Bill Status of SB 1169   95th General Assembly

Short Description:  PENSION CODE-FINANCE-TECH

Senate Sponsors
Sen. Jacqueline Y. Collins and David Koehler-James T. Meeks-Mattie Hunter-Dan Rutherford-Kirk W. Dillard

House Sponsors
(Rep. David E. Miller-Greg Harris-Sara Feigenholtz-Linda Chapa LaVia-Karen A. Yarbrough, Cynthia Soto, Elizabeth Hernandez, Susana A Mendoza, Maria Antonia Berrios, Luis Arroyo, Fred Crespo, Jack D. Franks, James D. Brosnahan, Kevin A. McCarthy, Richard T. Bradley, William Davis, Eddie Washington, Monique D. Davis, Naomi D. Jakobsson, Constance A. Howard, Mary E. Flowers, Annazette Collins and Elga L. Jefferies)


Last Action  View All Actions

DateChamber Action
  8/28/2007SenatePublic Act . . . . . . . . . 95-0521

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 Floor Amendment No. 2
Deletes reference to:
40 ILCS 5/1-110
Adds reference to:
15 ILCS 520/22.5from Ch. 130, par. 41a
15 ILCS 505/16.5
40 ILCS 5/1-110.6 new
40 ILCS 5/22-401from Ch. 108 1/2, par. 22-401
15 ILCS 520/22.6 rep.
40 ILCS 5/1-110.5 rep.

Replaces everything after the enacting clause. Amends the Deposit of State Moneys Act. Provides that the Treasurer may invest or reinvest State money in short-term obligations of corporations organized in the United States with assets exceeding $500,000,000 if the corporation has not been identified as a forbidden entity, as that term is defined in the certain provisions of the Illinois Pension Code, by an independent researching firm that specializes in global security risk that has been engaged by the State Treasurer. Amends the State Treasurer Act. Provides that the Treasurer may invest the moneys in the College Savings Pool in the same manner, in the same types of investments provided for the investment of moneys by the Illinois State Board of Investment (rather than in the same types of investments, and subject to the same limitations provided for the investment of moneys by the Illinois State Board of Investment). Amends the Illinois Pension Code. Adds provisions related to the Republic of Sudan that provide that a retirement system, local pension fund, or large Article 3 or 4 pension fund shall not transfer or disburse funds to, deposit into, acquire any bonds or commercial paper from, or otherwise loan to or invest in any entity, unless a certifying company certifies to the retirement system, local pension fund, or large Article 3 or 4 pension fund that (1) with respect to investments in a publicly traded company or compilation thereof, the certifying company has relied on information provided by an independent researching firm that specializes in global security risk and (2) 100% of the retirement system's, local pension fund's, or large Article 3 or 4 pension fund's assets for which the certifying company provides services or advice are not and have not been invested or reinvested in forbidden entities at any time after 4 months after the effective date. Includes provisions concerning severability and force and effect. Declares retirement systems and pension funds to be creatures of the State. Repeals provisions of the Deposit of State Moneys Act and the Illinois Pension Code concerning transactions with the Republic of Sudan. Contains a severability clause. Effective immediately.

House Amendment No. 1
Deletes reference to:
40 ILCS 5/22-401
Adds reference to:
40 ILCS 5/1-110.10 new
30 ILCS 805/8.31 new

