Section 325.110  Amendments

 

a)         Changes or amendments to the rules may be proposed at any time by any Trustee, shall be submitted to the Secretary of the Board of Trustees in writing, and shall be acted upon in the following manner:

 

b)         Upon receipt of a proposal for an amendment, the Secretary of the Board shall mail to each Trustee a notice setting forth in full the proposed change or amendment to the rules, at least 20 days prior to the date of any regular or special meeting at which the proposed change or amendment shall be submitted for consideration.

 

c)         At the next regular or special meeting following the mailing of such notice, or at any meeting thereafter to which consideration of such change or amendment has been postponed by the Board, such change or amendment may be adopted by a vote of at least 3 Trustees voting in favor of its adoption.  At such meeting the proposed change or amendment may be altered or modified before being acted upon, without the necessity of any further notice to the Trustees, provided, however, that the said change or amendment as modified or altered shall be applicable only to those portions of the rules to which the notice specifically referred, and, provided further, that any such change shall be approved by at least 3 members of the Board of Trustees.

 

Section 325.210  Meetings

 

a)         Regular Meetings. Regular meetings of the Board shall be held quarterly in January, April, July and October of each year on a date agreed to by the Board.

 

b)         Special Meetings.  Special meetings of the Board may be called at any time by the Chairman of the Board, or by any 3 Trustees.

 

c)         Notice.  At least 10 days' notice, in writing, shall be given to each Trustee, of the date of any regular or special meeting.  Any business of whatever nature may be disposed of at a regular or special meeting.

 

d)         Quorum.  Three Trustees of the Board shall constitute a quorum for the transaction of business at any regular or special meeting.

 

e)         Annual Meeting.  The regular meeting in October in each year shall constitute the annual meeting of the Board.  At such meeting the election of officers of the Board for the ensuing fiscal year shall be held.

 

f)         Voting.  Each Trustee may cast one vote on any question coming before the Board at any regular or special meeting at which he is in attendance. At least 3 concurring votes shall be necessary for action by the Board at any of its meetings.  The State Treasurer or the Chief Justice of the Supreme Court, being ex officio trustees, may designate in writing filed with the Secretary at least 1 day before any meeting, a person who is authorized to represent him as a proxy at any meeting with full right to vote at said meeting on all matters that may come before the meeting; the said designation, at the election of the State Treasurer or the Chief Justice of the Supreme Court, may continue in effect until cancelled in writing filed with the Secretary.

 

g)         Record of Proceedings.  The Board shall keep a full record of all its proceedings in which shall be recorded all business of whatever nature transacted by the Board.  The Secretary shall supply to each Trustee, within 15 days of any regular or special meeting, a copy of the minutes of the meeting.

 

h)         Roll Calls.  On any motion or resolution involving the expenditures of moneys or the creation of a liability for the System, the vote of each Trustee present shall be recorded in the minutes of the meeting.  Such a record shall be made at the request of any Trustee present at the meeting on any other motion or resolution.

 

i)          Reconsideration.  Any Trustee who voted with the majority on any question acted upon by the Board may move for a reconsideration of the action taken on such vote.  Such motion for reconsideration may be made at any regular or special meeting at the request of the Trustee desiring such action.

 

j)          Order of Business.  The following order shall govern the business to be taken up at any regular or special meeting:

 

1)         Roll Call

 

2)         Report on Investments

 

3)         Minutes of Previous Meeting

 

4)         Reading of Communications

 

5)         Report of Chairman

 

6)         Report of Secretary

 

7)         Unfinished Business

 

8)         New Business

 

(Source:  Amended at 27 Ill. Reg. 9915, effective June 23, 2003.)

 

Section 325.220  Officers and Their Duties

 

a)         Elective Officers.  The following named officers shall be elected by the Board of Trustees:  to-wit, Chairman and Vice Chairman.

 

b)         Employees.  The Board shall appoint a Secretary and an Actuary and such other personnel as may be necessary for the proper conduct of business of the System, and fix their rates of compensation.  Any person rendering special service to the Board, at the request of the Board, shall receive compensation for such service in such amount as the Board may vote to allow.

 

c)         Salaries.  Salaries or other compensation of officers or employees entitled thereto shall be fixed by resolution of the Board and shall be payable monthly or as otherwise stipulated.

 

d)         Chairman.

 

1)         The Chairman shall be the chief executive officer of the Board; shall preside at all meetings; announce the business before the Board, and the order in which it is to be acted upon subject to the rules hereof; announce the question under consideration, and the result of the vote taken; request a roll call upon any action or resolution of the Board as herein provided.

 

2)         The Chairman shall appoint all necessary committees and shall see to it that they perform their assigned duties.  He shall sign all contracts and agreements creating any liabilities, together with the Secretary of the Board, upon authorization and direction of the Board.  He shall approve all vouchers signed by the Secretary as provided in paragraph (f)(4) of this Section before the same are forwarded to the State Comptroller.  He shall exercise a general supervision over the affairs of the System.  The Chairman may also, in writing, authorize the Vice Chairman or a member of the staff to sign vouchers or other documents required in the normal operations of the System.

 

e)         Vice Chairman.  The Vice Chairman shall act as Chairman at any regular or special meeting and perform the duties set forth in this Section in the absence or disability of the Chairman.

 

f)         Secretary.  The Secretary shall be in charge of the administration of the detailed affairs of the System, and in addition to such other duties as are delegated by the Board, shall:

 

1)         Give proper and timely notice of all meetings of the Board; prepare for each meeting an agenda showing the business to be transacted and forward the same to each Trustee at least 10 days prior to all regular meetings; record the proceedings of the Board at all meetings and keep a permanent record thereof; read all communications addressed to the Board; and keep the seal and affix the same to all papers that require it;

 

2)         Present to the Board for approval all bills for administrative expenses, and applications for annuities, benefits and refunds;

 

3)         Perform such other duties and functions as are provided by the law governing the System or as prescribed by the Board; and

 

g)         Actuary.  The Actuary shall be the technical advisor of the Board and shall supply the Board with information relating to the technical aspects of the operations of the System.  He shall perform such other duties as are required by the law governing the System or as prescribed by the Board.

 

h)         Legal Advisor.  The Attorney General of the State shall be the legal advisor of the Board.

 

(Source:  Amended at 27 Ill. Reg. 9915, effective June 23, 2003.)

 

 

Section 325.230  Committees

 

a)         Investments.  There shall be a standing committee on investments consisting of the Chairman, Vice Chairman and the Treasurer.  The functions and duties of this committee shall be to appraise the results of operations of the Illinois State Board of Investment and report their findings and opinions from time to time as the occasion requires.

 

b)         Legislation.  A "committee on legislation" consisting of one or more members shall be appointed by the Chairman.  This committee shall deal with legislative proposals affecting the System.  Its duties shall include, among other things, a review and evaluation of proposals for amendment of the statute governing the System that may be presented to the Board by participants of the System or by any organization of participants, or that may be before the General Assembly, and report the results thereof to the Board with appropriate recommendations.  The committee shall have such other duties as may be assigned by the Board.

 

c)         Accounts and Audits.  The Chairman may also designate a "committee on accounts and audits" consisting of one or more members, in his discretion. The functions of this committee shall consist of a review of current financial reports submitted by the administrative staff, a check of the books and accounts of the System maintained in the general office of the System to determine their adequacy and security for safekeeping and a report on the results of the annual audit of the books and accounts of the System by accountants designated by the Auditor General of the State.  The committee shall have other duties as may be assigned by the Board.

 

d)         Other Committees.  The Board may create other committees from time to time, as may be necessary, for the purpose of effectuating the management and administration of the System.