Full Text of HB5507 98th General Assembly
HB5507 98TH GENERAL ASSEMBLY |
| | 98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014 HB5507 Introduced , by Rep. Ron Sandack SYNOPSIS AS INTRODUCED: |
|
40 ILCS 5/7-195.1 | from Ch. 108 1/2, par. 7-195.1 |
40 ILCS 5/7-210 | from Ch. 108 1/2, par. 7-210 |
40 ILCS 5/7-214 rep. | |
|
Amends the IMRF Article of the Illinois Pension Code. Provides that all money received by the board of trustees of the Fund shall be deposited with the Fund (instead of the State Treasurer). Provides that disbursements shall be made only upon proper authorization by the board. Repeals a provision that provides that the State Treasurer is the treasurer of the Fund. Removes provisions that require the State Comptroller to draw his or her warrant on the State Treasurer for deposits and disbursements. Effective July 1, 2014.
|
| |
| | FISCAL NOTE ACT MAY APPLY | | PENSION IMPACT NOTE ACT MAY APPLY |
| | A BILL FOR |
|
| | | HB5507 | | LRB098 17309 RPS 52403 b |
|
| 1 | | AN ACT concerning pensions.
| 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 changing | 5 | | Sections 7-195.1 and 7-210 as follows:
| 6 | | (40 ILCS 5/7-195.1) (from Ch. 108 1/2, par. 7-195.1)
| 7 | | Sec. 7-195.1. To establish and maintain a revolving | 8 | | account. To establish and maintain a revolving account in a | 9 | | bank or savings and
loan association, approved by the
State | 10 | | Treasurer as a State depositary and having capital funds, | 11 | | represented
by capital, surplus, and undivided profits, of at | 12 | | least 5 million dollars,
for the purpose of making payments of | 13 | | annuities, benefits, and
administrative expenses and payments | 14 | | to the State Agency provided in
Section 7-170. All funds | 15 | | deposited in such account shall be placed in the
name of the | 16 | | fund and shall be withdrawn only by a check or draft upon the
| 17 | | bank or savings and loan association signed by the president of | 18 | | the
board or the executive director, as the
board may direct. | 19 | | In case the president or executive director, whose
signature | 20 | | appears upon any check or draft, after attaching his signature
| 21 | | ceases to hold office before the delivery thereof to the payee, | 22 | | his
signature nevertheless shall be valid and sufficient for | 23 | | all purposes with
the same effect as if he had remained in |
| | | HB5507 | - 2 - | LRB098 17309 RPS 52403 b |
|
| 1 | | office until delivery thereof. The
revolving account shall be | 2 | | created by resolution of the board. The State
Comptroller, upon | 3 | | receipt of a copy of such resolution and a voucher
designating | 4 | | the payment of $300,000 into the revolving account, shall draw
| 5 | | his warrant on the State Treasurer for payment of same to the | 6 | | Fund for
deposit in the revolving account. The monies in the | 7 | | revolving account shall
be held and expenditures shall be made | 8 | | by the Fund for the purposes herein
set forth. The Fund shall | 9 | | reimburse the revolving account for expenditures
for such | 10 | | purposes and the Comptroller, upon receipt of vouchers signed | 11 | | as
provided in Section 7-210 and including a statement of | 12 | | expenditures made
from the revolving account, shall draw his | 13 | | warrant on the State Treasurer
for the payment of the amount of | 14 | | such expenditures to the Fund for deposit
in the revolving | 15 | | account .
| 16 | | No bank or savings and loan association shall receive | 17 | | investment funds
as permitted by this Section, unless it has | 18 | | complied with the requirements
established pursuant to Section | 19 | | 6 of "An Act relating to certain investments
of public funds by | 20 | | public agencies", approved July 23, 1943, as now or hereafter
| 21 | | amended. The limitations set forth in such Section 6 shall be | 22 | | applicable
only at the time of investment and shall not require | 23 | | the liquidation of
any investment at any time.
| 24 | | (Source: P.A. 83-541.)
