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| Public Act 099-0462 | ||||
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AN ACT concerning regulation.
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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 Business Enterprise for Minorities, | ||||
Females, and Persons with
Disabilities Act is amended by | ||||
changing Sections 2, 3, 4, 5, 6, 6a, 7, 8, and 8f and by adding | ||||
Section 4f as follows:
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(30 ILCS 575/2)
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(Section scheduled to be repealed on June 30, 2016) | ||||
Sec. 2. Definitions.
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(A) For the purpose of this Act, the following
terms shall | ||||
have the following definitions:
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(1) "Minority person" shall mean a person who is a | ||||
citizen or lawful
permanent resident of the United States | ||||
and who is any of the following:
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(a) American Indian or Alaska Native (a person | ||||
having origins in any of the original peoples of North | ||||
and South America, including Central America, and who | ||||
maintains tribal affiliation or community attachment). | ||||
(b) Asian (a person having origins in any of the | ||||
original peoples of the Far East, Southeast Asia, or | ||||
the Indian subcontinent, including, but not limited | ||||
to, Cambodia, China, India, Japan, Korea, Malaysia, | ||||
Pakistan, the Philippine Islands, Thailand, and | ||
Vietnam). | ||
(c) Black or African American (a person having | ||
origins in any of the black racial groups of Africa). | ||
Terms such as "Haitian" or "Negro" can be used in | ||
addition to "Black or African American". | ||
(d) Hispanic or Latino (a person of Cuban, Mexican, | ||
Puerto Rican, South or Central American, or other | ||
Spanish culture or origin, regardless of race). | ||
(e) Native Hawaiian or Other Pacific Islander (a | ||
person having origins in any of the original peoples of | ||
Hawaii, Guam, Samoa, or other Pacific Islands).
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(2) "Female" shall mean a person who is a citizen or | ||
lawful permanent
resident of the United States and who is | ||
of the female gender.
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(2.05) "Person with a disability" means a person who is | ||
a citizen or
lawful resident of the United States and is a | ||
person qualifying as being
disabled under subdivision | ||
(2.1) of this subsection (A).
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(2.1) "Disabled" means a severe physical or mental | ||
disability that:
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(a) results from:
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amputation,
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arthritis,
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autism,
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blindness,
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burn injury,
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cancer,
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cerebral palsy,
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Crohn's disease, | ||
cystic fibrosis,
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deafness,
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head injury,
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heart disease,
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hemiplegia,
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hemophilia,
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respiratory or pulmonary dysfunction,
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an intellectual disability,
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mental illness,
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multiple sclerosis,
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muscular dystrophy,
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musculoskeletal disorders,
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neurological disorders, including stroke and | ||
epilepsy,
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paraplegia,
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quadriplegia and other spinal cord conditions,
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sickle cell anemia,
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ulcerative colitis, | ||
specific learning disabilities, or
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end stage renal failure disease; and
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(b) substantially limits one or more of the | ||
person's major life activities.
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Another disability or combination of disabilities may | ||
also be considered
as a severe disability for the purposes | ||
of item (a) of this
subdivision (2.1) if it is determined | ||
by an evaluation of
rehabilitation potential to
cause a | ||
comparable degree of substantial functional limitation | ||
similar to
the specific list of disabilities listed in item | ||
(a) of this
subdivision (2.1).
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(3) "Minority owned business" means a business concern | ||
which is at least
51% owned by one or more minority | ||
persons, or in the case of a
corporation, at least 51% of | ||
the stock in which is owned by one or
more minority | ||
persons; and the management and daily business operations | ||
of
which are controlled by one or more of the minority | ||
individuals who own it.
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(4) "Female owned business" means a business concern | ||
which is at least
51% owned by one or more females, or, in | ||
the case of a corporation, at
least 51% of the stock in | ||
which is owned by one or more females; and the
management | ||
and daily business operations of which are controlled by | ||
one or
more of the females who own it.
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(4.1) "Business owned by a person with a disability" | ||
means a business
concern
that is at least 51% owned by one | ||
or more persons with a disability
and the management and | ||
daily business operations of which
are controlled by one or | ||
more of the persons with disabilities who own it. A
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not-for-profit agency for persons with disabilities that | ||
is exempt from
taxation under Section 501 of the Internal | ||
Revenue Code of 1986 is also
considered a "business owned | ||
by a person with a disability".
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(4.2) "Council" means the Business Enterprise Council | ||
for Minorities,
Females, and Persons with Disabilities | ||
created under Section 5 of this Act.
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(5) "State contracts" means all contracts entered into | ||
by the State, any agency or department thereof, or any | ||
public institution of higher education including community | ||
college districts, regardless of the source of the funds | ||
with which the contracts are paid, which are not subject to | ||
federal reimbursement. "State contracts" does not include | ||
contracts awarded by a retirement system, pension fund, or | ||
investment board subject to Section 1-109.1 of the Illinois | ||
Pension Code. This definition shall control over any | ||
existing definition under this Act or applicable | ||
administrative rule. "State contracts" shall mean all | ||
State contracts, funded exclusively
with State funds which | ||
are not subject to federal reimbursement, whether
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competitively bid or negotiated as defined by the Secretary | ||
of the Council
and approved by the Council.
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"State construction contracts" means all State | ||
contracts entered
into by a State agency or public | ||
institution of higher education State university for the | ||
repair, remodeling,
renovation or
construction of a | ||
building or structure, or for the construction or
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maintenance of a highway defined in Article 2 of the | ||
Illinois Highway
Code.
