90th General Assembly
Summary of HB0366
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Short description: 
PEN CD-VETS-SEC 415-ACCOUNTING                                             

Synopsis of Bill as introduced:
        Amends the Illinois Pension Code.  Amends the General  Provisions      
   Article  to  make the provisions relating to federal limitations under      
   Section 415 of the U.S. Internal Revenue Code apply to all  retirement      
   systems  subject  to the Pension Code.  Permits each retirement system      
   to define its own Section 415 limitation year.   Requires  all  public      
   employee pension funds to comply with the requirements imposed on them      
   by  the  federal Uniformed Services Employment and Reemployment Rights      
   Act.   Amends  the  State  Board  of  Investment  Article,  the  State      
   Universities  Article,  and the Downstate and Chicago Teacher Articles      
   to require that investments be carried at cost or a  value  determined      
   in  accordance  with  generally  accepted accounting principles.  Also      
   removes the 50% investment limitation on  equity  investments  by  the      
   Chicago  Teachers  pension fund.  Amends the State Board of Investment      
   Article to remove the requirement that a bank or  trust  company  used      
   for   the   registration  of  securities  be  domiciled  in  Illinois.      
   Effective immediately.                                                      
          PENSION IMPACT NOTE                                                  
          HB366 contains administrative changes that would have no fiscal      
          impact on the retirement systems affected by its provisions.         
          PENSION IMPACT NOTE, ENGROSSED                                       
          No change from previous note.                                        
Last action on Bill: PUBLIC ACT.............................. 90-0019

   Last action date: 97-06-20

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


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