101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
HB4400
 
Introduced 1/29/2020, by Rep. William Davis
 
SYNOPSIS AS INTRODUCED:
 

 
  
40 ILCS 5/17-147  from Ch. 108 1/2, par. 17-147

     Amends the Chicago Teacher Article of the Illinois Pension Code. Provides that payment from the Fund shall be made upon checks or through direct deposit transmittals authorized by the executive director (instead of upon warrants signed by the president and the secretary of the Board of Education, the president of the Board, and countersigned by the executive director) or by such person as the Board may designate from time to time by appropriate resolution. Makes other changes.
  


LRB101 18563 RPS 68018 b

PENSION IMPACT NOTE ACT MAY APPLY
 
 
A BILL FOR
 

  
HB4400LRB101 18563 RPS 68018 b


  
1    AN ACT concerning public employee benefits.
  
 
2    Be it enacted by the People of the State of Illinois,
 
3represented in the General Assembly:
  
 
 
4    Section 5. The Illinois Pension Code is amended  by changing 
5Section 17-147 as follows:
 



6    (40 ILCS 5/17-147)  (from Ch. 108 1/2, par. 17-147)



7    Sec. 17-147. Custody of Fund; bonds; legal Fund - Bonds - 
8Legal proceedings. The
city treasurer, ex officio
ex-officio, 
9shall be the custodian of the Fund,
and shall secure and safely 
10keep it, subject to the control and
direction of the Board. The 
11city treasurer He shall keep the his books and accounts

12concerning
the Fund in the manner prescribed by the Board. The

13books and accounts
shall always be subject to the inspection of 
14the Board or any
member
thereof. The city treasurer shall be 
15liable on the city treasurer's his official bond for the
proper 
16performance of his duties and the conservation of the Fund.

17    Payments from the Fund shall be made upon checks or through 
18direct deposit transmittals authorized warrants signed by the

19president and the secretary of the Board of Education, the 
20president of
the Board, and countersigned by the executive 
21director or
by such person as the Board may designate from time 
22to time
by appropriate resolution.

23    Neither the treasurer nor any other officer having the 
 
 
HB4400- 2 -LRB101 18563 RPS 68018 b

1custody of the
Fund is entitled to retain any interest accruing 
2thereon, but such
interest shall accrue and inure to the 
3benefit of such Fund,
become a
part thereof, subject to the 
4purposes of this Article.

5    Any legal proceedings necessary for the enforcement of the 
6provisions
of this Article shall be brought by and in the name 
7of the Board of the Fund.

8(Source: P.A. 90-566, eff. 1-2-98.)