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95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB1253
Introduced 2/15/2007, by Rep. Jim Watson SYNOPSIS AS INTRODUCED:
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40 ILCS 5/1-111 |
from Ch. 108 1/2, par. 1-111 |
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Amends the Illinois Pension Code. Provides that a retirement system or pension fund established under the Downstate Police, Downstate Firefighters, or Illinois Municipal Retirement Fund Article may not acquire a security issued by an employer of employees covered by any retirement system or pension fund under any of those Articles, including itself, if immediately after such acquisition,
the aggregate fair market value of all such employer securities held by the
retirement system or pension fund exceeds 10% of the fair market value
of the assets of the retirement system or pension fund. Effective immediately.
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| FISCAL NOTE ACT MAY APPLY |
PENSION IMPACT NOTE ACT MAY APPLY |
STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT |
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A BILL FOR
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HB1253 |
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LRB095 08180 AMC 28345 b |
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| AN ACT concerning public employee benefits.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Illinois Pension Code is amended by changing |
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| Section 1-111 as follows:
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| (40 ILCS 5/1-111) (from Ch. 108 1/2, par. 1-111)
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| Sec. 1-111. Ten Per Cent Limitation of Employer Securities.
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| (a) Except as provided in subsection (b), a
A plan may
not |
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| acquire a security issued by an employer of employees covered |
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| by
the retirement system or pension fund, if immediately after |
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| such acquisition,
the aggregate fair market value of such |
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| employer securities held by the
retirement system or pension |
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| fund exceed 10 per cent of the fair market value
of the assets |
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| of the retirement system or pension fund. |
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| (b) A retirement system or pension fund established under |
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| Article 3, 4, or 7 may not acquire a security issued by an |
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| employer of employees covered by any retirement system or |
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| pension fund under Article 3, 4, or 7, including itself, if |
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| immediately after such acquisition,
the aggregate fair market |
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| value of all such employer securities held by the
retirement |
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| system or pension fund exceeds 10% of the fair market value
of |
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| the assets of the retirement system or pension fund.
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| (Source: P.A. 81-948.)
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