LINDNER. (FITZGERALD-GEO-KARIS-BERMAN-CLAYBORNE-MOLARO) 40 ILCS 5/18-123 from Ch. 108 1/2, par. 18-123 Amends the Judges Article of the Pension Code. Allows certain judges to elect to contribute (or to rescind their election not to contribute) for a spouse's annuity benefit. Effective immediately. PENSION NOTE Fiscal impact cannot be determined because of the unknown number of participating judges. PENSION NOTE, ENGROSSED No change from previous note. SENATE AMENDMENT NO. 1. Adds reference to: 30 ILCS 105/8f new 30 ILCS 235/1 from Ch. 85, par. 901 40 ILCS 5/1-101.1 from Ch. 108 1/2, par. 1-101.1 40 ILCS 5/1-101.2 new 40 ILCS 5/1-101.3 new 40 ILCS 5/1-101.4 new 40 ILCS 5/1-113 from Ch. 108 1/2, par. 1-113 40 ILCS 5/1-113.1 new 40 ILCS 5/1-113.2 new 40 ILCS 5/1-113.3 new 40 ILCS 5/1-113.4 new 40 ILCS 5/1-113.5 new 40 ILCS 5/1-113.6 new 40 ILCS 5/1-113.7 new 40 ILCS 5/1-113.8 new 40 ILCS 5/1-113.9 new 40 ILCS 5/1-113.10 new 40 ILCS 5/1-113.11 new 40 ILCS 5/Art. 1A heading new 40 ILCS 5/1A-101 new 40 ILCS 5/1A-102 new 40 ILCS 5/1A-103 new 40 ILCS 5/1A-104 new 40 ILCS 5/1A-105 new 40 ILCS 5/1A-106 new 40 ILCS 5/1A-107 new 40 ILCS 5/1A-108 new 40 ILCS 5/1A-109 new 40 ILCS 5/1A-110 new 40 ILCS 5/1A-111 new 40 ILCS 5/1A-112 new 40 ILCS 5/1A-113 new 40 ILCS 5/3-102 from Ch. 108 1/2, par. 3-102 40 ILCS 5/3-108.2 new 40 ILCS 5/3-108.3 new 40 ILCS 5/3-132 from Ch. 108 1/2, par. 3-132 40 ILCS 5/3-135 from Ch. 108 1/2, par. 3-135 40 ILCS 5/3-143 from Ch. 108 1/2, par. 3-143 40 ILCS 5/4-105c new 40 ILCS 5/4-105d new 40 ILCS 5/4-123 from Ch. 108 1/2, par. 4-123 40 ILCS 5/4-128 from Ch. 108 1/2, par. 4-128 40 ILCS 5/4-134 from Ch. 108 1/2, par. 4-134 40 ILCS 5/Art. 22, Div. 5 rep. 815 ILCS 5/8 from Ch. 121 1/2, par. 137.8 Amends the Illinois Pension Code. Adopts provisions relating to fiduciaries and investment advisers. Expands the investment authority of downstate police and fire pension funds. Creates a new Article 1A relating to the powers of the Public Pension Division of the Department of Insurance, substantially incorporating the provisions of current Article 22, Division 5 (with numerous substantive and technical changes); repeals Article 22, Division 5 of the Code. Amends the State Finance Act to create the Public Pension Regulation Fund. Amends the Public Funds Investment Act to exclude downstate police and fire pension funds. Amends the Illinois Securities Law of 1953 to specify that dealers, salespersons, and investment advisers may be disciplined for causing or advising a public pension fund to make an investment or engage in a transaction not authorized under the Illinois Pension Code. SENATE AMENDMENT NO. 2. Decreases the maximum annual compliance fee from $10,000 to $6,000. Requires the municipality, rather than the board of the pension fund, to provide for the annual verification of the fund's assets. Deletes language authorizing the