40 ILCS 5/19-208
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 19 - Closed Funds

 (from Ch. 108 1/2, par. 19-208)Sec. 19-208.     Trustees - Vacancy - Powers and duties.     Whenever any elective member of the board of trustees shall cease to be  in the employ of or to be a member of said board of directors of such  public library, his or her membership in said board of trustees shall  cease.Said board of trustees shall have power and it shall be its duty:(1) To determine the amount which shall be deducted from the salaries or  wages paid to employees for the benefit of said pension fund: Provided, the  amount of such deduction shall not be less than the equivalent of 6% of the  salary or wages of such employe.(2) To make all payments from said pension fund pursuant to the  provisions of this Division.(3) To administer and invest in its discretion any part of the said  pension fund remaining in the hands of said treasurer.(4) To pay all necessary expenses in connection with the administration  of said fund and in carrying out the provisions of this Division for which  provision is not otherwise made.(5) To determine the amount to be paid as benefits or annuities under  this act and to increase or reduce the same in its discretion: Provided,  that the amount paid as benefit or annuity shall not be increased or  reduced after a contributor has become an annuitant.(6) To take by gift, grant or bequest, or otherwise, any money or  property of any kind and hold the same for the benefit of said fund.(7) To purchase, hold, sell or assign and transfer any of the securities  in which said fund or any part thereof may be invested, subject to the  approval of the board of directors of such public library.(8) To exempt any of said employes from the operation of this Division,  whenever in its judgment the interests of said fund shall render such  exemption necessary and advisable.(9) To fill any vacancy or vacancies in said board of trustees until the  next annual election, as hereinbefore provided.(10) To make and establish all such rules for the transaction of its  business and such other rules, regulations and by-laws as may be necessary  for the proper administration of said fund committed to its charge, and the  performance of the duties imposed upon it.(11) It shall keep full and complete records of its meetings and of the  receipts and disbursements on account of such fund, and also complete lists  of all contributors to said fund, and of all annuitants receiving benefits  therefrom, and such other records as in its judgment shall seem necessary,  and shall make and publish annually a full and complete statement of its  financial transactions.(12) Said board shall hear and determine all applications for benefits  under this Division, and shall have power to suspend any annuity whenever  the annuitant becomes actively employed by another public body within the  State of Illinois; whenever, in its judgment, the disability of such  beneficiary has ceased; or for other good cause.(13) To compromise, settle or liquidate any claim against said fund, by  surrendering the contribution or contributions of any individual or  individuals, and make the necessary rules, prescribing the terms under  which such settlements may be made, providing there shall be no rule  allowing restitution of deductions from salaries after the contributor  shall have become eligible to an annuity under this Division.    (Source: Laws 1963, p. 161.)