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SB1179 Engrossed |
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LRB095 08929 HLH 29118 b |
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| AN ACT concerning local government.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Metropolitan Water Reclamation District Act |
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| is amended by adding Section 9.6d as follows:
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| (70 ILCS 2605/9.6d new) |
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| Sec. 9.6d. Other Post Employment Benefit Trusts. The Board |
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| of Commissioners (the Board) may establish one or more trusts |
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| (Other Post Employment Benefit ("OPEB") Trusts) for the purpose |
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| of providing for the funding and payment of health and other |
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| fringe benefits for retired, disabled, or terminated employees |
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| of the District or for their dependents and beneficiaries. |
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| Trusts created under this Section are in addition to pension |
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| benefits for those persons which are currently funded pursuant |
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| to Article 13 of the Illinois Pension Code. The OPEB Trusts may |
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| employ such personnel and enter into such investment, advisory, |
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| or professional services or similar contracts as deemed |
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| appropriate by the trustees and recommended by the Treasurer of |
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| the Metropolitan Water Reclamation District of Greater Chicago |
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| (the District). The OPEB Trusts may be established in such |
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| manner so as to be exempt from taxation under the provisions of |
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| applicable federal and State tax laws. The trustee of the OPEB |
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| Trusts shall be the District. The Treasurer of the District and |
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SB1179 Engrossed |
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LRB095 08929 HLH 29118 b |
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| the trustee shall be indemnified by the District to the fullest |
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| extent permitted by law for their actions taken with respect to |
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| the OPEB Trust. The Board may deposit money with the OPEB |
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| Trusts derived from the funds of the District from time to time |
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| as such money may in the discretion of the Board be |
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| appropriated for that purpose; and, in addition, the Board may |
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| lawfully agree with the OPEB Trusts to a binding level of |
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| funding for periods of time not to exceed 5 fiscal years. In |
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| addition, the OPEB Trust documents may permit employees of the |
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| District to contribute money to provide for such benefits. To |
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| the extent participants do not direct the investment of their |
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| own account, the assets of the OPEB Trusts shall be managed by |
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| the Treasurer of the District in any manner, subject only to |
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| the prudent investor standard and any requirements of |
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| applicable federal law. The limitations of any other statute |
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| affecting the investment of District funds shall not apply to |
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| the OPEB Trusts. The trustee shall adopt an investment policy |
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| consistent with the standards articulated in Section 2.5 of the |
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| Public Funds Investment Act. The investment policy shall also |
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| provide for the availability of training for Board members. |
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| Funds of the OPEB Trusts may be used to pay for costs of |
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| administering the OPEB Trusts and for the benefits for which |
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| such trusts have been established in accordance with the terms |
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| of the OPEB Trust documents.
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| Section 99. Effective date. This Act takes effect upon |
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| becoming law.
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