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HB1253 Engrossed |
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LRB095 08180 AMC 28345 b |
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| AN ACT concerning public employee benefits.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Illinois Pension Code is amended by changing |
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| Section 1-111 as follows:
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| (40 ILCS 5/1-111) (from Ch. 108 1/2, par. 1-111)
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| Sec. 1-111. Ten Per Cent Limitation of Employer Securities.
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| (a) Except as provided in subsection (b), a
A plan may
not |
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| acquire a security issued by an employer of employees covered |
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| by
the retirement system or pension fund, if immediately after |
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| such acquisition,
the aggregate fair market value of such |
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| employer securities held by the
retirement system or pension |
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| fund exceed 10 per cent of the fair market value
of the assets |
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| of the retirement system or pension fund. |
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| (b) A retirement system or pension fund established under |
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| Article 3 or 4 may not acquire a security issued by an employer |
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| of employees covered by any retirement system or pension fund |
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| under Article 3 or 4, including itself, if immediately after |
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| such acquisition,
the aggregate fair market value of all such |
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| employer securities held by the
retirement system or pension |
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| fund exceeds 10% of the fair market value
of the assets of the |
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| retirement system or pension fund.
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| (Source: P.A. 81-948.)
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