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91_HB1943
LRB9102929EGfg
1 AN ACT to amend the Illinois Pension Code by changing
2 Section 7-174.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Illinois Pension Code is amended by
6 changing Section 7-174 as follows:
7 (40 ILCS 5/7-174) (from Ch. 108 1/2, par. 7-174)
8 Sec. 7-174. Board created.
9 (a) A board of 8 members shall constitute a board of
10 trustees authorized to carry out the provisions of this
11 Article. Each trustee shall be a participating employee of a
12 participating municipality or participating instrumentality
13 or an annuitant of the Fund and no person shall be eligible
14 to become a trustee after January 1, 1979 who does not have
15 at least 8 years of creditable service.
16 (b) The board shall consist of representatives of
17 various groups as follows:
18 1. 4 trustees shall be a chief executive officer,
19 chief finance officer, or other officer, executive or
20 department head of a participating municipality or
21 participating instrumentality, and each such trustee
22 shall be designated as an executive trustee.
23 2. 3 trustees shall be employees of a participating
24 municipality or participating instrumentality and each
25 such trustee shall be designated as an employee trustee.
26 3. One trustee shall be an annuitant of the Fund,
27 who shall be designated the annuitant trustee.
28 (c) A person elected as a trustee shall qualify as a
29 trustee, after declaration by the board that he has been duly
30 elected, upon taking and subscribing to the constitutional
31 oath of office and filing same in the office of the Fund.
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1 (d) The term of office of each trustee shall begin upon
2 January 1 of the year following the year in which he is
3 elected and shall continue for a period of 5 years and until
4 a successor has been elected and qualified, or until prior
5 resignation, death, incapacity or disqualification.
6 (e) Any elected trustee (other than the annuitant
7 trustee) shall be disqualified immediately upon termination
8 of employment with all participating municipalities and
9 instrumentalities thereof or upon any change in status which
10 removes any such trustee from all employments within the
11 group he represents. The annuitant trustee shall be
12 disqualified upon termination of his or her annuity.
13 (f) The trustees shall fill any vacancy in the board by
14 appointment, for the period until the next election of
15 trustees, or, if the remaining term is less than 2 years, for
16 the remainder of the term, and until his successor has been
17 elected and qualified.
18 (g) Trustees shall serve without compensation, but shall
19 be reimbursed for any reasonable expenses incurred in
20 attending meetings of the board and in performing duties on
21 behalf of the Fund and for the amount of any earnings
22 withheld by any employing municipality or participating
23 instrumentality because of attendance at any board meeting.
24 (h) Each trustee other than the annuitant trustee shall
25 be entitled to one vote on any and all actions before the
26 board; the annuitant trustee is not entitled to vote on any
27 matter. At least 5 least 4 concurring votes shall be
28 necessary for every decision or action by the board at any of
29 its meetings. No decision or action shall become effective
30 unless presented and so approved at a regular or duly called
31 special meeting of the board.
32 (Source: P.A. 89-136, eff. 7-14-95.)
33 Section 99. Effective date. This Act takes effect
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1 January 1, 2001.