Section 800.120  Meetings

a)         Regular meetings.  Meetings of the Board shall be held at least once each calendar quarter, on a date and at a time specified by the Chair.

b)         Special meetings.  Special meetings may be called at any time by the Chair or Vice Chair of the Board or by any three members of the Board.  As required by law, written notice shall be given at the time and place of each special meeting at least three days previous to the date of the meeting.  The notice need not contain information regarding the subject matter for consideration at the meeting.  Any business of whatever nature may be taken up and disposed of at any special meeting.  Notice of any special meeting may be waived by the members.  The waiver shall be duly recorded in the minutes of the meeting.

c)         Place and hour of meetings.  Meetings of the Board shall be held at the general office of the Board or at any other place selected by the Chair or agreed upon by the Board, at the hour fixed by the Chair or by the members calling a special meeting.

d)         Annual meeting.  The annual meeting of the Board shall be held in the month of September.

e)         Quorum.  A majority of all members of the Board shall constitute a quorum for the transaction of business at any regular or special meeting.

f)          Meetings open to the public.  As required by law, all meetings of the Board shall be open to the public except as otherwise provided in the Open Meetings Act [5 ILCS 120].

g)         Proxies.  Ex-officio members who cannot attend meetings of the Board or its committees may respectively designate one appropriate proxy from within the Office of the State Treasurer, members of the Commission on Governmental Forecasting and Accountability, or Trustees of the pension or retirement system.  The proxy shall have the same powers and authority as the ex-officio member being represented, but no member may designate a different proxy within one year after his last designation of a proxy unless the person last designated has become ineligible to serve in that capacity.  The ex-officio Board member shall notify the designated proxy in writing, with a copy to the Board.  The designated proxy shall accept the designation in writing, with a copy to the Board.

h)         Order of business

1)         The following order shall govern the transaction of business of the Board at any regular or special meeting:

A)        Roll Call

B)        Minutes of Previous Meeting

C)        Communications

D)        Report of Standing and Special Committees

E)         Report of the Chair

F)         Report of the State Treasurer

G)        Report of the Director

H)        Report of Investment Counsel

I)          Reports of any Member of the Board

J)         Unfinished Business

K)        New Business

L)         Adjournment

2)         Any motion or resolution may be presented and considered out of the regular order of business by consent of a majority of the members present at any regular or special meeting.

i)          Voting.  Each member shall have one vote on any question coming before the Board at any regular or special meeting at which that member  is in attendance.  Concurring votes by a majority of the members present at the meeting shall be necessary for the adoption of any resolution or action by the Board.

j)          Roll calls.  The Chair or any member may request a roll call on any motion or resolution involving an expenditure of moneys or the creation of a liability for the Board or on any other motions.  The vote of each member present shall then be recorded in the minutes of the meeting.

k)         Reconsideration.  A motion for the reconsideration of any vote shall be in order only if made at the meeting at which the vote sought to be reconsidered is taken, or at the next regular meeting.

l)          Deferral of reports.  Upon request of any two members of the Board, the consideration of any report presented by any committee shall be deferred for one meeting, and a copy of the report of the committee shall be provided each member of the Board.

m)        Record of proceedings.  The Board shall keep a full record of all its proceedings in which all of its transactions is recorded.  All resolutions approved by the Board shall be signed by the Chair and Recording Secretary and shall be filed with the minutes of the meeting at which adopted.  At least 5 days before the date of the next scheduled meeting, the Recording Secretary shall supply each Board member with a copy of the minutes of the last meeting.

(Source:  Amended at 32 Ill. Reg. 360, effective December 26, 2007)