Department of Insurance to hire professionals to examine pension funds, with the expenses to be borne by the funds. Deletes language authorizing a pension fund to register its investments in the nominee name of an appointed investment adviser and to appoint an investment adviser to be custodian of its investments. CONFERENCE COMMITTEE REPORT NO. 1. Recommends that the House concur in S-ams 1 and 2. Recommends that the bill be further amended as follows: Adds reference to: 40 ILCS 5/1-113.12 new Restores language permitting the Department of Insurance to hire examiners. Allows the Department to charge the cost of those examiners to the pension fund being examined, except in the case of downstate police and fire funds. Deletes the requirement that downstate police and fire funds be examined at least once every 2 years. Changes the Section on illegal investments to add a list of circumstances exonerating securities dealers, salespersons, and investment advisers who engage in prohibited investment transactions with pension funds. Provides that the Public Funds Investment Act does not apply to any of the pension funds established under the Illinois Pension Code, except as otherwise specifically provided in that Code. Provides that the provisions of Sections 1-113.1 through 1-113.10 of the Pension Code, added by the bill, apply only to pension funds established under Article 3 or 4 of the Code. Provides that the automation implemented by the Public Employee Pension Fund Division must be designed to protect the confidentiality of information relating to identifiable pension fund participants. Adds provisions relating to the custody of securities by a broker-dealer. 97-01-08 H FILED WITH CLERK 97-01-08 H FIRST READING 97-01-08 H REFERRED TO HOUSE RULES COMMITTEE RULES 97-01-22 H ASSIGNED TO COMMITTEE PERS PENSION 97-03-03 H PENSION NOTE FILED 97-03-03 H COMMITTEE PERS PENSION 97-03-21 H DO PASS/SHORT DEBATE 009-001-000 HPPN 97-03-21 H PLACED CALENDAR 2ND READING-SHORT DEBATE 97-04-08 H SECOND READING-SHORT DEBATE 97-04-08 H PLCD CAL ORDER 3RD READING-SHORT DEBATE 97-04-09 H THIRD READING/SHORT DEBATE/PASSED 114-003-000 97-04-10 S ARRIVE IN SENATE 97-04-10 S PLACED CALENDAR ORDER OF FIRST READING 97-04-10 S CHIEF SPONSOR PARKER 97-04-10 S ADDED AS A CHIEF CO-SPONSOR GEO-KARIS 97-04-10 S FIRST READING 97-04-10 S REFERRED TO SENATE RULES COMMITTEE RULES 97-04-24 S ADDED AS A CHIEF CO-SPONSOR BERMAN 97-04-29 S ASSIGNED TO COMMITTEE INS & PENS. 97-04-30 S PENSION NOTE FILED AS ENGROSSED 97-05-09 S DO PASS 010-000-000 SINS 97-05-09 S PLACED ON CALENDAR ORDER OF 2ND READING 97-05-12 97-05-14 S SECOND READING 97-05-14 S PLACED ON CALENDAR ORDER OF 3RD READING 97-05-15 97-05-14 S FILED WITH SECRETARY 97-05-14 S AMENDMENT NO. 01-FITZGERALD 97-05-14 S AMENDMENT REFERRED TO SRUL 97-05-14 S AMENDMENT NO. 01-FITZGERALD 97-05-14 S RULES REFERS TO SINS 97-05-15 