(40 ILCS 5/Art. 13 Pt. VII heading)
Part VII.
Retirement Board.
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(40 ILCS 5/13-701) (from Ch. 108 1/2, par. 13-701)
Sec. 13-701. Board created. A board of 7 members shall constitute the
Board of Trustees authorized to carry out the provisions of this Article.
The board shall be known as the Retirement Board of the Metropolitan Water
Reclamation District Pension Fund.
The board shall consist of 3 members appointed by the Board of
Commissioners of the Water Reclamation District, one of which must be a retiree participating in the Fund, and 4 elected employee members. The appointed retiree to the Board must be recommended by the Board of Commissioners of the Metropolitan Water Reclamation District and approved by the Board of Trustees prior to serving his or her term.
Each appointed member shall be appointed for a term of 3 years in the
month of January prior to the expiration of the term of office of the
appointed member whose term next expires.
Members of the Board shall hold office until the expiration of their
respective terms and until their respective successors are appointed or
elected and have qualified. This amendatory Act of the 95th General Assembly shall not affect
the terms of the Board members holding office on its effective date. The new employee member authorized by this amendatory Act of the 95th General Assembly shall begin his or her term following a special election no later than 90 days after the effective date of this amendatory Act and serve an initial term that expires on November 30, 2011. The appointed retiree member authorized by this amendatory Act of the 95th General Assembly shall be appointed no later than 90 days after the effective date of this amendatory Act and serve an initial term that expires on January 31, 2011.
Any person elected or appointed as a member of the Board shall qualify by
taking an oath of office to be administered by any officer authorized to
administer oaths or any sitting member of the Board. A copy thereof shall
be filed with the clerk of the Water Reclamation District and with the
Executive Director of the Fund.
(Source: P.A. 95-923, eff. 8-26-08.)
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(40 ILCS 5/13-702) (from Ch. 108 1/2, par. 13-702)
Sec. 13-702. Board elections. Beginning on the effective date of this amendatory Act of the 95th General Assembly, in each year, the Board shall conduct a
regular election, under rules adopted by it, at least 30 days prior to the
expiration of the term of the employee member whose term next expires, for
the election of a successor for a term of 4 years. Any employee at the
time the election is held shall have a right to vote. The election
shall be conducted by secret ballot.
(Source: P.A. 95-923, eff. 8-26-08.)
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(40 ILCS 5/13-703) (from Ch. 108 1/2, par. 13-703)
Sec. 13-703.
Board vacancy.
A vacancy occurring in the membership of the
Board shall be filled as follows:
If the vacancy is of an appointive member, the President of the Water
Reclamation District shall designate a person to serve until the Board of
Commissioners of the District appoints a member to fill the vacancy for the
unexpired term. If the vacancy is of an elective office the remaining
members of the Retirement Board shall designate an employee to serve the
remainder of the unexpired term.
Any employee who leaves the service of the District or who shall be or
become a member or beneficiary of any public annuity or pension fund other
than the Fund created by this Article, shall automatically become
ineligible to elective membership on the Board, and if such person is an
elected member of the Board, that office shall automatically become vacant
and shall be filled as herein provided for the filling of vacancies. This
Section shall not apply to pensions or benefits granted by the Government
of the United States or by any state for service in the military or naval
forces of the United States.
(Source: P.A. 87-794.)
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(40 ILCS 5/13-704) (from Ch. 108 1/2, par. 13-704)
Sec. 13-704.
Board officers.
The Board shall elect annually at its
regular December meeting, from among its members by a majority vote of the
members voting upon the question, a president, a vice president, and a
secretary who shall serve, respectively, until a successor is elected.
If a vacancy occurs in any such office by reason of death, resignation,
separation from service, or any other cause, a successor shall be elected
to fill such vacancy for the unexpired term at the first regular or special
meeting held next after such vacancy occurs.
The president and vice president shall perform such duties as may be
incumbent upon them by virtue of their respective offices on the Board, or
by virtue of rules adopted by the Board fixing such duties.
The secretary shall keep a complete record of the proceedings of all
Board meetings and perform such other duties as the Board directs.
All records belonging to the Board shall be kept in the custody of the
Executive Director of the Fund.
(Source: P.A. 87-794.)
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(40 ILCS 5/13-705) (from Ch. 108 1/2, par. 13-705)
Sec. 13-705.
Board meetings.
The Board shall hold regular meetings in
each month, and special meetings as it deems necessary. A majority of the
members shall constitute a quorum for the transaction of business at any
meeting, but no annuity or benefit shall be granted or allowed, or payments
made from the Fund unless ordered by a vote of a majority of the Board
members, as shown by roll call entered upon the official record of the
meeting at which such action is taken.
(Source: P.A. 87-794.)
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(40 ILCS 5/13-706) (from Ch. 108 1/2, par. 13-706)
Sec. 13-706. Board powers and duties. The Board shall have the powers and
duties set forth in this Section, in addition to such other powers and
duties as may be provided in this Article and in this Code:
(a) To supervise collections. To see that all
| | amounts specified in this Article to be applied to the Fund, from any source, are collected and applied.
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(b) To notify of deductions. To notify the Clerk of
| | the Water Reclamation District of the deductions to be made from the salaries of employees.
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(c) To accept gifts. To accept by gift, grant,
| | bequest or otherwise any money or property of any kind and use the same for the purposes of the Fund.
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(d) To invest the reserves. To invest the reserves
| | of the Fund in accordance with the provisions set forth in Section 1-109, 1-109.1, 1-109.2, 1-110, 1-111, 1-114, and 1-115 of this Code. Investments made in accordance with Section 1-113 of Article 1 of this Code shall be deemed prudent. The Board is also authorized to transfer securities to the Illinois State Board of Investment for the purpose of participation in any commingled investment fund as provided in Article 22A of this Code.
