Full Text of SB0364 96th General Assembly
SB0364ham002 96TH GENERAL ASSEMBLY
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Rep. Michael J. Madigan
Filed: 4/2/2009
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| AMENDMENT TO SENATE BILL 364
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| AMENDMENT NO. ______. Amend Senate Bill 364, AS AMENDED, by | 3 |
| replacing everything after the enacting clause with the | 4 |
| following:
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| "Section 5. The Illinois Governmental Ethics Act is amended | 6 |
| by changing Sections 4A-101, 4A-102, 4A-106, and 4A-107 as | 7 |
| follows: | 8 |
| (5 ILCS 420/4A-101) (from Ch. 127, par. 604A-101) | 9 |
| Sec. 4A-101. Persons required to file. The following | 10 |
| persons shall file
verified written statements of economic | 11 |
| interests, as provided in this Article:
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| (a) Members of the General Assembly and candidates for | 13 |
| nomination or
election to the General Assembly.
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| (b) Persons holding an elected office in the Executive | 15 |
| Branch of this
State, and candidates for nomination or | 16 |
| election to these offices.
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| (c) Members of a Commission or Board created by the | 2 |
| Illinois Constitution,
and candidates for nomination or | 3 |
| election to such Commission or Board.
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| (d) Persons whose appointment to office is subject to | 5 |
| confirmation by
the Senate.
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| (e) Holders of, and candidates for nomination or | 7 |
| election to, the office
of judge or associate judge of the | 8 |
| Circuit Court and the office of judge of
the Appellate or | 9 |
| Supreme Court.
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| (f) Persons who are employed by any branch, agency, | 11 |
| authority or board
of the government of this State, | 12 |
| including but not limited to, the Illinois
State Toll | 13 |
| Highway Authority, the Illinois Housing Development | 14 |
| Authority,
the Illinois Community College Board, and | 15 |
| institutions under the
jurisdiction of the Board of | 16 |
| Trustees
of the University of Illinois, Board of Trustees | 17 |
| of Southern Illinois
University, Board of Trustees of | 18 |
| Chicago State University,
Board of Trustees of Eastern | 19 |
| Illinois University, Board of Trustees of
Governor's State | 20 |
| University, Board of Trustees of Illinois State | 21 |
| University,
Board of Trustees of Northeastern Illinois | 22 |
| University, Board of Trustees of
Northern Illinois | 23 |
| University, Board of Trustees of Western Illinois
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| University, or Board of Trustees of the Illinois | 25 |
| Mathematics and Science
Academy, and are compensated for | 26 |
| services as employees and not as
independent contractors |
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| and who:
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| (1) are, or function as, the head of a department, | 3 |
| commission, board,
division, bureau, authority or | 4 |
| other administrative unit within the
government of | 5 |
| this State, or who exercise similar authority within | 6 |
| the
government of this State;
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| (2) have direct supervisory authority over, or | 8 |
| direct responsibility for
the formulation, | 9 |
| negotiation, issuance or execution of contracts | 10 |
| entered into
by the State in the amount of $5,000 or | 11 |
| more;
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| (3) have authority for the issuance or | 13 |
| promulgation of rules and
regulations within areas | 14 |
| under the authority of the State;
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| (4) have authority for the approval of | 16 |
| professional licenses;
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| (5) have responsibility with respect to the | 18 |
| financial inspection
of regulated nongovernmental | 19 |
| entities;
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| (6) adjudicate, arbitrate, or decide any judicial | 21 |
| or administrative
proceeding, or review the | 22 |
| adjudication, arbitration or decision of any judicial
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| or administrative proceeding within the authority of | 24 |
| the State;
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| (7) have supervisory responsibility for 20 or more | 26 |
| employees of the
State; or
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| (8) negotiate, assign, authorize, or grant naming | 2 |
| rights or sponsorship rights regarding any property or | 3 |
| asset of the State, whether real, personal, tangible, | 4 |
| or intangible.
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| (g) Persons who are elected to office in a unit of | 6 |
| local government,
and candidates for nomination or | 7 |
| election to that office, including regional
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| superintendents of school districts.
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| (h) Persons appointed to the governing board of a unit | 10 |
| of local
government, or of a special district, and persons | 11 |
| appointed to a zoning
board, or zoning board of appeals, or | 12 |
| to a regional, county, or municipal
plan commission, or to | 13 |
| a board of review of any county, and persons
appointed to | 14 |
| the Board of the Metropolitan Pier and Exposition Authority
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| and any Trustee appointed under Section 22 of the | 16 |
| Metropolitan Pier and
Exposition Authority Act, and | 17 |
| persons appointed to a board or commission of
a unit of | 18 |
| local government who have authority to authorize the | 19 |
| expenditure of
public funds. This subsection does not apply | 20 |
| to members of boards or
commissions who function in an | 21 |
| advisory capacity.
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| (i) Persons who are employed by a unit of local | 23 |
| government and are
compensated for services as employees | 24 |
| and not as independent contractors and
who:
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| (1) are, or function as, the head of a department, | 26 |
| division, bureau,
authority or other administrative |
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| unit within the unit of local
government, or who | 2 |
| exercise similar authority within the unit of local
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| government;
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| (2) have direct supervisory authority over, or | 5 |
| direct responsibility for
the formulation, | 6 |
| negotiation, issuance or execution of contracts | 7 |
| entered into
by the unit of local government in the | 8 |
| amount of $1,000 or greater;
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| (3) have authority to approve licenses
and permits | 10 |
| by the unit of local government; this item does not | 11 |
| include
employees who function in a ministerial | 12 |
| capacity;
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| (4) adjudicate, arbitrate, or decide any judicial | 14 |
| or administrative
proceeding, or review the | 15 |
| adjudication, arbitration or decision of any judicial
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| or administrative proceeding within the authority of | 17 |
| the unit of local
government;
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| (5) have authority to issue or promulgate rules and | 19 |
| regulations within
areas under the authority of the | 20 |
| unit of local government; or
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| (6) have supervisory responsibility for 20 or more | 22 |
| employees of the
unit of local government.
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| (j) Persons on the Board of Trustees of the Illinois | 24 |
| Mathematics and
Science Academy.
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| (k) Persons employed by a school district in positions | 26 |
| that
require that
person to hold an administrative or a |
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| chief school business official
endorsement.
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| (l) Special government agents. A "special government | 3 |
| agent" is a
person who is directed, retained, designated, | 4 |
| appointed, or
employed, with or without compensation, by or | 5 |
| on behalf of a
statewide executive branch constitutional | 6 |
| officer to make an ex
parte communication under Section | 7 |
| 5-50 of the State Officials and
Employees Ethics Act or | 8 |
| Section 5-165 of the Illinois
Administrative Procedure | 9 |
| Act.
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| (m) Members of the board of commissioners of any flood | 11 |
| prevention district. | 12 |
| (n) Members of the board of any retirement system or | 13 |
| investment board established under the Illinois Pension | 14 |
| Code, if not required to file under any other provision of | 15 |
| this Section. | 16 |
| (o) Members of the board of any pension fund | 17 |
| established under the Illinois Pension Code, if not | 18 |
| required to file under any other provision of this Section. | 19 |
| This Section shall not be construed to prevent any unit of | 20 |
| local government
from enacting financial disclosure | 21 |
| requirements that mandate
more information
than required by | 22 |
| this Act.
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| (Source: P.A. 95-719, eff. 5-21-08.)
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| (5 ILCS 420/4A-102) (from Ch. 127, par. 604A-102)
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| Sec. 4A-102. The statement of economic interests required |
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| by this Article
shall include the economic interests of the | 2 |
| person making the statement as
provided in this Section. The | 3 |
| interest (if constructively controlled by the
person making the | 4 |
| statement) of a spouse or any other party, shall be
considered | 5 |
| to be the same as the interest of the person making the
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| statement. Campaign receipts shall not be included in this | 7 |
| statement.
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| (a) The following interests shall be listed by all | 9 |
| persons required to
file:
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| (1) The name, address and type of practice of any | 11 |
| professional
organization or individual professional | 12 |
| practice in which the person making
the statement was | 13 |
| an officer, director, associate, partner or | 14 |
| proprietor,
or served in any advisory capacity, from | 15 |
| which income in excess of $1200
was derived during the | 16 |
| preceding calendar year;
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| (2) The nature of professional services (other | 18 |
| than services rendered to
the unit or units of | 19 |
| government in relation to which the person is required
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| to file)
and the nature of the entity to which they | 21 |
| were rendered if fees exceeding
$5,000 were received | 22 |
| during the preceding calendar year from the entity for
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| professional services rendered by the person making | 24 |
| the statement.
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| (3) The identity (including the address or legal | 26 |
| description of real
estate) of any capital asset from |
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| which a capital gain of $5,000 or more
was realized in | 2 |
| the preceding calendar year.
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| (4) The name of any unit of government which has | 4 |
| employed the person
making the statement during the | 5 |
| preceding calendar year other than the unit
or units of | 6 |
| government in relation to which the person is required | 7 |
| to file.
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| (5) The name of any entity from which a gift or | 9 |
| gifts, or honorarium or
honoraria, valued singly or in | 10 |
| the aggregate in excess of $500, was
received during | 11 |
| the preceding calendar year.
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| (b) The following interests shall also be listed by | 13 |
| persons listed in
items (a) through (f) , and item (l) , and | 14 |
| item (n) of Section 4A-101:
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| (1) The name and instrument of ownership in any | 16 |
| entity doing business in
the State of Illinois, in | 17 |
| which an ownership interest held by the person at
the | 18 |
| date of filing is in excess of $5,000 fair market value | 19 |
| or from which
dividends of in excess of $1,200 were | 20 |
| derived during the preceding calendar
year. (In the | 21 |
| case of real estate, location thereof shall be listed | 22 |
| by
street address, or if none, then by legal | 23 |
| description). No time or demand
deposit in a financial | 24 |
| institution, nor any debt instrument need be listed;
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| (2) Except for professional service entities, the | 26 |
| name of any entity and
any position held therein from |
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| which income of in excess of $1,200 was
derived during | 2 |
| the preceding calendar year, if the entity does | 3 |
| business in
the State of Illinois. No time or demand | 4 |
| deposit in a financial
institution, nor any debt | 5 |
| instrument need be listed.
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| (3) The identity of any compensated lobbyist with | 7 |
| whom the person making
the statement maintains a close | 8 |
| economic association, including the name of
the | 9 |
| lobbyist and specifying the legislative matter or | 10 |
| matters which are the
object of the lobbying activity, | 11 |
| and describing the general type of
economic activity of | 12 |
| the client or principal on whose behalf that person is
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| lobbying.
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| (c) The following interests shall also be listed by | 15 |
| persons listed in
items (g), (h), and (i) , and (o) of | 16 |
| Section 4A-101:
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| (1) The name and instrument of ownership in any | 18 |
| entity doing business
with a unit of local government | 19 |
| in relation to which the person is
required to file if | 20 |
| the ownership interest of the person filing is greater
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| than $5,000 fair market value as of the date of filing | 22 |
| or if dividends in
excess of $1,200 were received from | 23 |
| the entity during the preceding
calendar year. (In the | 24 |
| case of real estate, location thereof shall be
listed | 25 |
| by street address, or if none, then by legal | 26 |
| description). No time
or demand deposit in a financial |
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| institution, nor any debt instrument need
be listed.
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| (2) Except for professional service entities, the | 3 |
| name of any entity and
any position held therein from | 4 |
| which income in excess of $1,200 was derived
during the | 5 |
| preceding calendar year if the entity does business | 6 |
| with a
unit of local government in relation to which | 7 |
| the person is required to
file. No time or demand | 8 |
| deposit in a financial institution, nor any debt
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| instrument need be listed.
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| (3) The name of any entity and the nature of the | 11 |
| governmental action
requested by any entity which has | 12 |
| applied to a unit of local
government
in relation to | 13 |
| which the person must file for any license, franchise | 14 |
| or
permit for annexation, zoning or rezoning of real | 15 |
| estate during the
preceding calendar year if the | 16 |
| ownership interest of the person filing is
in excess of | 17 |
| $5,000 fair market value at the time of filing or if | 18 |
| income or
dividends in excess of $1,200 were received | 19 |
| by the person filing from the
entity during the | 20 |
| preceding calendar year.
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| For the purposes of this Section, the unit of local | 22 |
| government in relation to which a person required to file under | 23 |
| item (o) of Section 4A-101 shall be the unit of local | 24 |
| government that contributes to the pension fund of which such | 25 |
| person is a member of the board. | 26 |
| (Source: P.A. 92-101, eff. 1-1-02; 93-617, eff. 12-9-03.)
