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


Sen. Napoleon Harris, III

Filed: 4/8/2021





10200SB0460sam001LRB102 11534 RPS 24728 a


2    AMENDMENT NO. ______. Amend Senate Bill 460 by replacing
3everything after the enacting clause with the following:
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



10200SB0460sam001- 2 -LRB102 11534 RPS 24728 a

1in its capacity as an investment manager of a multimanager
2portfolio made up of emerging investment managers.
3    (b) Consistent with the requirements of Section 1-113.14,
4all contracts for investment services shall be awarded by the
5board of a pension fund or retirement system or investment
6board using a competitive process that is substantially
7similar to the process required for the procurement of
8professional and artistic services under Article 35 of the
9Illinois Procurement Code; however, an exception to the
10requirements of Section 1-113.14 shall be allowed for
11contracts for investment services with an emerging investment
12manager provided through a qualified manager of emerging
13investment managers services. Based upon a written
14recommendation from an investment adviser providing qualified
15manager of emerging investment managers services for the
16selection or appointment of an emerging investment manager
17that has been providing investment services in the
18multimanager portfolio for at least 24 months, the board of a
19pension fund or retirement system or investment board may
20select or appoint such emerging investment manager. All
21exceptions to Section 1-113.14 granted under this Section must
22be published on the pension fund's, retirement system's, or
23investment board's website, which shall name the person
24authorizing the procurement and shall include a brief
25explanation of the reason for the exception.
26    (c) A qualified manager of emerging investment managers



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1services shall comply with the requirements regarding written
2contracts set forth in subsection (c) of Section 1-113.14.
3    Section 90. The State Mandates Act is amended by adding
4Section 8.45 as follows:
5    (30 ILCS 805/8.45 new)
6    Sec. 8.45. Exempt mandate. Notwithstanding Sections 6 and
78 of this Act, no reimbursement by the State is required for
8the implementation of any mandate created by this amendatory
9Act of the 102nd General Assembly.".