Illinois General Assembly - Bill Status for SB0779

Amends the General Provisions Article of the Illinois Pension Code in relation to investment transparency. Defines terms. Provides that within 90 days after entering into a new agreement to invest in an alternative investment fund, a public retirement system must disclose certain specified provisions of the agreement. Provides that a public retirement system shall require its alternative investment fund external managers and general partners to make certain annual disclosures concerning certain fees and expenses, in regard to each alternative investment fund. Provides that supplying a public retirement system with a completed reporting template developed by the Institutional Limited Partners Association constitutes compliance with certain reporting requirements. Declares the disclosures to be public records and requires their publication on the public retirement system's website. Amends the Freedom of Information Act to make a conforming change. Effective immediately.

Replaces everything after the enacting clause. Amends the General Provisions, State Employee, State Universities, and Downstate Teachers Articles of the Illinois Pension Code. In the General Provisions Article, repeals a provision added by Public Act 100-23 that establishes a hybrid benefit plan for persons who first become members under the State Universities or Downstate Articles and noncovered employees under the State Employee Article after the implementation date of those benefits and makes related changes. In the State Employee, State Universities, and Downstate Teachers Article, incorporates the hybrid benefit plan added by Public Act 100-23 into each Article and makes conforming and related changes. Adds provisions specifying the method of calculating annuities and other defined benefits under the hybrid benefit plan. Adds provisions concerning the defined contribution component of the hybrid benefit plan. Makes changes to employee and employer contribution rates. In the State Universities and Downstate Teacher Articles, repeals a provision establishing individual employer accounts for the purposes of paying certain pension costs. Makes changes to provisions requiring the actual employer to pay specified pension costs. In the State Universities Article, provides that if an employer fails to transmit required contributions to the System, the Board may certify to the State Comptroller or the county treasurer the amount of those delinquent employer contributions and the State Comptroller shall deduct the certified amount from State funds to the employer; adds similar provisions if the employer is a community college district. Repeals certain provisions added by Public Act 98-599, which has been held unconstitutional. Makes other changes. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.

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