Illinois General Assembly - Full Text of HB3547
Illinois General Assembly

Previous General Assemblies

Full Text of HB3547  101st General Assembly

HB3547 101ST GENERAL ASSEMBLY

  
  

 


 
101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
HB3547

 

Introduced , by Rep. Robert Rita

 

SYNOPSIS AS INTRODUCED:
 
40 ILCS 5/1-113.4b new

    Amends the General Provisions Article of the Illinois Pension Code. Provides that a firefighters' pension fund may invest up to 75% of the net present assets in common or preferred stocks. Provides that any corporate bonds held by the pension fund shall be deemed fixed income. Effective immediately.


LRB101 10782 RPS 55904 b

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

 

 

A BILL FOR

 

HB3547LRB101 10782 RPS 55904 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 1-113.4b as follows:
 
6    (40 ILCS 5/1-113.4b new)
7    Sec. 1-113.4b. Investments in stocks for Article 4 pension
8funds. Notwithstanding any other provision of this Article, a
9pension fund under Article 4 may invest up to 75% of the net
10present assets, as stated in its most recent annual report on
11file with the Department of Insurance, in common or preferred
12stocks that the pension fund is authorized to invest in under
13this Article. Any corporate bonds held by the pension fund
14shall be deemed fixed income.
 
15    Section 99. Effective date. This Act takes effect upon
16becoming law.