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| Public Act 095-0394 |
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AN ACT concerning local government.
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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 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.
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Section 99. Effective date. This Act takes effect upon | ||
becoming law.
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