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(6) "State agencies" shall mean all departments, | ||
officers, boards,
commissions, institutions and bodies | ||
politic and corporate of the State,
but does not include | ||
the Board of Trustees of the University of Illinois,
the | ||
Board of Trustees of Southern Illinois University,
the | ||
Board of Trustees
of Chicago State University, the Board of | ||
Trustees of Eastern Illinois
University, the Board of | ||
Trustees of Governors State University, the Board of
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Trustees of Illinois State University, the Board of | ||
Trustees of Northeastern
Illinois
University, the Board of | ||
Trustees of Northern Illinois University, the Board of
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Trustees of Western Illinois University,
municipalities or | ||
other local governmental units, or other State | ||
constitutional
officers.
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(7) "Public institutions of higher education" means | ||
the University of Illinois, Southern Illinois University, | ||
Chicago State University, Eastern Illinois University, | ||
Governors State University, Illinois State University, | ||
Northeastern Illinois University, Northern Illinois | ||
University, Western Illinois University, the public | ||
community colleges of the State, and any other public | ||
universities, colleges and community colleges now or | ||
hereafter established or authorized by the General | ||
Assembly. "State universities" shall mean the Board of | ||
Trustees of the
University of Illinois, the Board of | ||
Trustees of Southern Illinois
University,
the Board of | ||
Trustees of Chicago State University, the Board of
Trustees | ||
of Eastern Illinois University, the Board of Trustees of | ||
Governors
State University, the Board of Trustees of | ||
Illinois State University, the Board
of Trustees of | ||
Northeastern Illinois University, the Board of Trustees of
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Northern Illinois University, and the Board of Trustees of | ||
Western Illinois
University.
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(8) "Certification" means a determination made by the | ||
Council
or by one delegated authority from the Council to | ||
make certifications, or by
a State agency with statutory | ||
authority to make such a certification, that a
business | ||
entity is a business owned by a
minority, female, or person | ||
with a disability for whatever
purpose. A business owned | ||
and controlled by females shall be certified as a "female | ||
owned business". A business owned and controlled by females | ||
who are also minorities shall be certified as both a | ||
"female owned business" and a "minority owned business".
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(9) "Control" means the exclusive or ultimate and sole | ||
control of the
business including, but not limited to, | ||
capital investment and all other
financial matters, | ||
property, acquisitions, contract negotiations, legal
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matters, officer-director-employee selection and | ||
comprehensive hiring,
operating responsibilities, | ||
cost-control matters, income and dividend
matters, | ||
financial transactions and rights of other shareholders or | ||
joint
partners. Control shall be real, substantial and | ||
continuing, not pro forma.
Control shall include the power | ||
to direct or cause the direction of the
management and | ||
policies of the business and to make the day-to-day as well
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as major decisions in matters of policy, management and | ||
operations.
Control shall be exemplified by possessing the | ||
requisite knowledge and
expertise to run the particular | ||
business and control shall not include
simple majority or | ||
absentee ownership.
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(10) "Business concern or business" means a business | ||
that has annual gross sales of less than $75,000,000 as | ||
evidenced by the federal income tax return of the business. | ||
A firm with gross sales in excess of this cap may apply to | ||
the Council for certification for a particular contract if | ||
the firm can demonstrate that the contract would have | ||
significant impact on businesses owned by minorities, | ||
females, or persons with disabilities as suppliers or | ||
subcontractors or in employment of minorities, females, or | ||
persons with disabilities.
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(B) When a business concern is owned at least 51% by any | ||
combination of
minority persons, females, or persons with | ||
disabilities,
even though none of the 3 classes alone holds at | ||
least a 51% interest, the
ownership
requirement for purposes of | ||
this Act is considered to be met. The
certification category | ||
for the business is that of the class holding the
largest | ||
ownership
interest in the business. If 2 or more classes have | ||
equal ownership interests,
the certification category shall be | ||
determined by
the business concern.
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(Source: P.A. 97-227, eff. 1-1-12; 97-396, eff. 1-1-12; 97-813, | ||
eff. 7-13-12; 98-95, eff. 7-17-13.)
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(30 ILCS 575/3) (from Ch. 127, par. 132.603)
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(Section scheduled to be repealed on June 30, 2016)
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Sec. 3. Implementation and applicability. This Act shall be | ||
applied
to all State agencies and public institutions of higher | ||
education State universities.
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(Source: P.A. 85-729.)
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(30 ILCS 575/4) (from Ch. 127, par. 132.604)
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(Section scheduled to be repealed on June 30, 2016)
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Sec. 4. Award of State contracts.
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(a) Except as provided in subsections (b) and (c), not less | ||
than 20% of
the total dollar amount of State contracts, as | ||
defined by the Secretary of
the Council and approved by the | ||
Council, shall be established as an aspirational a goal to
be | ||
awarded to businesses owned by minorities,
females, and persons | ||
with disabilities; provided, however, that
of the total amount | ||
of all
State contracts awarded to businesses owned by
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minorities, females, and persons with disabilities pursuant to
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this Section, contracts representing at least 11% shall be | ||
awarded to businesses owned by minorities, contracts | ||
representing at least 7% shall be awarded to female-owned | ||
businesses, and contracts representing at least 2% shall be | ||
awarded to businesses owned by persons with disabilities.
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The above percentage relates to the total dollar amount of | ||
State
contracts during each State fiscal year, calculated by | ||
examining
independently each type of contract for each agency | ||
or public institutions of higher education university which
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lets such contracts. Only that percentage of arrangements which | ||
represents the participation of businesses owned by
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minorities, females, and persons with disabilities on such | ||
contracts shall
be included.
