Illinois General Assembly - Full Text of HB1165
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Full Text of HB1165  98th General Assembly

HB1165sam001 98TH GENERAL ASSEMBLY

Sen. Terry Link

Filed: 5/29/2014

 

 


 

 


 
09800HB1165sam001LRB098 08854 RPS 60388 a

1
AMENDMENT TO HOUSE BILL 1165

2    AMENDMENT NO. ______. Amend House Bill 1165 by replacing
3everything after the enacting clause with the following:
 
4    "Section 5. The Illinois Pension Code is amended by
5changing Sections 1-113.2, 1-113.3, 1-113.4, 1-113.4a, 1A-108,
63-128, and 4-121 and by adding Section 1-113.4b as follows:
 
7    (40 ILCS 5/1-113.2)
8    Sec. 1-113.2. List of permitted investments for all Article
93 or 4 pension funds. Any pension fund established under
10Article 3 or 4 may invest in the following items:
11    (1) Interest bearing direct obligations of the United
12States of America.
13    (2) Interest bearing obligations to the extent that they
14are fully guaranteed or insured as to payment of principal and
15interest by the United States of America.
16    (3) Interest bearing bonds, notes, debentures, or other

 

 

09800HB1165sam001- 2 -LRB098 08854 RPS 60388 a

1similar obligations of agencies of the United States of
2America. For the purposes of this Section, "agencies of the
3United States of America" includes: (i) the Federal National
4Mortgage Association and the Student Loan Marketing
5Association; (ii) federal land banks, federal intermediate
6credit banks, federal farm credit banks, and any other entity
7authorized to issue direct debt obligations of the United
8States of America under the Farm Credit Act of 1971 or
9amendments to that Act; (iii) federal home loan banks and the
10Federal Home Loan Mortgage Corporation; and (iv) any agency
11created by Act of Congress that is authorized to issue direct
12debt obligations of the United States of America.
13    (4) Interest bearing savings accounts or certificates of
14deposit, issued by federally chartered banks or savings and
15loan associations, to the extent that the deposits are insured
16by agencies or instrumentalities of the federal government.
17    (5) Interest bearing savings accounts or certificates of
18deposit, issued by State of Illinois chartered banks or savings
19and loan associations, to the extent that the deposits are
20insured by agencies or instrumentalities of the federal
21government.
22    (6) Investments in credit unions, to the extent that the
23investments are insured by agencies or instrumentalities of the
24federal government.
25    (7) Interest bearing bonds of the State of Illinois.
26    (8) Pooled interest bearing accounts managed by the

 

 

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1Illinois Public Treasurer's Investment Pool in accordance with
2the Deposit of State Moneys Act, interest bearing funds or
3pooled accounts of the Illinois Metropolitan Investment Funds,
4and interest bearing funds or pooled accounts managed,
5operated, and administered by banks, subsidiaries of banks, or
6subsidiaries of bank holding companies in accordance with the
7laws of the State of Illinois.
8    (9) Interest bearing bonds or tax anticipation warrants of
9any county, township, or municipal corporation of the State of
10Illinois.
11    (10) Direct obligations of the State of Israel, subject to
12the conditions and limitations of item (5.1) of Section 1-113.
13    (11) Money market mutual funds managed by investment
14companies that are registered under the federal Investment
15Company Act of 1940 and the Illinois Securities Law of 1953 and
16are diversified, open-ended management investment companies;
17provided that the portfolio of the money market mutual fund is
18limited to the following:
19        (i) bonds, notes, certificates of indebtedness,
20    treasury bills, or other securities that are guaranteed by
21    the full faith and credit of the United States of America
22    as to principal and interest;
23        (ii) bonds, notes, debentures, or other similar
24    obligations of the United States of America or its
25    agencies; and
26        (iii) short term obligations of corporations organized

 

 

