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| 1 | AN ACT concerning public employee benefits.
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| 2 | Be it enacted by the People of the State of Illinois,
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| 3 | represented in the General Assembly:
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| 4 | Section 5. The Illinois Pension Code is amended by changing | ||||||
| 5 | Sections 15-167.1 and 16-179.1 as follows:
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| 6 | (40 ILCS 5/15-167.1) (from Ch. 108 1/2, par. 15-167.1)
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| 7 | Sec. 15-167.1. Participation in commingled investment | ||||||
| 8 | funds-Transfer of
investment functions and securities. | ||||||
| 9 | (a) The retirement board may invest
in any commingled | ||||||
| 10 | investment fund or
funds established and maintained by the | ||||||
| 11 | Illinois State Board of Investment
under Article 22A of this | ||||||
| 12 | Code. All
commingled fund participations shall be subject to | ||||||
| 13 | the law governing the
Illinois State Board of Investment and | ||||||
| 14 | the rules, policies and directives
of that Board.
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| 15 | (b) The retirement board may, by resolution duly adopted by | ||||||
| 16 | a record majority
vote of three-fifths of its membership, | ||||||
| 17 | transfer to the Illinois State Board of Investment
created by | ||||||
| 18 | Article 22A of this Code, for management and administration, | ||||||
| 19 | all
investments owned by the system of every kind and | ||||||
| 20 | character.
Upon completion
of such transfer, the authority of | ||||||
| 21 | the retirement board to make investments
shall terminate. | ||||||
| 22 | Thereafter, all investments of the reserves of the system
shall | ||||||
| 23 | be made by the Illinois State Board of Investment in accordance
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| 1 | with Article 22A of this Code.
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| 2 | The transfer shall be made not later than the first day of | ||||||
| 3 | the fourth
month next following the date of such resolution. | ||||||
| 4 | Before such transfer, an
audit of the investments shall be | ||||||
| 5 | completed by a certified public
accountant selected by the | ||||||
| 6 | Illinois State Board of Investment and approved
by the Auditor | ||||||
| 7 | General of the State of Illinois. The expense of the audit
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| 8 | shall be assumed by the retirement board.
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| 9 | (Source: P.A. 83-1440.)
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| 10 | (40 ILCS 5/16-179.1) (from Ch. 108 1/2, par. 16-179.1)
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| 11 | Sec. 16-179.1.
To
transfer investment functions and | ||||||
| 12 | securities. The board may, by resolution
duly adopted by a | ||||||
| 13 | record majority
vote of three-fifths of its membership, | ||||||
| 14 | transfer to the Illinois State Board of Investment
created by | ||||||
| 15 | Article 22A, for management and administration, all
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| 16 | investments owned by the system of every kind and character.
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| 17 | Upon completion
of such transfer, the authority of the board to | ||||||
| 18 | make investments
shall terminate. Thereafter, all investments | ||||||
| 19 | of the assets
of the system shall be made by the Illinois State | ||||||
| 20 | Board of
Investment in accordance with
the provisions of | ||||||
| 21 | Article 22A.
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| 22 | Such transfer shall be made not later than the first day of | ||||||
| 23 | the fourth
month next following the date of such resolution. | ||||||
| 24 | Before such transfer an
audit of such investments shall be | ||||||
| 25 | completed by a certified public
accountant selected by the | ||||||
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| 1 | Illinois State Board of Investment and approved
by the Auditor | ||||||
| 2 | General of the State of Illinois. The expense of such audit
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| 3 | shall be defrayed by the board.
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| 4 | (Source: P.A. 83-1440.)
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| 5 | Section 99. Effective date. This Act takes effect upon | ||||||
| 6 | becoming law.
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