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| (5 ILCS 420/4A-106) (from Ch. 127, par. 604A-106)
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| Sec. 4A-106. The statements of economic interests required | 3 |
| of persons
listed in items (a) through (f), item (j), and item | 4 |
| (l) , and item (n) of
Section 4A-101 shall be
filed with the | 5 |
| Secretary of State. The statements of economic interests
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| required of persons listed in items (g), (h), (i), and (k) , and | 7 |
| (o) of
Section
4A-101 shall be filed with the county clerk of | 8 |
| the county in which the
principal office of the unit of local | 9 |
| government with which the person is
associated is located. If | 10 |
| it is not apparent which county the principal office
of a unit | 11 |
| of local government is located, the chief administrative | 12 |
| officer, or
his or her designee, has the authority, for | 13 |
| purposes of this Act, to determine
the county in which the | 14 |
| principal office is located. On or before February 1
annually, | 15 |
| (1) the chief administrative officer of any State agency in the
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| executive, legislative, or judicial branch employing persons | 17 |
| required to file
under item (f) or item (l) of Section
4A-101 | 18 |
| and the chief administrative officer of a board described in | 19 |
| item (n) of Section 4A-101 shall certify to the Secretary of | 20 |
| State the names and mailing addresses
of those persons, and (2) | 21 |
| the chief administrative officer, or his or her
designee, of | 22 |
| each unit of local government with persons described in items | 23 |
| (h),
(i) and (k) and a board described in item (o) of Section | 24 |
| 4A-101 shall certify to the appropriate county clerk a
list of | 25 |
| names and addresses of persons described in items (h), (i) ,
and |
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| (k) , and (o) of
Section 4A-101 that are required to file. In | 2 |
| preparing the lists, each chief
administrative officer, or his | 3 |
| or her designee, shall set out the names in
alphabetical order.
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| On or before April 1 annually, the Secretary of State shall | 5 |
| notify (1)
all persons whose names have been certified to him | 6 |
| under items (f) ,
and (l) , and (n) of
Section 4A-101, and (2) | 7 |
| all persons described in items (a) through (e) and
item (j) of | 8 |
| Section 4A-101, other than candidates for office who have filed
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| their statements with their nominating petitions, of the | 10 |
| requirements for
filing statements of economic interests.
A | 11 |
| person required to file with the Secretary of State by virtue | 12 |
| of more than
one item among items (a) through (f) and items | 13 |
| (j) , and (l) , and (n)
shall be notified of and is
required
to | 14 |
| file only one statement of economic interests relating to all | 15 |
| items under
which the person is required to file with the | 16 |
| Secretary of State.
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| On or before April 1 annually, the county clerk of each | 18 |
| county shall
notify all persons whose names have been certified | 19 |
| to him under items (g),
(h), (i), and (k) , and (o) of Section | 20 |
| 4A-101, other than candidates
for office who have filed their | 21 |
| statements with their nominating petitions, of
the | 22 |
| requirements for filing statements of economic interests.
A | 23 |
| person required to file with a county clerk by virtue of more | 24 |
| than one item
among items (g), (h), (i), and (k) , and (o) shall | 25 |
| be notified of and is
required to
file only one statement of | 26 |
| economic interests relating to all items under which
the person |
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| is required to file with that county clerk.
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| Except as provided in Section 4A-106.1, the notices | 3 |
| provided for in this
Section shall be in writing and deposited | 4 |
| in
the U.S. Mail, properly addressed, first class postage | 5 |
| prepaid, on or before
the day required by this Section for the | 6 |
| sending of the notice. A certificate
executed by the Secretary | 7 |
| of State or county clerk attesting that he has mailed
the | 8 |
| notice constitutes prima facie evidence thereof.
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| From the lists certified to him under this Section of | 10 |
| persons described in
items (g), (h), (i), and (k) , and (o) of | 11 |
| Section 4A-101, the clerk
of each county shall
compile an | 12 |
| alphabetical listing of persons required to file statements of
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| economic interests in his office under any of those items. As | 14 |
| the
statements are filed in his office, the county clerk shall | 15 |
| cause the fact
of that filing to be indicated on the | 16 |
| alphabetical listing of persons who
are required to file | 17 |
| statements. Within 30 days after the due dates, the county
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| clerk shall mail to the State Board of Elections a true copy of | 19 |
| that listing
showing those who have filed statements.
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| The county clerk of each county shall note upon the | 21 |
| alphabetical listing
the names of all persons required to file | 22 |
| a statement of economic interests
who failed to file a | 23 |
| statement on or before May 1. It shall be the duty of
the | 24 |
| several county clerks to give notice as provided in Section | 25 |
| 4A-105 to
any person who has failed to file his or her | 26 |
| statement with the clerk on or
before May 1.
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| Any person who files or has filed a statement of economic | 2 |
| interest
under this Act is entitled to receive from the | 3 |
| Secretary of State or county
clerk, as the case may be, a | 4 |
| receipt indicating that the person has filed
such a statement, | 5 |
| the date of such filing, and the identity of the
governmental | 6 |
| unit or units in relation to which the filing is required.
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| The Secretary of State may employ such employees and | 8 |
| consultants
as he considers necessary to carry out his duties | 9 |
| hereunder, and may
prescribe their duties, fix their | 10 |
| compensation, and provide for
reimbursement of their expenses.
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| All statements of economic interests filed under this | 12 |
| Section shall be
available for examination and copying by the | 13 |
| public at all reasonable times.
Not later than 12 months after | 14 |
| the effective date of this amendatory Act of
the 93rd General | 15 |
| Assembly, beginning with statements filed in calendar year
| 16 |
| 2004, the Secretary of State shall make statements of economic | 17 |
| interests filed
with the Secretary available for inspection and | 18 |
| copying via the Secretary's
website.
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| (Source: P.A. 93-617, eff. 12-9-03; 94-603, eff. 8-16-05.)
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| (5 ILCS 420/4A-107) (from Ch. 127, par. 604A-107)
| 21 |
| Sec. 4A-107. Any person required to file a statement of | 22 |
| economic interests
under this Article who willfully files a | 23 |
| false or incomplete statement shall be
guilty of a Class A | 24 |
| misdemeanor.
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| Failure to file a statement within the time prescribed |
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| shall result in
ineligibility for, or forfeiture of, office or | 2 |
| position of employment, as
the case may be; provided, however, | 3 |
| that if the notice of failure to
file a statement of economic | 4 |
| interests provided in Section 4A-105 of this
Act is not given | 5 |
| by the Secretary of State or the county clerk, as the case
may | 6 |
| be, no forfeiture shall result if a statement is filed within | 7 |
| 30 days
of actual notice of the failure to file. The Secretary | 8 |
| of State shall provide the Attorney General with the names of | 9 |
| persons who failed to file a statement. The county clerk shall | 10 |
| provide the State's Attorney of the county of the entity for | 11 |
| which the filing of statement of economic interest is required | 12 |
| with the name of persons who failed to file a statement.
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| The Attorney General, with respect to offices or positions | 14 |
| described in
items (a) through (f) and items (j) , and (l) , and | 15 |
| (n) of Section 4A-101 of this
Act, or the State's
Attorney of | 16 |
| the county of the entity for which the filing of statements of
| 17 |
| economic interests is required, with respect to offices or | 18 |
| positions
described in items (g) through (i) , and item (k) , and | 19 |
| item (o) of
Section
4A-101 of this Act,
shall bring an action | 20 |
| in quo warranto against any person who has failed to file
by | 21 |
| either May 31 or June 30 of any given year.
| 22 |
| (Source: P.A. 93-617, eff. 12-9-03.)
| 23 |
| Section 10. The State Officials and Employees Ethics Act is | 24 |
| amended by changing Section 1-5 as follows: |
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| (5 ILCS 430/1-5)
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| Sec. 1-5. Definitions. As used in this Act:
| 3 |
| "Appointee" means a person appointed to a position in or | 4 |
| with a State
agency, regardless of whether the position is | 5 |
| compensated.
| 6 |
| "Campaign for elective office" means any activity in | 7 |
| furtherance of an
effort to influence the selection, | 8 |
| nomination, election, or appointment of any
individual to any | 9 |
| federal, State, or local public office or office in a
political | 10 |
| organization, or the selection, nomination, or election
of | 11 |
| Presidential or Vice-Presidential electors,
but does not | 12 |
| include
activities (i) relating to the support or opposition of | 13 |
| any executive,
legislative, or administrative action (as those | 14 |
| terms are defined in Section 2
of the Lobbyist Registration | 15 |
| Act), (ii) relating to collective bargaining, or
(iii) that are | 16 |
| otherwise in furtherance of the person's official State duties.
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| "Candidate" means a person who has
filed nominating papers | 18 |
| or petitions for nomination or election to an elected
State | 19 |
| office, or who has been appointed to fill a vacancy in | 20 |
| nomination, and
who remains eligible for placement on the | 21 |
| ballot at either a
general primary election or general | 22 |
| election.
| 23 |
| "Collective bargaining" has the same meaning as that term | 24 |
| is defined in
Section 3 of the Illinois Public Labor Relations | 25 |
| Act.
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| "Commission" means an ethics commission created by this |
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| 1 |
| Act.
| 2 |
| "Compensated time" means any time worked by or credited to | 3 |
| a State employee
that counts
toward any minimum work time | 4 |
| requirement imposed as a condition of employment
with a State | 5 |
| agency, but does not include any designated State holidays or | 6 |
| any
period when the employee is on a
leave of absence.
| 7 |
| "Compensatory time off" means authorized time off earned by | 8 |
| or awarded to a
State employee to compensate in whole or in | 9 |
| part for time worked in excess of
the minimum work time | 10 |
| required
of that employee as a condition of employment with a | 11 |
| State agency.
| 12 |
| "Contribution" has the same meaning as that term is defined | 13 |
| in Section 9-1.4
of the Election Code.
| 14 |
| "Employee" means (i) any person employed full-time, | 15 |
| part-time, or
pursuant to a contract and whose employment | 16 |
| duties are subject to the direction
and
control of an employer | 17 |
| with regard to the material details of how the work is
to be | 18 |
| performed or (ii) any appointed or elected commissioner, | 19 |
| trustee, director, or board member of a board of a State | 20 |
| agency, including any retirement system or investment board | 21 |
| subject to the Illinois Pension Code or (iii) any other | 22 |
| appointee.
| 23 |
| "Executive branch constitutional officer" means the | 24 |
| Governor, Lieutenant
Governor, Attorney General, Secretary of | 25 |
| State, Comptroller, and Treasurer.
| 26 |
| "Gift" means any gratuity, discount, entertainment, |
|
|
|
09600SB0364ham002 |
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LRB096 06397 AMC 25061 a |
|
| 1 |
| hospitality, loan,
forbearance, or other tangible or | 2 |
| intangible item having monetary value
including, but not
| 3 |
| limited to, cash, food and drink, and honoraria for speaking | 4 |
| engagements
related to or attributable to government | 5 |
| employment or the official position of
an
employee, member, or | 6 |
| officer.
| 7 |
| "Governmental entity" means a unit of local government | 8 |
| (including a community college district) or a school
district | 9 |
| but not a State
agency.
| 10 |
| "Leave of absence" means any period during which a State | 11 |
| employee does not
receive (i) compensation for State | 12 |
| employment, (ii) service credit towards
State pension | 13 |
| benefits, and (iii) health insurance benefits paid for by the
| 14 |
| State.
| 15 |
| "Legislative branch constitutional officer" means a member | 16 |
| of the General
Assembly and the Auditor General.
| 17 |
| "Legislative leader" means the President and Minority | 18 |
| Leader of the Senate
and the Speaker and Minority Leader of the | 19 |
| House of Representatives.
| 20 |
| "Member" means a member of the General Assembly.
| 21 |
| "Officer" means an executive branch constitutional officer
| 22 |
| or a
legislative branch constitutional officer.
| 23 |
| "Political" means any activity in support
of or in | 24 |
| connection with any campaign for elective office or any | 25 |
| political
organization, but does not include activities (i) | 26 |
| relating to the support or
opposition of any executive, |
|
|
|
09600SB0364ham002 |
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LRB096 06397 AMC 25061 a |
|
| 1 |
| legislative, or administrative action (as those
terms are | 2 |
| defined in Section 2 of the Lobbyist Registration Act), (ii) | 3 |
| relating
to collective bargaining, or (iii) that are
otherwise
| 4 |
| in furtherance of the person's official
State duties or | 5 |
| governmental and public service functions.
| 6 |
| "Political organization" means a party, committee, | 7 |
| association, fund, or
other organization (whether or not | 8 |
| incorporated) that is required to file a
statement of | 9 |
| organization with the State Board of Elections or a county | 10 |
| clerk
under Section 9-3 of the Election Code, but only with | 11 |
| regard to those
activities that require filing with the State | 12 |
| Board of Elections or a county
clerk.
