98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
HB3769

 

Introduced , by Rep. André M. Thapedi

 

SYNOPSIS AS INTRODUCED:
 
40 ILCS 5/1-110.16 new
30 ILCS 805/8.38 new

    Amends the Illinois Pension Code. Provides that a retirement system or pension fund may not invest in any funds that trade derivatives in off markets or non-open markets, and if a retirement system or pension fund is investing in such a fund on the effective date, then the retirement system or pension fund must divest the retirement system's interest in the fund within one year after the effective date. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.


LRB098 15318 AMC 50345 b

FISCAL NOTE ACT MAY APPLY
PENSION IMPACT NOTE ACT MAY APPLY
STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT

 

 

A BILL FOR

 

HB3769LRB098 15318 AMC 50345 b

1    AN ACT concerning public employee benefits.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Illinois Pension Code is amended by adding
5Section 1-110.16 as follows:
 
6    (40 ILCS 5/1-110.16 new)
7    Sec. 1-110.16. Prohibited transactions; funds that trade
8derivatives in off markets or non-open markets. A retirement
9system or pension fund created under this Code may not invest
10in any funds that trade derivatives in off markets or non-open
11markets. If a retirement system or pension fund created under
12this Code is investing in such a fund on the effective date of
13this Section, then the retirement system or pension fund must
14divest the retirement system's interest in the fund within one
15year after the effective date of this Section.
 
16    Section 90. The State Mandates Act is amended by adding
17Section 8.38 as follows:
 
18    (30 ILCS 805/8.38 new)
19    Sec. 8.38. Exempt mandate. Notwithstanding Sections 6 and 8
20of this Act, no reimbursement by the State is required for the
21implementation of any mandate created by this amendatory Act of

 

 

HB3769- 2 -LRB098 15318 AMC 50345 b

1the 98th General Assembly.
 
2    Section 99. Effective date. This Act takes effect upon
3becoming law.