SB 1389

Abstract

Amends the General Provisions Article of the Illinois Pension Code. Removes provisions specifying, based on the net assets of the pension fund, types of investments that a downstate police or downstate firefighter pension fund may make. Removes provisions requiring an investment adviser for investments in certain common and preferred stocks. Removes certain limitations on the percentage of a pension fund's net assets that may be invested in certain types of investments. Makes conforming changes. Effective immediately.