SB2607sam001 103RD GENERAL ASSEMBLY

Sen. Robert F. Martwick

Filed: 4/4/2024

 

 


 

 


 
10300SB2607sam001LRB103 34461 RPS 71824 a

1
AMENDMENT TO SENATE BILL 2607

2    AMENDMENT NO. ______. Amend Senate Bill 2607 by replacing
3everything after the enacting clause with the following:
 
4    "Section 5. The Illinois Pension Code is amended by
5changing Section 24-104.1 as follows:
 
6    (40 ILCS 5/24-104.1)  (from Ch. 108 1/2, par. 24-104.1)
7    Sec. 24-104.1. Recovery of expenses. The Plan developed
8under Section 24-104 shall also provide for the recovery of
9the expenses of its administration by charging such expenses
10against the earnings from investments or by charging fees
11equitably prorated among the participating State employees or
12by such other appropriate and equitable method as the Board
13shall determine. Different methods for recovery of
14administrative expenses may be provided in relation to
15different types of investment programs and the Board may
16provide for the allocation of administration expenses among

 

 

10300SB2607sam001- 2 -LRB103 34461 RPS 71824 a

1varying types of programs for this purpose.
2    All sums advanced by appropriation to the State Board of
3Investment for the costs of the development and establishment
4of the Plan shall be repaid to the State Treasury not later
5than June 30, 1986, without interest. The Plan shall provide
6for such repayment and may, for that purpose, provide for the
7recovery of the development and establishment costs by
8amortizing them as a part of the administrative expenses of
9the Plan over a period of years ending not later than June 30,
101986.
11    Beginning July 1, 2024, the expenses of the Department of
12Central Management Services in relation to its administration
13of the Plan pursuant to Section 24-105 shall be borne by the
14Department of Central Management Services.
15(Source: P.A. 79-384.)
 
16    Section 99. Effective date. This Act takes effect upon
17becoming law.".