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| | 101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
HB3547 Introduced , by Rep. Robert Rita SYNOPSIS AS INTRODUCED:
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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.
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| | | FISCAL NOTE ACT MAY APPLY | PENSION IMPACT NOTE ACT MAY APPLY | STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT |
| | A BILL FOR |
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| | HB3547 | | LRB101 10782 RPS 55904 b |
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| 1 | | AN ACT concerning public employee benefits.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Illinois Pension Code is amended by adding |
| 5 | | Section 1-113.4b as follows:
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| 6 | | (40 ILCS 5/1-113.4b new) |
| 7 | | Sec. 1-113.4b. Investments in stocks for Article 4 pension |
| 8 | | funds. Notwithstanding any other provision of this Article, a |
| 9 | | pension fund under Article 4 may invest up to 75% of the net |
| 10 | | present assets, as stated in its most recent annual report on |
| 11 | | file with the Department of Insurance, in common or preferred |
| 12 | | stocks that the pension fund is authorized to invest in under |
| 13 | | this Article. Any corporate bonds held by the pension fund |
| 14 | | shall be deemed fixed income.
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| 15 | | Section 99. Effective date. This Act takes effect upon |
| 16 | | becoming law.
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