90th General Assembly
Summary of HB0023
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Short description: 
PEN CD-JUDGES-SPOUSE ELECTION                                              

Synopsis of Bill as introduced:
        Amends the Judges Article of the Pension  Code.   Allows  certain      
   judges  to  elect  to  contribute (or to rescind their election not to      
   contribute) for a spouse's annuity benefit.  Effective immediately.         
          PENSION NOTE                                                         
          Fiscal impact cannot be determined because of the unknown            
          number of participating judges.                                      
          PENSION NOTE, ENGROSSED                                              
          No change from previous note.                                        
        SENATE AMENDMENT NO. 1.                                                
          Adds reference to:                                                   
          30 ILCS 105/8f new                                                   
          30 ILCS 235/1                   from Ch. 85, par. 901                
          40 ILCS 5/1-101.1               from Ch. 108 1/2, par. 1-101.1       
          40 ILCS 5/1-101.2 new                                                
          40 ILCS 5/1-101.3 new                                                
          40 ILCS 5/1-101.4 new                                                
          40 ILCS 5/1-113                 from Ch. 108 1/2, par. 1-113         
          40 ILCS 5/1-113.1 new                                                
          40 ILCS 5/1-113.2 new                                                
          40 ILCS 5/1-113.3 new                                                
          40 ILCS 5/1-113.4 new                                                
          40 ILCS 5/1-113.5 new                                                
          40 ILCS 5/1-113.6 new                                                
          40 ILCS 5/1-113.7 new                                                
          40 ILCS 5/1-113.8 new                                                
          40 ILCS 5/1-113.9 new                                                
          40 ILCS 5/1-113.10 new                                               
          40 ILCS 5/1-113.11 new                                               
          40 ILCS 5/Art. 1A heading new                                        
          40 ILCS 5/1A-101 new                                                 
          40 ILCS 5/1A-102 new                                                 
          40 ILCS 5/1A-103 new                                                 
          40 ILCS 5/1A-104 new                                                 
          40 ILCS 5/1A-105 new                                                 
          40 ILCS 5/1A-106 new                                                 
          40 ILCS 5/1A-107 new                                                 
          40 ILCS 5/1A-108 new                                                 
          40 ILCS 5/1A-109 new                                                 
          40 ILCS 5/1A-110 new                                                 
          40 ILCS 5/1A-111 new                                                 
          40 ILCS 5/1A-112 new                                                 
          40 ILCS 5/1A-113 new                                                 
          40 ILCS 5/3-102                 from Ch. 108 1/2, par. 3-102         
          40 ILCS 5/3-108.2 new                                                
          40 ILCS 5/3-108.3 new                                                
          40 ILCS 5/3-132                 from Ch. 108 1/2, par. 3-132         
          40 ILCS 5/3-135                 from Ch. 108 1/2, par. 3-135         
          40 ILCS 5/3-143                 from Ch. 108 1/2, par. 3-143         
          40 ILCS 5/4-105c new                                                 
          40 ILCS 5/4-105d new                                                 
          40 ILCS 5/4-123                 from Ch. 108 1/2, par. 4-123         
          40 ILCS 5/4-128                 from Ch. 108 1/2, par. 4-128         
          40 ILCS 5/4-134                 from Ch. 108 1/2, par. 4-134         
          40 ILCS 5/Art. 22, Div. 5 rep.                                       
          815 ILCS 5/8                    from Ch. 121 1/2, par. 137.8         
        Amends the Illinois Pension Code.  Adopts provisions relating  to      
   fiduciaries and investment advisers.  Expands the investment authority      
   of  downstate police and fire pension funds.  Creates a new Article 1A      
   relating  to  the  powers  of  the  Public  Pension  Division  of  the      
   Department of Insurance, substantially incorporating the provisions of      
   current  Article  22,  Division  5  (with  numerous  substantive   and      
   technical  changes);  repeals  Article  22,  Division  5  of the Code.      
   Amends the State Finance Act to create the Public  Pension  Regulation      
   Fund.    Amends  the  Public Funds Investment Act to exclude downstate      
   police and fire pension funds.  Amends the Illinois Securities Law  of      
   1953  to  specify  that dealers, salespersons, and investment advisers      
   may be disciplined for causing or advising a public  pension  fund  to      
   make an investment or engage in a transaction not authorized under the      
   Illinois Pension Code.                                                      
        SENATE AMENDMENT NO. 2.                                                
        Decreases the maximum  annual  compliance  fee  from  $10,000  to      
   $6,000.   Requires  the  municipality,  rather  than  the board of the      
   pension fund, to provide for the annual  verification  of  the  fund's      
   assets.    Deletes language authorizing the Department of Insurance to      
   hire professionals to examine pension funds, with the expenses  to  be      
   borne  by  the  funds.  Deletes language authorizing a pension fund to      
   register  its  investments  in  the  nominee  name  of  an   appointed      
   investment  adviser  and  to  appoint  an  investment  adviser  to  be      
   custodian of its investments.                                               
        CONFERENCE COMMITTEE REPORT NO. 1.                                     
        Recommends that the House concur in S-ams 1 and 2.                     
        Recommends that the bill be further amended as follows:                
          Adds reference to:                                                   
          40 ILCS 5/1-113.12 new                                               
        Restores language permitting the Department of Insurance to  hire      
   examiners.   Allows  the  Department  to  charge  the  cost  of  those      
   examiners  to  the  pension fund being examined, except in the case of      
   downstate  police  and  fire  funds.   Deletes  the  requirement  that      
   downstate police and fire funds be examined  at  least  once  every  2      
   years.    Changes  the Section on illegal investments to add a list of      
   circumstances  exonerating  securities  dealers,   salespersons,   and      
   investment  advisers  who engage in prohibited investment transactions      
   with pension funds.  Provides that the  Public  Funds  Investment  Act      
   does  not  apply  to  any  of  the pension funds established under the      
   Illinois Pension Code, except as otherwise  specifically  provided  in      
   that   Code.  Provides that the provisions of Sections 1-113.1 through      
   1-113.10 of the Pension Code, added by the bill, apply only to pension      
   funds established under Article 3 or 4 of the Code. Provides that  the      
   automation  implemented  by  the Public Employee Pension Fund Division      
   must  be  designed  to  protect  the  confidentiality  of  information      
   relating to identifiable pension fund participants.   Adds  provisions      
   relating to the custody of securities by a broker-dealer.                   
Last action on Bill: PUBLIC ACT.............................. 90-0507

   Last action date: 97-08-22

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   2


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