| 13 |
| "Prohibited political activity" means:
| 14 |
| (1) Preparing for, organizing, or participating in any
| 15 |
| political meeting, political rally, political | 16 |
| demonstration, or other political
event.
| 17 |
| (2) Soliciting contributions, including but not | 18 |
| limited to the purchase
of, selling, distributing, or | 19 |
| receiving
payment for tickets for any political | 20 |
| fundraiser,
political meeting, or other political event.
| 21 |
| (3) Soliciting, planning the solicitation of, or | 22 |
| preparing any document or
report regarding any thing of | 23 |
| value intended as a campaign contribution.
| 24 |
| (4) Planning, conducting, or participating in a public | 25 |
| opinion
poll in connection with a campaign for elective | 26 |
| office or on behalf of a
political organization for |
|
|
|
09600SB0364ham002 |
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LRB096 06397 AMC 25061 a |
|
| 1 |
| political purposes or for or against any referendum
| 2 |
| question.
| 3 |
| (5) Surveying or gathering information from potential | 4 |
| or actual
voters in an election to determine probable vote | 5 |
| outcome in connection with a
campaign for elective office | 6 |
| or on behalf of a political organization for
political | 7 |
| purposes or for or against any referendum question.
| 8 |
| (6) Assisting at the polls on election day on behalf of | 9 |
| any
political organization or candidate for elective | 10 |
| office or for or against any
referendum
question.
| 11 |
| (7) Soliciting votes on behalf of a candidate for | 12 |
| elective office or a
political organization or for or | 13 |
| against any referendum question or helping in
an effort to | 14 |
| get voters
to the polls.
| 15 |
| (8) Initiating for circulation, preparing, | 16 |
| circulating, reviewing, or
filing any petition on
behalf of | 17 |
| a candidate for elective office or for or against any | 18 |
| referendum
question.
| 19 |
| (9) Making contributions on behalf
of any candidate for | 20 |
| elective office in that capacity or in connection with a
| 21 |
| campaign for elective office.
| 22 |
| (10) Preparing or reviewing responses to candidate | 23 |
| questionnaires in
connection with a campaign for elective | 24 |
| office or on behalf of a political
organization for | 25 |
| political purposes.
| 26 |
| (11) Distributing, preparing for distribution, or |
|
|
|
09600SB0364ham002 |
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LRB096 06397 AMC 25061 a |
|
| 1 |
| mailing campaign
literature, campaign signs, or other | 2 |
| campaign material on behalf of any
candidate for elective | 3 |
| office or for or against any referendum question.
| 4 |
| (12) Campaigning for any elective
office or for or | 5 |
| against any referendum question.
| 6 |
| (13) Managing or working on a campaign for elective
| 7 |
| office or for or against any referendum question.
| 8 |
| (14) Serving as a delegate, alternate, or proxy to a | 9 |
| political
party convention.
| 10 |
| (15) Participating in any recount or challenge to the | 11 |
| outcome of
any election, except to the extent that under | 12 |
| subsection (d) of
Section 6 of Article IV of the Illinois | 13 |
| Constitution each house of the General
Assembly shall judge | 14 |
| the elections, returns, and qualifications of its members.
| 15 |
| "Prohibited source" means any person or entity who:
| 16 |
| (1) is seeking official action (i) by the
member or | 17 |
| officer or (ii) in the case of an employee, by
the employee
| 18 |
| or by the
member, officer, State agency, or other employee | 19 |
| directing the
employee;
| 20 |
| (2) does business or seeks to do business (i) with the
| 21 |
| member or officer or (ii) in the case of an employee,
with | 22 |
| the
employee or with the member, officer, State agency, or | 23 |
| other
employee directing the
employee;
| 24 |
| (3) conducts activities regulated (i) by the
member or | 25 |
| officer or (ii) in the case of an employee, by
the employee | 26 |
| or by the member, officer, State agency, or
other employee |
|
|
|
09600SB0364ham002 |
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LRB096 06397 AMC 25061 a |
|
| 1 |
| directing the employee;
| 2 |
| (4) has interests that may be substantially affected by | 3 |
| the performance or
non-performance of the official duties | 4 |
| of the member, officer, or
employee; or
| 5 |
| (5) is registered or required to be registered with the | 6 |
| Secretary of State
under the Lobbyist Registration Act, | 7 |
| except that an entity not otherwise a
prohibited source | 8 |
| does not become a prohibited source merely because a
| 9 |
| registered lobbyist is one of its members or serves on its | 10 |
| board of
directors.
| 11 |
| "State agency" includes all officers, boards, commissions | 12 |
| and agencies
created by the Constitution, whether in the | 13 |
| executive or legislative
branch; all officers,
departments, | 14 |
| boards, commissions, agencies, institutions, authorities,
| 15 |
| public institutions of higher learning as defined in Section 2 | 16 |
| of the Higher
Education
Cooperation Act (except community | 17 |
| colleges), and bodies politic and corporate of the State; and
| 18 |
| administrative
units or corporate outgrowths of the State | 19 |
| government which are created by
or pursuant to statute, other | 20 |
| than units of local government (including community college | 21 |
| districts) and their
officers, school districts, and boards of | 22 |
| election commissioners; and all
administrative units and | 23 |
| corporate outgrowths of the above and as may be
created by | 24 |
| executive order of the Governor. "State agency" includes the | 25 |
| General
Assembly, the Senate, the House of Representatives, the | 26 |
| President and Minority
Leader of the Senate, the Speaker and |
|
|
|
09600SB0364ham002 |
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LRB096 06397 AMC 25061 a |
|
| 1 |
| Minority Leader of the House of
Representatives, the Senate | 2 |
| Operations Commission, and the legislative support
services | 3 |
| agencies. "State agency" includes the Office
of the Auditor | 4 |
| General. "State agency" does not include the judicial branch.
| 5 |
| "State employee" means any employee of a State agency.
| 6 |
| "Ultimate jurisdictional
authority" means the following:
| 7 |
| (1) For members, legislative partisan staff, and | 8 |
| legislative secretaries,
the appropriate
legislative | 9 |
| leader: President of the
Senate, Minority Leader of the | 10 |
| Senate, Speaker of the House of Representatives,
or | 11 |
| Minority Leader of the House of Representatives.
| 12 |
| (2) For State employees who are professional staff or | 13 |
| employees of the
Senate and not covered under item (1), the | 14 |
| Senate Operations Commission.
| 15 |
| (3) For State employees who are professional staff or | 16 |
| employees of the
House of Representatives and not covered | 17 |
| under item (1), the Speaker of the
House of | 18 |
| Representatives.
| 19 |
| (4) For State employees who are employees of the | 20 |
| legislative support
services agencies, the Joint Committee | 21 |
| on Legislative Support Services.
| 22 |
| (5) For State employees of the Auditor General, the | 23 |
| Auditor General.
| 24 |
| (6) For State employees of public institutions of | 25 |
| higher learning as
defined in Section 2 of the Higher | 26 |
| Education Cooperation Act (except community colleges), the |
|
|
|
09600SB0364ham002 |
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LRB096 06397 AMC 25061 a |
|
| 1 |
| board of
trustees of the appropriate public institution of | 2 |
| higher learning.
| 3 |
| (7) For State employees of an executive branch | 4 |
| constitutional officer
other than those described in | 5 |
| paragraph (6), the
appropriate executive branch | 6 |
| constitutional officer.
| 7 |
| (8) For State employees not under the jurisdiction of | 8 |
| paragraph (1), (2),
(3), (4), (5), (6), or (7), the | 9 |
| Governor.
| 10 |
| (Source: P.A. 95-880, eff. 8-19-08.) | 11 |
| Section 12. The State Treasurer Act is amended by adding | 12 |
| Section 16.10 as follows: | 13 |
| (15 ILCS 505/16.10 new) | 14 |
| (Section scheduled to be repealed on June 30, 2011) | 15 |
| Sec. 16.10. Working group; peer cost comparison. The | 16 |
| Treasurer shall convene a working group consisting of | 17 |
| representatives from the retirement systems, pension funds, | 18 |
| and investment board created under the Illinois Pension Code, | 19 |
| persons that provide investment services, and members of the | 20 |
| financial industry. The working group shall review the | 21 |
| performance of investment managers and consultants providing | 22 |
| investment services for the retirement systems, pension funds, | 23 |
| and investment board created under the Illinois Pension Code. | 24 |
| The group shall develop uniform standards for comparing the |
|
|
|
09600SB0364ham002 |
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LRB096 06397 AMC 25061 a |
|
| 1 |
| costs of investment services and make recommendations to the | 2 |
| retirement systems, pension funds, and investment board. In | 3 |
| performing its functions under this Section, the working group | 4 |
| shall work in coordination with the Commission on Government | 5 |
| Forecasting and Accountability. The Office of the State | 6 |
| Treasurer shall provide administrative assistance to the | 7 |
| working group as the group deems necessary and appropriate. The | 8 |
| working group shall draft a report, and the Treasurer must | 9 |
| submit such report, to the Governor and the General Assembly by | 10 |
| January 1, 2011. | 11 |
| This Section is repealed on June 30, 2011. | 12 |
| Section 15. The Illinois Pension Code is amended by | 13 |
| changing Sections 1-101.2, 1-109.1, 1-110, 1-113.5, 1-125, | 14 |
| 14-134, 14-134.1, 15-159, 16-163, 16-164, 16-169, and 22A-109 | 15 |
| and by adding Sections 1-101.5, 1-113.14, 1-113.16, 1-113.18, | 16 |
| 1-130, 1-135, 1-145, and 1-150 as follows:
| 17 |
| (40 ILCS 5/1-101.2)
| 18 |
| Sec. 1-101.2. Fiduciary. A person is a "fiduciary" with | 19 |
| respect to a
pension fund or retirement system established | 20 |
| under this Code to the extent
that the person:
| 21 |
| (1) exercises any discretionary authority or | 22 |
| discretionary control
respecting management of the pension | 23 |
| fund or retirement system, or exercises
any authority or | 24 |
| control respecting management or disposition of its |
|
|
|
09600SB0364ham002 |
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LRB096 06397 AMC 25061 a |
|
| 1 |
| assets;
| 2 |
| (2) renders investment advice or renders advice on the | 3 |
| selection of fiduciaries for a fee or other compensation, | 4 |
| direct or
indirect, with respect to any moneys or other | 5 |
| property of the pension fund or
retirement system, or has | 6 |
| any authority or responsibility to do so; or
| 7 |
| (3) has any discretionary authority or discretionary | 8 |
| responsibility in the
administration of the pension fund or | 9 |
| retirement system.
| 10 |
| (Source: P.A. 90-507, eff. 8-22-97 .)
| 11 |
| (40 ILCS 5/1-101.5 new)
| 12 |
| Sec. 1-101.5. Consultant. "Consultant" means any person or | 13 |
| entity retained or employed by the board of a retirement | 14 |
| system, pension fund, or investment board to make | 15 |
| recommendations in developing an investment strategy, assist | 16 |
| with finding appropriate investment advisers, or monitor the | 17 |
| board's investments. "Consultant" does not include | 18 |
| non-investment related professionals or professionals offering | 19 |
| services that are not directly related to the investment of | 20 |
| assets, such as legal counsel, actuary, proxy-voting services, | 21 |
| services used to track compliance with legal standards, and | 22 |
| investment fund of funds where the board has no direct | 23 |
| contractual relationship with the investment advisers or | 24 |
| partnerships. "Investment adviser" has the meaning ascribed to | 25 |
| it in Section 1-101.4. |
|
|
|
09600SB0364ham002 |
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LRB096 06397 AMC 25061 a |
|
| 1 |
|
| 2 |
| (40 ILCS 5/1-109.1) (from Ch. 108 1/2, par. 1-109.1)
| 3 |
| Sec. 1-109.1. Allocation and Delegation of Fiduciary | 4 |
| Duties.
| 5 |
| (1) Subject to the provisions of Section 22A-113 of this | 6 |
| Code and
subsections (2) and (3) of this Section, the board of | 7 |
| trustees of a
retirement system or pension fund established | 8 |
| under this Code may:
| 9 |
| (a) Appoint one or more investment managers as | 10 |
| fiduciaries to manage
(including the power to acquire and | 11 |
| dispose of) any assets of the
retirement system or pension | 12 |
| fund; and
| 13 |
| (b) Allocate duties among themselves and designate | 14 |
| others as fiduciaries
to carry out specific fiduciary | 15 |
| activities other than the management of the
assets of the | 16 |
| retirement system or pension fund.
