Reply #74: synopsis of the bill- [View All]

[mopinko]

Synopsis As Introduced
Amends the Illinois Pension Code. Provides that any reasonable suspicion by any appointed or elected commissioner, trustee, director, board member, or employee of a retirement system or pension fund created under the Code or the State Board of Investment of a false statement or falsified record being submitted or permitted by a person under the Code shall be immediately referred to the board of trustees of a retirement system or pension fund created under the Code or the State Board of Investment or the State's Attorney of the jurisdiction where the alleged fraudulent activity occurred, and that the board of trustees of a retirement system or pension fund or the State Board of Investment shall immediately notify the State's Attorney of the jurisdiction where any alleged fraudulent activity occurred for investigation; Amends the Chicago Police, Chicago Firefighter, Chicago Municipal, Chicago Laborers, Chicago Park District, and Chicago Teacher Articles of the Illinois Pension Code to terminate the existing pension boards 90 days after the effective date of the amendatory Act and to provide for a new board comprised of 4 members appointed by the Mayor of the City of Chicago and 3 elected members representing active members and annuitant members of the fund. Amends the Cook County Article of the Illinois Pension Code to terminate the existing board of trustees 90 days after the effective date of the amendatory Act and to provide for a new board comprised of 5 members appointed by the President of the Cook County Board of Commissioners and 4 elected members representing active and annuitant members of the fund. Effective immediately.