Illinois General Assembly - Full Text of SB2456

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Full Text of SB2456 96th General Assembly

Introduced Engrossed
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SB2456eng 96TH GENERAL ASSEMBLY

SB2456 Engrossed LRB096 12667 AMC 26251 b

1     AN ACT concerning public employee benefits.

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

4     Section 5. The Illinois Pension Code is amended by changing
5 Sections 15-167.1 and 16-179.1 as follows:

6     (40 ILCS 5/15-167.1)  (from Ch. 108 1/2, par. 15-167.1)
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.
15     (b) The retirement board may, by resolution duly adopted by
16 a record ~~majority~~vote ofthree-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

SB2456 Engrossed - 2 - LRB096 12667 AMC 26251 b

1 with Article 22A of this Code.
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
8 shall be assumed by the retirement board.
9 (Source: P.A. 83-1440.)

10     (40 ILCS 5/16-179.1)  (from Ch. 108 1/2, par. 16-179.1)
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 ofthree-fifths of its membership,
14 transfer to the Illinois State Board of Investment created by
15 Article 22A, for management and administration, all
16 investments owned by the system of every kind and character.
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.
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

SB2456 Engrossed - 3 - LRB096 12667 AMC 26251 b

1 Illinois State Board of Investment and approved by the Auditor
2 General of the State of Illinois. The expense of such audit
3 shall be defrayed by the board.
4 (Source: P.A. 83-1440.)

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

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