[ Search ] [ Legislation ] [ Bill Summary ]
[ Home ] [ Back ] [ Bottom ]
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.