101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
HB4400

 

Introduced 1/29/2020, by Rep. William Davis

 

SYNOPSIS AS INTRODUCED:
 
40 ILCS 5/17-147  from Ch. 108 1/2, par. 17-147

    Amends the Chicago Teacher Article of the Illinois Pension Code. Provides that payment from the Fund shall be made upon checks or through direct deposit transmittals authorized by the executive director (instead of upon warrants signed by the president and the secretary of the Board of Education, the president of the Board, and countersigned by the executive director) or by such person as the Board may designate from time to time by appropriate resolution. Makes other changes.


LRB101 18563 RPS 68018 b

PENSION IMPACT NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB4400LRB101 18563 RPS 68018 b

1    AN ACT concerning public employee benefits.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Illinois Pension Code is amended by changing
5Section 17-147 as follows:
 
6    (40 ILCS 5/17-147)  (from Ch. 108 1/2, par. 17-147)
7    Sec. 17-147. Custody of Fund; bonds; legal Fund - Bonds -
8Legal proceedings. The city treasurer, ex officio ex-officio,
9shall be the custodian of the Fund, and shall secure and safely
10keep it, subject to the control and direction of the Board. The
11city treasurer He shall keep the his books and accounts
12concerning the Fund in the manner prescribed by the Board. The
13books and accounts shall always be subject to the inspection of
14the Board or any member thereof. The city treasurer shall be
15liable on the city treasurer's his official bond for the proper
16performance of his duties and the conservation of the Fund.
17    Payments from the Fund shall be made upon checks or through
18direct deposit transmittals authorized warrants signed by the
19president and the secretary of the Board of Education, the
20president of the Board, and countersigned by the executive
21director or by such person as the Board may designate from time
22to time by appropriate resolution.
23    Neither the treasurer nor any other officer having the

 

 

HB4400- 2 -LRB101 18563 RPS 68018 b

1custody of the Fund is entitled to retain any interest accruing
2thereon, but such interest shall accrue and inure to the
3benefit of such Fund, become a part thereof, subject to the
4purposes of this Article.
5    Any legal proceedings necessary for the enforcement of the
6provisions of this Article shall be brought by and in the name
7of the Board of the Fund.
8(Source: P.A. 90-566, eff. 1-2-98.)