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1    in the United States with assets exceeding $400,000,000,
2    provided that (A) the obligations mature no later than 180
3    days from the date of purchase, (B) at the time of
4    purchase, the obligations are rated by at least 2 standard
5    national rating services at one of their 3 highest
6    classifications, and (C) the obligations held by the mutual
7    fund do not exceed 10% of the corporation's outstanding
8    obligations.
9    (12) General accounts of life insurance companies
10authorized to transact business in Illinois.
11    (13) Mutual funds comprised of bonds or money market
12instruments managed by an investment company defined and
13registered under the federal Investment Company Act of 1940 and
14registered under the Illinois Securities Law of 1953 that has
15been in operation for at least 3 years and has total net assets
16of $150 million or more across all share classes.
17    (14) Investment grade corporate bonds.
18    (15) American Depository Receipts (ADRs).
19    (16) (13) Any combination of the following, not to exceed
2010% of the pension fund's net assets:
21        (i) separate accounts that are managed by life
22    insurance companies authorized to transact business in
23    Illinois and are comprised of diversified portfolios
24    consisting of common or preferred stocks, bonds, real
25    estate or loans upon real estate secured by first or second
26    mortgages, commodities, currency, derivatives, or money

 

 

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1    market instruments;
2        (ii) limited partnerships that are comprised of common
3    or preferred stocks, bonds, real estate or loans upon real
4    estate secured by first or second mortgages, commodities,
5    currency, derivatives, or money market instruments;
6        (iii) collective trust funds that are comprised of
7    common or preferred stocks, bonds, real estate or loans
8    upon real estate secured by first or second mortgages,
9    commodities, currency, derivatives, or money market
10    instruments;
11        (iv) commingled funds that are comprised of common or
12    preferred stocks, bonds, real estate or loans upon real
13    estate secured by first or second mortgages, commodities,
14    currency, derivatives, or money market instruments;
15        (v) exchange traded funds (ETFs) that are comprised of
16    common or preferred stocks, bonds, real estate or loans
17    upon real estate secured by first or second mortgages,
18    commodities, currency, derivatives, or money market
19    instruments;
20        (vi) exchange traded notes (ETNs) that are comprised of
21    common or preferred stocks, bonds, real estate or loans
22    upon real estate secured by first or second mortgages,
23    commodities, currency, derivatives, or money market
24    instruments;
25        (vii) (ii) separate accounts that are managed by
26    insurance companies authorized to transact business in

 

 

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1    Illinois, and are comprised of real estate or loans upon
2    real estate secured by first or second mortgages; and
3        (viii) (iii) mutual funds that meet the following
4    requirements:
5            (A) the mutual fund is managed by an investment
6        company as defined and registered under the federal
7        Investment Company Act of 1940 and registered under the
8        Illinois Securities Law of 1953;
9            (B) the mutual fund has been in operation for at
10        least 3 5 years;
11            (C) the mutual fund has total net assets of $150
12        $250 million or more across all share classes; and
13            (D) the mutual fund is comprised of diversified
14        portfolios of common or preferred stocks, bonds, real
15        estate or loans upon real estate secured by first or
16        second mortgages, commodities, currency, derivatives,
17        or money market instruments.
18    (17) Any combination of the following, not to exceed 20% of
19the pension fund's net assets:
20        (i) Corporate bonds rated below investment grade.
21        (ii) Non-agency mortgage backed or asset backed bonds.
22    (14) Corporate bonds managed through an investment advisor
23must meet all of the following requirements:
24        (1) The bonds must be rated as investment grade by one
25    of the 2 largest rating services at the time of purchase.
26        (2) If subsequently downgraded below investment grade,

 

 

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1    the bonds must be liquidated from the portfolio within 90
2    days after being downgraded by the manager.
3(Source: P.A. 96-1495, eff. 1-1-11.)
 
4    (40 ILCS 5/1-113.3)
5    Sec. 1-113.3. List of additional permitted investments for
6pension funds with net assets of $10,000,000 or less $2,500,000
7or more.
8    (a) In addition to the items in Section 3-113.2, a pension
9fund established under Article 3 or 4 that has net assets of
10$10,000,000 or less at least $2,500,000 may invest a portion of
11its net assets in the following items:
12        (1) Separate accounts that are managed by life
13    insurance companies authorized to transact business in
14    Illinois and are comprised of diversified portfolios
15    consisting of common or preferred stocks, bonds, real
16    estate or loans upon real estate secured by first or second
17    mortgages, commodities, currency, derivatives, or money
18    market instruments.
19        (2) Mutual funds that meet the following requirements:
20            (i) the mutual fund is managed by an investment
21        company as defined and registered under the federal
22        Investment Company Act of 1940 and registered under the
23        Illinois Securities Law of 1953;
24            (ii) the mutual fund has been in operation for at
25        least 3 5 years;

