Synopsis As Introduced Creates the Illinois Power Authority Act. Creates the Authority as a not-for-profit State agency with a 5-member board appointed by the Governor. Grants the Authority powers relating to procurement, generation and distribution of power, and the construction and acquisition of facilities. Requires the use of Illinois coal. Sets forth other powers. Exempts the Authority from the jurisdiction of the Illinois Commerce Commission. Allows acquisition of property by eminent domain and through quick-take powers. Authorizes the acquisition or creation of not-for-profit subsidiaries. Authorizes the issuance of notes and revenue bonds. Contains provisions relating to contracts, deposit and investment of moneys, exemption from taxation, repayment of State appropriations, and equal employment opportunities. Contains other provisions. Amends the Public Utilities Act and the Eminent Domain Act to make conforming changes. Amends the Illinois Pension Code. Encourages the trustees of public employee retirement systems to invest their system's assets to the greatest extent feasible within the bounds of financial and fiduciary prudence in the Illinois Power Authority. Provides that each retirement system subject to the Code shall prepare a report to be submitted to the Governor and the General Assembly by September 1 of each year. Provides that the report shall identify investments in the Illinois Power Authority, the percentage of the system's assets invested in the Illinois Power Authority, and the actions it has undertaken to increase investments in the Illinois Power Authority. Contains a severability clause. Effective immediately.