Public Act 100-0542
 
SB1714 EnrolledLRB100 08308 RPS 18412 b


  
    AN ACT concerning public employee benefits.
  
 
    Be it enacted by the People of the State of Illinois,
 
represented in the General Assembly:
  
 
 
    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. 
 
 
    Section 99. Effective date. This Act takes effect upon 
becoming law.