 

 

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1            (iii) the mutual fund has total net assets of $150
2        $250 million or more across all share classes; and
3            (iv) the mutual fund is comprised of diversified
4        portfolios of common or preferred stocks, bonds, real
5        estate or loans upon real estate secured by first or
6        second mortgages, commodities, currency, derivatives,
7        or money market instruments.
8    (b) A pension fund's total investment in the items
9authorized under this Section shall not exceed 70% 35% of the
10market value of the pension fund's net present assets stated in
11its most recent annual report on file with the Illinois
12Department of Insurance.
13(Source: P.A. 90-507, eff. 8-22-97.)
 
14    (40 ILCS 5/1-113.4)
15    Sec. 1-113.4. List of additional permitted investments for
16pension funds with net assets of $10,000,000 or less $5,000,000
17or more.
18    (a) In addition to the items in Sections 1-113.2 and
191-113.3, a pension fund established under Article 3 or 4 that
20has net assets of $10,000,000 or less at least $5,000,000 and
21has appointed an investment adviser under Section 1-113.5 may,
22through that investment adviser, invest a portion of its assets
23in common and preferred stocks authorized for investments of
24trust funds under the laws of the State of Illinois. The stocks
25must meet all of the following requirements:

 

 

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1        (1) The common stocks have been are listed on a
2    national securities exchange or board of trade (as defined
3    in the federal Securities Exchange Act of 1934 and set
4    forth in Section 3.G of the Illinois Securities Law of
5    1953) or quoted in the National Association of Securities
6    Dealers Automated Quotation System National Market System
7    (NASDAQ NMS) for at least 5 years.
8        (2) (Blank). The securities are of a corporation
9    created or existing under the laws of the United States or
10    any state, district, or territory thereof and the
11    corporation has been in existence for at least 5 years.
12        (3) The corporation has not been in arrears on payment
13    of dividends on its preferred stock during the preceding 5
14    years.
15        (4) The market value of stock in any one corporation
16    does not exceed 5% of the cash and invested assets of the
17    pension fund, and the investments in the stock of any one
18    corporation do not exceed 5% of the total outstanding stock
19    of that corporation.
20        (5) The straight preferred stocks or convertible
21    preferred stocks are issued or guaranteed by a corporation
22    whose common stock qualifies for investment by the board.
23        (6) The issuer of the stocks has been subject to the
24    requirements of Section 12 of the federal Securities
25    Exchange Act of 1934 and has been current with the filing
26    requirements of Sections 13 and 14 of that Act during the

 

 

09800HB1165sam001- 10 -LRB098 08854 RPS 60388 a

1    preceding 3 years.
2    (b) A pension fund's total investment in the items
3authorized under this Section and Section 1-113.3 shall not
4exceed 70% 35% of the market value of the pension fund's net
5present assets stated in its most recent annual report on file
6with the Illinois Department of Insurance.
7    (c) A pension fund that invests funds under this Section
8shall electronically file with the Division any reports of its
9investment activities that the Division may require, at the
10times and in the format required by the Division.
11(Source: P.A. 90-507, eff. 8-22-97.)
 
12    (40 ILCS 5/1-113.4a)
13    Sec. 1-113.4a. List of additional permitted investments
14for Article 3 and 4 pension funds with net assets of
15$10,000,000 or less more.
16    (a) In addition to the items in Sections 1-113.2 and
171-113.3, a pension fund established under Article 3 or 4 that
18has net assets of at least $10,000,000 or less and has
19appointed an investment adviser, as defined under Sections
201-101.4 and 1-113.5, may, through that investment adviser,
21invest an additional portion of its assets in common and
22preferred stocks and mutual funds.
23    (b) The stocks must meet all of the following requirements:
24        (1) The common stocks must be listed on a national
25    securities exchange or board of trade (as defined in the

 

 