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(b) In the case of State construction contracts, the | ||
provisions of
subsection (a) requiring a portion of State | ||
contracts to be awarded to
businesses owned and controlled by | ||
persons with
disabilities do not apply. The following | ||
aspirational goals are established for State construction | ||
contracts: not Not less
than 20% 10% of the total dollar amount | ||
of State construction contracts is
established as a goal to be | ||
awarded to minority and female owned
businesses, and contracts | ||
representing 50% of the amount of all State
construction | ||
contracts awarded to minority and female owned businesses
shall | ||
be awarded to female owned businesses.
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(c) In the case of all work undertaken by the University of | ||
Illinois related to the planning, organization, and staging of | ||
the games, the University of Illinois shall establish a goal of | ||
awarding not less than 25% of the annual dollar value of all | ||
contracts, purchase orders, and other agreements (collectively | ||
referred to as "the contracts") to minority-owned businesses or | ||
businesses owned by a person with a disability and 5% of the | ||
annual dollar value the contracts to female-owned businesses. | ||
For purposes of this subsection, the term "games" has the | ||
meaning set forth in the Olympic Games and Paralympic Games | ||
(2016) Law. | ||
(d) Within one year after April 28, 2009 (the effective | ||
date of Public Act 96-8), the Department of Central Management | ||
Services shall conduct a social scientific study that measures | ||
the impact of discrimination on minority and female business | ||
development in Illinois. Within 18 months after April 28, 2009 | ||
(the effective date of Public Act 96-8), the Department shall | ||
issue a report of its findings and any recommendations on | ||
whether to adjust the goals for minority and female | ||
participation established in this Act. Copies of this report | ||
and the social scientific study shall be filed with the | ||
Governor and the General Assembly. | ||
(e) Notwithstanding any provision of law to the contrary | ||
and except as otherwise mandated by federal law or regulation, | ||
those who submit bids or proposals for State construction | ||
contracts subject to the provisions of this Act, whose bids or | ||
proposals are successful but that fail to meet the goals set | ||
forth in subsection (b) of this Section, shall be notified of | ||
that deficiency and shall be afforded a period not to exceed 10 | ||
days to cure that deficiency in the bid or proposal. The | ||
deficiency in the bid or proposal may only be cured by | ||
contracting with additional subcontractors who are owned by | ||
minorities or females, but in no case shall an identified | ||
subcontractor with a certification made pursuant to this Act be | ||
terminated from the contract without the written consent of the | ||
State agency or public institution of higher education entering | ||
into the contract. Those who submit bids or proposals for State | ||
contracts shall not be given a period after the bid or proposal | ||
is submitted to cure deficiencies in the bid or proposal under | ||
this Act unless mandated by federal law or regulation. | ||
(Source: P.A. 96-7, eff. 4-3-09; 96-8, eff. 4-28-09; 96-706, | ||
eff. 8-25-09; 96-795, eff. 7-1-10 (see Section 5 of P.A. 96-793 | ||
for the effective date of changes made by P.A. 96-795); | ||
96-1000, eff. 7-2-10.) | ||
(30 ILCS 575/4f new) | ||
Sec. 4f. Award of State contracts. | ||
(1) It is hereby declared to be the public policy of the | ||
State of Illinois to promote and encourage each State agency | ||
and public institution of higher education to use businesses | ||
owned by minorities, females, and persons with disabilities in | ||
the area of goods and services, including, but not limited to, | ||
insurance services, investment management services, | ||
information technology services, accounting services, | ||
architectural and engineering services, and legal services. | ||
Furthermore, each State agency and public institution of higher | ||
education shall utilize such firms to the greatest extent | ||
feasible within the bounds of financial and fiduciary prudence, | ||
and take affirmative steps to remove any barriers to the full | ||
participation of such firms in the procurement and contracting | ||
opportunities afforded. | ||
(a) When a State agency or public institution of higher | ||
education, other than a community college, awards a | ||
contract for insurance services, for each State agency or | ||
public institution of higher education, it shall be the | ||
aspirational goal to use insurance brokers owned by | ||
minorities, females, and persons with disabilities as | ||
defined by this Act, for not less than 20% of the total | ||
annual premiums or fees. | ||
(b) When a State agency or public institution of higher | ||
education, other than a community college, awards a | ||
contract for investment services, for each State agency or | ||
public institution of higher education, it shall be the | ||
aspirational goal to use emerging investment managers | ||
owned by minorities, females, and persons with | ||
disabilities as defined by this Act, for not less than 20% | ||
of the total funds under management. Furthermore, it is the | ||
aspirational goal that not less than 20% of the direct | ||
asset managers of the State funds be minorities, females, | ||
and persons with disabilities. | ||
(c) When a State agency or public institution of higher | ||
education, other than a community college, awards | ||
contracts for information technology services, accounting | ||
services, architectural and engineering services, and | ||
legal services, for each State agency and public | ||
institution of higher education, it shall be the | ||
aspirational goal to use such firms owned by minorities, | ||
females, and persons with disabilities as defined by this | ||
Act and lawyers who are minorities, females, and persons | ||
with disabilities as defined by this Act, for not less than | ||
20% of the total dollar amount of State contracts. | ||
(d) When a community college awards a contract for | ||
insurance services, investment services, information | ||
technology services, accounting services, architectural | ||
and engineering services, and legal services, it shall be | ||
the aspirational goal of each community college to use | ||
businesses owned by minorities, females, and persons with | ||
disabilities as defined in this Act for not less than 20% | ||
of the total amount spent on contracts for these services | ||
collectively. When a community college awards contracts | ||
for investment services, contracts awarded to investment | ||
managers who are not emerging investment managers as | ||
defined in this Act shall not be considered businesses | ||
owned by minorities, females, or persons with disabilities | ||
for the purposes of this Section. | ||
(2) As used in this Section: | ||
"Accounting services" means the measurement, | ||
processing and communication of financial information | ||
about economic entities including, but is not limited to, | ||
financial accounting, management accounting, auditing, | ||
cost containment and auditing services, taxation and | ||
accounting information systems. | ||
"Architectural and engineering services" means | ||
professional services of an architectural or engineering | ||
nature, or incidental services, that members of the | ||
architectural and engineering professions, and individuals | ||
