House Sponsors: MURPHY-SCHOENBERG-BIGGINS, STROGER, YOUNGE AND JONES,LOU. Senate Sponsors: MADIGAN,R Short description: PEN CD-VETS-SEC 415-ACCOUNTING Synopsis of Bill as introduced: Amends the Illinois Pension Code. Amends the General Provisions Article to make the provisions relating to federal limitations under Section 415 of the U.S. Internal Revenue Code apply to all retirement systems subject to the Pension Code. Permits each retirement system to define its own Section 415 limitation year. Requires all public employee pension funds to comply with the requirements imposed on them by the federal Uniformed Services Employment and Reemployment Rights Act. Amends the State Board of Investment Article, the State Universities Article, and the Downstate and Chicago Teacher Articles to require that investments be carried at cost or a value determined in accordance with generally accepted accounting principles. Also removes the 50% investment limitation on equity investments by the Chicago Teachers pension fund. Amends the State Board of Investment Article to remove the requirement that a bank or trust company used for the registration of securities be domiciled in Illinois. Effective immediately. PENSION IMPACT NOTE HB366 contains administrative changes that would have no fiscal impact on the retirement systems affected by its provisions. PENSION IMPACT NOTE, ENGROSSED No change from previous note. Last action on Bill: PUBLIC ACT.............................. 90-0019 Last action date: 97-06-20 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status