40 ILCS 5/22A-109
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 22A - Investment Board

 (from Ch. 108 1/2, par. 22A-109)Sec. 22A-109. Membership of board. The board shall consist of the following  members:(1) Five trustees appointed by the Governor with the     advice and consent of the Senate who may not  hold an elective State office.(2) The Treasurer.(3) The Comptroller, who shall represent the State     Employees' Retirement System of Illinois.(4) The Chairperson of the General Assembly     Retirement System.(5) The Chairperson of the Judges Retirement System     of Illinois. The appointive  members shall serve for terms of 4 years except that the terms of office of the  original appointive members pursuant to this amendatory Act of the 96th General Assembly shall be as follows:  One member for a term of 1  year; 1 member for a term of 2 years; 1 member for a term of 3 years; and 2 members for a term of 4 years.  Vacancies among the appointive  members shall be filled for unexpired terms by appointment in  like manner as for original appointments, and appointive members shall  continue in office until their successors have been appointed and have  qualified.Notwithstanding any provision of this Section to the contrary, the term of office of each trustee of the Board appointed by the Governor who is sitting on the Board on the effective date of this amendatory Act of the 96th General Assembly is terminated on that effective date. A trustee sitting on the board on the effective date of this amendatory Act of the 96th General Assembly may not hold over in office for more than 60 days after the effective date of this amendatory Act of the 96th General Assembly. Nothing in this Section shall prevent the Governor from making a temporary appointment or nominating a trustee holding office on the day before the effective date of this amendatory Act of the 96th General Assembly.Each person appointed to membership shall qualify by taking an oath of  office before the Secretary of State stating that he will diligently and  honestly administer the affairs of the board and will not violate or knowingly  permit the violation of any provisions of this Article.Members of the board shall receive no salary for service on the board but  shall be reimbursed for travel expenses incurred while on business for the  board according to the standards in effect for members of the Commission on Government Forecasting and Accountability.A majority of the members of the board shall constitute a quorum.  The  board shall elect from its membership, biennially, a Chairman, Vice Chairman  and a Recording Secretary.  These officers, together with one other member  elected by the board, shall constitute the executive committee.  During the  interim between regular meetings of the board, the executive committee shall  have authority to conduct all business of the board and shall report such  business conducted at the next following meeting of the board for ratification.No member of the board shall have any interest in any brokerage fee,  commission or other profit or gain arising out of any investment made by  the board.  This paragraph does not preclude ownership by any member of any  minority interest in any common stock or any corporate obligation in which  investment is made by the board.The board shall contract for a blanket fidelity bond in the penal sum of  not less than $1,000,000.00 to cover members of the board, the director and  all other employees of the board conditioned for the faithful performance of  the duties of their respective offices, the premium on which shall be paid by  the board.  (Source: P.A. 99-708, eff. 7-29-16; 100-1148, eff. 12-10-18.)