Section 800.140  Committees

a)         Investment Policy Committee

1)         There shall be an Investment Policy Committee of the Board, consisting of such members of the Board as the Chair of the Board shall appoint, who shall serve a term to end at the time of the next annual meeting of the Board following the election of officers. The Board shall determine delegation of Committee responsibilities. (Examples of such delegation include interviewing investment management firms that are finalists in the Board's competitive bidding process and recommending policies pertaining to the Board's investments, such as the Board's asset allocation study.)

2)         It shall be the responsibility of the Committee:

A)        to recommend investment policy to the Board, both at its regularly scheduled meetings and whenever recommendations appear, in the judgment of the Committee, to be necessary or desirable;

B)        for the ongoing and specific supervision of the internal investment process, including but not limited to advance approval of all long-term investment transactions not falling within certain delegatory guidelines established by Board action; and

C)        for ongoing liaison with external investment advisors, together with recommendations concerning the tenure, compensation, fund direction, and retention of the advisors.

3)         The Committee shall elect a Chair by vote of a majority of its members.    

b)         Emerging Manager Committee

1)         There shall be an Emerging Manager Committee of the Board, consisting of such members of the Board as the Chair of the Board shall appoint, who shall serve a term to end at the next annual meeting of the Board following the election of officers.  The Board shall determine the Committee's responsibilities.  (Examples of such delegation include interviewing emerging managers and recommending policies pertaining to the Board's investments, such as the Board's Emerging and Minority Investment Manager and Minority and Illinois Brokerage Policy.)

2)         It shall be the policy of the Committee:

A)        to increase access to and business with emerging managers;

B)         to maximize utilization of minority-owned broker/dealers by the Board's investment managers; and

C)         to monitor the utilization of emerging managers, minority-owned, women-owned and person with a disability owned business enterprises and broker dealers and report that utilization to the Board.

3)         The committee shall elect a Chair by vote of a majority of its members.

c)         Defined Contribution Committee

1)         There shall be a Defined Contribution Committee of the Board, consisting of such members of the Board as the Chair of the Board shall appoint, who shall serve a term to end at the time of the next annual meeting of the Board following the election of officers. The Board shall determine delegation of Committee responsibilities. (Examples of such delegation include monitoring and evaluating investment performance and determining benchmarks used in the evaluation of investment options.)

2)         It shall be the responsibility of the Committee to:

A)        oversee the administration of the Deferred Compensation Plan, evaluate the adequacy of the Plan's investment options, and attempt to ensure that the Plan offers participants information and tools necessary in selecting their investments;

B)        monitor and evaluate the performance of the Plan's investment managers and all Plan fees;

C)        review and respond to recommendations from ISBI staff and the consultant regarding investment options, fees, Plan design, participant communications, and other matters; and

D)        determine, through periodic review, whether an action of participant re-enrollment supports the goal of improving participant outcomes.

3)         The Committee shall elect a Chair by vote of a majority of its members.

(Source:  Amended at 44 Ill. Reg. 17452, effective October 13, 2020)