Bill Text: IL HB3547 | 2019-2020 | 101st General Assembly | Introduced

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Bill Title: Amends the General Provisions Article of the Illinois Pension Code. Provides that a firefighters' 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: (Introduced - Dead) 2019-03-29 - Rule 19(a) / Re-referred to Rules Committee [HB3547 Detail]

Download: Illinois-2019-HB3547-Introduced.html

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101ST GENERAL ASSEMBLY State of Illinois 2019 and 2020 HB3547 Introduced , by Rep. Robert Rita SYNOPSIS AS INTRODUCED:
40 ILCS 5/1-113.4b new
Amends the General Provisions Article of the Illinois Pension Code. Provides that a firefighters' 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.
LRB101 10782 RPS 55904 b
FISCAL NOTE ACT MAY APPLY PENSION IMPACT NOTE ACT MAY APPLY STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT
A BILL FOR
HB3547 LRB101 10782 RPS 55904 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 adding
Section 1-113.4b as follows:
(40 ILCS 5/1-113.4b new)
Sec. 1-113.4b. Investments in stocks for Article 4 pension
funds. Notwithstanding any other provision of this Article, a
pension fund under Article 4 may invest up to 75% of the net
present assets, as stated in its most recent annual report on
file with the Department of Insurance, in common or preferred
stocks that the pension fund is authorized to invest in under
this Article. Any corporate bonds held by the pension fund
shall be deemed fixed income.
Section 99. Effective date. This Act takes effect upon
becoming law.