State of Illinois
90th General Assembly
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90_SB1470

      40 ILCS 5/7-174           from Ch. 108 1/2, par. 7-174
          Amends the IMRF Article of the  Pension  Code  to  add  a
      second  annuitant  member  to  the  Board  and  to  give both
      annuitant trustees the  right  to  vote  on  Board  business.
      Effective immediately.
                                                     LRB9009838EGfg
                                               LRB9009838EGfg
 1        AN  ACT  to  amend  the Illinois Pension Code by changing
 2    Section 7-174.
 3        Be it enacted by the People of  the  State  of  Illinois,
 4    represented in the General Assembly:
 5        Section  5.   The  Illinois  Pension  Code  is amended by
 6    changing Section 7-174 as follows:
 7        (40 ILCS 5/7-174) (from Ch. 108 1/2, par. 7-174)
 8        Sec. 7-174.  Board created.
 9        (a)  A board of 9 8 members shall constitute a  board  of
10    trustees  authorized  to  carry  out  the  provisions of this
11    Article.  Each trustee shall be a participating employee of a
12    participating municipality or  participating  instrumentality
13    or  an  annuitant of the Fund and no person shall be eligible
14    to become a trustee after January 1, 1979 who does  not  have
15    at least 8 years of creditable service.
16        (b)  The   board  shall  consist  of  representatives  of
17    various groups as follows:
18             1.  4 trustees shall be a chief  executive  officer,
19        chief  finance  officer,  or  other officer, executive or
20        department  head  of  a  participating  municipality   or
21        participating  instrumentality,  and  each  such  trustee
22        shall be designated as an executive trustee.
23             2.  3 trustees shall be employees of a participating
24        municipality  or  participating  instrumentality and each
25        such trustee shall be designated as an employee trustee.
26             3.  2 trustees One trustee shall  be  annuitants  an
27        annuitant  of  the  Fund,  each  of  whom  who  shall  be
28        designated an the annuitant trustee.
29        (c)  A  person  elected  as  a trustee shall qualify as a
30    trustee, after declaration by the board that he has been duly
31    elected, upon taking and subscribing  to  the  constitutional
                            -2-                LRB9009838EGfg
 1    oath of office and filing same in the office of the Fund.
 2        (d)  The  term of office of each trustee shall begin upon
 3    January 1 of the year following  the  year  in  which  he  is
 4    elected  and shall continue for a period of 5 years and until
 5    a successor has been elected and qualified,  or  until  prior
 6    resignation, death, incapacity or disqualification.  However,
 7    the additional annuitant trustee added by this amendatory Act
 8    of  1998  shall first be elected at an election held within 9
 9    months after the effective date of this amendatory Act, for a
10    term commencing on the later of January 1, 1999 or  the  date
11    of election and ending on December 31, 2002.
12        (e)  Any   elected  trustee  (other  than  the  annuitant
13    trustee) shall be disqualified immediately  upon  termination
14    of  employment  with  all  participating  municipalities  and
15    instrumentalities  thereof or upon any change in status which
16    removes any such trustee  from  all  employments  within  the
17    group  he  represents.    An  The  annuitant trustee shall be
18    disqualified upon termination of his or her annuity.
19        (f)  The trustees shall fill any vacancy in the board  by
20    appointment,  for  the  period  until  the  next  election of
21    trustees, or, if the remaining term is less than 2 years, for
22    the remainder of the term, and until his successor  has  been
23    elected and qualified.
24        (g)  Trustees shall serve without compensation, but shall
25    be   reimbursed  for  any  reasonable  expenses  incurred  in
26    attending meetings of the board and in performing  duties  on
27    behalf  of  the  Fund  and  for  the  amount  of any earnings
28    withheld  by  any  employing  municipality  or  participating
29    instrumentality because of attendance at any board meeting.
30        (h)  Each trustee other than the annuitant trustee  shall
31    be  entitled  to  one  vote on any and all actions before the
32    board; the annuitant trustee is not entitled to vote  on  any
33    matter.   At  least  5  least  4  concurring  votes  shall be
34    necessary for every decision or action by the board at any of
                            -3-                LRB9009838EGfg
 1    its meetings.  No decision or action shall  become  effective
 2    unless  presented and so approved at a regular or duly called
 3    special meeting of the board.
 4    (Source: P.A. 89-136, eff. 7-14-95.)
 5        Section 99. Effective date.  This Act takes  effect  upon
 6    becoming law.

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