Bill Text: IL SB1944 | 2019-2020 | 101st General Assembly | Introduced
Bill Title: Amends the General Provisions Article of the Illinois Pension Code. Provides that a police pension fund may invest up to 75% of the net present assets in common or preferred stocks. Provides that any corporate bonds held by the pension fund shall be deemed fixed income. Effective immediately.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Failed) 2021-01-13 - Session Sine Die [SB1944 Detail]
Download: Illinois-2019-SB1944-Introduced.html
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1 | AN ACT concerning public employee benefits.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Illinois Pension Code is amended by adding | ||||||||||||||||||||||||
5 | Section 1-113.4b as follows:
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6 | (40 ILCS 5/1-113.4b new) | ||||||||||||||||||||||||
7 | Sec. 1-113.4b. Investments in stocks for Article 3 pension | ||||||||||||||||||||||||
8 | funds. Notwithstanding any other provision of this Article, a | ||||||||||||||||||||||||
9 | pension fund under Article 3 may invest up to 75% of the net | ||||||||||||||||||||||||
10 | present assets, as stated in its most recent annual report on | ||||||||||||||||||||||||
11 | file with the Department of Insurance, in common or preferred | ||||||||||||||||||||||||
12 | stocks that the pension fund is authorized to invest in under | ||||||||||||||||||||||||
13 | this Article. Any corporate bonds held by the pension fund | ||||||||||||||||||||||||
14 | shall be deemed fixed income.
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15 | Section 99. Effective date. This Act takes effect upon | ||||||||||||||||||||||||
16 | becoming law.
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