IL HB0157

Amends the Illinois Pension Code Section 24-105 regarding the State Employees Deferred Compensation Plan administered by the Department of Central Management Services.

Requires the Illinois State Board of Investment to obtain prior review and approval from the Commission on Government Forecasting and Accountability before selecting any life insurance, annuity contract, mutual fund, or other investment vehicle.

Requires Commission approval before the Board of Investment enters into any new contract after the effective date or amends any existing contract entered into on or before the effective date.

Maintains existing provisions allowing investments through competitive bidding processes and in credit union accounts insured under state or federal law.

Takes effect immediately upon becoming law.