Amends the Compensation Review Act. Requires each member of the General Assembly to forfeit 12 days of compensation in FY10. Effective immediately.
Amends the Illinois Insurance Code. In the provisions concerning definitions and interchangeable terms, provides that trustees of a group workers' compensation pool owe the same fiduciary duty to the pool and its members and be held to the same duty of care in the management and administration of the pool as directors of a stock corporation. In the provisions concerning pool administration, sets forth additional disclosure requirements for administrators. Provides that service companies for group workers' compensation pools are subject to supervision and examination in the same manner as the administrators for group workers compensation insurance pools.
Amends the Illinois Pension Code. Makes a technical change in a Section concerning State employees.
Creates the Pension System Modernization Task Force to recommend pension benefit changes to modernize the Teachers' Retirement System of the State of Illinois, the State Universities Retirement System, and the State Employees' Retirement System of Illinois.
Amends the School Code. Makes a technical change in a Section concerning boards of education.
Amends the School Construction Law. Provides that for school districts that have consolidated or approved a cooperative high school within a prior fiscal year, the grant index shall be calculated for each of those school districts that form the new school district or cooperative high school. Provides that whichever grant index is the highest shall be used as the grant index for the newly consolidated school district or approved cooperative high school. Effective immediately.
Amends the General Obligation Bond Act. Increases the bond authorization for school construction. Effective immediately.
Establishes a Blue Ribbon Committee on Elementary and Secondary Education Mandates to make recommendations to the General Assembly on unnecessary and costly mandates in the School Code and the Administrative Code.
Amends the School Code. Makes a technical change in a Section concerning the members of the State Board of Education.
Creates the Financial Oversight Panel Law of the School Code. Allows a school district (other than the Chicago school district) to petition the State Board of Education for the establishment of a Financial Oversight Panel for the district. Allows the State Board to establish a Financial Oversight Panel without a petition from a district. Contains provisions concerning duties of the district; members and meetings of a Panel; powers of a Panel; officers of a Panel; collective bargaining agreements; deposits and investments; cash and bank accounts; the financial, management, and budgetary structure; the School District Emergency Financial Assistance Fund; grants and loans; the issuance of bonds; a tax levy; a debt service fund; a debt service reserve fund; bond anticipation notes; tax anticipation warrants and other certificates and notes; reports; a Panel audit; Panel property being exempt from taxation; sanctions; and abolition of a Panel. Makes related changes in the School Code, the Property Tax Code, and the Illinois Pension Code. Further amends the School Code with respect to districts in financial difficulty, the custody of school funds, bank reconciliation reports, and deficit reduction plans. Effective immediately.
