(40 ILCS 5/11-190)
(from Ch. 108 1/2, par. 11-190)
To invest the reserves.
To invest the reserves of the fund in
accordance with Sections 1-109, 1-109.1, 1-109.2, 1-110, 1-111, 1-114, and
1-115 of this Act. Investments made in accordance with Section 1-113 shall be
deemed to be prudent.
The retirement board may sell any security held by it at any time it deems it
The board may enter into any agreements and execute any documents that it
determines to be necessary to complete any investment transaction.
All investments shall be clearly held and accounted for to indicate ownership
by the board. The board may direct the registration of securities in its own
name or in the name of a nominee created for the express purpose of
registration of securities by a savings and loan association or national or
State bank or trust company authorized to conduct a trust business in the State
Investments shall be carried at cost or at book value in accordance with
accounting procedures approved by the board. No adjustments shall be made in
investment carrying values for ordinary current market price fluctuations, but
reserves may be provided to account for possible losses or unrealized gains, as
determined by the board.
The book value of investments held by the fund in commingled investment
accounts shall be the cost of its units of participation in those commingled
accounts as recorded on the books of the board.
The board of trustees of any fund established under this Article may
not transfer its investment authority, nor transfer the assets of the fund,
to any other person or entity for the purpose of consolidating or merging
its assets and management with any other pension fund or public investment
authority, unless the board resolution authorizing that transfer
is submitted for approval to the contributors and retirees of the fund at
elections held not less than 30 days after the adoption of the
resolution by the board and the resolution is approved by a
majority of the votes cast on the question in both the contributors election
and the retirees election. The election procedures and qualifications
governing the election of trustees shall govern the submission of resolutions
for approval under this paragraph, insofar as they may be made applicable.
(Source: P.A. 90-31, eff. 6-27-97.)