09800HB1165sam001- 11 -LRB098 08854 RPS 60388 a

1    Federal Securities Exchange Act of 1934 and set forth in
2    paragraph G of Section 3 of the Illinois Securities Law of
3    1953) or quoted in the National Association of Securities
4    Dealers Automated Quotation System National Market System.
5        (2) The securities must be of a corporation in
6    existence for at least 5 years.
7        (3) The market value of stock in any one corporation
8    may not exceed 5% of the cash and invested assets of the
9    pension fund, and the investments in the stock of any one
10    corporation may not exceed 5% of the total outstanding
11    stock of that corporation.
12        (4) The straight preferred stocks or convertible
13    preferred stocks must be issued or guaranteed by a
14    corporation whose common stock qualifies for investment by
15    the board.
16    (c) The mutual funds must meet the following requirements:
17        (1) The mutual fund must be managed by an investment
18    company registered under the Federal Investment Company
19    Act of 1940 and registered under the Illinois Securities
20    Law of 1953.
21        (2) The mutual fund must have been in operation for at
22    least 5 years.
23        (3) The mutual fund must have total net assets of
24    $250,000,000 or more.
25        (4) The mutual fund must be comprised of a diversified
26    portfolio of common or preferred stocks, bonds, or money

 

 

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1    market instruments.
2    (d) A pension fund's total investment in the items
3authorized under this Section and Section 1-113.3 shall not
4exceed 50% effective July 1, 2011 and 55% effective July 1,
52012 of the market value of the pension fund's net present
6assets stated in its most recent annual report on file with the
7Department of Insurance.
8    (e) A pension fund that invests funds under this Section
9shall electronically file with the Division any reports of its
10investment activities that the Division may require, at the
11time and in the format required by the Division.
12(Source: P.A. 96-1495, eff. 1-1-11.)
 
13    (40 ILCS 5/1-113.4b new)
14    Sec. 1-113.4b. Permitted investments for Article 3 and 4
15pension funds with net assets of more than $10,000,000. An
16Article 3 or 4 pension fund with net assets of more than
17$10,000,000 may invest the reserves of the Fund in any
18reasonable and prudent investment, subject to the requirements
19and restrictions set forth in Sections 1-109, 1-109.1, 1-109.2,
201-110, 1-111, 1-114, and 1-115 of this Code. Investments made
21in accordance with Section 1-113, 1-113.2, 1-113.3, 1-113.4, or
221-113.4a of this Code shall be deemed prudent.
23    No bank or savings and loan association shall receive
24investment funds as permitted by this Section, unless it has
25complied with the requirements established pursuant to Section

 

 

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16 of "An Act relating to certain investments of public funds by
2public agencies", approved July 23, 1943, as now or hereafter
3amended. The limitations set forth in that Section 6 shall be
4applicable only at the time of investment and shall not require
5the liquidation of any investment at any time.
6    The board of the pension fund shall have the authority to
7enter into such agreements and to execute such documents as it
8determines to be necessary to complete any investment
9transaction. All investments shall be clearly held and
10accounted for to indicate ownership by the pension fund. The
11board of the pension fund may direct the registration of
12securities or the holding in interests in real property in the
13name of the pension fund or in the name of a nominee created
14for the express purpose of registration of securities or
15holding interests in real property by a national or state bank
16or trust company authorized to conduct a trust business in the
17State of Illinois.
18    Investments shall be carried at cost or at a value
19determined in accordance with generally accepted accounting
20principles.
 
21    (40 ILCS 5/1A-108)
22    Sec. 1A-108. Report to the Governor and General Assembly.
23    (a) On or before October 1 following the convening of a
24regular session of the General Assembly, the Division shall
25submit a report to the Governor and General Assembly setting

 

 

