Bill Status of SB 1166   95th General Assembly

Short Description:  PUBLIC EMPLOYEE BENEFITS-TECH

Senate Sponsors
Sen. Kwame Raoul

Last Action  View All Actions

DateChamber Action
  1/13/2009SenateSession Sine Die

Statutes Amended In Order of Appearance
40 ILCS 5/1-110from Ch. 108 1/2, par. 1-110

Synopsis As Introduced
Amends the Illinois Pension Code. Makes a technical change in a Section concerning prohibited transactions.

Senate Committee Amendment No. 1
Deletes reference to:
40 ILCS 5/1-110
Adds reference to:
40 ILCS 5/1-113.2
40 ILCS 5/1-113.3
40 ILCS 5/1-113.4
40 ILCS 5/3-132from Ch. 108 1/2, par. 3-132
40 ILCS 5/4-123from Ch. 108 1/2, par. 4-123
40 ILCS 5/22A-113from Ch. 108 1/2, par. 22A-113

Replaces everything after the enacting clause. Amends the Illinois Pension Code. In provisions concerning investments by downstate police pension funds and downstate firefighter pension funds, provides that, if (i) a pension fund's investment in certain accounts or funds exceeds certain limitations or (ii) a pension fund fails to file an annual report with the Public Pension Division within 3 months after the due date of the annual report, then the Public Pension Division shall immediately notify the State Board of Investment established under Article 22A of this Code, the Auditor General, and the General Assembly, whereupon, by operation of law, all authority and responsibility for managing the pension fund's assets shall immediately lie with the State Board of Investment, who shall have sole authority and responsibility for managing those assets until 3 consecutive annual reports filed with the Public Pension Division demonstrate that all investments and practices comply with the law. Makes corresponding changes in the Downstate Police, Downstate Firefighter, and State Board of Investment Articles of the Code. Effective immediately.

Actions 
DateChamber Action
  2/8/2007SenateFiled with Secretary by Sen. Jacqueline Y. Collins
  2/8/2007SenateFirst Reading
  2/8/2007SenateReferred to Rules
  3/7/2007SenateAssigned to Pensions and Investments
  3/12/2007SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Kwame Raoul
  3/12/2007SenateSenate Committee Amendment No. 1 Referred to Rules
  3/13/2007SenateSenate Committee Amendment No. 1 Rules Refers to Pensions and Investments
  3/13/2007SenateSenate Committee Amendment No. 1 Adopted
  3/14/2007SenateDo Pass as Amended Pensions and Investments; 006-002-000
  3/14/2007SenatePlaced on Calendar Order of 2nd Reading March 15, 2007
  3/14/2007SenateChief Sponsor Changed to Sen. Kwame Raoul
  3/22/2007SenateSecond Reading
  3/22/2007SenatePlaced on Calendar Order of 3rd Reading March 27, 2007
  3/30/2007SenateRule 2-10 Third Reading Deadline Established As May 31, 2007
  5/31/2007SenateRule 2-10 Third Reading Deadline Established As December 31, 2007
  12/3/2007SenatePursuant to Senate Rule 3-9(b) / Referred to Rules
  5/31/2008SenateRule 2-10 Third Reading Deadline Established As January 13, 2009
  1/13/2009SenateSession Sine Die

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