House Sponsors: DEERING-BOST-SAVIANO. Short description: PEN CD-DEPT OF INSUR-INVSTMTS Synopsis of Bill as introduced: 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. Effective immediately. PENSION NOTE Annual investment return would increase by 0.75% resulting in approximately $479.7 M in additional investment income over the next 10 years. (Assuming a 35% investment in equities by all funds beginning 1/1/96.) PENSION NOTE, REVISED Increased investment return would generate approximately $17.4 million in 1998. Last action on Bill: SESSION SINE DIE Last action date: 99-01-12 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status