Illinois General Assembly - Bill Status for SB0518
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 Bill Status of SB0518  93rd General Assembly

Short Description:  PEN CD-ALLOCATE BROKERAGE

Senate Sponsors
Sen. Jeffrey M. Schoenberg - Denny Jacobs

Last Action
DateChamber Action
  1/11/2005SenateSession Sine Die

Statutes Amended In Order of Appearance
40 ILCS 5/1-109.1from Ch. 108 1/2, par. 1-109.1


Synopsis As Introduced
Amends the General Provisions Article of the Illinois Pension Code. Beginning July 1, 2004, requires the Illinois State Board of Investment and the board of trustees of each retirement system or pension fund to allocate specified portions of its brokerage business, on an annual basis, to brokerage or investment banking firms that are based in Illinois or are minority-owned businesses or female-owned businesses as defined in the Business Enterprise for Minorities, Females, and Persons with Disabilities Act. Effective immediately.

 Pension Note (Pension Laws Commission)
 The fiscal impact of SB 518 cannot be determined as returns would depend on any changes made in asset allocation and the resulting performance of those assets.

 Fiscal Note (State Retirement Systems)
 The fiscal impact would be small.

 Fiscal Note (Dept of Commerce and Community Affairs)
 No fiscal impact on DCCA. The extent of fiscal impact on local governments cannot be determined.

 Fiscal Note (Department of Insurance)
 This bill would have minimal fiscal impact.

Actions 
DateChamber Action
  2/18/2003SenateFiled with Secretary by Sen. Jeffrey M. Schoenberg
  2/18/2003SenateFirst Reading
  2/18/2003SenateReferred to Rules
  2/26/2003SenateAssigned to Insurance & Pensions
  2/28/2003SenatePension Note Filed As Introduced
  3/5/2003SenateTo Subcommittee
  3/12/2003SenateAdded as Chief Co-Sponsor Sen. Denny Jacobs
  3/13/2003SenateDo Pass Insurance & Pensions; 006-004-000
  3/13/2003SenatePlaced on Calendar Order of 2nd Reading March 18, 2003
  3/18/2003SenateFiscal Note Requested by Sen. Bill Brady
  3/24/2003SenateFiscal Note Filed
  3/25/2003SenateFiscal Note Filed
  3/26/2003SenateFiscal Note Filed from the Department of Insurance
  3/27/2003SenateSecond Reading
  3/27/2003SenatePlaced on Calendar Order of 3rd Reading April 2, 2003
  4/4/2003SenateThird Reading Deadline Extended - Rule 2-10(e) to April 9, 2003.
  7/1/2003SenatePursuant to Senate Rule 3-9(b) / Referred to Rules
  1/11/2005SenateSession Sine Die

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