90th General Assembly
Summary of HB0563
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House Sponsors:

Short description: 
PEN CD-DEPT OF INSUR-INVSTMTS                                              

Synopsis of Bill as introduced:
        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.  Effective immediately.                              
          PENSION NOTE                                                         
          Annual investment return would increase by 0.75% resulting in        
          approximately $479.7 M in additional investment income over          
          the next 10 years. (Assuming a 35% investment in equities by         
          all funds beginning 1/1/96.)                                         
          PENSION NOTE, REVISED                                                
          Increased investment return would generate approximately $17.4       
          million in 1998.                                                     
Last action on Bill: SESSION SINE DIE

   Last action date: 99-01-12

           Location: House

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


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