(40 ILCS 5/19-208) (from Ch. 108 1/2, par. 19-208)
Sec. 19-208.
Trustees - Vacancy - Powers and duties.
Whenever any elective member of the board of trustees shall cease to be
in the employ of or to be a member of said board of directors of such
public library, his or her membership in said board of trustees shall
cease.
Said board of trustees shall have power and it shall be its duty:
(1) To determine the amount which shall be deducted from the salaries or
wages paid to employees for the benefit of said pension fund: Provided, the
amount of such deduction shall not be less than the equivalent of 6% of the
salary or wages of such employe.
(2) To make all payments from said pension fund pursuant to the
provisions of this Division.
(3) To administer and invest in its discretion any part of the said
pension fund remaining in the hands of said treasurer.
(4) To pay all necessary expenses in connection with the administration
of said fund and in carrying out the provisions of this Division for which
provision is not otherwise made.
(5) To determine the amount to be paid as benefits or annuities under
this act and to increase or reduce the same in its discretion: Provided,
that the amount paid as benefit or annuity shall not be increased or
reduced after a contributor has become an annuitant.
(6) To take by gift, grant or bequest, or otherwise, any money or
property of any kind and hold the same for the benefit of said fund.
(7) To purchase, hold, sell or assign and transfer any of the securities
in which said fund or any part thereof may be invested, subject to the
approval of the board of directors of such public library.
(8) To exempt any of said employes from the operation of this Division,
whenever in its judgment the interests of said fund shall render such
exemption necessary and advisable.
(9) To fill any vacancy or vacancies in said board of trustees until the
next annual election, as hereinbefore provided.
(10) To make and establish all such rules for the transaction of its
business and such other rules, regulations and by-laws as may be necessary
for the proper administration of said fund committed to its charge, and the
performance of the duties imposed upon it.
(11) It shall keep full and complete records of its meetings and of the
receipts and disbursements on account of such fund, and also complete lists
of all contributors to said fund, and of all annuitants receiving benefits
therefrom, and such other records as in its judgment shall seem necessary,
and shall make and publish annually a full and complete statement of its
financial transactions.
(12) Said board shall hear and determine all applications for benefits
under this Division, and shall have power to suspend any annuity whenever
the annuitant becomes actively employed by another public body within the
State of Illinois; whenever, in its judgment, the disability of such
beneficiary has ceased; or for other good cause.
(13) To compromise, settle or liquidate any claim against said fund, by
surrendering the contribution or contributions of any individual or
individuals, and make the necessary rules, prescribing the terms under
which such settlements may be made, providing there shall be no rule
allowing restitution of deductions from salaries after the contributor
shall have become eligible to an annuity under this Division.
(Source: Laws 1963, p. 161.)
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