in their employ, may logically or justifiably perform, | ||
including studies, investigations, surveying and mapping, | ||
tests, evaluations, consultations, comprehensive planning, | ||
program management, conceptual designs, plans and | ||
specifications, value engineering, construction phase | ||
services, soils engineering, drawing reviews, preparation | ||
of operating and maintenance manuals, and other related | ||
services. | ||
"Emerging investment manager" means an investment | ||
manager or claims consultant having assets under | ||
management below $10 billion or otherwise adjudicating | ||
claims. | ||
"Information technology services" means, but is not | ||
limited to, specialized technology-oriented solutions by | ||
combining the processes and functions of software, | ||
hardware, networks, telecommunications, web designers, | ||
cloud developing resellers, and electronics. | ||
"Insurance broker" means an insurance brokerage firm, | ||
claims administrator, or both, that procures, places all | ||
lines of insurance, or administers claims with annual | ||
premiums or fees of at least $5,000,000 but not more than | ||
$10,000,000. | ||
"Legal services" means work performed by a lawyer | ||
including, but not limited to, contracts in anticipation of | ||
litigation, enforcement actions, or investigations. | ||
(3) Each State agency and public institutions of higher | ||
education shall adopt policies that identify its plan and | ||
implementation procedures for increasing the use of service | ||
firms owned by minorities, females, and persons with | ||
disabilities. | ||
(4) Except as provided in subsection (5), the Council shall | ||
file no later than March 1 of each year an annual report to the | ||
Governor and the General Assembly. The report filed with the | ||
General Assembly shall be filed as required in Section 3.1 of | ||
the General Assembly Organization Act. This report shall: (i) | ||
identify the service firms used by each State agency and public | ||
institution of higher education, (ii) identify the actions it | ||
has undertaken to increase the use of service firms owned by | ||
minorities, females, and persons with disabilities, including | ||
encouraging non-minority owned firms to use other service firms | ||
owned by minorities, females, and persons with disabilities as | ||
subcontractors when the opportunities arise, (iii) state any | ||
recommendations made by the Council to each State agency and | ||
public institution of higher education to increase | ||
participation by the use of service firms owned by minorities, | ||
females, and persons with disabilities, and (iv) include the | ||
following: | ||
(A) For insurance services: the names of the insurance | ||
brokers or claims consultants used, the total of risk | ||
managed by each State agency and public institution of | ||
higher education by insurance brokers, the total | ||
commissions, fees paid, or both, the lines or insurance | ||
policies placed, and the amount of premiums placed; and the | ||
percentage of the risk managed by insurance brokers, the | ||
percentage of total commission, fees paid, or both, the | ||
lines or insurance policies placed, and the amount of | ||
premiums placed with each by the insurance brokers owned by | ||
minorities, females, and persons with disabilities by each | ||
State agency and public institution of higher education. | ||
(B) For investment management services: the names of | ||
the investment managers used, the total funds under | ||
management of investment managers; the total commissions, | ||
fees paid, or both; the total and percentage of funds under | ||
management of emerging investment managers owned by | ||
minorities, females, and persons with disabilities, | ||
including the total and percentage of total commissions, | ||
fees paid, or both by each State agency and public | ||
institution of higher education. | ||
(C) The names of service firms, the percentage and | ||
total dollar amount paid for professional services by | ||
category by each State agency and public institution of | ||
higher education. | ||
(D) The names of service firms, the percentage and | ||
total dollar amount paid for services by category to firms | ||
owned by minorities, females, and persons with | ||
disabilities by each State agency and public institution of | ||
higher education. | ||
(E) The total number of contracts awarded for services | ||
by category and the total number of contracts awarded to | ||
firms owned by minorities, females, and persons with | ||
disabilities by each State agency and public institution of | ||
higher education. | ||
(5) For community college districts, the Business | ||
Enterprise Council shall only report the following information | ||
for each community college district: (i) the name of the | ||
community colleges in the district, (ii) the name and contact | ||
information of a person at each community college appointed to | ||
be the single point of contact for vendors owned by minorities, | ||
females, or persons with disabilities, (iii) the policy of the | ||
community college district concerning certified vendors, (iv) | ||
the certifications recognized by the community college | ||
district for determining whether a business is owned or | ||
controlled by a minority, female, or person with a disability, | ||
(v) outreach efforts conducted by the community college | ||
district to increase the use of certified vendors, (vi) the | ||
total expenditures by the community college district in the | ||
prior fiscal year in the divisions of work specified in | ||
paragraphs (a), (b), and (c) of subsection (1) of this Section | ||
and the amount paid to certified vendors in those divisions of | ||
work, and (vii) the total number of contracts entered into for | ||
the divisions of work specified in paragraphs (a), (b), and (c) | ||
of subsection (1) of this Section and the total number of | ||
contracts awarded to certified vendors providing these | ||
services to the community college district. The Business | ||
Enterprise Council shall not make any utilization reports under | ||
this Act for community college districts for Fiscal Year 2015 | ||
and Fiscal Year 2016, but shall make the report required by | ||
this subsection for Fiscal Year 2017 and for each fiscal year | ||
thereafter. The Business Enterprise Council shall report the | ||
information in items (i), (ii), (iii), and (iv) of this | ||
subsection beginning in September of 2016. The Business | ||
Enterprise Council may collect the data needed to make its | ||
report from the Illinois Community College Board. | ||
(6) The status of the utilization of services shall be | ||
discussed at each of the regularly scheduled Business | ||
Enterprise Council meetings. Time shall be allotted for the | ||
Council to receive, review, and discuss the progress of the use | ||
of service firms owned by minorities, females, and persons with | ||
disabilities by each State agency and public institutions of | ||
higher education; and any evidence regarding past or present | ||
racial, ethnic, or gender-based discrimination which directly | ||
impacts State agency or public institutions of higher education | ||
contracting with such firms. If after reviewing such evidence | ||
the Council finds that there is or has been such discrimination | ||
against a specific group, race or sex, the Council shall | ||
establish sheltered markets or adjust existing sheltered | ||
markets tailored to address the Council's specific findings for | ||
the divisions of work specified in paragraphs (a), (b), and (c) | ||
of subsection (1) of this Section.