| 17 |
| (2) The board of trustees of a pension fund established | 18 |
| under Article 5, 6,
8, 9, 10, 11, 12 or 17 of this Code may not | 19 |
| transfer its investment authority,
nor transfer the assets of | 20 |
| the fund to any other person or entity for the
purpose of | 21 |
| consolidating or merging its assets and management with any | 22 |
| other
pension fund or public investment authority, unless the | 23 |
| board resolution
authorizing such transfer is submitted for | 24 |
| approval to the contributors and
pensioners of the fund at | 25 |
| elections held not less than 30 days after the
adoption of such |
|
|
|
09600SB0364ham002 |
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|
| 1 |
| resolution by the board, and such resolution is approved by a
| 2 |
| majority of the votes cast on the question in both the | 3 |
| contributors election
and the pensioners election. The | 4 |
| election procedures and qualifications
governing the election | 5 |
| of trustees shall govern the submission of resolutions
for | 6 |
| approval under this paragraph, insofar as they may be made | 7 |
| applicable.
| 8 |
| (3) Pursuant to subsections (h) and (i) of Section 6 of | 9 |
| Article VII of
the Illinois Constitution, the investment | 10 |
| authority of boards of trustees
of retirement systems and | 11 |
| pension funds established under this Code is declared
to be a | 12 |
| subject of exclusive State jurisdiction, and the concurrent | 13 |
| exercise
by a home rule unit of any power affecting such | 14 |
| investment authority is
hereby specifically denied and | 15 |
| preempted.
| 16 |
| (4) For the purposes of this Code, "emerging investment | 17 |
| manager" means a
qualified investment adviser that manages an | 18 |
| investment portfolio of at
least $10,000,000 but less than | 19 |
| $10,000,000,000 $2,000,000,000 and is a
"minority owned | 20 |
| business" , or "female owned business" or "business owned by a | 21 |
| person with a disability" as those terms are
defined in the | 22 |
| Business Enterprise for Minorities,
Females, and Persons with | 23 |
| Disabilities Act.
| 24 |
| It is hereby declared to be the public policy of the State | 25 |
| of Illinois to
encourage the trustees of public employee | 26 |
| retirement systems , pension funds, and investment boards
to use |
|
|
|
09600SB0364ham002 |
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LRB096 06397 AMC 25061 a |
|
| 1 |
| emerging investment managers in managing their system's | 2 |
| assets , encompassing all asset classes, and increase the | 3 |
| racial, ethnic, and gender diversity of its fiduciaries, to the
| 4 |
| greatest extent feasible within the bounds of financial and | 5 |
| fiduciary
prudence, and to take affirmative steps to remove any | 6 |
| barriers to the full
participation of emerging investment | 7 |
| managers in investment opportunities
afforded by those | 8 |
| retirement systems , pension funds, and investment boards .
| 9 |
| On or before January 1, 2010, a retirement system, pension | 10 |
| fund, or investment board subject to this Code, except those | 11 |
| whose investments are restricted by Section 1-113.2 of this | 12 |
| Code, shall adopt a policy that sets forth goals for | 13 |
| utilization of emerging investment managers. This policy shall | 14 |
| include quantifiable goals for the management of assets in | 15 |
| specific asset classes by emerging investment managers. The | 16 |
| retirement system, pension fund, or investment board shall | 17 |
| establish 3 separate goals for: (i) emerging investment | 18 |
| managers that are minority owned businesses; (ii) emerging | 19 |
| investment managers that are female owned businesses; and (iii) | 20 |
| emerging investment managers that are businesses owned by a | 21 |
| person with a disability. The goals established shall be based | 22 |
| on the percentage of total dollar amount of investment service | 23 |
| contracts let to minority owned businesses, female owned | 24 |
| businesses, and businesses owned by a person with a disability, | 25 |
| as those terms are defined in the Business Enterprise for | 26 |
| Minorities, Females, and Persons with Disabilities Act. The |
|
|
|
09600SB0364ham002 |
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LRB096 06397 AMC 25061 a |
|
| 1 |
| retirement system, pension fund, or investment board shall | 2 |
| annually review the goals established under this subsection. | 3 |
| If in any case an emerging investment manager meets the | 4 |
| criteria established by a board for a specific search and meets | 5 |
| the criteria established by a consultant for that search, then | 6 |
| that emerging investment manager shall receive an invitation by | 7 |
| the board of trustees, or an investment committee of the board | 8 |
| of trustees, to present his or her firm for final consideration | 9 |
| of a contract. In the case where multiple emerging investment | 10 |
| managers meet the criteria of this Section, the staff may | 11 |
| choose the most qualified firm or firms to present to the | 12 |
| board. | 13 |
| Each retirement system subject to this Code shall prepare a
| 14 |
| report to be submitted to the Governor and the General Assembly | 15 |
| by
September 1 of each year. The report shall identify the | 16 |
| emerging
investment managers used by the system, the percentage | 17 |
| of the system's
assets under the investment control of emerging | 18 |
| investment managers, and
the actions it has undertaken to | 19 |
| increase the use of emerging investment
managers, including | 20 |
| encouraging other investment managers to use emerging
| 21 |
| investment managers as subcontractors when the opportunity | 22 |
| arises.
| 23 |
| The use of an emerging investment manager does not | 24 |
| constitute a transfer
of investment authority for the purposes | 25 |
| of subsection (2) of this Section.
| 26 |
| (5) Each retirement system, pension fund, or investment |
|
|
|
09600SB0364ham002 |
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LRB096 06397 AMC 25061 a |
|
| 1 |
| board subject to this Code, except those whose investments are | 2 |
| restricted by Section 1-113.2 of this Code, shall establish a | 3 |
| policy that sets forth goals for increasing the racial, ethnic, | 4 |
| and gender diversity of its fiduciaries, including its | 5 |
| consultants and senior staff. Each system, fund, and investment | 6 |
| board shall annually review the goals established under this | 7 |
| subsection. | 8 |
| (6) On or before January 1, 2010, a retirement system, | 9 |
| pension fund, or investment board subject to this Code, except | 10 |
| those whose investments are restricted by Section 1-113.2 of | 11 |
| this Code, shall adopt a policy that sets forth goals for | 12 |
| utilization of businesses owned by minorities, females, and | 13 |
| persons with disabilities for all contracts and services. The | 14 |
| goals established shall be based on the percentage of total | 15 |
| dollar amount of all contracts let to minority owned | 16 |
| businesses, female owned businesses, and businesses owned by a | 17 |
| person with a disability, as those terms are defined in the | 18 |
| Business Enterprise for Minorities, Females, and Persons with | 19 |
| Disabilities Act. The retirement system, pension fund, or | 20 |
| investment board shall annually review the goals established | 21 |
| under this subsection. | 22 |
| (7) On or before January 1, 2010, a retirement system, | 23 |
| pension fund, or investment board subject to this Code, except | 24 |
| those whose investments are restricted by Section 1-113.2 of | 25 |
| this Code, shall adopt a policy that sets forth goals for | 26 |
| increasing the utilization of minority broker-dealers. For the |
|
|
|
09600SB0364ham002 |
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LRB096 06397 AMC 25061 a |
|
| 1 |
| purposes of this Code, "minority broker-dealer" means a | 2 |
| qualified broker-dealer who meets the definition of "minority | 3 |
| owned business", "female owned business", or "business owned by | 4 |
| a person with a disability", as those terms are defined in the | 5 |
| Business Enterprise for Minorities, Females, and Persons with | 6 |
| Disabilities Act. The retirement system, pension fund, or | 7 |
| investment board shall annually review the goals established | 8 |
| under this Section. | 9 |
| (8) Each retirement system, pension fund, and investment | 10 |
| board subject to this Code, except those whose investments are | 11 |
| restricted by Section 1-113.2 of this Code, shall submit a | 12 |
| report to the Governor and the General Assembly by January 1 of | 13 |
| each year that includes the following: (i) the policy adopted | 14 |
| under subsection (4) of this Section, including the names and | 15 |
| addresses of the emerging investment managers used, percentage | 16 |
| of the assets under the investment control of emerging | 17 |
| investment managers for the 3 separate goals, and the actions | 18 |
| it has undertaken to increase the use of emerging investment | 19 |
| managers, including encouraging other investment managers to | 20 |
| use emerging investment managers as subcontractors when the | 21 |
| opportunity arises; (ii) the policy adopted under subsection | 22 |
| (5) of this Section; (iii) the policy adopted under subsection | 23 |
| (6) of this Section; and (iv) the policy adopted under | 24 |
| subsection (7) of this Section, including specific actions | 25 |
| undertaken to increase the use of minority broker-dealers. | 26 |
| (Source: P.A. 94-471, eff. 8-4-05.)
|
|
|
|
09600SB0364ham002 |
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LRB096 06397 AMC 25061 a |
|
| 1 |
| (40 ILCS 5/1-110) (from Ch. 108 1/2, par. 1-110)
| 2 |
| Sec. 1-110. Prohibited Transactions.
| 3 |
| (a) A fiduciary with respect to a retirement system , or | 4 |
| pension fund , or investment board shall
not cause the | 5 |
| retirement system or pension fund to engage in a transaction if
| 6 |
| he or she knows or should know that such transaction | 7 |
| constitutes a direct or
indirect:
| 8 |
| (1) Sale or exchange, or leasing of any property from | 9 |
| the retirement
system
or pension fund to a party in | 10 |
| interest for less than adequate consideration,
or from a | 11 |
| party in interest to a retirement system or pension fund | 12 |
| for more
than adequate consideration.
| 13 |
| (2) Lending of money or other extension of credit from | 14 |
| the retirement
system or pension fund to a party in | 15 |
| interest without the receipt of adequate
security and a | 16 |
| reasonable rate of interest, or from a party in interest to
| 17 |
| a retirement system or pension fund with the provision of | 18 |
| excessive security
or an unreasonably high rate of | 19 |
| interest.
| 20 |
| (3) Furnishing of goods, services or facilities from | 21 |
| the retirement
system or pension fund to a party in | 22 |
| interest for less than adequate
consideration, or from a | 23 |
| party in interest to a retirement system or
pension fund | 24 |
| for more than adequate consideration.
| 25 |
| (4) Transfer to, or use by or for the benefit of, a |
|
|
|
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| party in interest
of any assets of a retirement system or | 2 |
| pension fund for less than adequate
consideration.
| 3 |
| (b) A fiduciary with respect to a retirement system or | 4 |
| pension fund
established under this Code shall not:
| 5 |
| (1) Deal with the assets of the retirement system or | 6 |
| pension fund in his
own interest or for his own account;
| 7 |
| (2) In his individual or any other capacity act in any | 8 |
| transaction
involving the retirement system or pension | 9 |
| fund on behalf of a party whose
interests are adverse to | 10 |
| the interests of the retirement system or pension fund
or | 11 |
| the interests of its participants or beneficiaries; or
| 12 |
| (3) Receive any consideration for his own personal | 13 |
| account from any party
dealing with the retirement system | 14 |
| or pension fund in connection with a
transaction involving | 15 |
| the assets of the retirement system or pension
fund.
| 16 |
| (c) Nothing in this Section shall be construed to prohibit | 17 |
| any trustee from:
| 18 |
| (1) Receiving any benefit to which he may be entitled | 19 |
| as a participant
or beneficiary in the retirement system or | 20 |
| pension fund.
| 21 |
| (2) Receiving any reimbursement of expenses properly | 22 |
| and actually incurred
in the performance of his duties with | 23 |
| the retirement system or pension fund.
| 24 |
| (3) Serving as a trustee in addition to being an | 25 |
| officer, employee, agent
or other representative of a party | 26 |
| in interest.
|
|
|
|
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| (d) A fiduciary of a pension fund established under Article | 2 |
| 3 or 4 shall
not knowingly cause or advise the pension fund to | 3 |
| engage in an investment transaction when the fiduciary (i) has | 4 |
| any direct interest in
the income, gains, or profits of the | 5 |
| investment adviser advisor through which the investment | 6 |
| transaction is made or (ii) has a business relationship with | 7 |
| that investment adviser advisor that would result in a | 8 |
| pecuniary benefit to the fiduciary as a result of the | 9 |
| investment transaction. | 10 |
| Violation of this subsection (d) is a Class 4 felony.
