Illinois House Bill 5571 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Partisan Bill (Republican 1-0)
Status: Failed on January 8 2019 - 100% progression
Action: 2019-01-08 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]

Amends the General Provisions Article of the Illinois Pension Code. Authorizes downstate police and downstate firefighter pension funds to invest in commingled accounts of the Illinois Metropolitan Investment Funds. Provides that a pension fund's total investment in certain life insurance accounts managed by insurance companies and mutual funds managed through an investment adviser, in combination with certain other investments, shall not exceed 65% of the pension fund's net present assets. Requires contracts between an investment adviser and the board of trustees of a downstate police or downstate firefighter pension fund to include a requirement that the investment adviser make annual reports to the board concerning net returns. Repeals a provision specifying additional permitted investments for pension funds with net assets of $2,500,000 or more. Makes conforming and other changes.

PEN CD-PERMITTED INVESTMENTS

Rep. Mark Batinick [R]

Date	Chamber	Action
2019-01-08	House	Session Sine Die
2018-03-07	House	To SPECIAL Issues Subcommittee
2018-02-16	House	Referred to Rules Committee
2018-02-16	House	First Reading
2018-02-16	House	Filed with the Clerk by Rep. Mark Batinick

Chapter	Article	Section	Citation Type	Statute Text
40	5	1-113.2	Amended Code	Citation Text
40	5	1-113.3	Repealed Code	Citation Text
40	5	1-113.4	Amended Code	Citation Text
40	5	1-113.4a	Amended Code	Citation Text
40	5	1-113.5	Amended Code	Citation Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=5571&GAID=14&DocTypeID=HB&SessionID=91&GA=100
Text	https://www.ilga.gov/legislation/100/HB/10000HB5571.htm