| ||
(30 ILCS 575/5) (from Ch. 127, par. 132.605)
| ||
(Section scheduled to be repealed on June 30, 2016)
| ||
Sec. 5. Business Enterprise Council.
| ||
(1) To help implement, monitor and enforce the goals of | ||
this Act, there
is created the Business Enterprise Council for
| ||
Minorities, Females, and Persons with Disabilities, | ||
hereinafter
referred to as the Council, composed of the | ||
Secretary of Human Services and
the Directors of the Department | ||
of
Human Rights, the Department of Commerce and Economic | ||
Opportunity, the
Department of Central Management Services, | ||
the Department of Transportation and
the
Capital Development | ||
Board, or their duly appointed representatives. Ten
| ||
individuals representing businesses that are minority or | ||
female owned or
owned by persons with disabilities, 2 | ||
individuals representing the business
community, and a | ||
representative of public institutions of higher education | ||
public
universities shall be appointed by the Governor. These | ||
members shall serve 2
year terms and shall be eligible for | ||
reappointment. Any vacancy occurring on
the Council shall also | ||
be filled by the Governor. Any member appointed to fill
a | ||
vacancy occurring prior to the expiration of the term for which | ||
his
predecessor was appointed shall be appointed for the | ||
remainder of such term.
Members of the Council shall serve | ||
without compensation but shall be reimbursed
for any ordinary | ||
and necessary expenses incurred in the performance of their
| ||
duties.
| ||
The Director of the Department of Central Management | ||
Services shall serve
as the Council chairperson and shall | ||
select, subject to approval of the
council, a Secretary | ||
responsible for the operation of the program who shall
serve as | ||
the Division Manager of the Business
Enterprise for Minorities, | ||
Females, and Persons with Disabilities Division
of the | ||
Department of Central Management Services.
| ||
The Director of each State agency and the chief executive | ||
officer of
each public institutions of higher education State | ||
university shall appoint a liaison to the Council. The liaison
| ||
shall be responsible for submitting to the Council any reports | ||
and
documents necessary under this Act.
| ||
(2) The Council's authority and responsibility shall be to:
| ||
(a) Devise a certification procedure to assure that | ||
businesses taking
advantage of this Act are legitimately | ||
classified as businesses owned by minorities, females, or | ||
persons with
disabilities.
| ||
(b) Maintain a list of all
businesses legitimately | ||
classified as businesses owned by minorities,
females, or | ||
persons with disabilities to provide to State agencies and | ||
public institutions of higher education State
| ||
universities.
| ||
(c) Review rules and regulations for the | ||
implementation of the program for businesses owned by | ||
minorities, females,
and persons with disabilities.
| ||
(d) Review compliance plans submitted by each State | ||
agency and public institutions of higher education State
| ||
university
pursuant to this Act.
| ||
(e) Make annual reports as provided in Section 8f to | ||
the Governor and
the General Assembly on the
status of the | ||
program.
| ||
(f) Serve as a central clearinghouse for information on | ||
State
contracts, including the maintenance of a list of all | ||
pending State
contracts upon which businesses owned by | ||
minorities,
females, and persons with disabilities may | ||
bid.
At the Council's discretion, maintenance of the list | ||
may include 24-hour
electronic access to the list along | ||
with the bid and application information.
| ||
(g) Establish a toll free telephone number to | ||
facilitate information
requests concerning the | ||
certification process and pending contracts.
| ||
(3) No premium bond rate of a surety company for a bond | ||
required of a business owned by a minority, female, or person
| ||
with a disability bidding for a State contract shall be
higher | ||
than the lowest rate charged by that surety company for a | ||
similar
bond in the same classification of work that would be | ||
written for a business not owned by a minority,
female, or | ||
person with a disability.
| ||
(4) Any Council member who has direct financial or personal | ||
interest in
any measure pending before the Council shall | ||
disclose this fact to the
Council and refrain from | ||
participating in the determination upon such measure.
| ||
(5) The Secretary shall have the following duties and | ||
responsibilities:
| ||
(a) To be responsible for the day-to-day operation of | ||
the Council.
