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SB1957 Enrolled |
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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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SB1957 Enrolled |
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LRB095 16317 AMC 42341 b |
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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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SB1957 Enrolled |
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LRB095 16317 AMC 42341 b |
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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.
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