Lisle-Woodridge Fpd Veba

“Board members shall be elected in accordance with the voting procedures noted below. The board shall establish procedures for nominating candidates to specific offices. The nomination procedures shall be established at least ninety (90) days prior to the expiration of the term of the office of the current board members. The board consists of two (2) individuals who are not administrative staff employees, and who are participating in the firefighters' pension fund pursuant to illinois compiled statutes, 40 ilcs 5/4-100, et seq. (2001), one (1) individual who is an administrative staff employee and is not eligible to participate in the illinois municipal retirement fund pursuant to illinois compiled statutes, 40 ilcs 5/7-101, et seq. (2001), and one (1) employee who is participating in the fund under the illinois municipal retirement retirement fund pursuant to illinois compiled statutes, 40 ilcs 5/7-101, et seq. (2001). Board members are elected by the participants within their retirement system. Board members shall be elected to the following offices: president, secretary and treasurer. Only one (1) board member shall be elected to each office. Board members shall only hold one office at any time. Participants under the plan shall be the only individuals permitted to vote in the election of the board. Election ballots and all other records shall be preserved by the secretary for one (1) year following the election. Additional elections shall be held if there is a tie in the voting until two candidates remain and a majority is cast. The board shall guarantee the security of the ballots. Each board member shall serve a term of three (3) years and terms shall be staggered such that no more than three (3) board positions shall be elected within the same calendar year, absent a resignation in a three position year.”

“The trust/fund may be amended by the board from time to time, in whole or in part, without notice to any party to maintain its tax-qualified status under the internal revenue code and to comply with requirements of the law. Any other amendments must be approved by a majority of the members of the board. Any amendments to this trust shall be effected by a written resolution adopted by the board. No such amendment shall permit the return or reversion of any part of the trust assets, nor permit the use or application of the trust assets for the benefit of anyone other than participants eligible under the trust. The board may terminate this trust at any time through a written resolution adopted only after a majority of participants under the fund vote to terminate the trust. This trust will also automatically terminate if the association (1) is legally dissolved, (2) makes a general assignment for the benefit of its creditors, (3) files for liquidation under the bankruptcy doe, (4) merges or consolidates with any other entity and is not the surviving entity, or if it sells or transfers substantially all of its assets, or goes out of business, unless the association's successor in interest agrees to assume the liabilities under the related veba plan as to the participants, former participants receiving benefits under the trust and their spouses. The termination shall be effective on the date the notice is mailed.”

“The entire form 990 and supporting schedules are e-mailed to the veba board members for review. Any comments or suggestions are addressed prior to the documents being signed and filed with the irs.”

“All governing documents and financial statements are available to the public upon request and/or the freedom of information act.”