Illinois General Assembly - Bill Status for HB1571
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 Bill Status of HB1571  101st General Assembly


Short Description:  PEN CD-POLICE/FIRE INVESTMENT

House Sponsors
Rep. Ryan Spain

Last Action
DateChamber Action
  1/13/2021HouseSession Sine Die

Statutes Amended In Order of Appearance
35 ILCS 200/18-185
40 ILCS 5/1-101.6 new
40 ILCS 5/1-101.7 new
40 ILCS 5/1-109.3
40 ILCS 5/1-113.05 new
40 ILCS 5/1-113.1
40 ILCS 5/1-113.2
40 ILCS 5/1-113.3
40 ILCS 5/1-113.4
40 ILCS 5/1-113.4a
40 ILCS 5/1-113.5
40 ILCS 5/1-113.6
40 ILCS 5/1-113.7
40 ILCS 5/1-167 new
40 ILCS 5/3-127from Ch. 108 1/2, par. 3-127
40 ILCS 5/3-132from Ch. 108 1/2, par. 3-132
40 ILCS 5/3-132.1 new
40 ILCS 5/3-132.2 new
40 ILCS 5/3-132.3 new
40 ILCS 5/3-132.4 new
40 ILCS 5/3-135from Ch. 108 1/2, par. 3-135
40 ILCS 5/4-120from Ch. 108 1/2, par. 4-120
40 ILCS 5/4-123from Ch. 108 1/2, par. 4-123
40 ILCS 5/4-128from Ch. 108 1/2, par. 4-128
40 ILCS 5/4-128.1 new
40 ILCS 5/4-128.2 new
40 ILCS 5/4-128.3 new
40 ILCS 5/4-128.4 new
40 ILCS 5/7-175from Ch. 108 1/2, par. 7-175
40 ILCS 5/7-175.1from Ch. 108 1/2, par. 7-175.1
40 ILCS 5/7-199.5 new
30 ILCS 805/8.43 new


Synopsis As Introduced
Amends the Illinois Pension Code. Provides that beginning January 1, 2020, the governing body of a municipality with a downstate police pension fund or downstate firefighter pension fund may require the pension fund to transfer its investment authority and assets to the Illinois Municipal Retirement Fund (IMRF) if its nets assets have surpassed a certain threshold. Provides that upon completion of the transfer, the investment authority of the board of trustees of the downstate police pension fund or downstate firefighter pension fund shall terminate. Contains other provisions concerning transfers to IMRF, rulemaking, transfer of investment authority, investments, and auditing. Requires the Commission on Government Forecasting and Accountability to conduct an analysis of the merits and feasibility of transitioning the investment authority of all boards of trustees of downstate police pension funds and downstate firefighter pension funds to IMRF. Makes changes to provisions concerning trustee training. Amends the Property Tax Extension Limitation Law of the Property Tax Code. Beginning January 1, 2021, removes a provision that excludes special purpose extensions made for contributions to a downstate firefighter pension fund from the definition of "aggregate extension". Excludes from the definition of "aggregate extension" special purpose extensions made for contributions to a downstate police or downstate firefighter pension fund that transfers its investment authority to IMRF. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.

Actions 
DateChamber Action
  1/30/2019HouseFiled with the Clerk by Rep. Jim Durkin
  2/1/2019HouseFirst Reading
  2/1/2019HouseReferred to Rules Committee
  2/1/2019HouseChief Sponsor Changed to Rep. Ryan Spain
  2/13/2019HouseAssigned to Personnel & Pensions Committee
  2/21/2019HouseTo Pension Reform Subcommittee
  3/29/2019HouseRule 19(a) / Re-referred to Rules Committee
  1/13/2021HouseSession Sine Die

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