Bill Text: IL SB2525 | 2009-2010 | 96th General Assembly | Engrossed
Bill Title: Amends the Illinois Pension Code. Requires that every retirement system, pension fund or other system or fund established under the Code indemnify and protect the trustees, staff, and consultants against all damage claims and suits 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 (indemnification was discretionary). Provides that a retirement system's, pension fund's, or investment board's goals for the management of assets in specific asset classes by emerging investment managers shall be based on the percentage of total dollar amount of assets to be managed for investment service contracts (rather than the percentage of total dollar amount of investment service contracts) let to minority owned businesses, female owned businesses, and businesses owned by a person with a disability. In provisions concerning prohibition on gifts, provides that solicitation or acceptance of costs associated with educational purposes is not prohibited. Effective immediately.
Sponsorship: Partisan Bill (Democrat 1)
Status: (Engrossed - Dead) 2010-05-28 - Rule 19(a) / Re-referred to Rules Committee [SB2525 Detail]
Download: Illinois-2009-SB2525-Engrossed.html
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| 1 | AN ACT concerning public employee benefits.
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| 2 | Be it enacted by the People of the State of Illinois,
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| 3 | represented in the General Assembly:
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| 4 | Section 5. The Illinois Pension Code is amended by changing | ||||||
| 5 | Section 1-107 as follows:
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| 6 | (40 ILCS 5/1-107) (from Ch. 108 1/2, par. 1-107)
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| 7 | Sec. 1-107. Indemnification of trustees, consultants, and | ||||||
| 8 | employees of
retirement systems and pension funds. Every | ||||||
| 9 | retirement system, pension
fund, or other system or fund | ||||||
| 10 | established under this Code, other than a retirement system | ||||||
| 11 | established under Article 2, 14, 15, 16, or 18 of this Code or | ||||||
| 12 | the investment board established under Article 22A of this | ||||||
| 13 | Code, must indemnify and
protect the trustees against all | ||||||
| 14 | damage claims
and suits, including defense thereof, when | ||||||
| 15 | damages are sought for negligent
or wrongful acts alleged to | ||||||
| 16 | have been committed in the scope of their powers and duties as | ||||||
| 17 | trustees. | ||||||
| 18 | Every retirement system established under Article 2, 14, | ||||||
| 19 | 15, 16, or 18 of this Code may indemnify and
protect the | ||||||
| 20 | trustees against all damage claims
and suits, including defense | ||||||
| 21 | thereof, when damages are sought for negligent
or wrongful acts | ||||||
| 22 | alleged to have been committed in the scope of their powers and | ||||||
| 23 | duties as trustees. | ||||||
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| 1 | The investment board established under Article 22A of this | ||||||
| 2 | Code may indemnify and
protect its members against all damage | ||||||
| 3 | claims
and suits, including defense thereof, when damages are | ||||||
| 4 | sought for negligent
or wrongful acts alleged to have been | ||||||
| 5 | committed in the scope of their powers and duties as members. | ||||||
| 6 | Every retirement system, pension
fund, or other system or | ||||||
| 7 | fund established under this Code may indemnify and
protect the | ||||||
| 8 | trustees, staff and consultants against all damage claims
and | ||||||
| 9 | suits, including defense thereof, when damages are sought for | ||||||
| 10 | negligent
or wrongful acts alleged to have been committed in | ||||||
| 11 | the scope of employment
or under the direction of the trustees. | ||||||
| 12 | However, the trustees, staff, and
consultants shall not be | ||||||
| 13 | indemnified for wilful misconduct and gross negligence.
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| 14 | Each board is authorized to insure against loss or | ||||||
| 15 | liability of the trustees,
staff, and consultants which may | ||||||
| 16 | result from these damage claims. This insurance
shall be | ||||||
| 17 | carried in a company which is licensed to write such coverage | ||||||
| 18 | in this State.
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| 19 | (Source: P.A. 80-1364.)
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| 20 | Section 99. Effective date. This Act takes effect upon | ||||||
| 21 | becoming law.
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