| 11 |
| (e) A board member, employee, or consultant with respect to | 12 |
| a retirement system, pension fund, or investment board subject | 13 |
| to this Code, except those whose investments are restricted by | 14 |
| Section 1-113.2, shall not knowingly cause or advise the | 15 |
| retirement system, pension fund, or investment board to engage | 16 |
| in an investment transaction with an investment adviser when | 17 |
| the board member, employee, consultant, or their spouse (i) has | 18 |
| any direct interest in the income, gains, or profits of the | 19 |
| investment adviser through which the investment transaction is | 20 |
| made or (ii) has a relationship with that investment adviser | 21 |
| that would result in a pecuniary benefit to the board member, | 22 |
| employee, or consultant or spouse of such board member, | 23 |
| employee, or consultant as a result of the investment | 24 |
| transaction. For purposes of this subsection (e), a consultant | 25 |
| includes an employee or agent of a consulting firm who has | 26 |
| greater than 7.5% ownership of the consulting firm. |
|
|
|
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| Violation of this subsection (e) is a Class 4 felony. | 2 |
| (Source: P.A. 95-950, eff. 8-29-08.)
| 3 |
| (40 ILCS 5/1-113.5)
| 4 |
| Sec. 1-113.5. Investment advisers and investment services | 5 |
| for all Article 3 or 4 pension funds .
| 6 |
| (a) The board of trustees of a pension fund may appoint | 7 |
| investment advisers
as defined in Section 1-101.4. The board of | 8 |
| any pension fund investing in
common or preferred stock under | 9 |
| Section 1-113.4 shall appoint an investment
adviser before | 10 |
| making such investments.
| 11 |
| The investment adviser shall be a fiduciary, as defined in | 12 |
| Section 1-101.2,
with respect to the pension fund and shall be | 13 |
| one of the following:
| 14 |
| (1) an investment adviser registered under the federal | 15 |
| Investment Advisers
Act of 1940 and the Illinois Securities | 16 |
| Law of 1953;
| 17 |
| (2) a bank or trust company authorized to conduct a | 18 |
| trust business in
Illinois;
| 19 |
| (3) a life insurance company authorized to transact | 20 |
| business in Illinois;
or
| 21 |
| (4) an investment company as defined and registered | 22 |
| under the federal
Investment Company Act of 1940 and | 23 |
| registered under the Illinois Securities Law
of 1953.
| 24 |
| (a-5) Notwithstanding any other provision of law, a person | 25 |
| or entity that provides consulting services (referred to as a |
|
|
|
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| "consultant" in this Section) to a pension fund with respect to | 2 |
| the selection of fiduciaries may not be awarded a contract to | 3 |
| provide those consulting services that is more than 5 years in | 4 |
| duration. No contract to provide such consulting services may | 5 |
| be renewed or extended. At the end of the term of a contract, | 6 |
| however, the contractor is eligible to compete for a new | 7 |
| contract. No person shall attempt to avoid or contravene the | 8 |
| restrictions of this subsection by any means. All offers from | 9 |
| responsive offerors shall be accompanied by disclosure of the | 10 |
| names and addresses of the following: | 11 |
| (1) The offeror. | 12 |
| (2) Any entity that is a parent of, or owns a | 13 |
| controlling interest in, the offeror. | 14 |
| (3) Any entity that is a subsidiary of, or in which a | 15 |
| controlling interest is owned by, the offeror. | 16 |
| Beginning on July 1, 2008, a person, other than a trustee | 17 |
| or an employee of a pension fund or retirement system, may not | 18 |
| act as a consultant under this Section unless that person is at | 19 |
| least one of the following: (i) registered as an investment | 20 |
| adviser under the federal Investment Advisers Act of 1940 (15 | 21 |
| U.S.C. 80b-1, et seq.); (ii) registered as an investment | 22 |
| adviser under the Illinois Securities Law of 1953; (iii) a | 23 |
| bank, as defined in the Investment Advisers Act of 1940; or | 24 |
| (iv) an insurance company authorized to transact business in | 25 |
| this State. | 26 |
| (b) All investment advice and services provided by an |
|
|
|
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| investment adviser
or a consultant appointed under this Section | 2 |
| shall be rendered pursuant to a written contract
between the | 3 |
| investment adviser and the board, and in accordance with the
| 4 |
| board's investment policy.
| 5 |
| The contract shall include all of the following:
| 6 |
| (1) acknowledgement in writing by the investment | 7 |
| adviser that he or she
is a fiduciary with respect to the | 8 |
| pension fund;
| 9 |
| (2) the board's investment policy;
| 10 |
| (3) full disclosure of direct and indirect fees, | 11 |
| commissions, penalties,
and any other compensation that | 12 |
| may be received by the investment adviser,
including | 13 |
| reimbursement for expenses; and
| 14 |
| (4) a requirement that the investment adviser submit | 15 |
| periodic written
reports, on at least a quarterly basis, | 16 |
| for the board's review at its regularly
scheduled meetings. | 17 |
| All returns on investment shall be reported as net returns
| 18 |
| after payment of all fees, commissions, and any other | 19 |
| compensation.
| 20 |
| (b-5) Each contract described in subsection (b) shall also | 21 |
| include (i) full disclosure of direct and indirect fees, | 22 |
| commissions, penalties, and other compensation, including
| 23 |
| reimbursement for expenses, that may be paid by or on behalf of | 24 |
| the investment adviser or consultant in connection with the | 25 |
| provision of services to the pension fund and (ii) a | 26 |
| requirement that the investment adviser or consultant update |
|
|
|
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| the disclosure promptly after a modification of those payments | 2 |
| or an additional payment. | 3 |
| Within 30 days after the effective date of this amendatory | 4 |
| Act of the 95th General Assembly, each investment adviser and | 5 |
| consultant providing services on the effective date or subject | 6 |
| to an existing contract for the provision of services must | 7 |
| disclose to the board of trustees all direct and indirect fees, | 8 |
| commissions, penalties, and other compensation paid by or on
| 9 |
| behalf of the investment adviser or consultant in connection | 10 |
| with the provision of those services and shall update that | 11 |
| disclosure promptly after a modification of those payments or | 12 |
| an additional payment. | 13 |
| A person required to make a disclosure under subsection (d) | 14 |
| is also required to disclose direct and indirect fees, | 15 |
| commissions, penalties, or other compensation that shall or may | 16 |
| be paid by or on behalf of the person in connection with the | 17 |
| rendering of those services. The person shall update the | 18 |
| disclosure promptly after a modification of those payments or | 19 |
| an additional payment. | 20 |
| The disclosures required by this subsection shall be in | 21 |
| writing and shall include the date and amount of each payment | 22 |
| and the name and address of each recipient of a payment. | 23 |
| (c) Within 30 days after appointing an investment adviser | 24 |
| or consultant, the board shall
submit a copy of the contract to | 25 |
| the Division of Insurance of the Department of Financial and | 26 |
| Professional Regulation.
|
|
|
|
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| (d) Investment services provided by a person other than an | 2 |
| investment
adviser appointed under this Section, including but | 3 |
| not limited to services
provided by the kinds of persons listed | 4 |
| in items (1) through (4) of subsection
(a), shall be rendered | 5 |
| only after full written disclosure of direct and
indirect fees, | 6 |
| commissions, penalties, and any other compensation that shall | 7 |
| or
may be received by the person rendering those services.
| 8 |
| (e) The board of trustees of each pension fund shall retain | 9 |
| records of
investment transactions in accordance with the rules | 10 |
| of the Department of
Financial and Professional Regulation.
| 11 |
| (Source: P.A. 95-950, eff. 8-29-08.)
| 12 |
| (40 ILCS 5/1-113.14 new)
| 13 |
| Sec. 1-113.14. Investment services for retirement systems, | 14 |
| pension funds, and investment boards, except those funds | 15 |
| established under Articles 3 and 4. | 16 |
| (a) For the purposes of this Section, "investment services" | 17 |
| means services provided by an investment adviser or a | 18 |
| consultant. | 19 |
| (b) The selection and appointment of an investment adviser | 20 |
| or consultant for investment services by the board of a | 21 |
| retirement system, pension fund, or investment board subject to | 22 |
| this Code, except those whose investments are restricted by | 23 |
| Section 1-113.2, shall be made and awarded in accordance with | 24 |
| this Section. All contracts for investment services shall be | 25 |
| awarded by the board using a competitive process that is |
|
|
|
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| substantially similar to the process required for the | 2 |
| procurement of professional and artistic services under | 3 |
| Article 35 of the Illinois Procurement Code. Each board of | 4 |
| trustees shall adopt a policy in accordance with this | 5 |
| subsection (b) within 60 days after the effective date of this | 6 |
| amendatory Act of the 96th General Assembly. The policy shall | 7 |
| be posted on its web site and filed with the Illinois | 8 |
| Procurement Policy Board. Exceptions to this Section are | 9 |
| allowed for (i) sole source procurements, (ii) emergency | 10 |
| procurements, and (iii) at the discretion of the pension fund, | 11 |
| retirement system, or board of investment, contracts that are | 12 |
| nonrenewable and one year or less in duration, so long as the | 13 |
| contract has a value of less than $20,000.
All exceptions | 14 |
| granted under this Section must be published on the system's, | 15 |
| fund's, or board's web site, shall name the person authorizing | 16 |
| the procurement, and shall include a brief explanation of the | 17 |
| reason for the exception. | 18 |
| A person, other than a trustee or an employee of a | 19 |
| retirement system, pension fund, or investment board, may not | 20 |
| act as a consultant or investment adviser under this Section | 21 |
| unless that person is registered as an investment adviser under | 22 |
| the federal Investment Advisers Act of 1940 (15 U.S.C. 80b-1, | 23 |
| et seq.) or a bank, as defined in the federal Investment | 24 |
| Advisers Act of 1940 (15 U.S.C. 80b-1, et seq.). | 25 |
| (c) Investment services provided by an investment adviser | 26 |
| or a consultant appointed under this Section shall be rendered |
|
|
|
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| pursuant to a written contract between the investment adviser | 2 |
| or consultant and the board. | 3 |
| The contract shall include all of the following: | 4 |
| (1) Acknowledgement in writing by the investment | 5 |
| adviser or consultant that he or she is a fiduciary with | 6 |
| respect to the pension fund or retirement system. | 7 |
| (2) The description of the board's investment policy | 8 |
| and notice that the policy is subject to change. | 9 |
| (3) (i) Full disclosure of direct and indirect fees, | 10 |
| commissions, penalties, and other compensation, including | 11 |
| reimbursement for expenses, that may be paid by or on | 12 |
| behalf of the consultant in connection with the provision | 13 |
| of services to the pension fund or retirement system and | 14 |
| (ii) a requirement that the consultant update the | 15 |
| disclosure promptly after a modification of those payments | 16 |
| or an additional payment. | 17 |
| (4) A requirement that the investment adviser or | 18 |
| consultant, in conjunction with the board's staff, submit | 19 |
| periodic written reports, on at least a quarterly basis, | 20 |
| for the board's review at its regularly scheduled meetings. | 21 |
| All returns on investment shall be reported as net returns | 22 |
| after payment of all fees, commissions, and any other | 23 |
| compensation. | 24 |
| (5) Disclosure of the names and addresses of (i) the | 25 |
| consultant or investment adviser; (ii) any entity that is a | 26 |
| parent of, or owns a controlling interest in, the |
|
|
|
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| consultant or investment adviser; (iii) any entity that is | 2 |
| a subsidiary of, or in which a controlling interest is | 3 |
| owned by, the consultant or investment adviser; (iv) any | 4 |
| persons who have an ownership or distributive income share | 5 |
| in the consultant or investment adviser that is in excess | 6 |
| of 7.5%; or (v) serves as an executive officer of the | 7 |
| consultant or investment adviser. | 8 |
| (6) A disclosure of the names and addresses of all | 9 |
| subcontractors, if applicable, and the expected amount of | 10 |
| money each will receive under the contract, including an | 11 |
| acknowledgment that the contractor must promptly make | 12 |
| notification, in writing, if at any time during the term of | 13 |
| the contract a contractor adds or changes any | 14 |
| subcontractors. For purposes of this subparagraph (6), | 15 |
| "subcontractor" does not include non-investment related | 16 |
| professionals or professionals offering services that are | 17 |
| not directly related to the investment of assets, such as | 18 |
| legal counsel, actuary, proxy-voting services, services | 19 |
| used to track compliance with legal standards, and | 20 |
| investment fund of funds where the board has no direct | 21 |
| contractual relationship with the investment advisers or | 22 |
| partnerships. | 23 |