09800HB1165sam001- 14 -LRB098 08854 RPS 60388 a

1forth the latest financial statements on the pension funds
2operating in the State of Illinois, a summary of the current
3provisions underlying these funds, and a report on any changes
4that have occurred in these provisions since the date of the
5last such report submitted by the Division.
6    The report shall also include the results of examinations
7made by the Division of any pension fund and any specific
8recommendations for legislative and administrative correction
9that the Division deems necessary. The report may embody
10general recommendations concerning desirable changes in any
11existing pension, annuity, or retirement laws designed to
12standardize and establish uniformity in their basic provisions
13and to bring about an improvement in the financial condition of
14the pension funds. The purposes of these recommendations and
15the objectives sought shall be clearly expressed in the report.
16    (b) In its annual report to the General Assembly due on or
17before October 1, 2014, the Division shall include its
18recommendations for a means of consolidating or averaging the
19various actuarial assumptions and financial conditions of the
20Article 3 and 4 pension funds that could be used in a unified
21and convenient way by the General Assembly in considering and
22evaluating the effects of proposed funding and benefit reforms
23for those pension funds.
24    (c) The requirement for reporting to the General Assembly
25shall be satisfied by filing copies of the report with the
26Speaker, the Minority Leader, and the Clerk of the House of

 

 

09800HB1165sam001- 15 -LRB098 08854 RPS 60388 a

1Representatives, the President, the Minority Leader, and the
2Secretary of the Senate, and the Legislative Research Unit, as
3required by Section 3.1 of the General Assembly Organization
4Act, and filing additional copies with the State Government
5Report Distribution Center for the General Assembly as required
6under paragraph (t) of Section 7 of the State Library Act.
7    Upon request, the Division shall distribute additional
8copies of the report at no charge to the secretary of each
9pension fund established under Article 3 or 4, the treasurer or
10fiscal officer of each municipality with an established police
11or firefighter pension fund, the executive director of every
12other pension fund established under this Code, and to public
13libraries, State agencies, and police, firefighter, and
14municipal organizations active in the public pension area.
15(Source: P.A. 90-507, eff. 8-22-97.)
 
16    (40 ILCS 5/3-128)  (from Ch. 108 1/2, par. 3-128)
17    Sec. 3-128. Board created. A board of 6 members 5 members
18shall constitute a board of trustees to administer the pension
19fund and to designate the beneficiaries thereof. The board
20shall be known as the "Board of Trustees of the Police Pension
21Fund" of the municipality.
22    Two members of the board shall be appointed by the mayor or
23president of the board of trustees of the municipality
24involved. The 3rd and 4th members of the board shall be elected
25from the active participants of the pension fund by such active

 

 

09800HB1165sam001- 16 -LRB098 08854 RPS 60388 a

1participants. The 5th member shall be elected by and from the
2beneficiaries. Beginning January 1, 2015, a 6th member of the
3board shall be appointed by the mayor or president of the board
4of trustees of the municipality.
5    One of the members appointed by the mayor or president of
6the board of trustees shall serve for one year beginning on the
72nd Tuesday in May after the municipality comes under this
8Article. The other initial appointed member shall serve for 2
9years beginning on the same date. The new member appointed
10under this amendatory Act of the 98th General Assembly shall
11serve from the time of appointment to the second Tuesday of the
12second May occurring after that appointment. Their successors
13shall serve for 2 years each or until their successors are
14appointed and have qualified.
15    The election for board members shall be held biennially on
16the 3rd Monday in April, at such place or places in the
17municipality and under the Australian ballot system and such
18other regulations as shall be prescribed by the appointed
19members of the board.
20    The active pension fund participants shall be entitled to
21vote only for the active participant members of the board. All
22beneficiaries of legal age may vote only for the member chosen
23from among the beneficiaries. No person shall be entitled to
24cast more than one ballot at such election. The term of elected
25members shall be 2 years, beginning on the 2nd Tuesday of the
26first May after the election.

 

 

09800HB1165sam001- 17 -LRB098 08854 RPS 60388 a

1    Upon the death, resignation or inability to act of any
2elected board member, his or her successor shall be elected for
3the unexpired term at a special election, to be called by the
4board and conducted in the same manner as the regular biennial
5election.
6    Members of the board shall neither receive nor have any
7right to receive any salary from the pension fund for services
8performed as trustees in that office.
9(Source: P.A. 83-1440.)
 
