Illinois House Bill 1571 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on January 30 2019 - 25% progression, died in committee
Action: 2019-03-29 - Rule 19(a) / Re-referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

Amends the Illinois Pension Code. Provides that beginning January 1, 2020, the governing body of a municipality with a downstate police pension fund or downstate firefighter pension fund may require the pension fund to transfer its investment authority and assets to the Illinois Municipal Retirement Fund (IMRF) if its nets assets have surpassed a certain threshold. Provides that upon completion of the transfer, the investment authority of the board of trustees of the downstate police pension fund or downstate firefighter pension fund shall terminate. Contains other provisions concerning transfers to IMRF, rulemaking, transfer of investment authority, investments, and auditing. Requires the Commission on Government Forecasting and Accountability to conduct an analysis of the merits and feasibility of transitioning the investment authority of all boards of trustees of downstate police pension funds and downstate firefighter pension funds to IMRF. Makes changes to provisions concerning trustee training. Amends the Property Tax Extension Limitation Law of the Property Tax Code. Beginning January 1, 2021, removes a provision that excludes special purpose extensions made for contributions to a downstate firefighter pension fund from the definition of "aggregate extension". Excludes from the definition of "aggregate extension" special purpose extensions made for contributions to a downstate police or downstate firefighter pension fund that transfers its investment authority to IMRF. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.

PEN CD-POLICE/FIRE INVESTMENT

Rep. Ryan Spain [R]

Date	Chamber	Action
2019-03-29	House	Rule 19(a) / Re-referred to Rules Committee
2019-02-21	House	To Pension Reform Subcommittee
2019-02-13	House	Assigned to Personnel & Pensions Committee
2019-02-01	House	Chief Sponsor Changed to Rep. Ryan Spain
2019-02-01	House	Referred to Rules Committee
2019-02-01	House	First Reading
2019-01-30	House	Filed with the Clerk by Rep. Jim Durkin

Chapter	Article	Section	Citation Type	Statute Text
30	805	8.43	New Code	See Bill Text
35	200	18-185	Amended Code	Citation Text
40	5	1-101.6	New Code	See Bill Text
40	5	1-101.7	New Code	See Bill Text
40	5	1-109.3	Amended Code	Citation Text
40	5	1-113.05	New Code	See Bill Text
40	5	1-113.1	Amended Code	Citation Text
40	5	1-113.2	Amended Code	Citation Text
40	5	1-113.3	Amended Code	Citation Text
40	5	1-113.4	Amended Code	Citation Text
40	5	1-113.4a	Amended Code	Citation Text
40	5	1-113.5	Amended Code	Citation Text
40	5	1-113.6	Amended Code	Citation Text
40	5	1-113.7	Amended Code	Citation Text
40	5	1-167	New Code	See Bill Text
40	5	3-127	Amended Code	Citation Text
40	5	3-132	Amended Code	Citation Text
40	5	3-132.1	New Code	See Bill Text
40	5	3-132.2	New Code	See Bill Text
40	5	3-132.3	New Code	See Bill Text
40	5	3-132.4	New Code	See Bill Text
40	5	3-135	Amended Code	Citation Text
40	5	4-120	Amended Code	Citation Text
40	5	4-123	Amended Code	Citation Text
40	5	4-128	Amended Code	Citation Text
40	5	4-128.1	New Code	See Bill Text
40	5	4-128.2	New Code	See Bill Text
40	5	4-128.3	New Code	See Bill Text
40	5	4-128.4	New Code	See Bill Text
40	5	7-175	Amended Code	Citation Text
40	5	7-175.1	Amended Code	Citation Text
40	5	7-199.5	New Code	See Bill Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1571&GAID=15&DocTypeID=HB&SessionID=108&GA=101
Text	https://www.ilga.gov/legislation/101/HB/10100HB1571.htm