S AMENDMENT NO. 01-FITZGERALD 97-05-15 S BE ADOPTED SINS/010-000-000 97-05-15 S RECALLED TO SECOND READING 97-05-15 S AMENDMENT NO. 01-FITZGERALD 97-05-15 S ADOPTED 97-05-15 S PLACED ON CALENDAR ORDER OF 3RD READING 97-05-16 97-05-15 S FILED WITH SECRETARY 97-05-15 S AMENDMENT NO. 02-FITZGERALD 97-05-15 S AMENDMENT REFERRED TO SRUL 97-05-15 S AMENDMENT NO. 02-FITZGERALD 97-05-15 S RULES REFERS TO SFIC 97-05-16 S AMENDMENT NO. 02-FITZGERALD 97-05-16 S BE ADOPTED SFIC/009-000-000 97-05-16 S ADDED AS A CHIEF CO-SPONSOR CLAYBORNE 97-05-16 S SPONSOR REMOVED PARKER 97-05-16 S ALTERNATE CHIEF SPONSOR CHANGED TO FITZGERALD 97-05-16 S RECALLED TO SECOND READING 97-05-16 S AMENDMENT NO. 02-FITZGERALD 97-05-16 S ADOPTED 97-05-16 S PLACED ON CALENDAR ORDER OF 3RD READING 97-05-16 97-05-16 S ADDED AS A CHIEF CO-SPONSOR MOLARO 97-05-16 S THIRD READING - PASSED 056-001-000 97-05-16 H ARRIVE IN HOUSE 97-05-16 H PLACED ON CALENDAR ORDER OF CONCURRENCE 01,02 97-05-17 H MOTION FILED CONCUR 01,02/LINDNER 97-05-17 H REFERRED TO RULES COMMITTEE/RULE 75(A) 01,02 97-05-17 H PLACED ON CALENDAR ORDER OF CONCURRENCE 01,02 97-05-19 H MOTION REFERRED TO 01,02/HPPN 97-05-19 H PLACED ON CALENDAR ORDER OF CONCURRENCE 01,02 97-05-21 H MOTION FILED NON-CONCUR 01,02/LINDNER 97-05-21 H HSE NON-CONCURS IN SEN AMENDMENTS (NO.) 01,02 97-05-21 S SECRETARYS DESK - NON-CONCURRENCE 01,02 97-05-22 S FILED WITH SECRETARY 97-05-22 S MOTION REFUSE RECEDE - SEN AMEND NO 01,02/FITZGERALD 97-05-22 S SEN REFUSES TO RECEDE FROM AMENDMENT NO 01,02 97-05-22 S SEN REQUESTS CONFERENCE COMMITTEE 1ST/FITZGERALD 97-05-22 S SEN CONFERENCE COMMITTEE APPOINTED 1ST/FITZGERALD, 97-05-22 S MADIGAN, WALSH,T, 97-05-22 S JACOBS, CLAYBORNE 97-05-27 H HSE ACCEDE REQUEST CONFERENCE COMMITTEE 1ST 97-05-27 H HSE CONFERENCE COMMITTEE APPOINTED 1ST/MURPHY, 97-05-27 H SMITH,MICHAEL, 97-05-27 H HANNIG, 97-05-27 H CHURCHILL AND 97-05-27 H LINDNER 97-05-30 S FILED WITH SECRETARY 97-05-30 S CONFERENCE COMMITTEE REPORT 1ST/FITZGERALD 97-05-30 S CONFERENCE COMMITTEE REPORT REFERRED TO SRUL 97-05-30 S CONFERENCE COMMITTEE REPORT 1ST/FITZGERALD 97-05-30 S RULES REFERS TO SINS 97-05-31 H HSE CONFERENCE COMMITTEE REPORT SUBMITED 1ST/LINDNER 97-05-31 H CONFERENCE COMMITTEE REPORT REFERRED TO 1ST/HRUL 97-05-31 H BE APPROVED FOR CONSIDERATION HRUL/003-002-000 97-05-31 H HOUSE ADOPTED CONFERENCE REPORT 1ST/117-001-000 97-05-31 S CONFERENCE COMMITTEE REPORT 1ST/FITZGERALD 97-05-31 S BE APPROVED FOR CONSIDERATION SINS/008-000-000 97-05-31 S SEN CONFERENCE COMMITTEE REPORT SUBMITED 1ST/FITZGERALD 97-05-31 S SENATE ADOPTED CONFERENCE REPORT 1ST/058-000-000 97-05-31 H BOTH HOUSES ADOPTED CONFERENCE REPORT 1ST 97-05-31 H PASSED BOTH HOUSES 97-06-27 H SENT TO THE GOVERNOR 97-08-22 H GOVERNOR APPROVED 97-08-22 H EFFECTIVE DATE 97-08-22 97-08-22 H PUBLIC ACT.............................. 90-0507 END OF INQUIRY Full Text Bill Summary