HB3813ham001 97TH GENERAL ASSEMBLY

Rep. Tom Cross

Filed: 10/19/2011

09700HB3813ham001 LRB097 13613 JDS 58718 a

AMENDMENT TO HOUSE BILL 3813

AMENDMENT NO. ______. Amend House Bill 3813 on page 1, line 5, immediately after "Sections", by inserting "1-114, 1-135,"; and

on page 1, immediately below line 5, by inserting the following:

"(40 ILCS 5/1-114) (from Ch. 108 1/2, par. 1-114)

Sec. 1-114. Liability for Breach of Fiduciary Duty. (a) Any person who is a fiduciary with respect to a retirement system or pension fund established under this Code who breaches any duty imposed upon fiduciaries by this Code, including, but not limited to, a failure to report a reasonable suspicion of a false statement specified in Section 1-135 of this Code, shall be personally liable to make good to such retirement system or pension fund any losses to it resulting from each such breach, and to restore to such retirement system or pension fund any profits of such fiduciary which have been made through use of assets of the retirement system or pension fund by the fiduciary, and shall be subject to such equitable or remedial relief as the court may deem appropriate, including the removal of such fiduciary.

(b) No person shall be liable with respect to a breach of fiduciary duty under this Code if such breach occurred before such person became a fiduciary or after such person ceased to be a fiduciary.

(Source: P.A. 82-960.)

(40 ILCS 5/1-135)

Sec. 1-135. Fraud. Any person who knowingly makes any false statement or falsifies or permits to be falsified any record of a retirement system or pension fund created under this Code or the Illinois State Board of Investment in an attempt to defraud the retirement system or pension fund created under this Code or the Illinois State Board of Investment is guilty of a Class 3 felony. Any reasonable suspicion by any appointed or elected commissioner, trustee, director, board member, or employee of a retirement system or pension fund created under this Code or the State Board of Investment of a false statement or falsified record being submitted or permitted by a person under this Code shall be immediately referred to the board of trustees of a retirement system or pension fund created under this Code or the State Board of Investment or the State's Attorney of the jurisdiction where the alleged fraudulent activity occurred. The board of trustees of a retirement system or pension fund created under this Code or the State Board of Investment shall immediately notify the State's Attorney of the jurisdiction where any alleged fraudulent activity occurred for investigation.

(Source: P.A. 96-6, eff. 4-3-09.)"; and

on page 2, line 25, by replacing "and until" with "for leaves of absence before"; and

on page 2, line 26, after "and," by inserting "for leaves of absence"; and

on page 3, line 13, by replacing "and until" with "for leaves of absence before"; and

on page 3, line 14, after "and," by inserting "for leaves of absence"; and

on page 3, line 19, by replacing "local" with "local"; and

on page 3, line 21, immediately after "organization", by inserting ", including, but not limited to, pension plans established by the local labor organization, the national labor organization, or the international labor organization"; and

on page 6, line 25, by replacing "and until" with "for leaves of absence before"; and

on page 6, line 26, after "and," by inserting "for leaves of absence"; and

on page 7, line 13, by replacing "and until" with "for leaves of absence before"; and

on page 7, line 14, after "and," by inserting "for leaves of absence"; and

on page 7, line 19, by replacing "local" with "local"; and

on page 7, line 21, immediately after "organization", by inserting ", including, but not limited to, pension plans established by the local labor organization, the national labor organization, or the international labor organization"; and

on page 11, line 19, by replacing "After" with "For leaves of absence after"; and

on page 16, line 2, by replacing "After" with "For leaves of absence after".