and to execute any documents that it determines to
14 be necessary to complete any investment transaction.
15 All investments shall be clearly held and accounted for
16 to indicate ownership by the fund. The board may direct the
17 registration of securities or the holding of interests in
18 real property in the name of the fund or in the name of a
19 nominee created for the express purpose of registering
20 securities or holding interests in real property by a
21 national or state bank or trust company authorized to conduct
22 a trust business in the State of Illinois. The board may
23 hold title to interests in real property in the name of the
24 fund or in the name of a title holding corporation created
25 for the express purpose of holding title to interests in real
26 property.
27 Investments shall be carried at cost or at a book value
28 determined in accordance with generally accepted accounting
29 principles and accounting procedures approved by the board.
30 No adjustments shall be made in investment carrying values
31 for ordinary current market price fluctuations, but reserves
32 may be provided to account for possible losses or unrealized
33 gains.
34 The book value of investments held by the fund in one or
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1 more commingled investment accounts shall be determined in
2 accordance with generally accepted accounting principles the
3 cost of its units of participation in those commingled
4 account or accounts.
5 The board of trustees of any fund established under this
6 Article may not transfer its investment authority, nor
7 transfer the assets of the fund to any other person or entity
8 for the purpose of consolidating or merging its assets and
9 management with any other pension fund or public investment
10 authority, unless the board resolution authorizing such
11 transfer is submitted for approval to the contributors and
12 pensioners of the fund at elections held not less than 30
13 days after the adoption of such resolution by the board, and
14 such resolution is approved by a majority of the votes cast
15 on the question in both the contributors election and the
16 pensioners election. The election procedures and
17 qualifications governing the election of trustees shall
18 govern the submission of resolutions for approval under this
19 paragraph, insofar as they may be made applicable.
20 (Source: P.A. 89-636, eff. 8-9-96.)
21 (40 ILCS 5/17-146.1) (from Ch. 108 1/2, par. 17-146.1)
22 Sec. 17-146.1. Participation in commingled investment
23 funds; transfer of investment functions and securities.
24 (a) The retirement board may invest in any commingled
25 investment fund or funds established and maintained by the
26 Illinois State Board of Investment under the provisions of
27 Article 22A of this Code. The book value of all commingled
28 equity participations plus the book value of other stock
29 investments owned by this system shall not exceed the maximum
30 permissible percentage rate for equity investments prescribed
31 in Section 17-146. All commingled fund participations shall
32 be subject to the law governing the Illinois State Board of
33 Investment and the rules, policies and directives of that
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1 Board.
2 (b) The retirement board may, by resolution duly adopted
3 by a majority vote of its membership, transfer to the
4 Illinois State Board of Investment created by Article 22A of
5 this Code, for management and administration, all investments
6 owned by the Fund of every kind and character. Upon
7 completion of such transfer, the authority of the retirement
8 board to make investments shall terminate. Thereafter, all
9 investments of the reserves of the Fund shall be made by the
10 Illinois State Board of Investment in accordance with the
11 provisions of Article 22A of this Code.
12 Such transfer shall be made not later than the first day
13 of the fourth month next following the date of such
14 resolution. Before such transfer an audit of such investments
15 shall be completed by a certified public accountant selected
16 by the Illinois State Board of Investment and approved by the
17 Auditor General of the State of Illinois. The expense of such
18 audit shall be defrayed by the retirement board.
19 (Source: P. A. 78-645.)
20 Section 90. The State Mandates Act is amended by adding
21 Section 8.21 as follows:
22 (30 ILCS 805/8.21 new)
23 Sec. 8.21. Exempt mandate. Notwithstanding Sections 6
24 and 8 of this Act, no reimbursement by the State is required
25 for the implementation of any mandate created by this
26 amendatory Act of 1997.
27 Section 99. Effective date. This Act takes effect upon
28 becoming law.