94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB1188


 
Introduced 2/8/2005, by Rep. Robert S. Molaro
 
SYNOPSIS AS INTRODUCED:
 		













50 ILCS 5/7-195.2 new









    Amends the Illinois Municipal Retirement Fund (IMRF) Article of the
Illinois Pension Code.  Provides that the Board shall have the power and duty
to use emerging investment managers, minority-owned investment businesses,
female-owned businesses, and businesses owned by persons with disabilities in
managing the Fund's assets.  Declares that it is the public policy of the State
to encourage the use of those managers and businesses.  Requires the Fund to
submit an annual report to the General Assembly that identifies the emerging
investment managers, minority-owned businesses, female-owned businesses, and
businesses owned by persons with disabilities used by the Fund, the percentage
of the Fund's assets under the control of those managers and businesses, and
the actions the Fund has taken to increase the use of those managers and
businesses.  Effective immediately.
















LRB094 04143 AMC 34164 b

















FISCAL NOTE ACT MAY APPLY


PENSION IMPACT NOTE ACT MAY APPLY
















 


 


A BILL FOR









 











HB1188

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    AN ACT in relation to 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 
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Section 7-195.2
as follows:


 
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    (50 ILCS 5/7-195.2 new)

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    Sec. 7-195.2. To use emerging investment managers, 
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minority-owned
businesses, female-owned businesses, and 
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businesses owned by persons with
disabilities in managing the 
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Fund's assets.

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    (a) For the purposes of this Section:

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    "Emerging investment manager" means a qualified investment 
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adviser that
manages an investment portfolio of at least 
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$10,000,000 but less than
$500,000,000 and is a minority-owned 
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business, female-owned business, or
business owned by a person 
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with a disability, as those terms are defined in
this Section.

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    "Minority-owned business" means a business concern that is 
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at least
51% owned by one or more minority persons or, in the 
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case of a corporation,
at least 51% of the stock in which is 
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owned by one or more minority persons;
and the management and 
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daily business operations of which are controlled
by one or 
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more of the minority persons who own it.

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    "Female owned business" means a business concern that is at 
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least
51% owned by one or more females or, in the case of a 
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corporation, at
least 51% of the stock in which is owned by one 
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or more females; and the
management and daily business 
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operations of which are controlled by one or
more of the 
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females who own it.

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    "Business owned by a person with a disability" means a 
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business concern
that is at least 51% owned by one or more 
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persons with disabilities and the
management and daily business 
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operations of which are controlled by one or
more of the 
 


 






HB1188
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persons with disabilities who own it.

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    "Minority person", "female", and "person with a 
3
disability" have the meanings
given them in the Business 
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Enterprise for Minorities, Females, and Persons with

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Disabilities Act.

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    (b) It is hereby declared to be the public policy of the 
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State of Illinois
to encourage the trustees of the Fund to use 
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emerging investment managers,
minority-owned businesses, 
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female-owned businesses, and businesses owned by
persons with 
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disabilities in managing the Fund's assets to the greatest

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extent feasible within the bounds of financial and fiduciary 
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prudence, and
to take affirmative steps to remove any barriers 
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to the full participation
of emerging investment managers, 
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minority-owned businesses, female-owned
businesses, and 
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businesses owned by persons with disabilities in investment

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opportunities afforded by the Fund.

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    (c) The Fund shall prepare a report to be submitted to the 
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Governor and
the General Assembly by September 1 of each year.  
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The report shall identify
the emerging investment managers, 
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minority-owned businesses, female-owned
businesses, and 
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businesses owned by persons with disabilities used by the
Fund, 
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the percentage of the Fund's assets under the investment 
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control of
those managers and businesses, and the actions the 
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Fund has undertaken to
increase the use of those managers and 
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businesses, including encouraging other
investment managers to 
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use emerging investment managers, minority-owned
businesses, 
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female-owned businesses, and businesses owned by persons with

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disabilities as subcontractors when the opportunity arises.

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    (d) With respect to this Fund, this Section supersedes the 
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provisions
of subsection (4) of Section 1-109.1 of this Code.



 
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    Section 99. Effective date. This Act takes effect upon 
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becoming law.