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(e) To authorize payments. To consider and pass upon
| | all applications for annuities and benefits; to authorize or suspend the payment of any annuity or benefit; to inquire into the validity and legality of any grant of annuity or benefit paid from or payable out of the Fund; to increase, reduce, or suspend any such annuity or benefit whenever the annuity or benefit, or any part thereof, was secured or granted, or the amount thereof fixed, as the result of misrepresentation, fraud, or error. No such annuity or benefit shall be permanently reduced or suspended until the affected annuitant or beneficiary is first notified of the proposed action and given an opportunity to be heard. No trustee of the Board shall vote upon that trustee's own personal claim for annuity, benefit or refund, or participate in the deliberations of the Board as to the validity of any such claim. The Board shall have exclusive original jurisdiction in all matters of claims for annuities, benefits and refunds.
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(f) To submit an annual report. To submit a report
| | in July of each year to the Board of Commissioners of the Water Reclamation District as of the close of business on December 31st of the preceding year. The report shall include the following:
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(1) A balance sheet, showing the financial and
| | actuarial condition of the Fund as of the end of the calendar year;
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(2) A statement of receipts and disbursements
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(3) A statement showing changes in the asset,
| | liability, reserve and surplus accounts during such year;
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(4) A detailed statement of investments as of the
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(5) Any additional information as is deemed
| | necessary for proper interpretation of the condition of the Fund.
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(g) To subpoena witnesses. To compel witnesses to
| | attend and testify before it upon any matter concerning the Fund and allow witness fees not in excess of $6 for attendance upon any one day. The President and other members of the Board may administer oaths to witnesses.
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(h) To appoint employees and consultants. To appoint
| | such actuarial, medical, legal, investigational, clerical or financial employees and consultants as are necessary, and fix their compensation.
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(i) To make rules. To make rules and regulations
| | necessary for the administration of the affairs of the Fund.
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(j) To waive guardianship. To waive the requirement
| | of legal guardianship of any minor unmarried beneficiary of the Fund living with a parent or grandparent, and legal guardianship of any beneficiary under legal disability whose husband, wife, or parent is managing such beneficiary's affairs, whenever the Board deems such waiver to be in the best interest of the beneficiary.
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(k) To collect amounts due. To collect any amounts
| | due to the Fund from any participant or beneficiary prior to payment of any annuity, benefit or refund.
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(l) To invoke rule of offset. To offset against any
| | amount payable to an employee or to any other person such sums as may be due to the Fund or may have been paid by the Fund due to misrepresentation, fraud or error.
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(m) To assess and collect interest on amounts due to
| | the Fund using the annual rate as shall from time to time be determined by the Board, compounded annually from the date of notification to the date of payment.
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| (Source: P.A. 94-621, eff. 8-18-05; 95-586, eff. 8-31-07.)
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(40 ILCS 5/13-707) (from Ch. 108 1/2, par. 13-707)
Sec. 13-707.
No Compensation.
A member of the Retirement Board shall not
receive any moneys from the Fund, as salary for service performed as a
member, consultant or employee of the Board but any member shall be
entitled to reimbursement for expenses incurred on behalf of the Fund,
subject to the approval of the Board. Any elected employee member shall
have a right to and shall be reimbursed for any amount of salary, wages or
compensation withheld by the District because of attendance at any meeting
of the Board or because of the performance of any other duty in connection
with the Fund.
(Source: P.A. 87-794.)
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(40 ILCS 5/13-708) (from Ch. 108 1/2, par. 13-708)
Sec. 13-708.
No commissions on investments.
No member of the Board, and no
person officially connected with the Board, either as an employee or as a
custodian of the Fund, shall receive any commissions on any investment made
by the Board, or act as the agent of any other person or persons concerning
any such investment.
(Source: P.A. 87-794.)
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(40 ILCS 5/13-709) (from Ch. 108 1/2, par. 13-709)
Sec. 13-709.
Duties of officers of the District.
(a) In addition to those other requirements set forth in this Article,
the proper officers of the Water Reclamation District shall, without cost
to the Fund:
(1) deduct all required sums from the salaries of
| | employees, and pay such sums to the Fund in such manner as the Board specifies.
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(2) furnish to the Board, in the manner and form
| | requested by it, such information, reports and data concerning employees of the district, as the Board deems necessary for the proper administration of this Article.
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(3) furnish suitable rooms for offices and meetings.
(b) The treasurer of the Water Reclamation District shall be, ex
officio, the treasurer of the Fund. The treasurer shall have the authority
to collect employee contributions, tax levies, and other payments to the
Fund, and to perform such other functions as the Board may direct.
(Source: P.A. 87-794.)
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(40 ILCS 5/13-710) (from Ch. 108 1/2, par. 13-710)
Sec. 13-710.
Age of employee.
In any application for appointment to the
service of the District, the age stated therein shall be conclusive
evidence of the applicant's age for the purposes of this Article, but the
Board may require such evidence of an employee's age as it deems necessary,
and may fix such age for the purposes of this Article based upon such evidence.
(Source: P.A. 87-794.)
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(40 ILCS 5/13-711) (from Ch. 108 1/2, par. 13-711)
Sec. 13-711.
Examination of Fund.
The Board shall have an audit and a
thorough examination of the affairs of the fund made annually by a
certified public accountant. The Board shall submit the results of the
examination to the Director of Insurance, and to the Board of Commissioners
of the District. The report shall be filed in the official record of the
proceedings of the meeting of the District at which it is received. The
expenses of the examination shall be paid by the Board.
(Source: P.A. 87-794.)
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