Illinois General Assembly - Bill Status for HB 562

Amends the Illinois Pension Code. Provides that it is the public policy of the State of Illinois to encourage the pension funds, and any State agency investing funds on behalf of pension funds, to promote the economy of Illinois through the use of economic opportunity investments while managing their assets to the greatest extent feasible within the bounds of financial and fiduciary prudence. Provides that each pension fund, except pension funds created under the Downstate Police and Firefighters Articles of the Code, shall submit a report to the Governor and the General Assembly by September 1 of each year that identifies the economic opportunity investments made by the fund, the primary location of the business or project, the percentage of the fund's assets in economic opportunity investments, and the actions that the fund has undertaken to increase the use of economic opportunity investments, including encouraging other investment managers to make economic opportunity investments through subcontractors. Requires certain pension funds, and any State agency investing funds on behalf of those pension funds, to make all reasonable efforts to invest a minimum of 5% of pension fund assets in economic opportunity investments. Effective immediately.

Replaces everything after the enacting clause with the introduced bill with the following changes. Makes changes in the definitions of "Economic opportunity investment" and "Illinois-based project" and defines "Illinois business" to mean a business that is headquartered in Illinois. Removes language providing a minimum percentage of pension fund assets for investment in economic opportunity investments. Provides that the annual report to the Governor and General Assembly shall begin in 2009. Makes other changes. Effective immediately.

Date	Chamber	Action
1/13/2009	House	Session Sine Die

Date	Chamber	Action
2/2/2007	House	Filed with the Clerk by Rep. John E. Bradley
2/5/2007	House	First Reading
2/5/2007	House	Referred to Rules Committee
2/7/2007	House	Assigned to Personnel and Pensions Committee
2/15/2007	House	Pension Note Filed
2/23/2007	House	Added Co-Sponsor Rep. Kurt M. Granberg
3/23/2007	House	Rule 19(a) / Re-referred to Rules Committee
2/6/2008	House	Assigned to Personnel and Pensions Committee
3/13/2008	House	Do Pass / Short Debate Personnel and Pensions Committee; 005-000-000
3/13/2008	House	Placed on Calendar 2nd Reading - Short Debate
4/8/2008	House	House Amendment No. 1 Filed with Clerk by Rep. John E. Bradley
4/8/2008	House	House Amendment No. 1 Referred to Rules Committee
4/10/2008	House	Added Co-Sponsor Rep. Charles E. Jefferson
4/14/2008	House	House Amendment No. 1 Recommends Be Adopted Rules Committee; 003-000-000
4/18/2008	House	Final Action Deadline Extended-9(b) May 9, 2008
5/1/2008	House	Second Reading - Short Debate
5/1/2008	House	House Amendment No. 1 Adopted by Voice Vote
5/1/2008	House	Placed on Calendar Order of 3rd Reading - Short Debate
5/8/2008	House	Third Reading - Short Debate - Passed 109-000-000
5/8/2008	Senate	Arrive in Senate
5/8/2008	Senate	Placed on Calendar Order of First Reading
5/8/2008	Senate	Chief Senate Sponsor Sen. Gary Forby
5/8/2008	Senate	First Reading
5/8/2008	Senate	Referred to Rules
5/15/2008	Senate	Rule 2-10 Committee Deadline Established As May 22, 2008; Substantive House Bills Out of Committee
1/13/2009	House	Session Sine Die

	Pension Note (Government Forecasting & Accountability)
	The fiscal impact of HB 562 cannot be calculated, as it is unknown at this time which investment vehicles each pension fund would select. It is unknown whether the economic opportunity investments as enumerated in the bill would provide a rate of return that would meet or exceed each pension fund’s actuarially determined rate of return on investments.