(40 ILCS 5/1-107)
(from Ch. 108 1/2, par. 1-107)
Indemnification of trustees, consultants and employees of
retirement systems and pension funds. Every retirement system, pension
fund or other system or fund established under this Code may indemnify and
protect the trustees, staff and consultants against all damage claims
and suits, including defense thereof, when damages are sought for negligent
or wrongful acts alleged to have been committed in the scope of employment
or under the direction of the trustees. However, the trustees, staff and
consultants shall not be indemnified for wilful misconduct and gross negligence.
Each board is authorized to insure against loss or liability of the trustees,
staff and consultants which may result from these damage claims. This insurance
shall be carried in a company which is licensed to write such coverage in this State.
(Source: P.A. 80-1364.)