Bill Text: IL HB4891 | 2009-2010 | 96th General Assembly | Introduced

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Bill Title: Amends the Illinois Pension Code. In provisions concerning the State Employees Deferred Compensation Plan, provides that the Illinois State Board of Investment may not (i) select any life insurance or annuity contract or mutual fund, or any other investment vehicle, as an investment vehicle or (ii) enter into any contract after the effective date of the amendatory Act or make any amendment to a contract entered into on or before the effective date of the amendatory Act, unless it is first reviewed and approved by the Commission on Government Forecasting and Accountability. Effective immediately.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2010-03-15 - Rule 19(a) / Re-referred to Rules Committee [HB4891 Detail]

Download: Illinois-2009-HB4891-Introduced.html

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96TH GENERAL ASSEMBLY State of Illinois 2009 and 2010 HB4891 Introduced 1/15/2010, by Rep. Raymond Poe SYNOPSIS AS INTRODUCED:
40 ILCS 5/24-105 from Ch. 108 1/2, par. 24-105
Amends the Illinois Pension Code. In provisions concerning the State Employees Deferred Compensation Plan, provides that the Illinois State Board of Investment may not (i) select any life insurance or annuity contract or mutual fund, or any other investment vehicle, as an investment vehicle or (ii) enter into any contract after the effective date of the amendatory Act or make any amendment to a contract entered into on or before the effective date of the amendatory Act, unless it is first reviewed and approved by the Commission on Government Forecasting and Accountability. Effective immediately.
LRB096 16062 AMC 31310 b
PENSION IMPACT NOTE ACT MAY APPLY
A BILL FOR
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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 24-105 as follows:
(40 ILCS 5/24-105) (from Ch. 108 1/2, par. 24-105)
Sec. 24-105. The State Employees Deferred Compensation
Plan shall be administered by the Department of Central
Management Services subject to the general supervision of the
Illinois State Board of Investment. Participation in such plan
shall be by a specific written agreement between each such
employee and the State which agreement shall provide for the
deferral of such amount of compensation as requested by the
employee. With each distribution of compensation to a
participating employee, the employee shall receive a
memorandum of the amount by which his gross compensation for
the period involved is reduced by reason of the deferment of
compensation, which amount shall not be included as a part of
his gross compensation as to that period.
Funds retained by the State as deferred compensation
pursuant to a written deferred compensation agreement between
the State and participating employees, may be invested in such
investments as are deemed acceptable by the Illinois State

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Board of Investment including, but not limited to, life
insurance or annuity contracts or mutual funds. All such
insurance, annuities, mutual funds, or other such investments
utilized under this Plan shall have been reviewed and selected
by the Board based on a competitive bidding process as
established by such specifications and considerations as are
deemed appropriate by the Board. The Illinois State Board of
Investment may not (i) select any life insurance or annuity
contract or mutual fund, or any other investment vehicle, as an
investment vehicle or (ii) enter into any contract after the
effective date of this amendatory Act of the 96th General
Assembly or make any amendment to a contract entered into on or
before the effective date of this amendatory Act of the 96th
General Assembly, unless it is first reviewed and approved by
the Commission on Government Forecasting and Accountability.
Nothing in this Section should be construed as requiring a
limitation on the number and variety of insurance, annuity or
mutual fund contracts which may be selected as a result of this
bidding process. The State Board of Investment may also invest
any funds retained by the State pursuant to a written deferred
compensation agreement between the State and participating
employees in share accounts or share certificate accounts of
State or federal credit unions, the accounts of which are
insured as required by The Illinois Credit Union Act or the
Federal Credit Union Act, as applicable. Any income and gain
resulting from the investment of a deferred compensation

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account may be paid to the participant as additional
compensation for continued service during the period of
participation or be used in part for administrative expenses,
all in accordance with the plan. Such investments and payments
shall not be construed to be prohibited uses of the general
assets of the State.
(Source: P.A. 82-789.)
Section 99. Effective date. This Act takes effect upon
becoming law.