wamuny unum manny LRB101 12006 RPS 59289 2 ANENDMENT TO SENATE BILL Xxx AMENDMENT NO. _ amend Senate Bill XXXX by replacing everything after the enacting clause with the Following: ngection 1. Short title. This Act may be cited as the Cook county Annuitant Health Care Trust Act. Section 5. Cock County Annuitant Health Care Trust. (a) On the effective date of this Act, there is established an annuitant health care trust and, within the trust, a budget stabilization fund, both for the strict and sole purpose of financing and providing health care benefits to eligible annuitants of the annuity and benefit funds created under Articles 9 (Cook County) and 10 (Cook County Forest Preserve pistrict) of the Illinois Pension Code or the consolidated Cook county and Forest Preserve District Bmployees’ and Officers’ annuity and Benefit Fund under Article 9 of the Tilinois pension Code, in accordance with the terms and conditions seraw wo ql 12 13 14 15 16 17 18 20 21 22 23 24 25 26 -2- LRBLO1 12006 RPS 59289 a forth in this Section and the policies and procedures established by the Board of Trustees of the Annuitent Health Care Trust. The annuitant health care trust shall be sclely responsible for providing health care benefits to eligible annuitants by no later than January 1, 2021. The budget stabilization fund of the annuitant health care trust shall be available solely, on a loan basis, to provide liquidity to the ennuitant health care trust to ensure the ability of the annuitant health care trust to absorb annual variances from budgeted revenues and expenditures. The corpus this budget stabilization fund shall be funded with a deposit of $xyz million from Cook County and $xyz million from the Cook County Forest Preserve District no later than January 1, 2020. The corpus of the budget stabilization fund shall not be incorporated nor utilized in the adoption of an annual budget, and only interest earnings of the budget stabilization fund shall be authorized te be included in an annual budget of the annuitant health care trust. (b) A board of 6 members shall constitute the board of trustees authorized to carry out the provisions of this Section. The board of trustees shall be known as the Board of Trustees of the Annuitant Health Care Trust After the effective date of this Act and until January 1, 2021, one member shall be the member of the Retirement Board of the County Employees' Annuity and Benefit Fund of Cook county10 qi 12 13 14 15 16 17 19 20 21 22 23 25 26 -3- LRB1O1 12006 RPS 59289 a whe was appointed by the Comptroller of Cook County; and 5 members shall be appointed by the members of the Retirement Board of the County Employees’ Annuity and Benefit Fund of Cook County from among the members of that retirement board. On and after January 1, 2021, all of the members shall be appointed as follows: (1) Three nembers shall be appointed by the President Of the Cook County Board of Commissioners from among the persons appointed to the Retirement Board of the County and Forest Preserve District Employees’ and Officers’ Annuity and Benefit Fund by the President pursuant to Section 9-185.1 of the Illinois Pension Code. (2) Three members shall be appointed by the trustees of the County end Forest Preserve District Employees’ and cers' Annuity and Benefit Fund from among its members holda: whom shall be an Ig elected positions, one annuitant member and at least one of whom shall be an employee member. The term of a trustee shall terminate upon the expiration ox tezmination of the trustee's term on the retirement board. Trustees shall serve until a successor has heen appointed and qualified, or until resignation, death, incapacity, or disqualification. Any person designated or selected as a trustee of the annuitant health care trust shall qualify by taking an oath of office that he or she will diligently and honestly administer