40 ILCS 5/22C-115
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 22C - The Firefighters' Pension Investment Fund

Sec. 22C-115. Board of Trustees of the Fund.(a) No later than February 1, 2020 (one month after the effective date of Public Act 101-610) or as soon thereafter as may be practicable, the Governor shall appoint, by and with the advice and consent of the Senate, a transition board of trustees consisting of 9  members as follows:(1) three members representing municipalities and     fire protection districts who are mayors, presidents, chief executive officers, chief financial officers, or other officers, executives, or department heads of municipalities or fire protection districts and appointed from among candidates recommended by the Illinois Municipal League;(2) three members representing participants who are     participants and appointed from among candidates recommended by the statewide labor organization representing firefighters employed by at least 85 municipalities that is affiliated with the Illinois State Federation of Labor;(3) one member representing beneficiaries who is a     beneficiary and appointed from among the candidate or candidates recommended by the statewide labor organization representing firefighters employed by at least 85 municipalities that is affiliated with the Illinois State Federation of Labor;(4) one member recommended by the Illinois Municipal     League; and(5) one member who is a participant recommended by     the statewide labor organization representing firefighters employed by at least 85 municipalities and that is affiliated with the Illinois State Federation of Labor.The transition board members shall serve until the initial permanent board members are elected and qualified.The transition board of trustees shall select the chairperson of the transition board of trustees from among the trustees for the duration of the  transition board's tenure.(b) The permanent board of trustees shall consist of 9 members comprised as follows:(1) Three members who are mayors, presidents, chief     executive officers, chief financial officers, or other officers, executives, or department heads of municipalities or fire protection districts that have  participating pension funds and are elected by the mayors and presidents of municipalities or fire protection districts that have  participating pension funds.(2) Three members who are participants of      participating pension funds and elected by the participants of participating pension funds.(3) One member who is a beneficiary of  a     participating pension fund and is elected by the beneficiaries of participating pension funds.(4) One member recommended  by the  Illinois     Municipal League who shall be appointed by the Governor with the advice and consent of the Senate.(5) One member recommended by the statewide labor     organization representing firefighters employed by at least 85 municipalities and that is affiliated with the Illinois State Federation of Labor who shall be appointed by the Governor with the advice and consent of the Senate.The permanent board of trustees shall select the chairperson of the permanent board of trustees from among the trustees for a term of 2 years. The holder of the office of chairperson shall alternate between a person elected or appointed under item (1) or (4) of this subsection (b) and a person elected or appointed under item (2), (3), or (5) of this subsection (b).(c) Each trustee shall qualify by taking an oath of office before the Secretary of State stating that he or she will diligently and honestly administer the affairs of the board and will not violate or knowingly permit the violation of any provision of this Article.(d) Trustees 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 municipality or fire protection district employing a firefighter who is an elected or appointed trustee of the board must allow reasonable time off with compensation for the firefighter to conduct official business related to his or her position on the board, including time for travel. The board shall notify the municipality or fire protection district in advance of the dates, times, and locations of this official business. The Fund shall timely reimburse the municipality or fire protection district for the reasonable costs incurred that are due to the firefighter's absence.(e) No trustee shall have any interest in any brokerage fee, commission, or other profit or gain arising out of any investment directed by the board. This subsection does not preclude ownership by any member of any minority interest in any common stock or any corporate obligation in which an investment is directed by the board.(f) Notwithstanding any provision or interpretation of law to the contrary, any member of the transition board may also be elected or appointed as a member of the permanent board.Notwithstanding any provision or interpretation of law to the contrary, any trustee of a fund established under Article 4 of this Code may also be appointed as a member of the transition board or elected or appointed as a member of the permanent board.The restriction in Section 3.1 of the Lobbyist Registration Act shall not apply to a member of the transition board appointed pursuant to items (4) or (5) of subsection (a) or to a member of the permanent board appointed pursuant to items (4) or (5) of subsection (b).   (Source: P.A. 101-610, eff. 1-1-20; 102-558, eff. 8-20-21.)