Full Text of SB0813 95th General Assembly
SB0813sam001 95TH GENERAL ASSEMBLY
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Sen. Kwame Raoul
Filed: 4/30/2008
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| AMENDMENT TO SENATE BILL 813
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| AMENDMENT NO. ______. Amend Senate Bill 813 by replacing | 3 |
| everything after the enacting clause with the following:
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| "Section 5. The Illinois Pension Code is amended by adding | 5 |
| Section 1A-20 as follows: | 6 |
| (40 ILCS 5/1A-20 new)
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| Sec. 1A-20. Pension Oversight Board. | 8 |
| (a) There is created a Pension Oversight Board. The Board | 9 |
| shall consist of 12 members of the General Assembly, 3 of whom | 10 |
| shall be appointed by the President of the Senate, 3 of whom | 11 |
| shall be appointed by the Minority Leader of the Senate, 3 of | 12 |
| whom shall be appointed by the Speaker of the House of | 13 |
| Representatives, and 3 of whom shall be appointed by the | 14 |
| Minority Leader of the House of Representatives. All | 15 |
| appointments shall be in writing and filed with the Secretary | 16 |
| of State as a public record. |
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| The Speaker of the House of Representatives and the | 2 |
| President of the Senate shall select from the members of the | 3 |
| Board 2 co-chairmen. The co-chairmen of the Board shall each | 4 |
| serve a 2-year term, beginning February 1 of the odd-numbered | 5 |
| year, and the 2 co-chairmen shall not be members of or | 6 |
| identified with the same house. | 7 |
| Members shall serve a 2-year term and must be appointed | 8 |
| during the month of January in each odd-numbered year for terms | 9 |
| beginning February 1. Any vacancy in the Board shall be filled | 10 |
| by appointment for the balance of the term in the same manner | 11 |
| as the original appointment. A vacancy shall exist when a | 12 |
| member no longer holds the elected legislative office held at | 13 |
| the time of the appointment or at the termination of the | 14 |
| member's legislative service. | 15 |
| The Pension Oversight Board shall meet twice annually or | 16 |
| more often upon the call of the chair or any 9 members. A | 17 |
| quorum of the Board shall consist of a majority of the | 18 |
| appointed members.
Members of the Board shall serve without | 19 |
| compensation, but shall be reimbursed for expenses incurred in | 20 |
| carrying out the duties of the Board pursuant to rules adopted | 21 |
| by the Joint Committee on Legislative Support Services. | 22 |
| Creation of the Pension Oversight Board does not relieve | 23 |
| the funds' boards of trustees from their fiduciary and other | 24 |
| duties to the funds, nor does it create any liability for the | 25 |
| funds on the part of the State. | 26 |
| Should any person fail to obey the summons of the Board, |
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| refuse to surrender or afford access to the Board members to | 2 |
| any such record, book, paper, contract, or other document, the | 3 |
| co-chairs may apply to the circuit court, in the name of the | 4 |
| Board, of the county in which the principal office of the | 5 |
| pension fund involved is located, and the court, if it finds | 6 |
| that the Board has not exceeded its authority in the matter, | 7 |
| may, by order duly entered, require the attendance of witnesses | 8 |
| and the production of all relevant documents required by the | 9 |
| Board in carrying out its responsibilities under this Code. | 10 |
| Upon refusal or neglect to obey the order of the court, the | 11 |
| court may compel obedience by proceedings for contempt of | 12 |
| court. | 13 |
| (b) The Pension Oversight Board has the power to: | 14 |
| (1) enter into contracts, sue and be sued, to implead | 15 |
| and be impleaded; | 16 |
| (2) adopt and enforce bylaws and rules for the | 17 |
| management and conduct of its affairs; | 18 |
| (3) make, amend, and repeal bylaws, rules, and | 19 |
| procedures consistent with the provisions of this Section; | 20 |
| and | 21 |
| (4) do all things necessary and appropriate to | 22 |
| implement this Section and assist the Board in performance | 23 |
| of its duties. | 24 |
| (c) The Board shall have all of the following powers and | 25 |
| duties: | 26 |
| (1) To establish minimum requirements for training to |
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| be completed by each member of the board of trustees of any | 2 |
| pension fund established under this Code. The requirements | 3 |
| must include, but are not be limited to, training in | 4 |
| ethics, fiduciary duty, and investment responsibilities. | 5 |
| (2) To investigate conflicts of interests regarding | 6 |
| consultants, executive directors, investment officers, and | 7 |
| trustees. The Board shall report any current or potential | 8 |
| criminal violations to the appropriate local, county, | 9 |
| state, and federal law enforcement officials. | 10 |
| (3) To examine the extent to which pension funds | 11 |
| embrace qualified Illinois-headquartered money managers | 12 |
| and broker dealers. The Board shall also examine the funds | 13 |
| use of minority and women owned firms. | 14 |
| (4) To investigate discriminatory treatment in the | 15 |
| procurement process. | 16 |
| (d) On or before October 1 following the convening of a | 17 |
| regular session of the General Assembly, the Board shall submit | 18 |
| a report to the Governor and General Assembly setting forth the | 19 |
| examinations and investigations that have been conducted in | 20 |
| accordance with this Section since the date of the last such | 21 |
| report submitted by the Board. | 22 |
| The requirement for reporting to the General Assembly shall | 23 |
| be satisfied by filing copies of the report with the Speaker, | 24 |
| the Minority Leader, and the Clerk of the House of | 25 |
| Representatives, the President, the Minority Leader, and the | 26 |
| Secretary of the Senate, and the Legislative Research Unit, as |
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| required by Section 3.1 of the General Assembly Organization | 2 |
| Act, and filing additional copies with the State Government | 3 |
| Report Distribution Center for the General Assembly as required | 4 |
| under paragraph (t) of Section 7 of the State Library Act. | 5 |
| Upon request, the Board shall distribute additional copies | 6 |
| of the report, at no charge to the secretary, to any pension | 7 |
| fund established under this Code, the treasurer, executive | 8 |
| director, or fiscal officer of each fund, to public libraries, | 9 |
| and State agencies active in the public pension area.
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| Section 99. Effective date. This Act takes effect upon | 11 |
| becoming law.".
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