SB3653 102ND GENERAL ASSEMBLY

LRB102 22512 RPS 31653 b

102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
SB3653

Introduced 1/21/2022, by Sen. Robert F. Martwick

SYNOPSIS AS INTRODUCED:

40 ILCS 5/1-109.5

Amends the General Provisions Article of the Illinois Pension Code. Provides that no individual who is an employee of a pension fund, investment board, or retirement system may serve as a trustee of that pension fund, investment board, or retirement system within 12 months after his or her termination of employment. Effective January 1, 2023.

A BILL FOR

AN ACT concerning public employee benefits.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Illinois Pension Code is amended by changing Section 1-109.5 as follows:

(40 ILCS 5/1-109.5)

(This Section may contain text from a Public Act with a delayed effective date)

Sec. 1-109.5. Prohibition on employment for board members.

(a) Except as otherwise provided in this Section and in accordance with Section 5-45 of the State Officials and Employees Ethics Act, no individual who is a board member of a pension fund, investment board, or retirement system may be employed by that pension fund, investment board, or retirement system at any time during his or her service and for a period of 12 months after he or she ceases to be a board member.

If a senior administrative staff position becomes vacant and no executive member of the staff is willing to accept the position, an individual serving as a board member may temporarily serve as an interim member of the senior administrative staff of the fund under the following conditions:

(1) the senior administrative staff position is vacant and the board is conducting and documenting a public search for a new permanent replacement who is not a member of the board of trustees of the fund;

(2) a majority of the board of trustees of the fund votes to designate a specific board member to serve in the senior administrative staff position;

(3) the board-designated interim member of the senior administrative staff does not receive any salary or benefits associated with the position;

(4) the board-designated interim member of the senior administrative staff serves for a period of not more than 6 months; and

(5) the trustee vacates his or her position as a trustee while serving as an interim member of the senior administrative staff.

(b) Except as otherwise provided in this Section, no individual who is an employee of a pension fund, investment board, or retirement system may serve as a trustee of that pension fund, investment board, or retirement system within 12 months after his or her termination of employment.

(Source: P.A. 102-603, eff. 1-1-22.)

Section 99. Effective date. This Act takes effect January 1, 2023.