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| 1 | AN ACT concerning public employee benefits. | |||||||||||||||||||
| 2 | Be it enacted by the People of the State of Illinois, | |||||||||||||||||||
| 3 | represented in the General Assembly: | |||||||||||||||||||
| 4 | Section 5. The Illinois Pension Code is amended by | |||||||||||||||||||
| 5 | changing Section 7-174 as follows: | |||||||||||||||||||
| 6 | (40 ILCS 5/7-174) (from Ch. 108 1/2, par. 7-174) | |||||||||||||||||||
| 7 | Sec. 7-174. Board created. | |||||||||||||||||||
| 8 | (a) A board of 8 members shall constitute a board of | |||||||||||||||||||
| 9 | trustees authorized to carry out the provisions of this | |||||||||||||||||||
| 10 | Article. Each trustee shall be a participating employee of a | |||||||||||||||||||
| 11 | participating municipality or participating instrumentality or | |||||||||||||||||||
| 12 | an annuitant of the Fund and no person shall be eligible to | |||||||||||||||||||
| 13 | become a trustee after January 1, 1979 who does not have the | |||||||||||||||||||
| 14 | minimum service credit in this Fund to qualify for a pension. | |||||||||||||||||||
| 15 | Notwithstanding any other provision of this subsection, on | |||||||||||||||||||
| 16 | and after the effective date of this amendatory Act of the | |||||||||||||||||||
| 17 | 104th General Assembly, no person who has earned creditable | |||||||||||||||||||
| 18 | service through employment by the Fund shall be eligible to | |||||||||||||||||||
| 19 | serve as a trustee. | |||||||||||||||||||
| 20 | (b) The board shall consist of representatives of various | |||||||||||||||||||
| 21 | groups as follows: | |||||||||||||||||||
| 22 | 1. 4 trustees shall be a chief executive officer, | |||||||||||||||||||
| 23 | chief finance officer, or other officer, executive or | |||||||||||||||||||
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| 1 | department head of a participating municipality or | ||||||
| 2 | participating instrumentality, and each such trustee shall | ||||||
| 3 | be designated as an executive trustee. | ||||||
| 4 | 2. 3 trustees shall be employees of a participating | ||||||
| 5 | municipality or participating instrumentality and each | ||||||
| 6 | such trustee shall be designated as an employee trustee. A | ||||||
| 7 | person who meets the criteria to be an executive trustee | ||||||
| 8 | may not serve as an employee trustee. | ||||||
| 9 | 3. One trustee shall be an annuitant of the Fund, who | ||||||
| 10 | shall be designated the annuitant trustee. | ||||||
| 11 | (c) A person elected as a trustee shall qualify as a | ||||||
| 12 | trustee, after declaration by the board that he has been duly | ||||||
| 13 | elected, upon taking and subscribing to the constitutional | ||||||
| 14 | oath of office and filing same in the office of the Fund. | ||||||
| 15 | (d) The term of office of each trustee shall begin upon | ||||||
| 16 | January 1 of the year following the year in which he is elected | ||||||
| 17 | and shall continue for a period of 5 years and until a | ||||||
| 18 | successor has been elected and qualified, or until prior | ||||||
| 19 | resignation, death, incapacity or disqualification. | ||||||
| 20 | (e) Any elected trustee (other than the annuitant trustee) | ||||||
| 21 | shall be disqualified immediately upon termination of | ||||||
| 22 | employment with all participating municipalities and | ||||||
| 23 | instrumentalities thereof or upon any change in status which | ||||||
| 24 | removes any such trustee from all employments within the group | ||||||
| 25 | he represents. The annuitant trustee shall be disqualified | ||||||
| 26 | upon termination of his or her annuity. | ||||||
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| 1 | (e-5) Notwithstanding any other provision, an elected | ||||||
| 2 | trustee shall not be considered disqualified due to | ||||||
| 3 | termination of participation under subsection (e) if: | ||||||
| 4 | (1) he or she thereafter begins participation with a | ||||||
| 5 | different participating employer; | ||||||
| 6 | (2) there is no gap in service credit established | ||||||
| 7 | under this Article; and | ||||||
| 8 | (3) the trustee continues to meet all eligibility | ||||||
| 9 | requirements under subsection (b) for the same type of | ||||||
| 10 | trustee position. | ||||||
| 11 | (f) The trustees shall fill any vacancy in the board by | ||||||
| 12 | appointment, for the period until the next election of | ||||||
| 13 | trustees, or, if the remaining term is less than 2 years, for | ||||||
| 14 | the remainder of the term, and until his successor has been | ||||||
| 15 | elected and qualified. | ||||||
| 16 | (g) Trustees shall serve without compensation, but shall | ||||||
| 17 | be reimbursed for any reasonable expenses incurred in | ||||||
| 18 | attending meetings of the board and in performing duties on | ||||||
| 19 | behalf of the Fund and for the amount of any earnings withheld | ||||||
| 20 | by any employing municipality or participating instrumentality | ||||||
| 21 | because of attendance at any board meeting. | ||||||
| 22 | (h) Each trustee shall be entitled to one vote on any and | ||||||
| 23 | all actions before the board. At least 5 concurring votes | ||||||
| 24 | shall be necessary for every decision or action by the board at | ||||||
| 25 | any of its meetings. No decision or action shall become | ||||||
| 26 | effective unless presented and so approved at a regular or | ||||||
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| 1 | duly called special meeting of the board. | ||||||
| 2 | (Source: P.A. 102-479, eff. 8-20-21; 103-464, eff. 8-4-23.) | ||||||