Rep. Tom Cross
Filed: 10/19/2011
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1 | AMENDMENT TO HOUSE BILL 3813
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2 | AMENDMENT NO. ______. Amend House Bill 3813 on page 1, line | ||||||
3 | 5, immediately after "Sections", by inserting "1-114, 1-135,"; | ||||||
4 | and
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5 | on page 1, immediately below line 5, by inserting the | ||||||
6 | following:
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7 | "(40 ILCS 5/1-114) (from Ch. 108 1/2, par. 1-114)
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8 | Sec. 1-114. Liability for Breach of Fiduciary Duty. (a) Any | ||||||
9 | person who is a fiduciary with respect to a retirement system | ||||||
10 | or
pension fund established under this Code who breaches any | ||||||
11 | duty
imposed upon fiduciaries by this Code , including, but not | ||||||
12 | limited to, a failure to report a reasonable suspicion of a | ||||||
13 | false statement specified in Section 1-135 of this Code, shall | ||||||
14 | be personally liable to make
good to such retirement system or | ||||||
15 | pension fund any losses to it resulting
from each such breach, | ||||||
16 | and to restore to such retirement system or pension
fund any |
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1 | profits of such fiduciary which have been made through use of | ||||||
2 | assets
of the retirement system or pension fund by the | ||||||
3 | fiduciary, and shall be
subject to such equitable or remedial | ||||||
4 | relief as the court may deem appropriate,
including the removal | ||||||
5 | of such fiduciary.
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6 | (b) No person shall be liable with respect to a breach of | ||||||
7 | fiduciary duty
under this Code if such breach occurred before | ||||||
8 | such person became a fiduciary
or after such person ceased to | ||||||
9 | be a fiduciary.
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10 | (Source: P.A. 82-960.)
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11 | (40 ILCS 5/1-135)
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12 | Sec. 1-135. Fraud. Any person who knowingly makes any false | ||||||
13 | statement or falsifies or permits to be falsified any record of | ||||||
14 | a retirement system or pension fund created under this Code or | ||||||
15 | the Illinois State Board of Investment in an attempt to defraud | ||||||
16 | the retirement system or pension fund created under this Code | ||||||
17 | or the Illinois State Board of Investment is guilty of a Class | ||||||
18 | 3 felony. Any reasonable suspicion by any appointed or elected | ||||||
19 | commissioner, trustee, director, board member, or employee of a | ||||||
20 | retirement system or pension fund created under this Code or | ||||||
21 | the State Board of Investment of a false statement or falsified | ||||||
22 | record being submitted or permitted by a person under this Code | ||||||
23 | shall be immediately referred to the board of trustees of a | ||||||
24 | retirement system or pension fund created under this Code or | ||||||
25 | the State Board of Investment or the State's Attorney of the |
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1 | jurisdiction where the alleged fraudulent activity occurred. | ||||||
2 | The board of trustees of a retirement system or pension fund | ||||||
3 | created under this Code or the State Board of Investment shall | ||||||
4 | immediately notify the State's Attorney of the jurisdiction | ||||||
5 | where any alleged fraudulent activity occurred for | ||||||
6 | investigation.
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7 | (Source: P.A. 96-6, eff. 4-3-09.)"; and | ||||||
8 | on page 2, line 25, by replacing " and until " with " for leaves | ||||||
9 | of absence before "; and | ||||||
10 | on page 2, line 26, after " and, " by inserting " for leaves of | ||||||
11 | absence "; and | ||||||
12 | on page 3, line 13, by replacing " and until " with " for leaves | ||||||
13 | of absence before "; and | ||||||
14 | on page 3, line 14, after " and, " by inserting " for leaves of | ||||||
15 | absence "; and | ||||||
16 | on page 3, line 19, by replacing "local" with " local "; and
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17 | on page 3, line 21, immediately after "organization", by | ||||||
18 | inserting " , including, but not limited to, pension plans | ||||||
19 | established by the local labor organization, the national labor | ||||||
20 | organization, or the international labor organization "; and |
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1 | on page 6, line 25, by replacing " and until " with " for leaves | ||||||
2 | of absence before "; and | ||||||
3 | on page 6, line 26, after " and, " by inserting " for leaves of | ||||||
4 | absence "; and | ||||||
5 | on page 7, line 13, by replacing " and until " with " for leaves | ||||||
6 | of absence before "; and | ||||||
7 | on page 7, line 14, after " and, " by inserting " for leaves of | ||||||
8 | absence "; and | ||||||
9 | on page 7, line 19, by replacing "local" with " local "; and | ||||||
10 | on page 7, line 21, immediately after "organization", by | ||||||
11 | inserting " , including, but not limited to, pension plans | ||||||
12 | established by the local labor organization, the national labor | ||||||
13 | organization, or the international labor organization "; and | ||||||
14 | on page 11, line 19, by replacing " After " with " For leaves of | ||||||
15 | absence after "; and | ||||||
16 | on page 16, line 2, by replacing " After " with " For leaves of | ||||||
17 | absence after ".
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