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| Public Act 102-0097 | ||||
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AN ACT concerning public employee benefits.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Illinois Pension Code is amended by adding | ||||
Section 1-113.24 as follows: | ||||
(40 ILCS 5/1-113.24 new) | ||||
Sec. 1-113.24. Contracts for investment services with | ||||
emerging investment managers through a qualified manager of | ||||
emerging investment managers services. | ||||
(a) As used in this Section: | ||||
"Emerging investment manager" has the meaning given to | ||||
that term in subsection (4) of Section 1-109.1. | ||||
"Investment services" has the meaning given to that term | ||||
in Section 1-113.14. | ||||
"Qualified manager of emerging investment managers | ||||
services" means the services of an investment adviser acting | ||||
in its capacity as an investment manager of a multimanager | ||||
portfolio made up of emerging investment managers. | ||||
(b) Consistent with the requirements of Section 1-113.14, | ||||
all contracts for investment services shall be awarded by the | ||||
board of a pension fund or retirement system or investment | ||||
board using a competitive process that is substantially | ||||
similar to the process required for the procurement of | ||||
professional and artistic services under Article 35 of the | ||
Illinois Procurement Code; however, an exception to the | ||
requirements of Section 1-113.14 shall be allowed for | ||
contracts for investment services with an emerging investment | ||
manager provided through a qualified manager of emerging | ||
investment managers services. Based upon a written | ||
recommendation from an investment adviser providing qualified | ||
manager of emerging investment managers services for the | ||
selection or appointment of an emerging investment manager | ||
that has been providing investment services in the | ||
multimanager portfolio for at least 24 months, the board of a | ||
pension fund or retirement system or investment board may | ||
select or appoint such emerging investment manager. All | ||
exceptions to Section 1-113.14 granted under this Section must | ||
be published on the pension fund's, retirement system's, or | ||
investment board's website, which shall name the person | ||
authorizing the procurement and shall include a brief | ||
explanation of the reason for the exception. | ||
(c) A qualified manager of emerging investment managers | ||
services shall comply with the requirements regarding written | ||
contracts set forth in subsection (c) of Section 1-113.14.
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Section 90. The State Mandates Act is amended by adding | ||
Section 8.45 as follows: | ||
(30 ILCS 805/8.45 new) | ||
Sec. 8.45. Exempt mandate. Notwithstanding Sections 6 and | ||
8 of this Act, no reimbursement by the State is required for | ||
the implementation of any mandate created by this amendatory | ||
Act of the 102nd General Assembly.
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