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Public Act 100-0542 | ||||
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AN ACT concerning 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 | ||||
Sections 1-113.22 and 1-113.23 as follows: | ||||
(40 ILCS 5/1-113.22 new) | ||||
Sec. 1-113.22. Required disclosures from consultants; | ||||
minority owned businesses, female owned businesses, and | ||||
businesses owned by persons with a disability. | ||||
(a) No later than January 1, 2018 and each January 1 | ||||
thereafter, each consultant retained by the board of a | ||||
retirement system, board of a pension fund, or investment board | ||||
shall disclose to that board of the retirement system, board of | ||||
the pension fund, or investment board: | ||||
(1) the total number of searches for investment | ||||
services made by the consultant in the prior calendar year; | ||||
(2) the total number of searches for investment | ||||
services made by the consultant in the prior calendar year | ||||
that included (i) a minority owned business, (ii) a female | ||||
owned business, or (iii) a business owned by a person with | ||||
a disability; | ||||
(3) the total number of searches for investment | ||||
services made by the consultant in the prior calendar year |
in which the consultant recommended for selection (i) a | ||
minority owned business, (ii) a female owned business, or | ||
(iii) a business owned by a person with a disability; | ||
(4) the total number of searches for investment | ||
services made by the consultant in the prior calendar year | ||
that resulted in the selection of (i) a minority owned | ||
business, (ii) a female owned business, or (iii) a business | ||
owned by a person with a disability; and | ||
(5) the total dollar amount of investment made in the | ||
previous calendar year with (i) a minority owned business, | ||
(ii) a female owned business, or (iii) a business owned by | ||
a person with a disability that was selected after a search | ||
for investment services performed by the consultant. | ||
(b) Beginning January 1, 2018, no contract, oral or | ||
written, for consulting services shall be awarded by a board of | ||
a retirement system, a board of a pension fund, or an | ||
investment board without first requiring the consultant to make | ||
the disclosures required in subsection (a) of this Section. | ||
(c) The disclosures required by subsection (b) of this | ||
Section shall be considered, within the bounds of financial and | ||
fiduciary prudence, prior to the awarding of a contract, oral | ||
or written, for consulting services. | ||
(d) As used in this Section, the terms "minority person", | ||
"female", "person with a disability", "minority owned | ||
business", "female owned business", and "business owned by a | ||
person with a disability" have the same meaning as those terms |
have in the Business Enterprise for Minorities, Females, and | ||
Persons with Disabilities Act. | ||
(40 ILCS 5/1-113.23 new) | ||
Sec. 1-113.23. Required disclosures from consultants; | ||
compensation and economic opportunity received. | ||
(a) As used in this Section: | ||
"Compensation" means any money, thing of value, or economic | ||
benefit conferred on, or received by, a consultant in return | ||
for services rendered, or to be rendered, by himself, herself, | ||
or another. | ||
"Economic opportunity" means any purchase, sale, lease, | ||
contract, option, or other transaction or arrangement | ||
involving property or services wherein a consultant may gain an | ||
economic benefit. | ||
(b) No later than January 1, 2018 and each January 1 | ||
thereafter, a consultant retained by the board of a retirement | ||
system, the board of a pension fund, or an investment board | ||
shall disclose to the board of the retirement system, the board | ||
of the pension fund, or the investment board all compensation | ||
and economic opportunity received in the last 24 months from | ||
investment advisors retained by the board of a retirement | ||
system, board of a pension fund, or investment board. | ||
(c) Beginning January 1, 2018, a consultant shall disclose | ||
to the board of a retirement system, the board of a pension | ||
fund, or an investment board any compensation or economic |
opportunity received in the last 24 months from an investment | ||
advisor that is recommended for selection by the consultant. A | ||
consultant shall make this disclosure prior to the board | ||
selecting an investment advisor for appointment. | ||
(d) Beginning January 1, 2018, no contract, oral or | ||
written, for consulting services shall be awarded by a board of | ||
a retirement system, board of a pension fund, or an investment | ||
board without first requiring the consultant to make the | ||
disclosures required in subsection (c) of this Section.
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Section 99. Effective date. This Act takes effect upon | ||
becoming law.
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