SB1944 101ST GENERAL ASSEMBLY

LRB101 10786 RPS 55908 b

101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
SB1944

Introduced 2/15/2019, by Sen. Emil Jones, III

SYNOPSIS AS INTRODUCED:

40 ILCS 5/1-113.4b new

Amends the General Provisions Article of the Illinois Pension Code. Provides that a police 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.

FISCAL NOTE ACT MAY APPLY

PENSION IMPACT NOTE ACT MAY APPLY

STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT

A BILL FOR

AN ACT concerning public employee benefits.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Illinois Pension Code is amended by adding Section 1-113.4b as follows:

(40 ILCS 5/1-113.4b new)

Sec. 1-113.4b. Investments in stocks for Article 3 pension funds. Notwithstanding any other provision of this Article, a pension fund under Article 3 may invest up to 75% of the net present assets, as stated in its most recent annual report on file with the Department of Insurance, in common or preferred stocks that the pension fund is authorized to invest in under this Article. Any corporate bonds held by the pension fund shall be deemed fixed income.

Section 99. Effective date. This Act takes effect upon becoming law.