Illinois General Assembly - Full Text of SB2820
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Full Text of SB2820  99th General Assembly

SB2820enr 99TH GENERAL ASSEMBLY

  
  
  

 


 
SB2820 EnrolledLRB099 19813 RPS 44212 b

1    AN ACT concerning public employee benefits.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Illinois Pension Code is amended by changing
5Section 6-179 and by adding Sections 6-183.1 and 6-191.1 as
6follows:
 
7    (40 ILCS 5/6-179)  (from Ch. 108 1/2, par. 6-179)
8    Sec. 6-179. Board's powers and duties. The board shall have
9the powers and duties stated in Section 6-180 to 6-191.1 6-191,
10inclusive, in addition to the other powers and duties provided
11in this Article.
12(Source: Laws 1963, p. 161.)
 
13    (40 ILCS 5/6-183.1 new)
14    Sec. 6-183.1. To lend securities. The board may lend
15securities owned by the Fund to a borrower upon such terms and
16conditions as may be mutually agreed in writing. Such agreement
17shall provide that during the period of such loan the Fund
18shall retain the right to receive, or collect from the
19borrower, all dividends, interest rights, or any distributions
20to which the Fund would have otherwise been entitled. The
21borrower shall deposit with the Fund, as collateral for such
22loan, cash equal to the market value of the securities at the

 

 

SB2820 Enrolled- 2 -LRB099 19813 RPS 44212 b

1time the loan is made and shall increase the amount of
2collateral if and when the Fund requests an additional amount
3because of subsequent increased market value of the securities.
4    The period for which the securities may be loaned shall not
5exceed one year, and the loan agreement may specify earlier
6termination by either party upon mutually agreed conditions.
 
7    (40 ILCS 5/6-191.1 new)
8    Sec. 6-191.1. To reproduce records. To have any records
9kept by the board photographed, microfilmed, or digitally or
10electronically reproduced in accordance with the Local Records
11Act. The photographs, microfilm, and digital and electronic
12reproductions shall be deemed original records and documents
13for all purposes, including introduction in evidence before all
14courts and administrative agencies.
 
15    Section 99. Effective date. This Act takes effect upon
16becoming law.