10    (40 ILCS 5/4-121)  (from Ch. 108 1/2, par. 4-121)
11    Sec. 4-121. Board created. There is created in each
12municipality or fire protection district a board of trustees to
13be known as the "Board of Trustees of the Firefighters' Pension
14Fund". The membership of the board for each municipality shall
15be, respectively, as follows: in cities, the treasurer, clerk,
16marshal, or chief officer of the fire department, and the
17comptroller if there is one, or if not, the mayor; in each
18township, village or incorporated town, the president of the
19municipality's board of trustees, the village or town clerk,
20village or town attorney, village or town treasurer, and the
21chief officer of the fire department; and in each fire
22protection district, the president and other 2 members of its
23board of trustees and the marshal or chief of its fire
24department or service, as the case may be; and in all the
25municipalities above designated 3 additional persons chosen

 

 

09800HB1165sam001- 18 -LRB098 08854 RPS 60388 a

1from their active firefighters and one other person who has
2retired under the "Firemen's Pension Fund Act of 1919", or this
3Article. Notwithstanding any provision of this Section to the
4contrary, the term of office of each member of a board
5established on or before the 3rd Monday in April, 2006 shall
6terminate on the 3rd Monday in April, 2006, but all incumbent
7members shall continue to exercise all of the powers and be
8subject to all of the duties of a member of the board until all
9the new members of the board take office.
10    Beginning on the 3rd Monday in April, 2006, the board for
11each municipality or fire protection district shall consist of
125 members, and beginning January 1, 2015, the board shall
13consist of 6 members. Two members of the board shall be
14appointed by the mayor or president of the board of trustees of
15the municipality or fire protection district involved, and
16beginning January 1, 2015, a third member of the board shall be
17appointed by the mayor or president of the board of trustees of
18the municipality or fire protection district. Two members of
19the board shall be active participants of the pension fund who
20are elected from the active participants of the fund. One
21member of the board shall be a person who is retired under the
22Firemen's Pension Fund Act of 1919 or this Article who is
23elected from persons retired under the Firemen's Pension Fund
24Act of 1919 or this Article.
25    For the purposes of this Section, a firefighter receiving a
26disability pension shall be considered a retired firefighter.

 

 

09800HB1165sam001- 19 -LRB098 08854 RPS 60388 a

1In the event that there are no retired firefighters under the
2Fund or if none is willing to serve on the board, then an
3additional active firefighter shall be elected to the board in
4lieu of the retired firefighter that would otherwise be
5elected.
6    If the regularly constituted fire department of a
7municipality is dissolved and Section 4-106.1 is not
8applicable, the board shall continue to exist and administer
9the Fund so long as there continues to be any annuitant or
10deferred pensioner in the Fund. In such cases, elections shall
11continue to be held as specified in this Section, except that:
12(1) deferred pensioners shall be deemed to be active members
13for the purposes of such elections; (2) any otherwise
14unfillable positions on the board, including ex officio
15positions, shall be filled by election from the remaining
16firefighters and deferred pensioners of the Fund, to the extent
17possible; and (3) if the membership of the board falls below 3
18persons, the Illinois Director of Insurance or his designee
19shall be deemed a member of the board, ex officio.
20    The members chosen from the active and retired firefighters
21shall be elected by ballot at elections to be held on the 3rd
22Monday in April of the applicable years under the Australian
23ballot system, at such place or places, in the municipality,
24and under such regulations as shall be prescribed by the board.
25    No person shall cast more than one vote for each candidate
26for whom he or she is eligible to vote. In the elections for

 

 

09800HB1165sam001- 20 -LRB098 08854 RPS 60388 a

1board members to be chosen from the active firefighters, all
2active firefighters and no others may vote. In the elections
3for board members to be chosen from retired firefighters, the
4retired firefighters and no others may vote.
5    Each member of the board so elected shall hold office for a
6term of 3 years and until his or her successor has been duly
7elected and qualified.
8    The board shall canvass the ballots and declare which
9persons have been elected and for what term or terms
10respectively. In case of a tie vote between 2 or more
11candidates, the board shall determine by lot which candidate or
12candidates have been elected and for what term or terms
13respectively. In the event of the failure, resignation, or
14inability to act of any board member, a successor shall be
15elected for the unexpired term at a special election called by
16the board and conducted in the same manner as a regular
17election.
18    The board shall elect annually from its members a president
19and secretary.
20    Board members shall not receive or have any right to
21receive any salary from a pension fund for services performed
22as board members.
23(Source: P.A. 96-1000, eff. 7-2-10.)
 
24    Section 99. Effective date. This Act takes effect upon
25becoming law.".