HB 3004

Abstract

Amends the General Provisions Article of the Illinois Pension Code. Provides that no individual who is a board member of a pension fund, investment board, or retirement system may be employed by a pension fund, investment board, or retirement system established under the Code or by any vendor of a pension fund, investment board, or retirement system established under the Code for a period of 5 years after he or she ceases to be a board member. Provides that no pension fund, investment board, or retirement system may pay membership dues to a membership organization or association that has any pecuniary interest with any entity that provides services to a pension fund, investment board, or retirement system unless: (1) the membership organization or association provides to the retirement system, pension fund, or investment board a list of those pecuniary interests, the total annual value of those pecuniary interests or payments, and the services that those pecuniary interests or payments relate to; and (2) the pension fund, investment board, or retirement system posts those reports in a location that is readily available to its members. House Floor Amendment No. 1 Deletes reference to: 40 ILCS 5/1-109.6 new Provides that no individual who is a board member of a pension fund, investment board, or retirement system may be employed by that pension fund, investment board, or retirement system (instead of by a pension fund, investment board, or retirement system established under the Code) or by any vendor of that pension fund, investment board, or retirement system (instead of a pension fund, investment board, or retirement system established under the Code) for a period of 12 months (rather than 5 years) after he or she ceases to be a board member. Removes language providing that no pension fund, investment board, or retirement system may pay membership dues to a membership organization or association that has any pecuniary interest with any entity that provides services to a pension fund, investment board, or retirement system unless certain information is provided. Senate Floor Amendment No. 2 Replaces everything after the enacting clause. Amends the General Provisions Article of the Illinois Pension Code. Provides that no individual who is a board member of a pension fund, investment board, or retirement system may be employed by that pension fund, investment board, or retirement system at any time during his or her service and for a period of 12 months after he or she ceases to be a board member. Provides an exception if a senior administrative staff position becomes vacant and no executive member of the staff is willing to accept the position. In that situation, provides that an individual serving as a board member may temporarily serve as an interim member of the senior administrative staff of the fund if certain conditions are met.