SB2748 101ST GENERAL ASSEMBLY

LRB101 18562 RPS 68017 b

101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
SB2748

Introduced 2/4/2020, by Sen. Robert F. Martwick

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.

PENSION IMPACT NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning public employee benefits.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Illinois Pension Code is amended by changing Section 17-147 as follows:

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

Sec. 17-147. Custody of Fund; bonds; legal Fund - Bonds - Legal proceedings. The city treasurer, ex officio ex-officio, shall be the custodian of the Fund, and shall secure and safely keep it, subject to the control and direction of the Board. The city treasurer He shall keep the his books and accounts concerning the Fund in the manner prescribed by the Board. The books and accounts shall always be subject to the inspection of the Board or any member thereof. The city treasurer shall be liable on the city treasurer's his official bond for the proper performance of his duties and the conservation of the Fund.

Payments from the Fund shall be made upon checks or through direct deposit transmittals authorized 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.

Neither the treasurer nor any other officer having the custody of the Fund is entitled to retain any interest accruing thereon, but such interest shall accrue and inure to the benefit of such Fund, become a part thereof, subject to the purposes of this Article.

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

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