Illinois General Assembly - Full Text of Public Act 095-0394
Illinois General Assembly

Previous General Assemblies

Public Act 095-0394




Public Act 095-0394
SB1179 Enrolled LRB095 08929 HLH 29118 b

    AN ACT concerning local government.
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
    Section 5. The Metropolitan Water Reclamation District Act
is amended by adding Section 9.6d as follows:
    (70 ILCS 2605/9.6d new)
    Sec. 9.6d. Other Post Employment Benefit Trusts. The Board
of Commissioners (the Board) may establish one or more trusts
(Other Post Employment Benefit ("OPEB") Trusts) for the purpose
of providing for the funding and payment of health and other
fringe benefits for retired, disabled, or terminated employees
of the District or for their dependents and beneficiaries.
Trusts created under this Section are in addition to pension
benefits for those persons which are currently funded pursuant
to Article 13 of the Illinois Pension Code. The OPEB Trusts may
employ such personnel and enter into such investment, advisory,
or professional services or similar contracts as deemed
appropriate by the trustees and recommended by the Treasurer of
the Metropolitan Water Reclamation District of Greater Chicago
(the District). The OPEB Trusts may be established in such
manner so as to be exempt from taxation under the provisions of
applicable federal and State tax laws. The trustee of the OPEB
Trusts shall be the District. The Treasurer of the District and
the trustee shall be indemnified by the District to the fullest
extent permitted by law for their actions taken with respect to
the OPEB Trust. The Board may deposit money with the OPEB
Trusts derived from the funds of the District from time to time
as such money may in the discretion of the Board be
appropriated for that purpose; and, in addition, the Board may
lawfully agree with the OPEB Trusts to a binding level of
funding for periods of time not to exceed 5 fiscal years. In
addition, the OPEB Trust documents may permit employees of the
District to contribute money to provide for such benefits. To
the extent participants do not direct the investment of their
own account, the assets of the OPEB Trusts shall be managed by
the Treasurer of the District in any manner, subject only to
the prudent investor standard and any requirements of
applicable federal law. The limitations of any other statute
affecting the investment of District funds shall not apply to
the OPEB Trusts. The trustee shall adopt an investment policy
consistent with the standards articulated in Section 2.5 of the
Public Funds Investment Act. The investment policy shall also
provide for the availability of training for Board members.
Funds of the OPEB Trusts may be used to pay for costs of
administering the OPEB Trusts and for the benefits for which
such trusts have been established in accordance with the terms
of the OPEB Trust documents.
    Section 99. Effective date. This Act takes effect upon
becoming law.

Effective Date: 8/23/2007