Bill Text: IL HB0871 | 2009-2010 | 96th General Assembly | Introduced

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Bill Title: Amends the Illinois Pension Code. Provides that a retirement system or pension fund established under the Downstate Police or Downstate Firefighters Article may not acquire a security issued by an employer of employees covered by any retirement system or pension fund under those Articles, including itself, if immediately after such acquisition, the aggregate fair market value of all such employer securities held by the retirement system or pension fund exceeds 10% of the fair market value of the assets of the retirement system or pension fund. Effective immediately.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2009-03-13 - Rule 19(a) / Re-referred to Rules Committee [HB0871 Detail]

Download: Illinois-2009-HB0871-Introduced.html

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96TH GENERAL ASSEMBLY State of Illinois 2009 and 2010 HB0871 Introduced 2/10/2009, by Rep. Jim Watson SYNOPSIS AS INTRODUCED:
40 ILCS 5/1-111 from Ch. 108 1/2, par. 1-111
Amends the Illinois Pension Code. Provides that a retirement system or pension fund established under the Downstate Police or Downstate Firefighters Article may not acquire a security issued by an employer of employees covered by any retirement system or pension fund under those Articles, including itself, if immediately after such acquisition, the aggregate fair market value of all such employer securities held by the retirement system or pension fund exceeds 10% of the fair market value of the assets of the retirement system or pension fund. Effective immediately.
LRB096 08832 AMC 18966 b
FISCAL NOTE ACT MAY APPLY PENSION IMPACT NOTE ACT MAY APPLY STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT
A BILL FOR
HB0871 LRB096 08832 AMC 18966 b
AN ACT concerning public employee benefits.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Illinois Pension Code is amended by changing
Section 1-111 as follows:
(40 ILCS 5/1-111) (from Ch. 108 1/2, par. 1-111)
Sec. 1-111. Ten Per Cent Limitation of Employer Securities.
(a) Except as provided in subsection (b), a A plan may not
acquire a security issued by an employer of employees covered
by the retirement system or pension fund, if immediately after
such acquisition, the aggregate fair market value of such
employer securities held by the retirement system or pension
fund exceed 10 per cent of the fair market value of the assets
of the retirement system or pension fund.
(b) A retirement system or pension fund established under
Article 3 or 4 may not acquire a security issued by an employer
of employees covered by any retirement system or pension fund
under Article 3 or 4, including itself, if immediately after
such acquisition, the aggregate fair market value of all such
employer securities held by the retirement system or pension
fund exceeds 10% of the fair market value of the assets of the
retirement system or pension fund.
(Source: P.A. 81-948.)

HB0871 - 2 - LRB096 08832 AMC 18966 b
Section 99. Effective date. This Act takes effect upon
becoming law.