Senate Sponsors: MADIGAN,R-PHILIP-SHADID-BOWLES-LUECHTEFELD, WATSON AND DEMUZIO. House Sponsors: DANIELS-SMITH,MICHAEL-BLACK-HOLBROOK-STEPHENS Short description: PEN CD-INVESTMENT ADVISERS Synopsis of Bill as introduced: Amends the General Provisions Article of the Pension Code. Allows a pension fund to appoint an investment adviser who is not registered under the Illinois Securities Law of 1953, if the adviser "meets any applicable requirements" of that Act. Effective immediately. PENSION NOTE (Pension Laws Commission) SB 1103 would have no fiscal impact on the accrued liabilities of any public pension fund or retirement system in the State. HOUSE AMENDMENT NO. 1. (Tabled May 27, 1999) Adds reference to: 40 ILCS 5/2-110 from Ch. 108 1/2, par. 2-110 40 ILCS 5/2-117 from Ch. 108 1/2, par. 2-117 40 ILCS 5/7-139.1 from Ch. 108 1/2, par. 7-139.1 Amends the General Assembly and IMRF Articles of the Pension Code. Until July 1, 2000, allows former members of the GA system to transfer credits from IMRF to the GA system. Allows the Attorney General to avoid paying the employer contributions on those transfers. Extends to July 1, 2000 the deadline for rescinding an election not to participate in the GA System. Effective immediately. HOUSE AMENDMENT NO. 2. (Tabled May 27, 1999) Adds reference to: 40 ILCS 5/7-145.1 Amends the Illinois Municipal Retirement Fund Article of the Illinois Pension Code with respect to the optional plan of additional benefits and contributions for elected county officers and their survivors. Limits application of the special formula to service in an elected county office that the participant held for at least 8 years; provides for a refund of additional contributions if service in the office lasts less than 8 years. Changes the manner of calculating the salary upon which benefits are based; uses a 4-year average final rate of earnings and applies a separate rate for each qualifying office held. Allows a county to revoke its election to allow participation in the Elected County Officer program, except with respect to current participants. HOUSE AMENDMENT NO. 3. Deletes reference to: 40 ILCS 5/1-113.5 40 ILCS 5/2-110 40 ILCS 5/2-117 40 ILCS 5/7-139.1 Adds reference to: 40 ILCS 5/7-145.1 Deletes everything. Amends the Illinois Municipal Retirement Fund Article of the Illinois Pension Code with respect to the optional plan of additional benefits and contributions for elected county officers and their survivors. Limits application of the special formula to service in an elected county office that the participant held for at least 8 years; provides for a refund of additional contributions if service in the office lasts less than 8 years. Changes the manner of calculating the salary upon which benefits are based; uses a 4-year average final rate of earnings and applies a separate rate for each qualifying office held. Allows a county to revoke its election to allow participation in the Elected County Officer program, except with respect to current participants. Effective immediately. PENSION NOTE, H-AM 3 (Pension Laws Commission) The fiscal impact of SB1103, with H-am 3, cannot be calculated. Allowing counties to revoke the election to participate would reduce the future cost to counties that elect to do so. Also, several provisions of the bill may limit future costs of the program by an amount that cannot be determined. PENSION NOTE, PA 91-685 (Pension Laws Commission) Same as pension note with H-am 3. Last action on Bill: PUBLIC ACT.............................. 91-0685 Last action date: 00-01-26 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 0 END OF INQUIRY Full Text Bill Status