Illinois Compiled Statutes
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40 ILCS 5/14-134
(40 ILCS 5/14-134)
(from Ch. 108 1/2, par. 14-134)
The retirement system created by this
Article shall be a trust, separate and distinct from all other entities.
The responsibility for the operation of the system and for making effective
this Article is vested in a board of trustees.
The board shall consist of 7 trustees, as follows:
(a) the Director of the
Governor's Office of Management and Budget; (b) the Comptroller; (c)
one trustee, not a State employee, who shall be Chairman, to be appointed
by the Governor for a 5 year term; (d) two members of the system, one of
whom shall be an annuitant age 60 or over, having at least 8 years of
creditable service, to be appointed by the Governor for terms of 5 years;
(e) one member of the system having at least 8 years of creditable service,
to be elected from the contributing membership of the system by the
contributing members as provided in Section 14-134.1; (f) one annuitant of
the system who has been an annuitant for at least one full year, to be
elected from and by the annuitants of the system, as provided in Section
14-134.1. The Director of the
Governor's Office of Management and Budget
and the Comptroller shall
be ex-officio members and shall serve as trustees during their respective terms
of office, except that each of them may designate another officer or employee
from the same agency to serve in his or her place. However, no ex-officio
member may designate a different proxy within one year after designating a
proxy unless the person last so designated has become ineligible to serve in
that capacity. Except for the elected trustees, any vacancy in the office of
trustee shall be filled in the same manner as the office was filled previously.
A trustee shall serve until a successor qualifies, except
that a trustee who is a member of the system shall be disqualified as a
trustee immediately upon terminating service with the State.
Notwithstanding any provision of this Section to the contrary, the term of office of each trustee of the board appointed by the Governor who is sitting on the board on the effective date of this amendatory Act of the 96th General Assembly is terminated on that effective date.
Beginning on the 90th day after the effective date of this amendatory Act of the 96th General Assembly, the board shall consist of 13 trustees as follows:
(1) the Comptroller, who shall be the Chairperson;
(2) six persons appointed by the Governor with the
advice and consent of the Senate who may not be members of the system or hold an elective State office and who shall serve for a term of 5 years, except that the terms of the initial appointees under this amendatory Act of the 96th General Assembly shall be as follows: 3 for a term of 3 years and 3 for a term of 5 years;
(3) four active participants of the system having at
least 8 years of creditable service, to be elected from the contributing members of the system by the contribution members as provided in Section 14-134.1; and
(4) two annuitants of the system who have been
annuitants for at least one full year, to be elected from and by the annuitants of the system, as provided in Section 14-134.1.
For the purposes of this Section, the Governor may make a nomination and the Senate may confirm the nominee in advance of the commencement of the nominee's term of office.
The Governor shall make nominations for appointment to the board under this Section within 60 days after the effective date of this amendatory Act of the 96th General Assembly. A trustee sitting on the board on the effective date of this amendatory Act of the 96th General Assembly may not hold over in office for more than 90 days after the effective date of this amendatory Act of the 96th General Assembly. Nothing in this Section shall prevent the Governor from making a temporary appointment or nominating a trustee holding office on the day before the effective date of this amendatory Act of the 96th General Assembly.
Each trustee is entitled to one vote on the board, and 4 trustees shall
constitute a quorum for the transaction of business. The affirmative
votes of a majority of the trustees present, but at least 3 trustees, shall be
necessary for action by the board at any meeting. On the 90th day after the effective date of this amendatory Act of the 96th General Assembly, 7 trustees shall constitute a quorum for the transaction of business and the affirmative vote of a majority of the trustees present, but at least 7 trustees, shall be necessary for action by the board at any meeting. The board's action of July
22, 1986, by which it amended the bylaws of the system to increase the number
of affirmative votes required for board action from 3 to 4 (in response to
Public Act 84-1028, which increased the number of trustees from 5 to 7), and
the board's rejection, between that date and the effective date of this
amendatory Act of 1993, of proposed actions not receiving at least 4
affirmative votes, are hereby validated.
The trustees shall serve without compensation, but shall be reimbursed
from the funds of the system for all necessary expenses incurred through
service on the board.
Each trustee shall take an oath of office that he or she will
diligently and honestly administer the affairs of the system, and will not
knowingly violate or willfully permit the violation of any of
the provisions of law applicable to the system. The oath shall be
subscribed to by the trustee making it, certified by the officer before
whom it is taken, and filed with the Secretary of State. A trustee shall
qualify for membership on the board when the oath has been approved by the
(Source: P.A. 96-6, eff. 4-3-09.)