Legislation 99th General Assembly (2015-2016)
Sponsor(s): Senator James F. Clayborne Jr. and Representative Arthur Turner
SB 1334- Aspirational Diversity Goals for State Contracts
Became Public Act 99-0462 on 8/25/2015
SB 1334 establishes that, beginning January 1, 2016, it is the aspirational goal for a retirement system, pension fund, or investment board under the Illinois Pension Code to use emerging investment managers for not less than 20% of total funds under management.
SB 1334 establishes that it is the aspirational goal that not less than 20% of investment advisors be minorities, females, and persons with disabilities.
SB 1334 establishes that it is the aspirational goal to utilize businesses owned by minorities, females, and persons with disabilities for not less than 20% of contracts awarded for internet technology services, accounting services, insurance brokers, architectural and engineering services, and legal services.
SB 1334 also makes changes to the Business Enterprise for Minorities, Females, and Persons with Disabilities Act.Status:
Sponsor(s): Senator Ira I. Silverstein and Representative Sara Feigenholtz
SB 1761- No Investments in Companies that Boycott Israel
Became Public Act 99-0128 on 7/23/2015
SB 1761 prohibits investments in companies that boycott Israel and streamlines the current divestiture policies for Iran and Sudan.
SB 1761 defines boycotting Israel as "engaging in actions that are politically motivated and are intended to penalize, inflict economic harm on, or otherwise limit commercial relations with the State of Israel or companies based in the State of Israel or in territories controlled by the State of Israel."
Additionally, SB 1761 creates the Illinois Investment Policy Board, consisting of 4 members appointed by the Governor and 3 members appointed by each of the Boards of the State Universities Retirement System, Teachers Retirement System, and Illinois State Board of Investments, respectively. The Illinois Investment Policy Board will identify all Iran-restricted companies, Sudan-restricted companies, and companies that boycott Israel and develop a list of restricted companies for the retirement systems.
The Illinois Investment Policy Board will also send a written notice to a company informing it of its status on the list of restricted companies and that it may become subject to divestiture by the retirement systems and will collect information from each retirement system regarding investments sold, redeemed, divested, or withdrawn from the list of restricted companies in accordance with the Act.Status:
Sponsor(s): Senator Donne E. Trotter
SB 1810- FY 2017 Stopgap Budget Implementation Act
Became Public Act 99-0523 pm 6/30/2015
SB 1810 creates the FY2017 Stopgap Budget Implementation Act. SB 1810 contains budget implementation language authorizing use of money in the State Pensions Fund as part of the annual required State contribution to SURS for Fiscal Year 2017. SB 1810 also makes other changes.Status:
Sponsor(s): Senator Donne E. Trotter and Representative Barbara Flynn Currie
SB 2047- FY 2016 and FY 2017 Stopgap Budget
Became Public Act 99-0524 on 6/30/2015
As it relates to SURS, SB 2047 appropriates $190 million from the State Pensions Fund as part of the annual required State contribution to SURS for FY 2016 and appropriates $190 million from the State Pensions Fund as part of the annual required State contribution to SURS for FY 2017. SB 2047 also makes other appropriations.
In Fiscal Year 2016, SURS received $190 million from the State Pensions Fund and submitted vouchers for payment of the remaining $1,411,480,000 of the annual required State contribution from the General Revenue Fund under the State Pension Funds Continuing Appropriation Act. Additionally, $4,624,625 was transferred from the General Revenue Fund to the Community College Health Insurance Security Fund under the State Pension Funds Continuing Appropriation Act for the State contribution to the College Insurance Program (“CIP”) for FY 2016.
Under current law, the State Pension Funds Continuing Appropriation Act gives SURS the ability to submit vouchers for an amount up to the full certified State contribution to the System ($1,671,426,000 for FY 2017) for payment from the General Revenue Fund. SB 2047 appropriates $190 million of the annual required State contribution for FY 2017 from the State Pensions Fund instead of the General Revenue Fund. This means that SURS will receive the remaining $1,481,426,000 from the General Revenue Fund for FY 2017 under the State Pension Funds Continuing Appropriation Act.
The State Pension Funds Continuing Appropriation Act also annually appropriates an amount equal to the full certified State contribution for CIP ($4,309,111 for FY 2017) from the General Revenue Fund to the Community College Health Insurance Security Fund.
Status: Governor Rauner Signed into Law on 6/30/2016 as Public Act 99-0524 (Senate Vote: 54-0-0; House Vote: 105-4-1).Status:
Sponsor(s): Senator Bill Cunningham and Representative Kelly M. Burke
SB 2156- SURS Participation, Basic Compensation, and Earnings Limitations
Became Public Act 99-0897 on 8/26/2016
SB 2156 makes the following changes for employees:
SB 2156 makes the following changes for employers:
Beginning on the 91st calendar day after the System’s request for information necessary for the proper administration of the System, or the 61st calendar day if the request is pursuant to an employer audit, it allows the System to assess a penalty of $250 per calendar day until the System receives the information, with a maximum penalty of $25,000. Should the employer fail to make the required payment within the earlier of one calendar year after receipt of the information by the System or one calendar year of the employer reaching the maximum penalty of $25,000, the legislation allows the System to seek payment from the Comptroller through State funds payable to the employer.
SB 2156 also makes the following changes related to furloughs and voluntary pay reductions experienced by public higher education employees:
Finally, SB 2156 codifies the default investment fund under the Self-Managed Plan.Status:
Sponsor(s): Senator Daniel Biss
SR 0317- Tier 2 Pension Impact Study
SR 317 urges the Teachers Retirement System (“TRS”) and State Universities Retirement System (“SURS”) to pursue an Internal Revenue Service ruling on the compliance of Tier II with safe harbor provisions under the Internal Revenue Code.
SR 317 resolves that TRS and SURS provide a detailed analysis of the financial impact that the Governor’s proposal would have on people currently in Tier I and that the report be completed prior to consideration of the Governor’s proposal to move Tier I participants into Tier II.
SR 317, as amended, is identical to HR 358 of the 99th General Assembly, as introduced.Status: