Illinois General Assembly - Bill Status for HB0562
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 Bill Status of HB0562  95th General Assembly


House Sponsors
Rep. John E. Bradley, Kurt M. Granberg and Charles E. Jefferson

Senate Sponsors
(Sen. Gary Forby)

Last Action
DateChamber Action
  1/13/2009HouseSession Sine Die

Statutes Amended In Order of Appearance
40 ILCS 5/1A-108.5 new
40 ILCS 5/15-167from Ch. 108 1/2, par. 15-167

Synopsis As Introduced
Amends the Illinois Pension Code. Provides that it is the public policy of the State of Illinois to encourage the pension funds, and any State agency investing funds on behalf of pension funds, to promote the economy of Illinois through the use of economic opportunity investments while managing their assets to the greatest extent feasible within the bounds of financial and fiduciary prudence. Provides that each pension fund, except pension funds created under the Downstate Police and Firefighters Articles of the Code, shall submit a report to the Governor and the General Assembly by September 1 of each year that identifies the economic opportunity investments made by the fund, the primary location of the business or project, the percentage of the fund's assets in economic opportunity investments, and the actions that the fund has undertaken to increase the use of economic opportunity investments, including encouraging other investment managers to make economic opportunity investments through subcontractors. Requires certain pension funds, and any State agency investing funds on behalf of those pension funds, to make all reasonable efforts to invest a minimum of 5% of pension fund assets in economic opportunity investments. Effective immediately.

 Pension Note (Government Forecasting & Accountability)
 The fiscal impact of HB 562 cannot be calculated, as it is unknown at this time which investment vehicles each pension fund would select. It is unknown whether the economic opportunity investments as enumerated in the bill would provide a rate of return that would meet or exceed each pension fund’s actuarially determined rate of return on investments.

House Floor Amendment No. 1
Replaces everything after the enacting clause with the introduced bill with the following changes. Makes changes in the definitions of "Economic opportunity investment" and "Illinois-based project" and defines "Illinois business" to mean a business that is headquartered in Illinois. Removes language providing a minimum percentage of pension fund assets for investment in economic opportunity investments. Provides that the annual report to the Governor and General Assembly shall begin in 2009. Makes other changes. Effective immediately.

DateChamber Action
  2/2/2007HouseFiled with the Clerk by Rep. John E. Bradley
  2/5/2007HouseFirst Reading
  2/5/2007HouseReferred to Rules Committee
  2/7/2007HouseAssigned to Personnel and Pensions Committee
  2/15/2007HousePension Note Filed
  2/23/2007HouseAdded Co-Sponsor Rep. Kurt M. Granberg
  3/23/2007HouseRule 19(a) / Re-referred to Rules Committee
  2/6/2008HouseAssigned to Personnel and Pensions Committee
  3/13/2008HouseDo Pass / Short Debate Personnel and Pensions Committee; 005-000-000
  3/13/2008HousePlaced on Calendar 2nd Reading - Short Debate
  4/8/2008HouseHouse Floor Amendment No. 1 Filed with Clerk by Rep. John E. Bradley
  4/8/2008HouseHouse Floor Amendment No. 1 Referred to Rules Committee
  4/10/2008HouseAdded Co-Sponsor Rep. Charles E. Jefferson
  4/14/2008HouseHouse Floor Amendment No. 1 Recommends Be Adopted Rules Committee; 003-000-000
  4/18/2008HouseFinal Action Deadline Extended-9(b) May 9, 2008
  5/1/2008HouseSecond Reading - Short Debate
  5/1/2008HouseHouse Floor Amendment No. 1 Adopted by Voice Vote
  5/1/2008HousePlaced on Calendar Order of 3rd Reading - Short Debate
  5/8/2008HouseThird Reading - Short Debate - Passed 109-000-000
  5/8/2008SenateArrive in Senate
  5/8/2008SenatePlaced on Calendar Order of First Reading
  5/8/2008SenateChief Senate Sponsor Sen. Gary Forby
  5/8/2008SenateFirst Reading
  5/8/2008SenateReferred to Rules
  5/15/2008SenateRule 2-10 Committee Deadline Established As May 22, 2008; Substantive House Bills Out of Committee
  1/13/2009HouseSession Sine Die

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