| ||
(b) To serve as a coordinator for all of the State's | ||
programs for businesses owned by minorities, females,
and | ||
persons with disabilities and as the information and | ||
referral center
for all State initiatives for businesses
| ||
owned by minorities, females, and persons with | ||
disabilities.
| ||
(c) To establish an enforcement procedure whereby the | ||
Council may
recommend to the appropriate State legal | ||
officer that the State exercise
its legal remedies which | ||
shall include (1) termination of the contract
involved, (2) | ||
prohibition of participation by the respondent in public
| ||
contracts for a period not to exceed one year, (3) | ||
imposition of a penalty
not to exceed any profit acquired | ||
as a result of violation, or (4) any
combination thereof. | ||
Such procedures shall require prior approval by Council.
| ||
(d) To devise appropriate policies, regulations and | ||
procedures for
including participation by businesses owned
| ||
by minorities, females, and persons with disabilities as | ||
prime contractors
including, but not limited to, (i) | ||
encouraging the inclusions of qualified businesses owned | ||
by minorities, females, and
persons with disabilities on | ||
solicitation lists, (ii)
investigating the potential of | ||
blanket bonding programs for small
construction jobs, | ||
(iii) investigating and making recommendations
concerning | ||
the use of the sheltered market process.
| ||
(e) To devise procedures for the waiver of the | ||
participation goals in
appropriate circumstances.
| ||
(f) To accept donations and, with the approval of the | ||
Council or the
Director of Central Management Services, | ||
grants related to the purposes of
this Act; to conduct | ||
seminars related to the purpose of this Act and to
charge | ||
reasonable registration fees; and to sell directories, | ||
vendor lists
and other such information to interested | ||
parties, except that forms
necessary to become eligible for | ||
the program shall be provided free of
charge to a business | ||
or individual applying for the program.
| ||
(Source: P.A. 94-793, eff. 5-19-06.)
| ||
(30 ILCS 575/6) (from Ch. 127, par. 132.606)
| ||
(Section scheduled to be repealed on June 30, 2016)
| ||
Sec. 6. Agency compliance plans. Each State agency and | ||
public institutions of higher education State university
under | ||
the
jurisdiction of this Act
shall file
with the Council an | ||
annual compliance plan which shall outline the
goals of the | ||
State agency or public institutions of higher education State
| ||
university for contracting with businesses owned by | ||
minorities, females, and
persons with disabilities for the then | ||
current fiscal
year, the manner in which the agency intends to | ||
reach these goals and a
timetable for reaching these goals. The | ||
Council shall review and approve
the plan of each State agency | ||
and public institutions of higher education State university | ||
and may reject any
plan that does
not comply with
this Act or | ||
any rules or regulations promulgated pursuant to this Act.
| ||
(a) The compliance plan shall also include, but not be | ||
limited to, (1) a
policy statement, signed by the State agency | ||
or public institution of higher education State university | ||
head,
expressing a
commitment to
encourage the use of
| ||
businesses owned by
minorities, females, and persons with | ||
disabilities, (2) the designation of
the liaison
officer
| ||
provided for in Section 5 of this Act, (3) procedures to | ||
distribute to
potential contractors and vendors the list of all | ||
businesses legitimately classified as businesses owned by
| ||
minorities, females, and persons with disabilities and so | ||
certified under
this Act, (4) procedures to set
separate | ||
contract goals on specific prime contracts and purchase orders
| ||
with subcontracting possibilities based upon the type of work | ||
or services
and subcontractor availability, (5) procedures to | ||
assure that contractors
and vendors make good faith efforts to | ||
meet contract goals, (6) procedures
for contract goal | ||
exemption, modification and waiver, and (7) the delineation
of | ||
separate contract goals for businesses owned by minorities, | ||
females, and persons with
disabilities.
| ||
(b) Approval of the compliance plans shall include such | ||
delegation of
responsibilities to the requesting State agency | ||
or public institution of higher education State university as
| ||
the Council
deems necessary
and appropriate to fulfill the | ||
purpose of this Act. Such responsibilities
may include, but | ||
need not be limited to those outlined in subsections (1),
(2) | ||
and (3) of Section 7 and paragraph (a) of Section 8.
| ||
(c) Each State agency and public institution of higher | ||
education State university under the jurisdiction of
this Act
| ||
shall
file with the Council an annual report of its utilization | ||
of businesses owned
by minorities, females, and persons with | ||
disabilities during the preceding fiscal year including lapse | ||
period spending
and a mid-fiscal year report of its utilization | ||
to date for the then current
fiscal year. The reports shall | ||
include a self-evaluation of the efforts of the
State agency or | ||
public institution of higher education State
university to meet | ||
its goals under the
Act.
| ||
(d) Notwithstanding any provisions to the contrary in this | ||
Act,
any State
agency or public institution of higher education | ||
State university which administers a construction program,
for | ||
which federal law or regulations establish standards and | ||
procedures for
the utilization of minority, disadvantaged, and | ||
female-owned business,
shall implement a disadvantaged | ||
business enterprise program to include
minority, disadvantaged | ||
and female-owned businesses, using
the federal
standards and | ||
procedures for the establishment of goals and
utilization | ||
procedures for the State-funded, as well as the federally
| ||
assisted, portions of the program. In such cases, these goals | ||
shall not
exceed those established pursuant to the relevant | ||
federal statutes or
regulations.
Notwithstanding the | ||
provisions of Section 8b, the Illinois Department of
| ||
Transportation is authorized to establish sheltered markets | ||
for the
State-funded portions of the program consistent with | ||
federal law and
regulations.
