Illinois General Assembly - Full Text of SB0460
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Full Text of SB0460  102nd General Assembly




SB0460 EnrolledLRB102 11534 RPS 16868 b

1    AN ACT concerning public employee benefits.
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4    Section 5. The Illinois Pension Code is amended by adding
5Section 1-113.24 as follows:
6    (40 ILCS 5/1-113.24 new)
7    Sec. 1-113.24. Contracts for investment services with
8emerging investment managers through a qualified manager of
9emerging investment managers services.
10    (a) As used in this Section:
11    "Emerging investment manager" has the meaning given to
12that term in subsection (4) of Section 1-109.1.
13    "Investment services" has the meaning given to that term
14in Section 1-113.14.
15    "Qualified manager of emerging investment managers
16services" means the services of an investment adviser acting
17in its capacity as an investment manager of a multimanager
18portfolio made up of emerging investment managers.
19    (b) Consistent with the requirements of Section 1-113.14,
20all contracts for investment services shall be awarded by the
21board of a pension fund or retirement system or investment
22board using a competitive process that is substantially
23similar to the process required for the procurement of



SB0460 Enrolled- 2 -LRB102 11534 RPS 16868 b

1professional and artistic services under Article 35 of the
2Illinois Procurement Code; however, an exception to the
3requirements of Section 1-113.14 shall be allowed for
4contracts for investment services with an emerging investment
5manager provided through a qualified manager of emerging
6investment managers services. Based upon a written
7recommendation from an investment adviser providing qualified
8manager of emerging investment managers services for the
9selection or appointment of an emerging investment manager
10that has been providing investment services in the
11multimanager portfolio for at least 24 months, the board of a
12pension fund or retirement system or investment board may
13select or appoint such emerging investment manager. All
14exceptions to Section 1-113.14 granted under this Section must
15be published on the pension fund's, retirement system's, or
16investment board's website, which shall name the person
17authorizing the procurement and shall include a brief
18explanation of the reason for the exception.
19    (c) A qualified manager of emerging investment managers
20services shall comply with the requirements regarding written
21contracts set forth in subsection (c) of Section 1-113.14.
22    Section 90. The State Mandates Act is amended by adding
23Section 8.45 as follows:
24    (30 ILCS 805/8.45 new)



SB0460 Enrolled- 3 -LRB102 11534 RPS 16868 b

1    Sec. 8.45. Exempt mandate. Notwithstanding Sections 6 and
28 of this Act, no reimbursement by the State is required for
3the implementation of any mandate created by this amendatory
4Act of the 102nd General Assembly.