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90_HB0755
40 ILCS 5/16-179 from Ch. 108 1/2, par. 16-179
Amends the Downstate Teacher Article of the Pension Code.
Makes a technical change in a cross-reference.
LRB9003946EGfg
LRB9003946EGfg
1 AN ACT to amend the Illinois Pension Code.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 5. The Illinois Pension Code is amended by
5 changing Section 16-179 as follows:
6 (40 ILCS 5/16-179) (from Ch. 108 1/2, par. 16-179)
7 Sec. 16-179. To be trustee of reserves and to invest
8 funds. To be the trustee of the reserves created under this
9 Article, and to invest and reinvest such reserves, subject to
10 the requirements and restrictions set forth in Sections
11 1-109, 1-109.1, 1-109.2, 1-110, 1-111, 1-114 and 1-115.
12 No bank or savings and loan association shall receive
13 investment funds as permitted by this Section, unless it has
14 complied with the requirements established pursuant to
15 Section 6 of the Public Funds Investment Act "An Act relating
16 to certain investments of public funds by public agencies",
17 approved July 23, 1943, as now or hereafter amended. The
18 limitations set forth in such Section 6 shall be applicable
19 only at the time of investment and shall not require the
20 liquidation of any investment at any time.
21 The board shall have the authority to enter into such
22 agreements and to execute such documents as it determines to
23 be necessary to complete any investment transaction.
24 All investments shall be clearly held and accounted for
25 to indicate ownership by the system. The board may direct
26 the registration of securities or the holding in interests in
27 real property in the name of the system or in the name of a
28 nominee created for the express purpose of registration of
29 securities or holding interests in real property by a
30 national or state bank or trust company authorized to conduct
31 a trust business in the State of Illinois. The board may
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1 hold title to interests in real property in the name of the
2 system or in the name of a title holding corporation created
3 for the express purpose of holding title to interests in real
4 property.
5 Investments shall be carried at cost or at a book value
6 No adjustments shall be made in investment carrying values
7 for ordinary current market price fluctuations; but reserves
8 may be provided to account for possible losses or unrealized
9 gains.
10 The book value of investments held by the retirement
11 system in one or more commingled investment accounts shall be
12 the cost of its units of participation in such commingled
13 account or accounts.
14 (Source: P.A. 86-272.)