Illinois General Assembly

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 Bill Status of HB1401  98th General Assembly


Short Description:  STATE MANDATE PRUDENT INVESTOR

House Sponsors
Rep. Elaine Nekritz and Laura Fine

Last Action
DateChamber Action
  12/3/2014HouseSession Sine Die

Statutes Amended In Order of Appearance
30 ILCS 805/8.37 new
105 ILCS 5/10-20.55 new


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.

Actions 
DateChamber Action
  2/6/2013HouseFiled with the Clerk by Rep. Elaine Nekritz
  2/6/2013HouseFirst Reading
  2/6/2013HouseReferred to Rules Committee
  2/13/2013HouseAssigned to Personnel and Pensions Committee
  2/20/2013HouseAdded Co-Sponsor Rep. Laura Fine
  3/22/2013HouseRule 19(a) / Re-referred to Rules Committee
  12/3/2014HouseSession Sine Die

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