SB3144 101ST GENERAL ASSEMBLY

LRB101 18560 RPS 68014 b

101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
SB3144

Introduced 2/6/2020, by Sen. Sara Feigenholtz

SYNOPSIS AS INTRODUCED:

40 ILCS 5/17-140

from Ch. 108 1/2, par. 17-140

Amends the Chicago Teacher Article of the Illinois Pension Code. Provides that in case any officer whose signature appears upon any check or draft, issued pursuant to the Article, ceases to hold office, the signature nevertheless shall be valid and sufficient for all purposes. Removes language concerning checks or drafts signed by an officer who ceases to hold office before the delivery of the check to the payee. Makes other changes.

PENSION IMPACT NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning public employee benefits.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Illinois Pension Code is amended by changing Section 17-140 as follows:

(40 ILCS 5/17-140) (from Ch. 108 1/2, par. 17-140)

Sec. 17-140. Board officers. The president, recording secretary and other officers of the Board shall be elected by and from the members of the Board board at the first meeting of the Board after the election of trustees.

In case any officer whose signature appears upon any check or draft, issued pursuant to this Article, ceases (after attaching his signature) to hold his office, the before the delivery thereof to the payee, his signature nevertheless shall be valid and sufficient for all purposes with the same effect as if he had remained in office until delivery thereof.

(Source: P.A. 90-566, eff. 1-2-98.)