HB5906 Summary

• Allows the Illinois State Board of Investment to appoint and retain a qualified custodian of its own choosing, replacing the State Treasurer's role as official custodian.

• Requires the board to appoint a custodian by December 31, 2016, with the State Treasurer serving as custodian until a replacement is appointed.

• Updates relevant sections of the Illinois Pension Code (22A-109, 22A-111, 22A-113.1, 22A-113.2, and 22A-113.3) to reflect custodian terminology changes throughout.

• Removes a provision requiring the fidelity bond to be filed with the State Treasurer for safekeeping.

• Takes effect upon becoming law.