| (7) A description of service to be performed. | 24 |
| (8) A description of the need for the service. | 25 |
| (9) A description of the plan for post-performance | 26 |
| review. |
|
|
|
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| (10) A description of the qualifications necessary. | 2 |
| (11) The duration of the contract. | 3 |
| (12) The method for charging and measuring cost. | 4 |
| (d) Notwithstanding any other provision of law, a | 5 |
| retirement system, pension fund, or investment board subject to | 6 |
| this Code, except those whose investments are restricted by | 7 |
| Section 1-113.2 of this Code, shall not enter into a contract | 8 |
| with a consultant that exceeds 5 years in duration. No contract | 9 |
| to provide consulting services may be renewed or extended. At | 10 |
| the end of the term of a contract, however, the consultant is | 11 |
| eligible to compete for a new contract as provided in this | 12 |
| Section. No retirement system, pension fund, or investment | 13 |
| board shall attempt to avoid or contravene the restrictions of | 14 |
| this subsection (d) by any means. | 15 |
| (e) Within 60 days after the effective date of this | 16 |
| amendatory Act of the 96th General Assembly, each investment | 17 |
| adviser or consultant currently providing services or subject | 18 |
| to an existing contract for the provision of services must | 19 |
| disclose to the board of trustees all direct and indirect fees, | 20 |
| commissions, penalties, and other compensation paid by or on | 21 |
| behalf of the investment adviser or consultant in connection | 22 |
| with the provision of those services and shall update that | 23 |
| disclosure promptly after a modification of those payments or | 24 |
| an additional payment. The person shall update the disclosure | 25 |
| promptly after a modification of those payments or an | 26 |
| additional payment. The disclosures required by this |
|
|
|
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| subsection (e) shall be in writing and shall include the date | 2 |
| and amount of each payment and the name and address of each | 3 |
| recipient of a payment. | 4 |
| (f) The retirement system, pension fund, or board of | 5 |
| investment shall develop uniform documents that shall be used | 6 |
| for the solicitation, review, and acceptance of all investment | 7 |
| services. The form shall include the terms contained in | 8 |
| subsection (c) of this Section. All such uniform documents | 9 |
| shall be posted on the retirement system's, pension fund's, or | 10 |
| investment board's web site. | 11 |
| (g) A description of every contract for investment services | 12 |
| shall be posted in a conspicuous manner on the web site of the | 13 |
| retirement system, pension fund, or investment board. The | 14 |
| description must include the name of the person or entity | 15 |
| awarded a contract, the total amount applicable to the | 16 |
| contract, the total fees paid or to be paid, and a disclosure | 17 |
| approved by the board describing the factors that contributed | 18 |
| to the selection of an investment adviser or consultant. | 19 |
| (40 ILCS 5/1-113.16 new)
| 20 |
| Sec. 1-113.16. Investment transparency. | 21 |
| (a) The purpose of this Section is to provide for | 22 |
| transparency in the investment of retirement or pension funds | 23 |
| and require the reporting of full and complete information | 24 |
| regarding the investments by pension funds, retirement | 25 |
| systems, and investment boards. |
|
|
|
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| (b) A retirement system, pension fund, or investment board | 2 |
| subject to this Code and any committees established by such | 3 |
| system, fund, or board must comply with the Open Meetings Act. | 4 |
| (c) Any retirement system, pension fund, or investment | 5 |
| board subject to this Code that establishes a committee shall | 6 |
| ensure that the majority of the members on such committee are | 7 |
| board members. If any member of a committee is not a member of | 8 |
| the board for the system, fund, or board, then that committee | 9 |
| member shall be a fiduciary. | 10 |
| (d) A retirement system, pension fund, or investment board | 11 |
| subject to this Code, except those whose investments are | 12 |
| restricted by Section 1-113.2, shall maintain an official web | 13 |
| site and make available in a clear and conspicuous manner, and | 14 |
| update at least quarterly, all of the following information | 15 |
| concerning the investment of funds: | 16 |
| (1) The total amount of funds held by the pension fund, | 17 |
| retirement system, or investment board. | 18 |
| (2) The asset allocation for the investments made by | 19 |
| the pension fund, retirement system, or investment board. | 20 |
| (3) Current and historic return information. | 21 |
| (4) A detailed listing of the investment advisers for | 22 |
| all asset classes. | 23 |
| (5) Performance of investments compared against | 24 |
| established benchmarks. | 25 |
| (6) A detailed list of all consultants doing business | 26 |
| with the retirement system, pension fund, or investment |
|
|
|
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| board. | 2 |
| (7) A detailed list of all contractors, other than | 3 |
| investment advisers and consultants, doing business with | 4 |
| the retirement system, pension fund, or investment board. | 5 |
| (8) Any requests for investment services. | 6 |
| (9) The names and email addresses of all board members, | 7 |
| directors, and senior staff. | 8 |
| (10) The report required under Section 1-109.1 of this | 9 |
| Code, if applicable. | 10 |
| (11) The description of each contract required under | 11 |
| subsection (g) of Section 1-113.14 of this Code, if | 12 |
| applicable. | 13 |
| (e) A pension fund whose investments are restricted by | 14 |
| Section 1-113.2 of this Code shall make the information | 15 |
| required in subsection (d) of this Section available on its web | 16 |
| site or in a location that allows the information to be | 17 |
| available for inspection by the public. | 18 |
| (f) Nothing in this Section requires the pension fund, | 19 |
| retirement system, or investment board to make information | 20 |
| available on the Internet that is exempt from inspection and | 21 |
| copying under the Freedom of Information Act. | 22 |
| (40 ILCS 5/1-113.18 new)
| 23 |
| Sec. 1-113.18. Ethics training. All board members of a | 24 |
| retirement system, pension fund, or investment board created | 25 |
| under this Code must attend ethics training of at least 8 hours |
|
|
|
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| per year. The training required under this Section shall | 2 |
| include training on ethics, fiduciary duty, and investment | 3 |
| issues and any other curriculum that the board of the | 4 |
| retirement system, pension fund, or investment board | 5 |
| establishes as being important for the administration of the | 6 |
| retirement system, pension fund, or investment board. The | 7 |
| Supreme Court of Illinois shall be responsible for ethics | 8 |
| training and curriculum for judges designated by the Court to | 9 |
| serve as members of a retirement system, pension fund, or | 10 |
| investment board.
Each board shall annually certify its | 11 |
| members' compliance with this Section and submit an annual | 12 |
| certification to the Division of Insurance of the Department of | 13 |
| Financial and Professional Regulation. Judges shall annually | 14 |
| certify compliance with the ethics training requirement and | 15 |
| shall submit an annual certification to the Chief Justice of | 16 |
| the Supreme Court of Illinois. | 17 |
| (40 ILCS 5/1-125)
| 18 |
| Sec. 1-125. Prohibition on gifts. | 19 |
| (a) For the purposes of this Section: | 20 |
| "Gift" means a gift as defined in Section 1-5 of the State | 21 |
| Officials and Employees Ethics Act. | 22 |
| "Prohibited source" means a person or entity who: | 23 |
| (i) is seeking official action (A) by the board or (B) | 24 |
| by a board member; | 25 |
| (ii) does business or seeks to do business (A) with the |
|
|
|
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| 1 |
| board or (B) with a board member; | 2 |
| (iii) has interests that may be substantially affected | 3 |
| by the performance or non-performance of the official | 4 |
| duties of the board member; or | 5 |
| (iv) is registered or required to be registered with | 6 |
| the Secretary of State under the Lobbyist Registration Act, | 7 |
| except that an entity not otherwise a prohibited source | 8 |
| does not become a prohibited source merely because a | 9 |
| registered lobbyist is one of its members or serves on its | 10 |
| board of directors. | 11 |
| (b) No trustee or employee of a retirement system, pension | 12 |
| fund, or investment board created under board created under | 13 |
| Article 3 or 4 of this Code shall intentionally solicit or | 14 |
| accept any gift from any prohibited source as prescribed in | 15 |
| Article 10 of the State Officials and Employees Ethics Act . | 16 |
| The , including the exceptions contained in Section 10-15 of | 17 |
| that Act, other than paragraphs (4) and (5) of that Section | 18 |
| shall apply to trustees and employees of a retirement system, | 19 |
| pension fund, or investment board created under this Code . | 20 |
| Solicitation or acceptance of educational materials, however, | 21 |
| is not prohibited. For the purposes of this Section, references | 22 |
| to "State employee" and "employee" in Article 10 of the State | 23 |
| Officials and Employees Ethics Act shall include a trustee or | 24 |
| employee of a retirement system, pension fund, or investment | 25 |
| board created under a board created under Article 3 or 4 of | 26 |
| this Code. |
|
|
|
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| (c) A municipality may adopt or maintain policies or | 2 |
| ordinances that are more restrictive than those set forth in | 3 |
| this Section and may continue to follow any existing policies | 4 |
| or ordinances that are more restrictive or are in addition to | 5 |
| those set forth in this Section. | 6 |
| (d) To the extent that the provisions of this Section | 7 |
| conflict with the provisions of the State Officials and | 8 |
| Employees Ethics Act, the provisions of this Section control. | 9 |
| (e) (d) Violation of this Section is a Class A misdemeanor.
| 10 |
| (Source: P.A. 95-950, eff. 8-29-08.) | 11 |
| (40 ILCS 5/1-130 new)
| 12 |
| Sec. 1-130. No monetary gain on investments. No member or | 13 |
| employee of the board of trustees of any retirement system, | 14 |
| pension fund, or investment board created under this Code nor | 15 |
| any spouse of such member or employee shall knowingly have any | 16 |
| direct interest in the income, gains, or profits of any | 17 |
| investments made on behalf of a retirement system, pension | 18 |
| fund, or investment board created under this Code for which | 19 |
| such person is a member or employee, nor receive any pay or | 20 |
| emolument for services in connection with any investment. No | 21 |
| member or employee of the board of trustees of any retirement | 22 |
| system, pension fund, or investment board created under this | 23 |
| Code shall become an endorser or surety, or in any manner an | 24 |
| obligor for money loaned or borrowed from any retirement system | 25 |
| or pension fund created under this Code or the Illinois State |
|
|
|
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| Board of Investment. For the purposes of this Section, an | 2 |
| annuity otherwise provided in accordance with this Code or any | 3 |
| income, gains, or profits related to any non-controlling | 4 |
| interest in any public securities, mutual fund, or other | 5 |
| passive investment is not considered monetary gain on | 6 |
| investments. | 7 |
| Violation of this Section is a Class 3 felony. | 8 |
| (40 ILCS 5/1-135 new)
| 9 |
| Sec. 1-135. Fraud. Any person who knowingly makes any false | 10 |
| statement or falsifies or permits to be falsified any record of | 11 |
| a retirement system or pension fund created under this Code or | 12 |
| the Illinois State Board of Investment in an attempt to defraud | 13 |
| the retirement system or pension fund created under this Code | 14 |
| or the Illinois State Board of Investment is guilty of a Class | 15 |
| 3 felony. | 16 |
| (40 ILCS 5/1-145 new)
| 17 |
| Sec. 1-145. Contingent and placement fees prohibited. No | 18 |
| person or entity shall retain a person or entity to attempt to | 19 |
| influence the outcome of an investment decision of or the | 20 |
| procurement of investment advice or services of a retirement | 21 |
| system, pension fund, or investment board of this Code for | 22 |
| compensation, contingent in whole or in part upon the decision | 23 |
| or procurement. Any person who violates this Section is guilty | 24 |
| of a business offense and shall be fined not more than $10,000. |
|
|
|
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| In addition, any person convicted of a violation of this | 2 |
| Section is prohibited for a period of 3 years from conducting | 3 |
| such activities. | 4 |
| (40 ILCS 5/1-150 new)
| 5 |
| Sec. 1-150. Approval of travel or educational mission. The | 6 |
| expenses for travel or educational missions of a board member | 7 |
| of a retirement system, pension fund, or investment board | 8 |
| created under this Code, except those whose investments are | 9 |
| restricted by Section 1-113.2 of this Code, must be approved by | 10 |
| a majority of the board prior to the travel or educational | 11 |
| mission.
| 12 |
| (40 ILCS 5/14-134) (from Ch. 108 1/2, par. 14-134)
| 13 |
| Sec. 14-134. Board created.
The retirement system created | 14 |
| by this
Article shall be a trust, separate and distinct from | 15 |
| all other entities.
