Illinois HB 5119: PEN CD-PENSION FUND REGULATION

Status: Referred to Assignments (as of 2026-04-30)

State: Illinois · Session: 104th · Bill: HB 5119

Sponsors: Mark L. Walker, Stephanie A. Kifowit

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 Full Text of HB5119

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HB5119 EngrossedLRB104 19883 RPS 33333 b

1 AN ACT concerning public employee benefits.

2 Be it enacted by the People of the State of Illinois, 

3represented in the General Assembly:

4 Section 5. The Illinois Pension Code is amended by 

5changing Sections 1A-101, 1A-106, 1A-107, 1A-108, 1A-109, and 

61A-113 as follows:

7 (40 ILCS 5/1A-101)

8 Sec. 1A-101. Creation of Public Pension Division. There is 

9created in the Department of Insurance a Public Pension 

10Division which, under the supervision and direction of the 

11Director of Insurance, shall exercise the powers and perform 

12the duties and functions prescribed under this Code. The 

13Division shall consist of an administrator, a supervisor, a 

14technical staff trained in the fundamentals of public pension 

15fund planning, operations, administration, and investment of 

16public pension funds, and such other personnel as may be 

17necessary properly and effectively to discharge the functions 

18of the Division.

19(Source: P.A. 90-507, eff. 8-22-97.)

20 (40 ILCS 5/1A-106)

21 Sec. 1A-106. Advisory services. The Division may shall 

22render advisory services to the pension funds on all matters 

HB5119 Engrossed- 2 -LRB104 19883 RPS 33333 b

1pertaining to their operations and shall recommend any 

2corrective or clarifying legislation that it may deem 

3necessary. These recommendations may shall be made in the 

4report of examination of the particular pension fund and in 

5the biennial report to the General Assembly under Section 

61A-108. The recommendations may embrace all substantive 

7legislative and administrative policies, including, but not 

8limited to, matters dealing with the payment of annuities and 

9benefits, th

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