Full Text of HB3813 97th General Assembly
HB3813ham001 97TH GENERAL ASSEMBLY | Rep. Tom Cross Filed: 10/19/2011
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| 1 | | AMENDMENT TO HOUSE BILL 3813
| 2 | | AMENDMENT NO. ______. Amend House Bill 3813 on page 1, line | 3 | | 5, immediately after "Sections", by inserting "1-114, 1-135,"; | 4 | | and
| 5 | | on page 1, immediately below line 5, by inserting the | 6 | | following:
| 7 | | "(40 ILCS 5/1-114) (from Ch. 108 1/2, par. 1-114)
| 8 | | Sec. 1-114. Liability for Breach of Fiduciary Duty. (a) Any | 9 | | person who is a fiduciary with respect to a retirement system | 10 | | or
pension fund established under this Code who breaches any | 11 | | duty
imposed upon fiduciaries by this Code , including, but not | 12 | | limited to, a failure to report a reasonable suspicion of a | 13 | | false statement specified in Section 1-135 of this Code, shall | 14 | | be personally liable to make
good to such retirement system or | 15 | | pension fund any losses to it resulting
from each such breach, | 16 | | and to restore to such retirement system or pension
fund any |
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| 1 | | profits of such fiduciary which have been made through use of | 2 | | assets
of the retirement system or pension fund by the | 3 | | fiduciary, and shall be
subject to such equitable or remedial | 4 | | relief as the court may deem appropriate,
including the removal | 5 | | of such fiduciary.
| 6 | | (b) No person shall be liable with respect to a breach of | 7 | | fiduciary duty
under this Code if such breach occurred before | 8 | | such person became a fiduciary
or after such person ceased to | 9 | | be a fiduciary.
| 10 | | (Source: P.A. 82-960.)
| 11 | | (40 ILCS 5/1-135)
| 12 | | Sec. 1-135. Fraud. Any person who knowingly makes any false | 13 | | statement or falsifies or permits to be falsified any record of | 14 | | a retirement system or pension fund created under this Code or | 15 | | the Illinois State Board of Investment in an attempt to defraud | 16 | | the retirement system or pension fund created under this Code | 17 | | or the Illinois State Board of Investment is guilty of a Class | 18 | | 3 felony. Any reasonable suspicion by any appointed or elected | 19 | | commissioner, trustee, director, board member, or employee of a | 20 | | retirement system or pension fund created under this Code or | 21 | | the State Board of Investment of a false statement or falsified | 22 | | record being submitted or permitted by a person under this Code | 23 | | shall be immediately referred to the board of trustees of a | 24 | | retirement system or pension fund created under this Code or | 25 | | the State Board of Investment or the State's Attorney of the |
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| 1 | | jurisdiction where the alleged fraudulent activity occurred. | 2 | | The board of trustees of a retirement system or pension fund | 3 | | created under this Code or the State Board of Investment shall | 4 | | immediately notify the State's Attorney of the jurisdiction | 5 | | where any alleged fraudulent activity occurred for | 6 | | investigation.
| 7 | | (Source: P.A. 96-6, eff. 4-3-09.)"; and | 8 | | on page 2, line 25, by replacing " and until " with " for leaves | 9 | | of absence before "; and | 10 | | on page 2, line 26, after " and, " by inserting " for leaves of | 11 | | absence "; and | 12 | | on page 3, line 13, by replacing " and until " with " for leaves | 13 | | of absence before "; and | 14 | | on page 3, line 14, after " and, " by inserting " for leaves of | 15 | | absence "; and | 16 | | on page 3, line 19, by replacing "local" with " local "; and
| 17 | | on page 3, line 21, immediately after "organization", by | 18 | | inserting " , including, but not limited to, pension plans | 19 | | established by the local labor organization, the national labor | 20 | | organization, or the international labor organization "; and |
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| 1 | | on page 6, line 25, by replacing " and until " with " for leaves | 2 | | of absence before "; and | 3 | | on page 6, line 26, after " and, " by inserting " for leaves of | 4 | | absence "; and | 5 | | on page 7, line 13, by replacing " and until " with " for leaves | 6 | | of absence before "; and | 7 | | on page 7, line 14, after " and, " by inserting " for leaves of | 8 | | absence "; and | 9 | | on page 7, line 19, by replacing "local" with " local "; and | 10 | | on page 7, line 21, immediately after "organization", by | 11 | | inserting " , including, but not limited to, pension plans | 12 | | established by the local labor organization, the national labor | 13 | | organization, or the international labor organization "; and | 14 | | on page 11, line 19, by replacing " After " with " For leaves of | 15 | | absence after "; and | 16 | | on page 16, line 2, by replacing " After " with " For leaves of | 17 | | absence after ".
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