40 ILCS 5/7-174
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 7 - Illinois Municipal Retirement Fund

 (from Ch. 108 1/2, par. 7-174)Sec. 7-174. Board created.(a) A board of 8 members shall  constitute a board of trustees authorized to carry out the provisions of  this Article.  Each trustee shall be a participating employee of a  participating municipality or participating instrumentality or an annuitant  of the Fund and no person shall be eligible to become a trustee after January  1, 1979 who does not have the minimum service credit in this Fund to qualify for a pension.(b) The board shall consist of representatives of various groups as  follows:1. 4 trustees shall be a chief executive officer,     chief finance officer, or other officer, executive or department head of a participating municipality or participating instrumentality, and each such trustee shall be designated as an executive trustee.2. 3 trustees shall be employees of a participating     municipality or participating instrumentality and each such trustee shall be designated as an employee trustee. A person who meets the criteria to be an executive trustee may not serve as an employee trustee.3. One trustee shall be an annuitant of the Fund, who     shall be designated the annuitant trustee.(c) A person elected as a trustee shall qualify as a trustee, after  declaration by the board that he has been duly elected, upon taking and  subscribing to the constitutional oath of office and filing same in the  office of the Fund.(d) The term of office of each trustee shall begin upon January 1 of  the year following the year in which he is elected and shall continue  for a period of 5 years and until a successor has been elected and  qualified, or until prior resignation, death, incapacity or  disqualification.(e) Any elected trustee (other than the annuitant trustee) shall be  disqualified immediately upon termination of employment with all participating  municipalities and instrumentalities thereof or upon any change in status which  removes any such trustee from all employments within the group he represents.  The annuitant trustee shall be disqualified upon termination of his or her  annuity.(f) The trustees shall fill any vacancy in the board by appointment,  for the period until the next election of trustees, or, if the remaining  term is less than 2 years, for the remainder of the term, and until his  successor has been elected and qualified.(g) Trustees shall serve without compensation, but shall be  reimbursed for any reasonable expenses incurred in attending meetings of  the board and in performing duties on behalf of the Fund and for the  amount of any earnings withheld by any employing municipality or  participating instrumentality because of attendance at any board  meeting.(h) Each trustee shall be entitled to  one vote on any and all actions before the board.  At least 5 concurring votes  shall be necessary for every decision or action by the board at any of its  meetings.  No decision or action shall become effective unless presented and so  approved at a regular or duly called special meeting of the board.  (Source: P.A. 102-479, eff. 8-20-21.)