Illinois General Assembly - Bill Status for HB6298
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 Bill Status of HB6298  99th General Assembly

Short Description:  PENCD-CHI FIRE-LEND SECURITIES

House Sponsors
Rep. Elaine Nekritz

Senate Sponsors
(Sen. Daniel Biss - Heather A. Steans)

Last Action
DateChamber Action
  8/12/2016HousePublic Act . . . . . . . . . 99-0786

Statutes Amended In Order of Appearance
40 ILCS 5/6-183.1 new


Synopsis As Introduced
Amends the Chicago Firefighter Article of the Illinois Pension Code. Authorizes the Board of Trustees of the Fund to lend securities owned by the Fund to a borrower upon such terms and conditions as may be mutually agreed upon. Requires the agreement to provide that during the period of the loan the Fund shall retain the right to receive, or collect from the borrower, all dividends, interest rights, or any distributions to which the Fund would have otherwise been entitled. Provides that the borrower shall deposit with the Fund, as collateral, cash equal to the market value of the securities at the time the loan is made and shall increase the amount of collateral if and when the Fund requests an additional amount because of subsequent increased market value of the securities. Provides that the period for which the securities may be loaned shall not exceed one year, and the loan agreement may specify earlier termination by either party upon mutually agreed conditions. Effective immediately.

Senate Floor Amendment No. 1
Deletes reference to:
40 ILCS 5/6-183.1 new
Adds reference to:
40 ILCS 5/17-143.5 new
40 ILCS 5/17-149from Ch. 108 1/2, par. 17-149

Replaces everything after the enacting clause. Amends the Chicago Teacher Article of the Illinois Pension Code. Provides that the Board of Trustees of the Fund shall have the power to issue subpoenas to compel the attendance of witnesses and the production of documents and records in conjunction with the determination of certain employer payments, a disability claim, an administrative review proceeding, an attempt to obtain information to assist in the collection of sums due to the Fund, or a felony forfeiture investigation. Provides that fees of witnesses for attendance and travel shall be the same as the fees of witnesses before the circuit courts of this State and shall be paid by the party seeking the subpoena. Authorizes the Board to apply to any circuit court in the State for an order requiring compliance with the subpoena. In a provision concerning compensation limitations in the case of a service retirement pensioner who is re-employed as a teacher, provides that a service retirement pension shall not be cancelled in the case of a service retirement pensioner who teaches only driver education courses after regular school hours and does not teach any other subject area, so long as the person does not work as a teacher for compensation for more than 900 hours in a school year. Effective immediately.

Actions 
DateChamber Action
  2/11/2016HouseFiled with the Clerk by Rep. Elaine Nekritz
  2/11/2016HouseFirst Reading
  2/11/2016HouseReferred to Rules Committee
  2/23/2016HouseAssigned to Personnel and Pensions Committee
  3/3/2016HouseDo Pass / Short Debate Personnel and Pensions Committee; 008-001-000
  3/3/2016HousePlaced on Calendar 2nd Reading - Short Debate
  4/13/2016HouseHouse Floor Amendment No. 1 Filed with Clerk by Rep. Elaine Nekritz
  4/13/2016HouseHouse Floor Amendment No. 1 Referred to Rules Committee
  4/15/2016HouseChief Sponsor Changed to Rep. Silvana Tabares
  4/15/2016HouseSecond Reading - Short Debate
  4/15/2016HouseHeld on Calendar Order of Second Reading - Short Debate
  4/20/2016HouseHouse Floor Amendment No. 1 Motion Filed to Table Rep. Elaine Nekritz
  4/21/2016HousePlaced on Calendar Order of 3rd Reading - Short Debate
  4/22/2016HouseThird Reading - Short Debate - Passed 101-002-000
  4/25/2016SenateArrive in Senate
  4/25/2016SenatePlaced on Calendar Order of First Reading
  4/25/2016SenateChief Senate Sponsor Sen. Daniel Biss
  4/25/2016SenateFirst Reading
  4/25/2016SenateReferred to Assignments
  5/18/2016SenateApproved for Consideration Assignments
  5/18/2016SenatePlaced on Calendar Order of 2nd Reading May 19, 2016
  5/18/2016SenateSenate Floor Amendment No. 1 Filed with Secretary by Sen. Daniel Biss
  5/18/2016SenateSenate Floor Amendment No. 1 Referred to Assignments
  5/24/2016SenateAdded as Alternate Chief Co-Sponsor Sen. Heather A. Steans
  5/24/2016SenateSenate Floor Amendment No. 1 Assignments Refers to Licensed Activities and Pensions
  5/25/2016SenateSecond Reading
  5/25/2016SenatePlaced on Calendar Order of 3rd Reading May 26, 2016
  5/26/2016SenateSenate Floor Amendment No. 1 Recommend Do Adopt Licensed Activities and Pensions; 009-001-000
  5/27/2016SenateRecalled to Second Reading
  5/27/2016SenateSenate Floor Amendment No. 1 Adopted; Biss
  5/27/2016SenatePlaced on Calendar Order of 3rd Reading
  5/27/2016SenateThird Reading - Passed; 050-000-001
  5/29/2016HouseArrived in House
  5/29/2016HousePlaced on Calendar Order of Concurrence Senate Amendment(s) 1
  5/30/2016HouseSenate Floor Amendment No. 1 Motion Filed Concur Rep. Silvana Tabares
  5/30/2016HouseSenate Floor Amendment No. 1 Motion to Concur Referred to Rules Committee
  5/30/2016HouseSenate Floor Amendment No. 1 Motion to Concur Rules Referred to Personnel and Pensions Committee
  5/31/2016HouseSenate Floor Amendment No. 1 Motion to Concur Recommends Be Adopted Personnel and Pensions Committee; 005-004-000
  5/31/2016HouseChief Sponsor Changed to Rep. Elaine Nekritz
  5/31/2016HouseSenate Floor Amendment No. 1 House Concurs 085-033-000
  5/31/2016HouseHouse Concurs
  5/31/2016HousePassed Both Houses
  6/27/2016HouseSent to the Governor
  8/12/2016HouseGovernor Approved
  8/12/2016HouseEffective Date August 12, 2016
  8/12/2016HousePublic Act . . . . . . . . . 99-0786

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