Full Text of HB3004 102nd General Assembly
HB3004 102ND GENERAL ASSEMBLY |
| | 102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022 HB3004 Introduced 2/19/2021, by Rep. Mark Batinick SYNOPSIS AS INTRODUCED: |
| 40 ILCS 5/1-109.5 new | | 40 ILCS 5/1-109.6 new | |
|
Amends the General Provisions Article of the Illinois Pension Code. Provides that no individual who is a board member of a pension fund, investment board, or retirement system may be employed by a pension fund, investment board, or retirement system established under the Code or by any vendor of a pension fund, investment board, or retirement system established under the Code for a period of 5 years after he or she ceases to be a board member. Provides that no pension fund, investment board, or retirement system may pay membership dues to a membership organization or association that has any pecuniary interest with any entity that provides services to a pension fund, investment board, or retirement system unless: (1) the membership organization or association provides to the retirement system, pension fund, or investment board a list of those pecuniary interests, the total annual value of those pecuniary interests or payments, and the services that those pecuniary interests or payments relate to; and (2) the pension fund, investment board, or retirement system posts those reports in a location that is readily available to its members.
|
| |
| | FISCAL NOTE ACT MAY APPLY | | PENSION IMPACT NOTE ACT MAY APPLY |
| | A BILL FOR |
|
| | | HB3004 | | LRB102 14774 RPS 20127 b |
|
| 1 | | AN ACT concerning public employee benefits.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The Illinois Pension Code is amended by adding | 5 | | Sections 1-109.5 and 1-109.6 as follows: | 6 | | (40 ILCS 5/1-109.5 new) | 7 | | Sec. 1-109.5. Prohibition on employment for former board | 8 | | members. No individual who is a board member of a pension fund, | 9 | | investment board, or retirement system may be employed by a | 10 | | pension fund, investment board, or retirement system | 11 | | established under this Code or by any vendor of a pension fund, | 12 | | investment board, or retirement system established under this | 13 | | Code for a period of 5 years after he or she ceases to be a | 14 | | board member. | 15 | | (40 ILCS 5/1-109.6 new) | 16 | | Sec. 1-109.6. Membership dues. No pension fund, investment | 17 | | board, or retirement system may pay membership dues to a | 18 | | membership organization or association that has any pecuniary | 19 | | interest with any entity that provides services to a pension | 20 | | fund, investment board, or retirement system unless: (1) the | 21 | | membership organization or association provides to the | 22 | | retirement system, pension fund, or investment board a list of |
| | | HB3004 | - 2 - | LRB102 14774 RPS 20127 b |
|
| 1 | | those pecuniary interests, the total annual value of those | 2 | | pecuniary interests or payments, and the services that those | 3 | | pecuniary interests or payments relate to; and (2) the pension | 4 | | fund, investment board, or retirement system posts those | 5 | | reports in a location that is readily available to its | 6 | | members.
|
|