Illinois General Assembly - Bill Status for SB1169

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.

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.

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