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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Sponsors

Name	Type	Sponsorship	District	Financial	Encyclopedia	Biography
Representative Elaine Nekritz [D]	Primary	Sponsored Bills	HD-057	FollowTheMoney	Ballotpedia	VoteSmart
Representative Louis Lang [D]	Cosponsor	Sponsored Bills	HD-016	FollowTheMoney	Ballotpedia	VoteSmart
Representative Karen May [D]	Cosponsor	Sponsored Bills	HD-058	FollowTheMoney	Ballotpedia	VoteSmart
Representative Sidney Mathias [R]	Cosponsor	Sponsored Bills	HD-053	FollowTheMoney	Ballotpedia	VoteSmart
Senator Susan Garrett [D]	Primary	Sponsored Bills	SD-029	FollowTheMoney	Ballotpedia	VoteSmart

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