Bill Text: IL HB5495 | 2011-2012 | 97th General Assembly | Amended
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Amends the State Mandates Act. Provides that nothing in the amendatory Act shall override the process established under the provision of the School Code concerning the prohibition against unfunded mandates. Amends the Counties Code and Illinois Municipal Code to provide that beginning January 1, 2015, if a county or municipality offers a 457(b) plan to its officers, employees, or both, or makes contributions to such a plan on behalf of its officers, employees, or both, then that county or municipality, and the persons acting under its authority, must act in accordance with the prudent investor rule when making plan-related decisions. Limits the concurrent exercise of home rule powers. Amends the School Code to provide that beginning January 1, 2015, if a school board other than the Chicago Board of Education offers a 403(b) or 457(b) plan to its officers, employees, or both, or makes contributions to such a plan on behalf of its officers, employees, or both, then that school board, and the persons acting under its authority, must act in accordance with the prudent investor rule when making plan-related decisions.
Spectrum: Moderate Partisan Bill (Democrat 4-1)
Status: (Passed) 2013-01-25 - Public Act . . . . . . . . . 97-1154 [HB5495 Detail]
Download: Illinois-2011-HB5495-Amended.html
Bill Title: Amends the State Mandates Act. Provides that nothing in the amendatory Act shall override the process established under the provision of the School Code concerning the prohibition against unfunded mandates. Amends the Counties Code and Illinois Municipal Code to provide that beginning January 1, 2015, if a county or municipality offers a 457(b) plan to its officers, employees, or both, or makes contributions to such a plan on behalf of its officers, employees, or both, then that county or municipality, and the persons acting under its authority, must act in accordance with the prudent investor rule when making plan-related decisions. Limits the concurrent exercise of home rule powers. Amends the School Code to provide that beginning January 1, 2015, if a school board other than the Chicago Board of Education offers a 403(b) or 457(b) plan to its officers, employees, or both, or makes contributions to such a plan on behalf of its officers, employees, or both, then that school board, and the persons acting under its authority, must act in accordance with the prudent investor rule when making plan-related decisions.
Spectrum: Moderate Partisan Bill (Democrat 4-1)
Status: (Passed) 2013-01-25 - Public Act . . . . . . . . . 97-1154 [HB5495 Detail]
Download: Illinois-2011-HB5495-Amended.html
| |||||||
| |||||||
| |||||||
| 1 | AMENDMENT TO HOUSE BILL 5495
| ||||||
| 2 | AMENDMENT NO. ______. Amend House Bill 5495 by replacing | ||||||
| 3 | everything after the enacting clause with the following:
| ||||||
| 4 | "Section 5. The Counties Code is amended by changing | ||||||
| 5 | Section 1-1001 as follows:
| ||||||
| 6 | (55 ILCS 5/1-1001) (from Ch. 34, par. 1-1001)
| ||||||
| 7 | Sec. 1-1001. Short title. This Act shall be known and may
| ||||||
| 8 | be cited as the the Counties Code.
| ||||||
| 9 | (Source: P.A. 86-962.)".
| ||||||
