IL SB1111 | 2019-2020 | 101st General Assembly

Status

Spectrum: Bipartisan Bill
Status: Introduced on February 5 2019 - 25% progression
Action: 2019-03-28 - Rule 3-9(a) / Re-referred to Assignments
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]

Summary

Amends the Illinois Pension Code. Provides that beginning January 1, 2020, the governing body of a municipality with a downstate police pension fund or downstate firefighter pension fund may require the pension fund to transfer its investment authority and assets to the Illinois Municipal Retirement Fund (IMRF) if its nets assets have surpassed a certain threshold. Provides that upon completion of the transfer, the investment authority of the board of trustees of the downstate police pension fund or downstate firefighter pension fund shall terminate. Contains other provisions concerning transfers to IMRF, rulemaking, transfer of investment authority, investments, and auditing. Requires the Commission on Government Forecasting and Accountability to conduct an analysis of the merits and feasibility of transitioning the investment authority of all boards of trustees of downstate police pension funds and downstate firefighter pension funds to IMRF. Makes changes to provisions concerning trustee training. Amends the Property Tax Extension Limitation Law of the Property Tax Code. Beginning January 1, 2021, removes a provision that excludes special purpose extensions made for contributions to a downstate firefighter pension fund from the definition of "aggregate extension". Excludes from the definition of "aggregate extension" special purpose extensions made for contributions to a downstate police or downstate firefighter pension fund that transfers its investment authority to IMRF. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.

Tracking Information

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Title

PEN CD-POLICE/FIRE INVESTMENT

Sponsors


History

DateChamberAction
2019-03-28SenateRule 3-9(a) / Re-referred to Assignments
2019-03-22SenateRule 2-10 Committee Deadline Established As March 28, 2019
2019-02-22SenateAdded as Chief Co-Sponsor Sen. Dan McConchie
2019-02-06SenateAssigned to Government Accountability and Ethics
2019-02-05SenateReferred to Assignments
2019-02-05SenateFirst Reading
2019-02-05SenateFiled with Secretary by Sen. Steven M. Landek

Code Citations

ChapterArticleSectionCitation TypeStatute Text
308058.43New CodeSee Bill Text
3520018-185Amended CodeCitation Text
4051-101.6New CodeSee Bill Text
4051-101.7New CodeSee Bill Text
4051-109.3Amended CodeCitation Text
4051-113.05New CodeSee Bill Text
4051-113.1Amended CodeCitation Text
4051-113.2Amended CodeCitation Text
4051-113.3Amended CodeCitation Text
4051-113.4Amended CodeCitation Text
4051-113.4aAmended CodeCitation Text
4051-113.5Amended CodeCitation Text
4051-113.6Amended CodeCitation Text
4051-113.7Amended CodeCitation Text
4051-167New CodeSee Bill Text
4053-127Amended CodeCitation Text
4053-132Amended CodeCitation Text
4053-132.1New CodeSee Bill Text
4053-132.2New CodeSee Bill Text
4053-132.3New CodeSee Bill Text
4053-132.4New CodeSee Bill Text
4053-135Amended CodeCitation Text
4054-120Amended CodeCitation Text
4054-123Amended CodeCitation Text
4054-128Amended CodeCitation Text
4054-128.1New CodeSee Bill Text
4054-128.2New CodeSee Bill Text
4054-128.3New CodeSee Bill Text
4054-128.4New CodeSee Bill Text
4057-175Amended CodeCitation Text
4057-175.1Amended CodeCitation Text
4057-199.5New CodeSee Bill Text

Illinois State Sources


Bill Comments

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