Replaces everything after the enacting clause with the engrossed bill with the following changes. In the provisions amending the Illinois Pension Code concerning prohibited investments: removes language applying the provisions to local pension funds and large Article 3 or 4 pension funds (thus, only apply to retirement systems); adds definitions of "business operations", "certifying company", "Department", and "Republic of the Sudan"; makes changes in the definitions of "forbidden entity" and "private market fund"; changes the definition of "retirement system" to mean only the 5 State-funded retirement systems; makes changes in the requirements for private market funds; and changes references from the State Board of Investment to the Department (the Public Pension Division of the Department of Financial and Professional Regulation). Further amends the Illinois Pension Code. Provides that, in order for an Illinois finance entity to be eligible for investment or deposit of retirement system or pension fund assets, the Illinois finance entity must annually certify that it complies with the requirements of the High Risk Home Loan Act and the rules adopted pursuant to that Act that are applicable to that Illinois finance entity. Requires the retirement system or pension fund to divest its assets with the Illinois finance entity if the certification is not made. Provides that these certification requirements are severable. Makes changes in the severability provisions applicable to the amendatory Act. Amends the State Mandates Act to require implementation without reimbursement. Makes other changes. 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
  3/14/2007SenateDo Pass Pensions and Investments; 008-000-000
  3/14/2007SenatePlaced on Calendar Order of 2nd Reading March 15, 2007
  3/22/2007SenateSecond Reading
  3/22/2007SenatePlaced on Calendar Order of 3rd Reading March 27, 2007
  3/23/2007SenateSenate Floor Amendment No. 1 Filed with Secretary by Sen. Jacqueline Y. Collins
  3/23/2007SenateSenate Floor Amendment No. 1 Referred to Rules
  3/26/2007SenateSenate Floor Amendment No. 2 Filed with Secretary by Sen. Jacqueline Y. Collins
  3/26/2007SenateSenate Floor Amendment No. 2 Referred to Rules
  3/27/2007SenateSenate Floor Amendment No. 2 Rules Refers to Financial Institutions
  3/28/2007SenateSenate Floor Amendment No. 2 Recommend Do Adopt Financial Institutions; 007-001-000
  3/30/2007SenateAdded as Co-Sponsor Sen. David Koehler
  3/30/2007SenateAdded as Chief Co-Sponsor Sen. James T. Meeks
  3/30/2007SenateAdded as Chief Co-Sponsor Sen. Mattie Hunter
  3/30/2007SenateAdded as Chief Co-Sponsor Sen. Dan Rutherford
  3/30/2007SenateRecalled to Second Reading
  3/30/2007SenateSenate Floor Amendment No. 2 Adopted; Collins
  3/30/2007SenatePlaced on Calendar Order of 3rd Reading
  3/30/2007SenateAdded as Chief Co-Sponsor Sen. Kirk W. Dillard
  3/30/2007SenateThird Reading - Passed; 054-002-000
  3/30/2007SenateSenate Floor Amendment No. 1 Tabled Pursuant to Rule 5-4(a)
  4/2/2007HouseArrived in House
  4/2/2007HousePlaced on Calendar Order of First Reading
  4/2/2007HouseChief House Sponsor Rep. David E. Miller
  4/9/2007HouseFirst Reading
  4/9/2007HouseReferred to Rules Committee
  4/24/2007HouseAdded Alternate Chief Co-Sponsor Rep. Greg Harris
  4/24/2007HouseAdded Alternate Chief Co-Sponsor Rep. Sara Feigenholtz
  4/27/2007HouseAdded Alternate Chief Co-Sponsor Rep. Linda Chapa LaVia
  4/30/2007HouseAssigned to Executive Committee
  5/18/2007HouseCommittee Deadline Extended-Rule 9(b) May 25, 2007
  5/24/2007HouseHouse Amendment No. 1 Filed with Clerk by Executive Committee
  5/24/2007HouseHouse Amendment No. 1 Adopted in Executive Committee; by Voice Vote
  5/24/2007HouseDo Pass as Amended / Short Debate Executive Committee; 012-000-000
  5/24/2007HousePlaced on Calendar 2nd Reading - Short Debate
  5/25/2007HouseSecond Reading - Short Debate
  5/25/2007HousePlaced on Calendar Order of 3rd Reading - Short Debate
  5/29/2007HouseAdded Alternate Chief Co-Sponsor Rep. Karen A. Yarbrough
  5/29/2007HouseAdded Alternate Co-Sponsor Rep. Cynthia Soto
  5/29/2007HouseAdded Alternate Co-Sponsor Rep. Elizabeth Hernandez
  5/29/2007HouseAdded Alternate Co-Sponsor Rep. Susana A Mendoza
  5/29/2007HouseAdded Alternate Co-Sponsor Rep. Maria Antonia Berrios
  5/29/2007HouseAdded Alternate Co-Sponsor Rep. Luis Arroyo
  5/29/2007HouseAdded Alternate Co-Sponsor Rep. Fred Crespo
  5/29/2007HouseAdded Alternate Co-Sponsor Rep. Jack D. Franks
  5/29/2007HouseAdded Alternate Co-Sponsor Rep. John A. Fritchey
  5/29/2007HouseAdded Alternate Co-Sponsor Rep. James D. Brosnahan
  5/29/2007HouseAdded Alternate Co-Sponsor Rep. Kevin A. McCarthy
  5/29/2007HouseAdded Alternate Co-Sponsor Rep. Richard T. Bradley
  5/29/2007HouseAdded Alternate Co-Sponsor Rep. William Davis
  5/29/2007HouseRemoved from Short Debate Status
  5/29/2007HousePlaced on Calendar Order of 3rd Reading - Standard Debate
  5/29/2007HouseAlternate Co-Sponsor Removed Rep. John A. Fritchey
  5/29/2007HouseAdded Alternate Co-Sponsor Rep. Eddie Washington
  5/29/2007HouseAdded Alternate Co-Sponsor Rep. Monique D. Davis
  5/29/2007HouseAdded Alternate Co-Sponsor Rep. Naomi D. Jakobsson
  5/29/2007HouseAdded Alternate Co-Sponsor Rep. Constance A. Howard
  5/29/2007HouseAdded Alternate Co-Sponsor Rep. Mary E. Flowers
  5/29/2007HouseAdded Alternate Co-Sponsor Rep. Annazette Collins
  5/29/2007HouseAdded Alternate Co-Sponsor Rep. Elga L. Jefferies
  5/29/2007HouseThird Reading - Standard Debate - Passed 098-015-001
  5/30/2007SenateSecretary's Desk - Concurrence House Amendment(s) 01
  5/30/2007SenatePlaced on Calendar Order of Concurrence House Amendment(s) 01 - May 31, 2007
  5/30/2007SenateHouse Amendment No. 1 Motion to Concur Filed with Secretary Sen. Jacqueline Y. Collins
  5/30/2007SenateHouse Amendment No. 1 Motion to Concur Referred to Rules
  5/30/2007SenateHouse Amendment No. 1 Motion to Concur Rules Referred to Financial Institutions
  5/31/2007SenateHouse Amendment No. 1 Motion To Concur Recommended Do Adopt Financial Institutions; 007-000-000
  5/31/2007SenateHouse Amendment No. 1 Senate Concurs 058-000-000
  5/31/2007SenatePassed Both Houses
  6/29/2007SenateSent to the Governor
  8/28/2007SenateGovernor Approved
  8/28/2007SenateEffective Date August 28, 2007
  8/28/2007SenatePublic Act . . . . . . . . . 95-0521

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