Additionally, a compliance plan | ||
which is filed by such State
agency or public institution of | ||
higher education State university pursuant to this Act, which | ||
incorporates
equivalent terms and
conditions of its | ||
federally-approved compliance plan, shall be deemed
approved | ||
under this Act.
| ||
(Source: P.A. 88-377; 88-597, eff. 8-28-94.)
| ||
(30 ILCS 575/6a) (from Ch. 127, par. 132.606a)
| ||
(Section scheduled to be repealed on June 30, 2016)
| ||
Sec. 6a. Notice of contracts to Council. Except in case of | ||
emergency as
defined in the Illinois Procurement Code
| ||
Purchasing Act, or as authorized by rule promulgated by the | ||
Department of
Central Management Services, each agency and | ||
public institution of higher education State university under | ||
the
jurisdiction of
this Act shall notify the Secretary of the
| ||
Council
of proposed contracts
for professional and artistic | ||
services and provide the information in the
form and detail as | ||
required by rule promulgated by the Department of Central
| ||
Management Services. Notification may be made through
direct | ||
written communication to the Secretary to be received at least | ||
14 days
before execution of the contract (or the solicitation | ||
response date, if
applicable) or by advertising in the
official | ||
State newspaper for at least 3 days, the last of which must be | ||
at
least 10 days after the first publication. The agency or | ||
public institution of higher education university must
| ||
consider any vendor referred by the Secretary before execution | ||
of the
contract. The provisions of this Section
shall not apply | ||
to any State agency or public institution of higher education | ||
State university that has awarded
contracts for
professional | ||
and artistic services to businesses
owned by minorities, | ||
females, and persons with disabilities
totalling in the | ||
aggregate $40,000,000 $5,000,000 or more during the preceding | ||
fiscal year.
| ||
(Source: P.A. 87-628; 88-377; 88-597, eff. 8-28-94.)
| ||
(30 ILCS 575/7) (from Ch. 127, par. 132.607) | ||
(Section scheduled to be repealed on June 30, 2016) | ||
Sec. 7. Exemptions and waivers; publication of data. | ||
(1) Individual contract exemptions.
The Council, on its own | ||
initiative or at the request of the affected agency,
public | ||
institution of higher education university, or recipient of a | ||
grant or loan of State funds of $250,000 or more complying with | ||
Section 45 of the State Finance Act, may permit an individual | ||
contract or contract package,
(related contracts being bid or | ||
awarded simultaneously for the same project
or improvements) be | ||
made wholly or partially exempt from State contracting
goals | ||
for businesses owned by
minorities, females, and persons with | ||
disabilities prior to the advertisement
for bids or | ||
solicitation of proposals whenever there has been a
| ||
determination, reduced to writing and based on the best | ||
information
available at the time of the determination, that | ||
there is an insufficient
number of businesses owned by | ||
minorities,
females, and persons with disabilities to ensure | ||
adequate
competition and an expectation of reasonable prices on | ||
bids or proposals
solicited for the individual contract or | ||
contract package in question. | ||
(2) Class exemptions. | ||
(a) Creation. The Council, on its own initiative
or at | ||
the request of the affected agency or public institution of | ||
higher education university, may permit an entire
class of
| ||
contracts be made exempt from State
contracting goals for | ||
businesses owned by minorities, females, and persons
with | ||
disabilities whenever there has been a determination, | ||
reduced to
writing and based on the best information | ||
available at the time of the
determination, that there is | ||
an insufficient number of qualified businesses owned by | ||
minorities, females, and persons with
disabilities to | ||
ensure adequate competition and an
expectation of | ||
reasonable prices on bids or proposals within that class. | ||
(b) Limitation. Any such class exemption shall not be | ||
permitted for a
period of more than one year at a time. | ||
(3) Waivers. Where a particular contract requires a | ||
contractor to meet
a goal established pursuant to this Act, the | ||
contractor shall have the right
to request a waiver from such | ||
requirements. The Council shall grant the
waiver where the | ||
contractor demonstrates that there has been made a good
faith | ||
effort to comply with the goals for
participation by businesses | ||
owned by minorities, females, and persons with
disabilities. | ||
(4) Conflict with other laws. In the event that any State | ||
contract, which
otherwise would be subject to the provisions of | ||
this Act, is or becomes
subject to federal laws or regulations | ||
which conflict with the provisions
of this Act or actions of | ||
the State taken pursuant hereto, the provisions
of the federal | ||
laws or regulations shall apply and the contract shall be
| ||
interpreted and enforced accordingly. | ||
(5) Each chief procurement officer, as defined in the | ||
Illinois Procurement Code, shall maintain on his or her | ||
official Internet website a database of waivers granted under | ||
this Section with respect to contracts under his or her | ||
jurisdiction. The database, which shall be updated | ||
periodically as necessary, shall be searchable by contractor | ||
name and by contracting State agency. | ||
Each public notice required by law of the award of a State | ||
contract shall include for each bid submitted for that contract | ||
the following: (i) the bidder's name, (ii) the bid amount, | ||
(iii) the bid's percentage of disadvantaged business | ||
utilization plan, and (iv) the bid's percentage of business | ||
enterprise program utilization plan. | ||
(Source: P.A. 96-1064, eff. 7-16-10.)
