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]

Text: Latest bill text (Chaptered) [HTML]

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Voting Records

Chamber	Vote	Date	Yea	Nay	NV	Abs	Total	Result	Source	View
House	Concurrence in House	2013-01-08	80	30	2	0	112	Passed	Link	View
House	Concurrence in House	2013-01-08	80	30	2	0	112	Passed	Link	View
Senate	Third Reading in Senate	2013-01-03	37	15	7	0	59	Passed	Link	View
House	Third Reading in House	2012-03-29	109	0	0	2	111	Passed	Link	View

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