The responsibility for the operation of the | 16 |
| system and for making effective
this Article is vested in a | 17 |
| board of trustees.
| 18 |
| The board shall consist of 7 trustees, as follows:
| 19 |
| (a) the Director of the
Governor's Office of Management and | 20 |
| Budget; (b) the Comptroller; (c)
one trustee, not a State | 21 |
| employee, who shall be Chairman, to be appointed
by the | 22 |
| Governor for a 5 year term; (d) two members of the system, one | 23 |
| of
whom shall be an annuitant age 60 or over, having at least 8 | 24 |
| years of
creditable service, to be appointed by the Governor |
|
|
|
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| 1 |
| for terms of 5 years;
(e) one member of the system having at | 2 |
| least 8 years of creditable service,
to be elected from the | 3 |
| contributing membership of the system by the
contributing | 4 |
| members as provided in Section 14-134.1; (f) one annuitant of
| 5 |
| the system who has been an annuitant for at least one full | 6 |
| year, to be
elected from and by the annuitants of the system, | 7 |
| as provided in Section
14-134.1. The Director of the
Governor's | 8 |
| Office of Management and Budget
and the Comptroller shall
be | 9 |
| ex-officio members and shall serve as trustees during their | 10 |
| respective terms
of office, except that each of them may | 11 |
| designate another officer or employee
from the same agency to | 12 |
| serve in his or her place. However, no ex-officio
member may | 13 |
| designate a different proxy within one year after designating a
| 14 |
| proxy unless the person last so designated has become | 15 |
| ineligible to serve in
that capacity. Except for the elected | 16 |
| trustees, any vacancy in the office of
trustee shall be filled | 17 |
| in the same manner as the office was filled previously.
| 18 |
| A trustee shall serve until a successor qualifies, except
| 19 |
| that a trustee who is a member of the system shall be | 20 |
| disqualified as a
trustee immediately upon terminating service | 21 |
| with the State.
| 22 |
| Notwithstanding any provision of this Section to the | 23 |
| contrary, the term of office of each trustee of the Board | 24 |
| appointed by the Governor who is sitting on the Board on the | 25 |
| effective date of this amendatory Act of the 96th General | 26 |
| Assembly is terminated on that effective date. |
|
|
|
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| 1 |
| Beginning on the 90th day after the effective date of this | 2 |
| amendatory Act of the 96th General Assembly, the board shall | 3 |
| consist of 13 trustees as follows: | 4 |
| (1) the Comptroller, who shall be the Chairperson; | 5 |
| (2) six persons appointed by the Governor with the | 6 |
| advice and consent of the Senate who may not be members of | 7 |
| the system or hold an elective State office and who shall | 8 |
| serve for a term of 5 years, except that the terms of the | 9 |
| initial appointees under this amendatory Act of the 96th | 10 |
| General Assembly shall be as follows: 3 for a term of 3 | 11 |
| years and 3 for a term of 5 years; | 12 |
| (3) four active participants of the system having at | 13 |
| least 8 years of creditable service, to be elected from the | 14 |
| contributing members of the system by the contribution | 15 |
| members as provided in Section 14-134.1;
and | 16 |
| (4) two annuitants of the system who have been | 17 |
| annuitants for at least one full year, to be elected from | 18 |
| and by the annuitants of the system, as provided in Section | 19 |
| 14-134.1. | 20 |
| For the purposes of this Section, the Governor may make a | 21 |
| nomination and the Senate may confirm the nominee in advance of | 22 |
| the commencement of the nominee's term of office.
The Governor | 23 |
| shall make nominations for appointment to the Board under this | 24 |
| Section within 60 days after the effective date of this | 25 |
| amendatory Act of the 96th General Assembly. A trustee sitting | 26 |
| on the board on the effective date of this amendatory Act of |
|
|
|
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|
| 1 |
| the 96th General Assembly may not hold over in office for more | 2 |
| than 90 days after the effective date of this amendatory Act of | 3 |
| the 96th General Assembly. Nothing in this Section shall | 4 |
| prevent the Governor from making a temporary appointment or | 5 |
| nominating a trustee holding office on the day before the | 6 |
| effective date of this amendatory Act of the 96th General | 7 |
| Assembly. | 8 |
| Each trustee is entitled to one vote on the board, and 4 | 9 |
| trustees shall
constitute a quorum for the transaction of | 10 |
| business. The affirmative
votes of a majority of the trustees | 11 |
| present, but at least 3 trustees, shall be
necessary for action | 12 |
| by the board at any meeting. On the 90th day after the | 13 |
| effective date of this amendatory Act of the 96th General | 14 |
| Assembly, 7 trustees shall constitute a quorum for the | 15 |
| transaction of business and the affirmative vote of a majority | 16 |
| of the trustees present, but at least 7 trustees, shall be | 17 |
| necessary for action by the board at any meeting. The board's | 18 |
| action of July
22, 1986, by which it amended the bylaws of the | 19 |
| system to increase the number
of affirmative votes required for | 20 |
| board action from 3 to 4 (in response to
Public Act 84-1028, | 21 |
| which increased the number of trustees from 5 to 7), and
the | 22 |
| board's rejection, between that date and the effective date of | 23 |
| this
amendatory Act of 1993, of proposed actions not receiving | 24 |
| at least 4
affirmative votes, are hereby validated.
| 25 |
| The trustees shall serve without compensation, but shall be | 26 |
| reimbursed
from the funds of the system for all necessary |
|
|
|
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| 1 |
| expenses incurred through
service on the board.
| 2 |
| Each trustee shall take an oath of office that he or she | 3 |
| will
diligently and honestly administer the affairs of the | 4 |
| system, and will not
knowingly violate or willfully permit the | 5 |
| violation of any of
the provisions of law applicable to the | 6 |
| system. The oath shall be
subscribed to by the trustee making | 7 |
| it, certified by the officer before
whom it is taken, and filed | 8 |
| with the Secretary of State. A trustee shall
qualify for | 9 |
| membership on the board when the oath has been approved by the
| 10 |
| board.
| 11 |
| (Source: P.A. 94-793, eff. 5-19-06.)
| 12 |
| (40 ILCS 5/14-134.1) (from Ch. 108 1/2, par. 14-134.1)
| 13 |
| Sec. 14-134.1. Board-elected members-vacancies. The 2 | 14 |
| elected trustees
shall be elected, beginning in 1986 and every | 15 |
| 5 years thereafter, for a
term of 5 years beginning July 15 | 16 |
| next following their election. The trustees to be elected under | 17 |
| Section 14-134 of this Code in accordance with this amendatory | 18 |
| Act of the 96th General Assembly shall be elected within 90 | 19 |
| days after the effective date of this amendatory Act of the | 20 |
| 96th General Assembly for a term of 5 years after the effective | 21 |
| date of this amendatory Act. Trustees shall be elected every 5 | 22 |
| years thereafter for a term of 5 years beginning July 15 next | 23 |
| following their election. Elections
shall be held on May 1, or | 24 |
| on May 2 when May 1 falls on Sunday. Candidates
for the | 25 |
| contributing trustee shall be nominated by petitions in |
|
|
|
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| 1 |
| writing,
signed by not less than 400 contributors with their | 2 |
| addresses shown opposite
their names. Candidates for the | 3 |
| annuitant trustee shall be nominated by
petitions in writing, | 4 |
| signed by not less than 100 annuitants with their
addresses | 5 |
| shown opposite their names.
| 6 |
| If there is more than one qualified nominee for either | 7 |
| elected trustee,
the board shall conduct a secret ballot | 8 |
| election by mail for that trustee,
in accordance with rules as | 9 |
| established by the board.
| 10 |
| If there is only one qualified person nominated by petition | 11 |
| for either
trustee, the election as required by this Section | 12 |
| shall not be conducted
for that trustee and the board shall | 13 |
| declare such nominee duly elected.
| 14 |
| A vacancy occurring in the elective membership of the board | 15 |
| shall be filled
for the unexpired term by the board.
| 16 |
| (Source: P.A. 84-1028.)
| 17 |
| (40 ILCS 5/15-159) (from Ch. 108 1/2, par. 15-159)
| 18 |
| Sec. 15-159. Board created. A board of trustees constituted | 19 |
| as provided in
this Section shall administer this System. The | 20 |
| board shall be known as the
Board of Trustees of the State | 21 |
| Universities Retirement System.
| 22 |
| (b) Until July 1, 1995, the Board of Trustees shall be | 23 |
| constituted
as follows:
| 24 |
| Two trustees shall be members of the Board of Trustees of | 25 |
| the
University of Illinois, one shall be a member of
the Board |
|
|
|
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| 1 |
| of Trustees of Southern Illinois University, one shall be a | 2 |
| member
of the Board of Trustees of Chicago State University, | 3 |
| one shall be a member of
the Board of Trustees of Eastern | 4 |
| Illinois University, one shall be a member of
the Board of | 5 |
| Trustees of Governors State University, one shall be a member | 6 |
| of
the Board of Trustees of Illinois State University, one | 7 |
| shall be a member of
the Board of Trustees of Northeastern | 8 |
| Illinois University, one shall be a
member of the Board of | 9 |
| Trustees of Northern Illinois University, one shall be a
member | 10 |
| of the Board of Trustees of Western Illinois University, and | 11 |
| one shall
be a member of the Illinois Community College Board, | 12 |
| selected in each case by
their respective boards, and 2 shall
| 13 |
| be participants of the system appointed by the Governor for a 6 | 14 |
| year term with
the first appointment made pursuant to this | 15 |
| amendatory Act of 1984 to be
effective September 1, 1985, and | 16 |
| one shall be a participant appointed by the
Illinois Community | 17 |
| College Board for a 6 year term, and one shall be a
participant | 18 |
| appointed by the Board of Trustees of the University of | 19 |
| Illinois
for a 6 year term, and one shall be a participant or | 20 |
| annuitant of the system
who is a senior citizen age 60 or older | 21 |
| appointed by the Governor for a 6 year
term with the first | 22 |
| appointment to be effective September 1, 1985.
| 23 |
| The terms of all trustees holding office under this | 24 |
| subsection (b) on
June 30, 1995 shall terminate at the end of | 25 |
| that day and the Board shall
thereafter be constituted as | 26 |
| provided in subsection (c).
|
|
|
|
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| (c) Beginning July 1, 1995, the Board of Trustees shall be
| 2 |
| constituted as follows:
| 3 |
| The Board shall consist of 9 trustees appointed by the | 4 |
| Governor. Two of the
trustees, designated at the time of | 5 |
| appointment, shall be participants of the
System. Two of the | 6 |
| trustees, designated at the time of appointment, shall be
| 7 |
| annuitants of the System who are receiving retirement annuities | 8 |
| under this
Article. The 5 remaining trustees may, but need not, | 9 |
| be participants or
annuitants of the System.
| 10 |
| The term of office of trustees appointed under this | 11 |
| subsection (c)
shall be 6 years, beginning on July 1. However, | 12 |
| of the initial trustees
appointed under this subsection (c), 3 | 13 |
| shall be appointed for terms of 2 years,
3 shall be appointed | 14 |
| for terms of 4 years, and 3 shall be appointed for terms
of 6 | 15 |
| years, to be designated by the Governor at the time of | 16 |
| appointment.
| 17 |
| The terms of all trustees holding office under this | 18 |
| subsection (c) on the effective date of this amendatory Act of | 19 |
| the 96th General Assembly shall terminate on that effective | 20 |
| date. The Governor shall make nominations for appointment under | 21 |
| this Section within 60 days after the effective date of this | 22 |
| amendatory Act of the 96th General Assembly. A trustee sitting | 23 |
| on the board on the effective date of this amendatory Act of | 24 |
| the 96th General Assembly may not hold over in office for more | 25 |
| than 90 days after the effective date of this amendatory Act of | 26 |
| the 96th General Assembly. Nothing in this Section shall |
|
|
|
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|
| 1 |
| prevent the Governor from making a temporary appointment or | 2 |
| nominating a trustee holding office on the day before the | 3 |
| effective date of this amendatory Act of the 96th General | 4 |
| Assembly. | 5 |
| (d) Beginning on the 90th day after the effective date of | 6 |
| this amendatory Act of the 96th General Assembly, the Board of | 7 |
| Trustees shall be constituted as follows: | 8 |
| (1) The Chairperson of the Board of Higher Education, | 9 |
| who shall act as chairperson of this Board. | 10 |
| (2) Four trustees appointed by the Governor with the | 11 |
| advice and consent of the Senate who may not be members of | 12 |
| the system or hold an elective State office and who shall | 13 |
| serve for a term of 6 years, except that the terms of the | 14 |
| initial appointees under this subsection (d) shall be as | 15 |
| follows: 2 for a term of 3 years and 2 for a term of 6 | 16 |
| years. | 17 |
| (3) Four active participants of the system to be | 18 |
| elected from the contributing membership of the system by | 19 |
| the
contributing members, no more than 2 of which may be | 20 |
| from any of the University of Illinois campuses, who shall | 21 |
| serve for a term of 6 years, except that the terms of the | 22 |
| initial electees shall be as follows: 2 for a term of 3 | 23 |
| years and 2 for a term of 6 years. | 24 |
| (4) Two annuitants of
the system who have been | 25 |
| annuitants for at least one full year, to be
elected from | 26 |
| and by the annuitants of the system, no more than one of |
|
|
|
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|
| 1 |
| which may be from any of the University of Illinois | 2 |
| campuses, who shall serve for a term of 6 years, except | 3 |
| that the terms of the initial electees shall be as follows: | 4 |
| one for a term of 3 years and one for a term of 6 years. | 5 |
| For the purposes of this Section, the Governor may make a | 6 |
| nomination and the Senate may confirm the nominee in advance of | 7 |
| the commencement of the nominee's term of office. | 8 |
| (e) The 6 elected trustees shall be elected within 90 days | 9 |
| after the effective date of this amendatory Act of the 96th | 10 |
| General Assembly for a term beginning on the 90th day after the | 11 |
| effective date of this amendatory Act. Trustees shall be | 12 |
| elected thereafter as terms expire for a 6-year term beginning | 13 |
| July 15 next following their election, and such election shall | 14 |
| be held on May 1, or on May 2 when May 1 falls on a Sunday. The | 15 |
| board may establish rules for the election of trustees to | 16 |
| implement the provisions of this amendatory Act of the 96th | 17 |
| General Assembly and for future elections. Candidates for the | 18 |
| participating trustee shall be nominated by petitions in | 19 |
| writing, signed by not less than 400 participants with their | 20 |
| addresses shown opposite their names. Candidates for the | 21 |
| annuitant trustee shall be nominated by petitions in writing, | 22 |
| signed by not less than 100 annuitants with their addresses | 23 |
| shown opposite their names. If there is more than one qualified | 24 |
| nominee for each elected trustee, then the board shall conduct | 25 |
| a secret ballot election by mail for that trustee, in | 26 |
| accordance with rules as established by the board. If there is |
|
|
|
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| 1 |
| only one qualified person nominated by petition for each | 2 |
| elected trustee, then the election as required by this Section | 3 |
| shall not be conducted for that trustee and the board shall | 4 |
| declare such nominee duly elected. A vacancy occurring in the | 5 |
| elective membership of the board shall be filled for the | 6 |
| unexpired term by the elected trustees serving on the board for | 7 |
| the remainder of the term. | 8 |
| (f) A vacancy on the board of trustees caused by | 9 |
| resignation,
death, expiration of term of office, or other | 10 |
| reason shall be filled by a
qualified person appointed by the | 11 |
| Governor for the remainder of the unexpired
term.
