SB1957 Engrossed

LRB095 16317 AMC 42341 b






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    AN ACT concerning public employee benefits.

 
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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 Illinois Pension Code is amended  by changing 
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Section 7-174 as follows:
 



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    (40 ILCS 5/7-174)  (from Ch. 108 1/2, par. 7-174)



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    Sec. 7-174. Board created. 

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    (a) A board of 8 members shall
constitute a board of 
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trustees authorized to carry out the provisions of
this 
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Article.  Each trustee shall be a participating employee of a

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participating municipality or participating instrumentality or 
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an annuitant
of the Fund and no person shall be eligible to 
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become a trustee after January
1, 1979 who does not have at 
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least 8 years of creditable service.

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    (b) The board shall consist of representatives of various 
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groups as
follows:


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        1. 4 trustees shall be a chief executive officer, chief 
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    finance
officer, or other officer, executive or department 
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    head of a
participating municipality or participating 
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    instrumentality, and each
such trustee shall be designated 
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    as an executive trustee.


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        2. 3 trustees shall be employees of a participating 
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    municipality or
participating instrumentality and each 
 


 






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    such trustee shall be designated
as an employee trustee.


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        3. One trustee shall be an annuitant of the Fund, who 
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    shall be
designated the annuitant trustee.

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    (c) A person elected as a trustee shall qualify as a 
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trustee, after
declaration by the board that he has been duly 
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elected, upon taking and
subscribing to the constitutional oath 
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of office and filing same in the
office of the Fund.

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    (d) The term of office of each trustee shall begin upon 
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January 1 of
the year following the year in which he is elected 
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and shall continue
for a period of 5 years and until a 
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successor has been elected and
qualified, or until prior 
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resignation, death, incapacity or
disqualification.

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    (e) Any elected trustee (other than the annuitant trustee) 
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shall be
disqualified immediately upon termination of 
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employment with all participating
municipalities and 
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instrumentalities thereof or upon any change in status which

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removes any such trustee from all employments within the group 
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he represents.
The annuitant trustee shall be disqualified upon 
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termination of his or her
annuity.

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    (f) The trustees shall fill any vacancy in the board by 
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appointment,
for the period until the next election of 
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trustees, or, if the remaining
term is less than 2 years, for 
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the remainder of the term, and until his
successor has been 
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elected and qualified.

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    (g) Trustees shall serve without compensation, but shall be

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reimbursed for any reasonable expenses incurred in attending 
 


 






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meetings of
the board and in performing duties on behalf of the 
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Fund and for the
amount of any earnings withheld by any 
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employing municipality or
participating instrumentality 
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because of attendance at any board
meeting.

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    (h) Each trustee other than the annuitant trustee shall be 
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entitled to
one vote on any and all actions before the board;  
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the annuitant trustee is
not entitled to vote on any matter.  At 
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least 5 4 concurring votes
shall be necessary for every 
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decision or action by the board at any of its
meetings.  No 
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decision or action shall become effective unless presented and 
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so
approved at a regular or duly called special meeting of the 
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board.

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(Source: P.A. 89-136, eff. 7-14-95.)

 

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    Section 99. Effective date. This Act takes effect upon 
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becoming law.