Illinois General Assembly - Illinois Compiled Statutes

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40 ILCS 5/1-113.3

(40 ILCS 5/1-113.3)

Sec. 1-113.3.

List of additional permitted investments for pension funds
with net assets of $2,500,000 or more.

(a) In addition to the items in Section
3-113.2, a pension fund established under Article 3 or 4 that has net assets of
at least $2,500,000 may invest a portion of its net assets in the following
items:

(1) Separate accounts that are managed by life

insurance companies authorized to transact business in Illinois and are comprised of diversified portfolios consisting of common or preferred stocks, bonds, or money market instruments.

(2) Mutual funds that meet the following requirements:

(i) the mutual fund is managed by an investment

company as defined and registered under the federal Investment Company Act of 1940 and registered under the Illinois Securities Law of 1953;

(ii) the mutual fund has been in operation for at

least 5 years;

(iii) the mutual fund has total net assets of

$250 million or more; and

(iv) the mutual fund is comprised of diversified

portfolios of common or preferred stocks, bonds, or money market instruments.

(b) A pension fund's total investment in the items authorized under this
Section shall not exceed 35% of the market value of the pension fund's net
present assets stated in its most recent annual report on file with the
Illinois Department of Insurance.

(Source: P.A. 90-507, eff. 8-22-97.)