Bill > SB2010

This bill amends the Cemetery Care Act to introduce several important changes regarding how cemetery care funds are managed and distributed. The bill defines new terms like "average fair market value," "total return percentage," and "net income" to provide clarity around care fund management. It allows cemetery authorities to apply to the Comptroller to establish a master trust fund for collective investment and administration, with specific requirements for participation and record-keeping. The bill introduces two methods of fund distribution: ordinary income and total return distribution, with the latter allowing cemetery authorities to distribute up to 5% of the fund's average fair market value annually. Importantly, the bill requires cemetery authorities seeking to use the total return distribution method to submit a detailed application to the Comptroller at least 120 days before implementation, including an investment policy and trust agreement. The Comptroller is granted oversight authority to review and potentially impose corrective measures if the fund's performance declines significantly. Additionally, the bill provides a mechanism for local municipalities, townships, counties, or cities to take over cemeteries when no receiver is available, ensuring continued maintenance of these important community spaces.

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2010&GAID=18&DocTypeID=SB&SessionID=114&GA=104