Bill Status of SB 1653   95th General Assembly

Short Description:  PEN CD-MWRD-ADMINISTRATIVE

Senate Sponsors
Sen. Kwame Raoul-Don Harmon

House Sponsors
(Rep. David E. Miller)


Last Action  View All Actions

DateChamber Action
  8/31/2007SenatePublic Act . . . . . . . . . 95-0586

Statutes Amended In Order of Appearance
40 ILCS 5/1-113from Ch. 108 1/2, par. 1-113
40 ILCS 5/13-215from Ch. 108 1/2, par. 13-215
40 ILCS 5/13-216from Ch. 108 1/2, par. 13-216
40 ILCS 5/13-309from Ch. 108 1/2, par. 13-309
40 ILCS 5/13-502from Ch. 108 1/2, par. 13-502
40 ILCS 5/13-601from Ch. 108 1/2, par. 13-601
40 ILCS 5/13-706from Ch. 108 1/2, par. 13-706
30 ILCS 805/8.31 new

Synopsis As Introduced
Amends the Illinois Pension Code. In the General Provisions Article, allows certain pension funds to embrace the investment in international equities and fixed income in corporations created or existing under the laws of a foreign country or in such corporations through investments in certain pooled or commingled funds and provides that, for the Metropolitan Water Reclamation District Retirement Fund, the total market value of all stocks and convertible debt shall not exceed 75% of the aggregate market value of all fund investments. In the Metropolitan Water Reclamation District Article, (i) makes changes concerning the timing of the first annuity payment date for retirement and survivor's annuities; (ii) provides that an employee in service before June 13, 1997 shall also receive a child's disability benefit during the period of disability of $10 per month for each unmarried natural or adopted child of the employee under 18 years of age (language granting this benefit was removed from the statutes by Public Act 90-12, effective June 13, 1997); (iii) provides that there shall be deducted from each payment of salary an amount equal to 7% of salary as the employee's contribution for the retirement annuity, including child's annuity, and 0.5% of salary as the employee's contribution for annual increases to the retirement annuity (was, 7 1/2% of salary as employees contribution for the retirement annuity, including annual increases therefore and child's annuity); (iv) makes changes concerning refunds after the death of a survivor of the employee and spouse; and (v) makes changes concerning the investment authority of the Retirement Board of the Metropolitan Water Reclamation District. Effective immediately.

House Amendment No. 1
Deletes reference to:
40 ILCS 5/1-113

Replaces everything after the enacting clause with the engrossed bill with the following changes. Removes provisions amending the General Provisions Article that allow certain pension funds to embrace the investment in international equities and fixed income in corporations created or existing under the laws of a foreign country or in such corporations through investments in certain pooled or commingled funds and that increase the total market value of all stocks and convertible debt that the Metropolitan Water Reclamation District Retirement Fund may hold. Makes technical changes. Effective immediately.

Actions 
DateChamber Action
  2/9/2007SenateFiled with Secretary by Sen. Kwame Raoul
  2/9/2007SenateChief Co-Sponsor Sen. Don Harmon
  2/9/2007SenateFirst Reading
  2/9/2007SenateReferred to Rules
  2/21/2007SenateAssigned to Pensions and Investments
  3/7/2007SenateDo Pass Pensions and Investments; 010-000-000
  3/7/2007SenatePlaced on Calendar Order of 2nd Reading March 8, 2007
  3/15/2007SenateSecond Reading
  3/15/2007SenatePlaced on Calendar Order of 3rd Reading March 20, 2007
  3/30/2007SenateRule 2-10 Third Reading Deadline Established As May 31, 2007
  4/24/2007SenateThird Reading - Passed; 056-000-000
  4/24/2007HouseArrived in House
  4/24/2007HousePlaced on Calendar Order of First Reading
  4/26/2007HouseChief House Sponsor Rep. David E. Miller
  4/26/2007HouseFirst Reading
  4/26/2007HouseReferred to Rules Committee
  4/30/2007HouseAssigned to Executive Committee
  5/18/2007HouseCommittee Deadline Extended-Rule 9(b) May 25, 2007
  5/23/2007HouseHouse Amendment No. 1 Filed with Clerk by Executive Committee
  5/23/2007HouseHouse Amendment No. 1 Adopted in Executive Committee; by Voice Vote
  5/23/2007HouseDo Pass as Amended / Short Debate Executive Committee; 012-000-000
  5/23/2007HousePlaced on Calendar 2nd Reading - Short Debate
  5/24/2007HouseSecond Reading - Short Debate
  5/24/2007HousePlaced on Calendar Order of 3rd Reading - Short Debate
  5/31/2007HouseThird Reading - Short Debate - Passed 103-012-000
  5/31/2007SenateSecretary's Desk - Concurrence House Amendment(s) 01
  5/31/2007SenatePlaced on Calendar Order of Concurrence House Amendment(s) 01 - June 1, 2007
  5/31/2007SenateHouse Amendment No. 1 Motion to Concur Filed with Secretary Sen. Kwame Raoul
  5/31/2007SenateHouse Amendment No. 1 Motion to Concur Referred to Rules
  6/5/2007SenateHouse Amendment No. 1 Motion to Concur Rules Referred to Pensions and Investments
  6/6/2007SenateHouse Amendment No. 1 Motion To Concur Recommended Do Adopt Pensions and Investments; 007-000-000
  6/7/2007Senate3/5 Vote Required
  6/7/2007SenateHouse Amendment No. 1 Senate Concurs 050-000-000
  6/7/2007SenatePassed Both Houses
  7/6/2007SenateSent to the Governor
  8/31/2007SenateGovernor Approved
  8/31/2007SenateEffective Date August 31, 2007
  8/31/2007SenatePublic Act . . . . . . . . . 95-0586

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