State of Illinois
91st General Assembly
Legislation

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[ Introduced ][ Senate Amendment 001 ]

91_HB1580eng

 
HB1580 Engrossed                               LRB9101661EGfg

 1        AN ACT to amend the Illinois  Pension  Code  by  changing
 2    Section 7-123.

 3        Be  it  enacted  by  the People of the State of Illinois,
 4    represented in the General Assembly:

 5        Section 5.  The  Illinois  Pension  Code  is  amended  by
 6    changing Section 7-123 as follows:

 7        (40 ILCS 5/7-123) (from Ch. 108 1/2, par. 7-123)
 8        Sec.  7-123. Effective rate of interest.  "Effective rate
 9    of interest": The interest rate determined by the  Board  for
10    any  calendar  year  which  shall  distribute,  to the extent
11    reasonably determinable prior to the year for which the  rate
12    is applicable, the current earnings (excluding capital gains)
13    on assets of the fund to reserves as provided by Section Sec.
14      7-209,  after  due  allowance  is  made for special reserve
15    requirements under Section Sec. 7-208.
16    (Source: Laws 1965, p. 1086; revised 10-31-98.)

17        Section 99. Effective date.  This Act takes  effect  upon
18    becoming law.

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