Illinois General Assembly - Bill Status for HB6292

Amends the Cook County Article of the Illinois Pension Code. Allows the board of the Fund to waive the required physician's proof of disability if (1) the employee has been compensated by the county for the disability or specific loss under the Workers' Compensation Act or Workers' Occupational Diseases Act or (2) the employee claims ordinary disability of up to 8 weeks for maternity. Provides that an employee who enters service after December 31, 2016 and who, while in receipt of an ordinary or duty disability benefit, assumes any employment for compensation, shall not be entitled to receive any amount of such disability benefit which, when added to his compensation for such employment during disability, plus any amount payable under the provisions of the Workers' Compensation Act or Workers' Occupational Diseases Act, would exceed the rate of salary on which his disability benefit is based. Effective immediately.

Removes provisions that limit the amount of disability benefit that an employee who enters service after December 31, 2016 may receive if he or she assumes any employment for compensation. Removes the effective date.

Replaces everything after the enacting clause. Amends the General Provisions Article of the Illinois Pension Code in relation to investment transparency. Defines terms. Provides that within 90 days after entering into an agreement to invest in an alternative investment fund, a public retirement system must disclose certain specified provisions of the agreement. Also provides that a public retirement system shall require its alternative investment fund external managers and general partners to make certain annual disclosures concerning certain fees and expenses in regard to each alternative investment fund. Declares the disclosures to be public records and requires their publication on the system's website. Effective immediately.

Replaces everything after the enacting clause with the bill as amended, plus the following: Changes the definition of "new agreement" to an agreement proposed or executed after February 1, 2019, thereby delaying implementation of the statutory disclosure requirements. Changes the definition of "public retirement system" to remove certain systems from the disclosure requirements. Changes the definition of "alternative investment fund". Creates the Investment Transparency Task Force to study and make recommendations relating to the required disclosures; requires the Task Force to report its recommendations, divided into 2 separate portions, by January 15, 2018; authorizes public retirement systems to implement either or both portions of the recommendations; and provides for rejection of either or both portions by joint resolution of the 100th General Assembly; provides that implementation of an unrejected portion of the recommendations constitutes compliance with the corresponding statutory disclosure requirements. Provides that supplying a public retirement system with a completed reporting template developed by the Institutional Limited Partners Association constitutes compliance with certain reporting requirements. Amends the Freedom of Information Act to make a conforming change. Effective immediately.

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