| 25 | | (40 ILCS 5/7-210) (from Ch. 108 1/2, par. 7-210)
|
| | | HB5507 | - 3 - | LRB098 17309 RPS 52403 b |
|
| 1 | | Sec. 7-210. Funds. | 2 | | (a) All money received by the board shall immediately be | 3 | | deposited in
with the State Treasurer for the account of the | 4 | | fund, or in the case of
funds received under Section 7-199.1, | 5 | | in a separate account maintained for
that purpose. All | 6 | | disbursements
of funds shall be held by the State Treasurer | 7 | | shall be made only upon warrants
of the State Comptroller drawn | 8 | | upon the
Treasurer as custodian of this fund upon vouchers | 9 | | signed by the person
or persons designated for such purpose by | 10 | | resolution of the board. Disbursements shall be made The
| 11 | | Comptroller is authorized to draw such warrants upon vouchers | 12 | | so signed,
including warrants payable to the Fund for deposit | 13 | | in a revolving account
authorized by Section 7-195.1. The | 14 | | Treasurer shall accept all warrants
so signed and shall be | 15 | | released from liability for all payments made
thereon. Vouchers | 16 | | shall be drawn only upon proper authorization by the
board as | 17 | | properly recorded in the official minute books of the meetings
| 18 | | of the board.
| 19 | | (b) (Blank). All securities of the fund when received shall | 20 | | be deposited with
the State Treasurer who shall provide | 21 | | adequate safe deposit facilities
for their preservation and | 22 | | have custody of them.
| 23 | | (c) The assets of the fund shall be invested as one fund, | 24 | | and no
particular person, municipality, or instrumentality | 25 | | thereof or
participating instrumentality shall have any right | 26 | | in any specific
security or in any item of cash other than an |
| | | HB5507 | - 4 - | LRB098 17309 RPS 52403 b |
|
| 1 | | undivided interest in the
whole.
| 2 | | (d) Whenever any employees of a municipality or | 3 | | participating
instrumentality have been or shall be excluded | 4 | | from participation in
this fund by virtue of the application of | 5 | | paragraph b of Section 7-109
(2), the board shall direct that | 6 | | an amount equal to the accumulated contributions of such | 7 | | employees be transferred to issue a voucher authorizing the | 8 | | Comptroller to draw
his warrant upon the Treasurer as custodian | 9 | | of this fund in an amount
equal to the accumulated | 10 | | contributions of such employees. Such warrant
shall be drawn in | 11 | | favor of the appropriate fund of the retirement fund
in which | 12 | | such employees have or shall become participants. Such transfer
| 13 | | shall terminate any further rights of such employees under this | 14 | | fund.
| 15 | | (e) If a participating instrumentality terminates | 16 | | participation
because it fails to meet the requirements of | 17 | | Section 7-108, it shall
pay to the fund the amount equal to any | 18 | | net debit balance in its
municipality reserve account and | 19 | | account receivable. Its successors, and
assigns and | 20 | | transferees of its assets shall be obligated to make this
| 21 | | payment to the extent of the value of assets transferred to | 22 | | them. The
fund shall pay an amount equal to any net credit | 23 | | balance to the
participating instrumentality, its successors | 24 | | or assigns. Any remaining
net debit or credit balance not | 25 | | collectible or payable shall be
transferred to the terminated | 26 | | municipality reserve account. The fund
shall pay to each |
| | | HB5507 | - 5 - | LRB098 17309 RPS 52403 b |
|
| 1 | | employee of the participating instrumentality an
amount equal | 2 | | to his credits in the employee reserves. The employees
shall | 3 | | have no further rights to any benefits from the fund, except | 4 | | that
annuities awarded prior to the date of termination shall | 5 | | continue to be
paid.
| 6 | | (Source: P.A. 84-812.)
| 7 | | (40 ILCS 5/7-214 rep.)
| 8 | | Section 10. The Illinois Pension Code is amended by | 9 | | repealing Section 7-214.
| 10 | | Section 99. Effective date. This Act takes effect July 1, | 11 | | 2014.
|
|