Illinois General Assembly - Full Text of HB3813
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Full Text of HB3813  97th General Assembly

HB3813ham001 97TH GENERAL ASSEMBLY

Rep. Tom Cross

Filed: 10/19/2011

 

 


 

 


 
09700HB3813ham001LRB097 13613 JDS 58718 a

1
AMENDMENT TO HOUSE BILL 3813

2    AMENDMENT NO. ______. Amend House Bill 3813 on page 1, line
35, immediately after "Sections", by inserting "1-114, 1-135,";
4and
 
5on page 1, immediately below line 5, by inserting the
6following:
 
7    "(40 ILCS 5/1-114)  (from Ch. 108 1/2, par. 1-114)
8    Sec. 1-114. Liability for Breach of Fiduciary Duty. (a) Any
9person who is a fiduciary with respect to a retirement system
10or pension fund established under this Code who breaches any
11duty imposed upon fiduciaries by this Code, including, but not
12limited to, a failure to report a reasonable suspicion of a
13false statement specified in Section 1-135 of this Code, shall
14be personally liable to make good to such retirement system or
15pension fund any losses to it resulting from each such breach,
16and to restore to such retirement system or pension fund any

 

 

09700HB3813ham001- 2 -LRB097 13613 JDS 58718 a

1profits of such fiduciary which have been made through use of
2assets of the retirement system or pension fund by the
3fiduciary, and shall be subject to such equitable or remedial
4relief as the court may deem appropriate, including the removal
5of such fiduciary.
6    (b) No person shall be liable with respect to a breach of
7fiduciary duty under this Code if such breach occurred before
8such person became a fiduciary or after such person ceased to
9be a fiduciary.
10(Source: P.A. 82-960.)
 
11    (40 ILCS 5/1-135)
12    Sec. 1-135. Fraud. Any person who knowingly makes any false
13statement or falsifies or permits to be falsified any record of
14a retirement system or pension fund created under this Code or
15the Illinois State Board of Investment in an attempt to defraud
16the retirement system or pension fund created under this Code
17or the Illinois State Board of Investment is guilty of a Class
183 felony. Any reasonable suspicion by any appointed or elected
19commissioner, trustee, director, board member, or employee of a
20retirement system or pension fund created under this Code or
21the State Board of Investment of a false statement or falsified
22record being submitted or permitted by a person under this Code
23shall be immediately referred to the board of trustees of a
24retirement system or pension fund created under this Code or
25the State Board of Investment or the State's Attorney of the

 

 

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1jurisdiction where the alleged fraudulent activity occurred.
2The board of trustees of a retirement system or pension fund
3created under this Code or the State Board of Investment shall
4immediately notify the State's Attorney of the jurisdiction
5where any alleged fraudulent activity occurred for
6investigation.
7(Source: P.A. 96-6, eff. 4-3-09.)"; and
 
8on page 2, line 25, by replacing "and until" with "for leaves
9of absence before"; and
 
10on page 2, line 26, after "and," by inserting "for leaves of
11absence"; and
 
12on page 3, line 13, by replacing "and until" with "for leaves
13of absence before"; and
 
14on page 3, line 14, after "and," by inserting "for leaves of
15absence"; and
 
16on page 3, line 19, by replacing "local" with "local"; and
 
17on page 3, line 21, immediately after "organization", by
18inserting ", including, but not limited to, pension plans
19established by the local labor organization, the national labor
20organization, or the international labor organization"; and
 

 

 

09700HB3813ham001- 4 -LRB097 13613 JDS 58718 a

1on page 6, line 25, by replacing "and until" with "for leaves
2of absence before"; and
 
3on page 6, line 26, after "and," by inserting "for leaves of
4absence"; and
 
5on page 7, line 13, by replacing "and until" with "for leaves
6of absence before"; and
 
7on page 7, line 14, after "and," by inserting "for leaves of
8absence"; and
 
9on page 7, line 19, by replacing "local" with "local"; and
 
10on page 7, line 21, immediately after "organization", by
11inserting ", including, but not limited to, pension plans
12established by the local labor organization, the national labor
13organization, or the international labor organization"; and
 
14on page 11, line 19, by replacing "After" with "For leaves of
15absence after"; and
 
16on page 16, line 2, by replacing "After" with "For leaves of
17absence after".