House Sponsors: LINDNER. Senate Sponsors: FITZGERALD-GEO-KARIS-BERMAN-CLAYBORNE-MOLARO Short description: PEN CD-JUDGES-SPOUSE ELECTION Synopsis of Bill as introduced: 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. Last action on Bill: PUBLIC ACT.............................. 90-0507 Last action date: 97-08-22 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 2 END OF INQUIRY Full Text Bill Status