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| | SB1698 Engrossed | | LRB101 07920 RPS 52975 b |
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| 1 | | AN ACT concerning public employee benefits.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Illinois Pension Code is amended by changing |
| 5 | | Section 1-113.16 as follows:
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| 6 | | (40 ILCS 5/1-113.16)
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| 7 | | Sec. 1-113.16. Investment transparency. |
| 8 | | (a) The purpose of this Section is to provide for |
| 9 | | transparency in the investment of retirement or pension funds |
| 10 | | and require the reporting of full and complete information |
| 11 | | regarding the investments by pension funds, retirement |
| 12 | | systems, and investment boards. |
| 13 | | (b) A retirement system, pension fund, or investment board |
| 14 | | subject to this Code and any committees established by such |
| 15 | | system, fund, or board must comply with the Open Meetings Act. |
| 16 | | Except as otherwise provided under this subsection, any open |
| 17 | | meeting of the board of trustees of a retirement system or |
| 18 | | pension fund or any committee established by a retirement |
| 19 | | system or pension fund must be broadcast to the public and |
| 20 | | maintained in real-time on the retirement system's or pension |
| 21 | | fund's website using a high-speed Internet connection. A |
| 22 | | retirement system or pension fund must make audio and video |
| 23 | | available for a meeting broadcast and maintained under this |
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| | SB1698 Engrossed | - 2 - | LRB101 07920 RPS 52975 b |
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| 1 | | subsection. The broadcast and maintenance requirements under |
| 2 | | this subsection do not apply to a pension fund established |
| 3 | | under Article 3 or 4 or to the portion of a hearing or meeting |
| 4 | | of any pension fund or retirement system during which medical |
| 5 | | information or other privileged information of participants |
| 6 | | and beneficiaries will be discussed or presented. |
| 7 | | (c) Any retirement system, pension fund, or investment |
| 8 | | board subject to this Code that establishes a committee shall |
| 9 | | ensure that the majority of the members on such committee are |
| 10 | | board members. If any member of a committee is not a member of |
| 11 | | the board for the system, fund, or board, then that committee |
| 12 | | member shall be a fiduciary. |
| 13 | | (d) A retirement system, pension fund, or investment board |
| 14 | | subject to this Code, except those whose investments are |
| 15 | | restricted by Section 1-113.2, shall maintain an official web |
| 16 | | site and make available in a clear and conspicuous manner, and |
| 17 | | update at least quarterly, all of the following information |
| 18 | | concerning the investment of funds: |
| 19 | | (1) The total amount of funds held by the pension fund, |
| 20 | | retirement system, or investment board. |
| 21 | | (2) The asset allocation for the investments made by |
| 22 | | the pension fund, retirement system, or investment board. |
| 23 | | (3) Current and historic return information. |
| 24 | | (4) A detailed listing of the investment advisers for |
| 25 | | all asset classes. |
| 26 | | (5) Performance of investments compared against |
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| | SB1698 Engrossed | - 3 - | LRB101 07920 RPS 52975 b |
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| 1 | | established benchmarks. |
| 2 | | (6) A detailed list of all consultants doing business |
| 3 | | with the retirement system, pension fund, or investment |
| 4 | | board. |
| 5 | | (7) A detailed list of all contractors, other than |
| 6 | | investment advisers and consultants, doing business with |
| 7 | | the retirement system, pension fund, or investment board. |
| 8 | | (8) Any requests for investment services. |
| 9 | | (9) The names and email addresses of all board members, |
| 10 | | directors, and senior staff. |
| 11 | | (10) The report required under Section 1-109.1 of this |
| 12 | | Code, if applicable. |
| 13 | | (11) The description of each contract required under |
| 14 | | subsection (g) of Section 1-113.14 of this Code, if |
| 15 | | applicable. |
| 16 | | (e) A pension fund whose investments are restricted by |
| 17 | | Section 1-113.2 of this Code shall make the information |
| 18 | | required in subsection (d) of this Section available on its web |
| 19 | | site or in a location that allows the information to be |
| 20 | | available for inspection by the public. |
| 21 | | (f) Nothing in this Section requires the pension fund, |
| 22 | | retirement system, or investment board to make information |
| 23 | | available on the Internet that is exempt from inspection and |
| 24 | | copying under the Freedom of Information Act.
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| 25 | | (Source: P.A. 96-6, eff. 4-3-09.)
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