(40 ILCS 5/13-706) (from Ch. 108 1/2, par. 13-706)
Sec. 13-706. Board powers and duties. The Board shall have the powers and duties set forth in this Section, in addition to such other powers and duties as may be provided in this Article and in this Code:
(a) To supervise collections. To see that all
amounts specified in this Article to be applied to the Fund, from any source, are collected and applied.
(b) To notify of deductions. To notify the Clerk of
the Water Reclamation District of the deductions to be made from the salaries of employees.
(c) To accept gifts. To accept by gift, grant,
bequest or otherwise any money or property of any kind and use the same for the purposes of the Fund.
(d) To invest the reserves. To invest the reserves
of the Fund in accordance with the provisions set forth in Section 1-109, 1-109.1, 1-109.2, 1-110, 1-111, 1-114, and 1-115 of this Code. Investments made in accordance with Section 1-113 of Article 1 of this Code shall be deemed prudent. The Board is also authorized to transfer securities to the Illinois State Board of Investment for the purpose of participation in any commingled investment fund as provided in Article 22A of this Code.
(e) To authorize payments. To consider and pass upon
all applications for annuities and benefits; to authorize or suspend the payment of any annuity or benefit; to inquire into the validity and legality of any grant of annuity or benefit paid from or payable out of the Fund; to increase, reduce, or suspend any such annuity or benefit whenever the annuity or benefit, or any part thereof, was secured or granted, or the amount thereof fixed, as the result of misrepresentation, fraud, or error. No such annuity or benefit shall be permanently reduced or suspended until the affected annuitant or beneficiary is first notified of the proposed action and given an opportunity to be heard. No trustee of the Board shall vote upon that trustee's own personal claim for annuity, benefit or refund, or participate in the deliberations of the Board as to the validity of any such claim. The Board shall have exclusive original jurisdiction in all matters of claims for annuities, benefits and refunds.
(f) To submit an annual report. To submit a report
in July of each year to the Board of Commissioners of the Water Reclamation District as of the close of business on December 31st of the preceding year. The report shall include the following:
(1) A balance sheet, showing the financial and
actuarial condition of the Fund as of the end of the calendar year;
(2) A statement of receipts and disbursements
during such year;
(3) A statement showing changes in the asset,
liability, reserve and surplus accounts during such year;
(4) A detailed statement of investments as of the
end of the year; and
(5) Any additional information as is deemed
necessary for proper interpretation of the condition of the Fund.
(g) To subpoena witnesses. To compel witnesses to
attend and testify before it upon any matter concerning the Fund and allow witness fees not in excess of $6 for attendance upon any one day. The President and other members of the Board may administer oaths to witnesses.
(h) To appoint employees and consultants. To appoint
such actuarial, medical, legal, investigational, clerical or financial employees and consultants as are necessary, and fix their compensation.
(i) To make rules. To make rules and regulations
necessary for the administration of the affairs of the Fund.
(j) To waive guardianship. To waive the requirement
of legal guardianship of any minor unmarried beneficiary of the Fund living with a parent or grandparent, and legal guardianship of any beneficiary under legal disability whose husband, wife, or parent is managing such beneficiary's affairs, whenever the Board deems such waiver to be in the best interest of the beneficiary.
(k) To collect amounts due. To collect any amounts
due to the Fund from any participant or beneficiary prior to payment of any annuity, benefit or refund.
(l) To invoke rule of offset. To offset against any
amount payable to an employee or to any other person such sums as may be due to the Fund or may have been paid by the Fund due to misrepresentation, fraud or error.
(m) To assess and collect interest on amounts due to
the Fund using the annual rate as shall from time to time be determined by the Board, compounded annually from the date of notification to the date of payment.
(Source: P.A. 94-621, eff. 8-18-05; 95-586, eff. 8-31-07.)
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Last modified: February 18, 2015