| 12 |
| (g) Trustees (other than the trustees incumbent on June 30, | 13 |
| 1995 or as provided in subsection (c) of this Section )
shall | 14 |
| continue in office until their respective successors are | 15 |
| appointed
and have qualified, except that a trustee appointed | 16 |
| to one of the
participant positions shall be disqualified | 17 |
| immediately upon the termination of
his or her status as a | 18 |
| participant and a trustee appointed to one of the
annuitant | 19 |
| positions shall be disqualified immediately upon the | 20 |
| termination of
his or her status as an annuitant receiving a | 21 |
| retirement annuity.
| 22 |
| (h) (d) Each trustee must take an oath of office
before a | 23 |
| notary public of this State and shall qualify as a trustee upon | 24 |
| the
presentation to the board of a certified copy of the oath. | 25 |
| The oath must state
that the person will diligently and | 26 |
| honestly administer the affairs of the
retirement system, and |
|
|
|
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| 1 |
| will not knowingly violate or wilfully permit to be
violated | 2 |
| any provisions of this Article.
| 3 |
| Each trustee shall serve without compensation but shall be | 4 |
| reimbursed for
expenses necessarily incurred in attending | 5 |
| board meetings and carrying out his
or her duties as a trustee | 6 |
| or officer of the system.
| 7 |
| (i) (e) This amendatory Act of 1995 is intended to | 8 |
| supersede the changes made
to this Section by Public Act 89-4.
| 9 |
| (Source: P.A. 89-4, eff. 1-1-96; 89-196, eff. 7-21-95.)
| 10 |
| (40 ILCS 5/16-163) (from Ch. 108 1/2, par. 16-163) | 11 |
| Sec. 16-163. Board created. A board of 13 11 members | 12 |
| constitutes the
board of trustees authorized to carry out the | 13 |
| provisions of this Article and is
responsible for the general | 14 |
| administration of the System. The board shall
be known as the | 15 |
| Board of Trustees of the Teachers' Retirement System
of the | 16 |
| State of Illinois. The board shall be composed of the
| 17 |
| Superintendent of Education, ex officio, who shall be the | 18 |
| president of the
board; 6 4 persons, not members of the System, | 19 |
| to be appointed by the Governor,
who shall hold no elected | 20 |
| State office; 4 persons who, at the time of their
election, are
| 21 |
| teachers as defined in Section 16-106, elected by the
| 22 |
| contributing members; and 2 annuitant members elected by the | 23 |
| annuitants of the
System, as provided in Section 16-165.
| 24 |
| (Source: P.A. 94-423, eff. 8-2-05.)
|
|
|
|
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|
| 1 |
| (40 ILCS 5/16-164) (from Ch. 108 1/2, par. 16-164)
| 2 |
| Sec. 16-164. Board - appointed members - vacancies. Terms | 3 |
| of office for
the appointed members shall begin on July 15 of | 4 |
| an even-numbered year , except that the terms of office for | 5 |
| members appointed pursuant to this amendatory Act of the 96th | 6 |
| General Assembly shall begin upon being confirmed by the | 7 |
| Senate .
The Governor shall appoint 3 2 members as trustees with | 8 |
| the advice and consent of the Senate in each even-numbered year
| 9 |
| who shall hold office for a term of 4 years , except that, of | 10 |
| the members appointed pursuant to this amendatory Act of the | 11 |
| 96th General Assembly, 3 members shall be appointed for a term | 12 |
| ending July 14, 2012 and 3 members shall be appointed for a | 13 |
| term ending July 14, 2014 . Each such appointee shall reside in | 14 |
| and be
a taxpayer in the territory covered by this system, | 15 |
| shall be interested
in public school welfare, and experienced | 16 |
| and competent in financial and
business management. A vacancy | 17 |
| in the term of an appointed
trustee shall be filled for the | 18 |
| unexpired term by appointment of the
Governor.
| 19 |
| Notwithstanding any provision of this Section to the | 20 |
| contrary, the term of office of each member of the Board | 21 |
| appointed by the Governor who is sitting on the Board on the | 22 |
| effective date of this amendatory Act of the 96th General | 23 |
| Assembly is terminated on that effective date. A trustee | 24 |
| sitting on the board on the effective date of this amendatory | 25 |
| Act of the 96th General Assembly may not hold over in office | 26 |
| for more than 60 days after the effective date of this |
|
|
|
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|
| 1 |
| amendatory Act of the 96th General Assembly. Nothing in this | 2 |
| Section shall prevent the Governor from making a temporary | 3 |
| appointment or nominating a trustee holding office on the day | 4 |
| before the effective date of this amendatory Act of the 96th | 5 |
| General Assembly. | 6 |
| (Source: P.A. 83-1440.)
| 7 |
| (40 ILCS 5/16-169) (from Ch. 108 1/2, par. 16-169)
| 8 |
| Sec. 16-169. Board - secretary and other employees. The | 9 |
| board, by a majority vote of all its members, shall appoint a
| 10 |
| secretary who shall not be a member of the board and who shall | 11 |
| serve as
the chief executive officer responsible for the | 12 |
| detailed administration
of the system.
| 13 |
| The secretary and chief executive officer of the system, | 14 |
| known as the Executive Director, holding that position on April | 15 |
| 1, 2009 is terminated on July 1, 2009, by operation of law, and | 16 |
| shall thereafter no longer hold those positions or any other | 17 |
| employment position with the system. The board is directed to | 18 |
| take whatever action is necessary to effectuate this | 19 |
| termination. | 20 |
| (Source: P.A. 83-1440.)
| 21 |
| (40 ILCS 5/22A-109) (from Ch. 108 1/2, par. 22A-109)
| 22 |
| Sec. 22A-109. Membership of board. The board shall consist | 23 |
| of the following
members: | 24 |
| (1) Five trustees appointed by the Governor with the |
|
|
|
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|
| 1 |
| advice and consent of the Senate who may not hold an | 2 |
| elective State office. | 3 |
| (2) The Treasurer. | 4 |
| (3) The Comptroller, who shall represent the State | 5 |
| Employees' Retirement System of Illinois. | 6 |
| (4) The Chairperson of the General Assembly Retirement | 7 |
| System. | 8 |
| (5) The Chairperson of the Judges Retirement System of | 9 |
| Illinois. | 10 |
| (a) ex-officio members consisting of the State Treasurer and
| 11 |
| the Chairman of the board of trustees of each pension fund or | 12 |
| retirement
system, other than pension funds covered by Articles | 13 |
| 3 and 4 of this Code,
whose investment functions have been | 14 |
| transferred to the jurisdiction of this
board; and (b) 5 | 15 |
| members appointed by the Governor with the approval of the
| 16 |
| Senate, one of whom shall be a senior citizen age 60 or over. | 17 |
| The appointive
members shall serve for terms of 4 years except | 18 |
| that the terms of office of the
original appointive members | 19 |
| pursuant to this amendatory Act of the 96th General Assembly | 20 |
| shall be as follows: One member for a term of 1
year; 1 member | 21 |
| for a term of 2 years; 1 member for a term of 3 years; and 2 | 22 |
| members 1
member for a term of 4 years. The member first | 23 |
| appointed under this amendatory
Act of 1984 shall serve for a | 24 |
| term of 4 years. Vacancies among the appointive
members shall | 25 |
| be filled for unexpired terms by appointment in
like manner as | 26 |
| for original appointments, and appointive members shall
|
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| continue in office until their successors have been appointed | 2 |
| and have
qualified. Ex-officio members who cannot attend | 3 |
| meetings of the board or
its committees may respectively | 4 |
| designate one appropriate proxy from within
the office of the | 5 |
| State Treasurer or the trustees of the pension fund or
| 6 |
| retirement system, which proxy shall have the same powers and | 7 |
| authority as the
ex-officio member being represented, but no | 8 |
| member may designate a different
proxy within one year after | 9 |
| his last designation of a proxy unless the person
last so | 10 |
| designated has become ineligible to serve in that capacity.
| 11 |
| Notwithstanding any provision of this Section to the | 12 |
| contrary, the term of office of each trustee of the Board | 13 |
| appointed by the Governor who is sitting on the Board on the | 14 |
| effective date of this amendatory Act of the 96th General | 15 |
| Assembly is terminated on that effective date. A trustee | 16 |
| sitting on the board on the effective date of this amendatory | 17 |
| Act of the 96th General Assembly may not hold over in office | 18 |
| for more than 60 days after the effective date of this | 19 |
| amendatory Act of the 96th General Assembly. Nothing in this | 20 |
| Section shall prevent the Governor from making a temporary | 21 |
| appointment or nominating a trustee holding office on the day | 22 |
| before the effective date of this amendatory Act of the 96th | 23 |
| General Assembly. | 24 |
| Each person appointed to membership shall qualify by taking | 25 |
| an oath of
office before the Secretary of State stating that he | 26 |
| will diligently and
honestly administer the affairs of the |
|
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| board and will not violate or knowingly
permit the violation of | 2 |
| any provisions of this Article.
| 3 |
| Members of the board shall receive no salary for service on | 4 |
| the board but
shall be reimbursed for travel expenses incurred | 5 |
| while on business for the
board according to the standards in | 6 |
| effect for members of the Illinois
Legislative Research Unit.
| 7 |
| A majority of the members of the board shall constitute a | 8 |
| quorum. The
board shall elect from its membership, biennially, | 9 |
| a Chairman, Vice Chairman
and a Recording Secretary. These | 10 |
| officers, together with one other member
elected by the board, | 11 |
| shall constitute the executive committee. During the
interim | 12 |
| between regular meetings of the board, the executive committee | 13 |
| shall
have authority to conduct all business of the board and | 14 |
| shall report such
business conducted at the next following | 15 |
| meeting of the board for ratification.
| 16 |
| No member of the board shall have any interest in any | 17 |
| brokerage fee,
commission or other profit or gain arising out | 18 |
| of any investment made by
the board. This paragraph does not | 19 |
| preclude ownership by any member of any
minority interest in | 20 |
| any common stock or any corporate obligation in which
| 21 |
| investment is made by the board.
| 22 |
| The board shall contract for a blanket fidelity bond in the | 23 |
| penal sum of
not less than $1,000,000.00 to cover members of | 24 |
| the board, the director and
all other employees of the board | 25 |
| conditioned for the faithful performance of
the duties of their | 26 |
| respective offices, the premium on which shall be paid by
the |
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| board. The bond shall be filed with the State Treasurer for | 2 |
| safekeeping.
| 3 |
| (Source: P.A. 87-1265.)
| 4 |
| Section 97. Severability. The provisions of this Act are | 5 |
| severable under Section 1.31 of the Statute on Statutes.
| 6 |
| Section 99. Effective date. This Act takes effect upon | 7 |
| becoming law.".
|
|