Bill Status of HB1401 98th General Assembly
Short Description: STATE MANDATE PRUDENT INVESTOR
Rep. Elaine Nekritz and Laura Fine
| 12/3/2014||House||Session Sine Die|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the State Mandates Act. Provides that no reimbursement by the State is required for the implementation of any mandate created by this amendatory Act and that nothing in this amendatory Act overrides the process established under the School Code. Amends the School Code. Provides that if a school board other than the Chicago Board of Schools offers a 403(b) plan to its officers, employees, or both, or makes contributions to such a plan on behalf of its officers, employees, or both, then the plan sponsor must act in accordance with the prudent investor rule when making plan-related decisions. Sets forth the prudent investor rule and provides that this amendatory Act does not apply to any plan under the Illinois Pension Code. Effective immediately.