Section 800.130  Officers and Their Duties

a)         Elective officers. The following named officers shall be elected by the Board biennially at the annual meeting in each odd-numbered year from among the members of the Board: Chair, Vice Chair, and Recording Secretary. Any vacancy occurring during a biennial period shall be filled in like manner for the unexpired term of office.

b)         Appointive officers. The following named officers shall be appointed by the Board:  the Director and such other officers as the Board may from time to time determine.

c)         Officers ex officio. The State Treasurer shall be ex officio Custodian and Treasurer of the Board.

d)         Chair. The Chair shall be the chief executive officer of the Board; shall preside at all meetings; announce the business before the Board; announce the question under consideration and the result of the vote taken; request a roll call upon any action or resolution as herein provided. He or she shall appoint all necessary committees and see that they perform their assigned duties. The Chair and the Director shall sign all written contracts and agreements upon authorization of the Board. The Chair shall exercise general supervision over the operations of the agency.

e)         Vice Chair

1)         In the absence of the Chair, the Vice Chair shall act as Chair at any regular or special meeting and shall serve in the Chair's stead if the Chair is temporarily unable or unwilling to act.

2)         If the Chair or Vice Chair is not available to preside at a meeting, any member selected by a majority vote of those present may act as presiding officer, pro tempore.

f)          Recording secretary. The Recording Secretary shall record the proceedings of each meeting of the Board and make copies available to each member. In accordance with law, he or she shall give proper and timely notice of all meetings to members of the Board and others concerned with the business of the Board; shall prepare for each meeting of the Board an Order of Business showing the business to be transacted by the Board;  shall authenticate with his or her signature any resolutions of the Board; and shall perform such other duties as may be prescribed by the rules, orders or resolutions of the Board.

g)         Custodian

1)         The State Treasurer, as official Custodian of the Board, shall provide adequate safe deposit facilities for securities, funds and other assets received by the Board and hold those securities, funds and other assets subject to the order of the Board. He or she shall arrange to receive from the several pension funds subject to the jurisdiction of the Board all securities in their possession or for which commitments had been made, and all funds, assets or moneys representing permanent or temporary investments or cash reserves maintained for the purpose of obtaining income.  All transfers shall be receipted for, in detail, by the Chair and Director of the Board.

2)         The Board may also contract, for a predetermined fee, with any national or state bank or trust company authorized to do a trust business in the State of Illinois for custodial and trust accounting facilities for the investments under its control, which may include the collection of interest, dividends and principal payments.

3)         From the reports compiled by the State Treasurer relative to the cash balances applicable to each pension fund for a determination of investable funds, each retirement system shall report to the Board periodically, but at least once each month, the amounts available for investment after provision for the current requirements of the fund for benefits and expense payments.

4)         The Custodian shall submit periodic reports to the Board on the investments held for the account of the pension funds under the jurisdiction of the Board.

h)         Director

1)         The Director shall administer the affairs of the Board pursuant to the provisions of the statute governing the Board, subject to and under supervision of the Board. With the approval of the Board, the Director may employ such personnel, professional or clerical, as may be desirable and necessary, and fix their compensation. The Director shall be in complete charge of all records, books, files, papers and documents belonging to the Board, other than those in the possession and under control of the statutory Custodian.

2)                The Director or Chair shall answer all correspondence bearing upon the business of the Board; shall present to the Board bills for expenses; shall request any information and reports that may be required during the course of operations to effectuate the objectives of the Board; and shall prepare periodic statements and reports to fully carry out the expressed and implied requirements of the applicable law. He or she shall perform such other duties that are called for by the rules, orders, directives and resolutions of the Board.

(Source:  Amended at 31 Ill. Reg. 1986, effective January 9, 2007)