MURPHY-SCHOENBERG-BIGGINS, STROGER, YOUNGE AND JONES,LOU.
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.
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
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0
END OF INQUIRY
Full Text Bill Status