Repository: UIHistories Project: Board of Trustees Minutes - 1942 [PAGE 444]

EXTRACTED TEXT FROM PAGE:

1941]

UNIVERSITY OF ILLINOIS

ARTICLE 6. ADMINISTRATION

441

Sec. 6.1 Board of Trustees: This System shall be construed to be a public Trust, the Board as trustee thereunder shall be separate and distinct from all other entities, and such trust shall be maintained for the purpose of securing payment of the benefits to the Participants, Annuitants, and their Beneficiaries as prescribed herein. This System shall be administered by the Board of Trustees of the University Retirement System constituted as specified in Section 2.2. The Board shall be separate and distinct from all other entities and shall be deemed a public corporation of the State of Illinois with power to enter into contracts, accept and make transfers of property, real and personal, to conduct in its corporate name all proceedings at law or in equity which in the judgment of the members of the Board may be necessary to protect the interests of the State and of the intended beneficiaries under this Act, and generally to accomplish the objects and purposes thereof. Each person whether appointed as a trustee or becoming a trustee ex-officio shall take an oath of office before a Notary Public of the State of Illinois and shall qualify as a trustee upon the presentation to the Board of a certified copy of such oath. T h e oath of office shall state that the person so taking such oath will diligently and honestly administer the affairs of this retirement system, and will not knowingly violate or wilfully permit to be violated any of the provisions of this Act. All members of the Board shall serve without compensation but shall be reimbursed for any travelling expenses incurred in attending meetings of the Board. Sec. 6.2 Powers and Duties of Board: T h e Board shall have, in addition to all other powers and duties arising out of this Act not otherwise specifically reserved or delegated to others, the following specific powers and duties, and is hereby authorized and directed t o : ( a ) Hold regular meetings at least quarterly in each year and such special meetings at such times as the President or a majority of the Board may deem necessary. (b) Consider and pass on all applications for annuities and benefits, authorize the granting of all annuities and benefits, and limit or suspend any payment or payments, all in accordance with the provisions of this Act. (c) Certify the Prescribed Rate of Interest, prescribe rules for the determination of the value of maintenance, board, living quarters and personal laundry, and other allowances to Employees in lieu of money, and adopt all necessary Actuarial Tables. ( d ) Submit to the Governor of the State on or before November 1st, of each year prior to each regular session of the Legislature, an estimate of the amount of appropriation required from State funds for the purposes of this System for the following biennium, and certify to the Auditor of Public Accounts or Employer as the case may be from time to time by its President and Secretary with its seal attached the amounts payable to the Retirement System from the various funds. ( e ) Be the custodian of all cash and securities belonging to the System, invest and reinvest all cash not required to meet current disbursements, in securities in accordance with Section 6.9. ( f ) Require such information as shall be necessary for the proper operation of the System from any Participant or Beneficiary or from any Officer, Department Head, or other person or persons in authority, as the case may be, of any Employer. ( g ) Elect Officers, appoint a Secretary and Treasurer, have a seal, employ such actuarial, legal, or medical services, or corporate trustee organized under the laws of the State of Illinois with a capital of not less than one million dollars ($1,000,000), or investment counsel and other persons as shall be required for the efficient administration of the System, and determine and fix the rate of pay of such persons or agencies. ( h ) Keep a permanent record of all proceedings of the Board, which record shall be available for examination by any Participant, Annuitant, or