| ||
(30 ILCS 575/8) (from Ch. 127, par. 132.608)
| ||
(Section scheduled to be repealed on June 30, 2016)
| ||
Sec. 8. Enforcement. The Council shall make such findings, | ||
recommendations
and proposals to the Governor as are necessary | ||
and appropriate to enforce
this Act. If, as a result of its | ||
monitoring activities, the Council determines
that its goals | ||
and policies are not being met by any State agency or public | ||
institution of higher education
State university,
the Council
| ||
may recommend any or all of the following actions:
| ||
(a) Establish enforcement procedures whereby the Council | ||
may recommend
to the appropriate State agency, public | ||
institutions of higher education State university, or law | ||
enforcement
officer that legal or
administrative remedies be | ||
initiated for violations of contract provisions
or rules issued | ||
hereunder or by a contracting State agency or public | ||
institutions of higher education State
university. State | ||
agencies and public institutions of higher education State | ||
universities
shall be authorized to adopt remedies for such | ||
violations which shall include
(1) termination of the contract | ||
involved, (2) prohibition of participation
of the respondents | ||
in public contracts for a period not to exceed one year,
(3) | ||
imposition of a penalty not to exceed any profit acquired as a | ||
result
of violation, or (4) any combination thereof.
| ||
(b) If the Council concludes that a compliance plan | ||
submitted under Section
6 is unlikely to produce the
| ||
participation
goals for businesses owned by minorities, | ||
females, and persons with
disabilities within the then current | ||
fiscal year, the Council may recommend
that
the State agency or | ||
public institution of higher education State university revise | ||
its plan to provide
additional
opportunities
for participation | ||
by businesses owned by minorities,
females, and persons with | ||
disabilities. Such recommended revisions may
include, but | ||
shall not be limited to, the following:
| ||
(i) assurances of stronger and better focused | ||
solicitation efforts to
obtain more businesses owned by | ||
minorities,
females, and persons with disabilities as | ||
potential sources of
supply;
| ||
(ii) division of job or project requirements, when | ||
economically feasible,
into tasks or quantities to permit | ||
participation of
businesses owned by minorities, females, | ||
and persons with disabilities;
| ||
(iii) elimination of extended experience or | ||
capitalization requirements,
when programmatically | ||
feasible, to permit participation of businesses owned by | ||
minorities, females, and persons with
disabilities;
| ||
(iv) identification of specific proposed contracts as | ||
particularly
attractive or appropriate for participation | ||
by
businesses owned by minorities, females, and persons | ||
with disabilities,
such identification to result from and | ||
be coupled with the
efforts of subparagraphs
(i) through | ||
(iii);
| ||
(v) implementation of those regulations established | ||
for the use of the
sheltered market process.
| ||
(Source: P.A. 88-377; 88-597, eff. 8-28-94.)
| ||
(30 ILCS 575/8f)
| ||
(Section scheduled to be repealed on June 30, 2016)
| ||
Sec. 8f. Annual report. The Council shall file no later | ||
than March 1
of each year, an annual report that shall detail | ||
the level of achievement
toward the
goals specified in this Act | ||
over the 3 most recent fiscal years. The annual
report shall | ||
include, but need not be limited to the following:
| ||
(1) a summary detailing expenditures State | ||
appropriations subject to the goals, the
actual goals | ||
specified, and the goals attained by each State agency and | ||
public institution of higher education State
university;
| ||
(2) a summary of the number of contracts awarded and | ||
the average contract
amount by each State agency and public | ||
institution of higher education State university;
| ||
(3) an analysis of the level of overall goal | ||
achievement concerning
purchases
from minority businesses, | ||
female-owned businesses, and businesses owned by
persons | ||
with disabilities;
| ||
(4) an analysis of the number of businesses owned by | ||
minorities, females,
and persons with disabilities that | ||
are certified under the program as well as
the number of | ||
those businesses that received State procurement | ||
contracts; and
| ||
(5) a summary of the number of contracts awarded to | ||
businesses with annual
gross sales of less than $1,000,000; | ||
of $1,000,000 or more, but less than
$5,000,000; of
| ||
$5,000,000 or more, but less than $10,000,000; and of | ||
$10,000,000 or more.
| ||
(Source: P.A. 88-597, eff. 8-28-94.)
| ||
Section 10. The Illinois Pension Code is amended by | ||
changing Section 1-109.1 as follows:
| ||
(40 ILCS 5/1-109.1) (from Ch. 108 1/2, par. 1-109.1)
| ||
Sec. 1-109.1. Allocation and delegation of fiduciary | ||
duties.
| ||
(1) Subject to the provisions of Section 22A-113 of this | ||
Code and
subsections (2) and (3) of this Section, the board of | ||
trustees of a
retirement system or pension fund established | ||
under this Code may:
| ||
(a) Appoint one or more investment managers as | ||
fiduciaries to manage
(including the power to acquire and | ||
dispose of) any assets of the
retirement system or pension | ||
fund; and
| ||
(b) Allocate duties among themselves and designate | ||
others as fiduciaries
to carry out specific fiduciary | ||
activities other than the management of the
assets of the | ||
retirement system or pension fund.
| ||
(2) The board of trustees of a pension fund established | ||
under Article 5, 6,
8, 9, 10, 11, 12 or 17 of this Code may not | ||
transfer its investment authority,
nor transfer the assets of | ||
the fund to any other person or entity for the
purpose of | ||
consolidating or merging its assets and management with any | ||
other
pension fund or public investment authority, unless the | ||
board resolution
authorizing such transfer is submitted for | ||
approval to the contributors and
pensioners of the fund at | ||
elections held not less than 30 days after the
adoption of such | ||
resolution by the board, and such resolution is approved by a
| ||
majority of the votes cast on the question in both the | ||
contributors election
and the pensioners election. The | ||
election procedures and qualifications
governing the election | ||
of trustees shall govern the submission of resolutions
for | ||
approval under this paragraph, insofar as they may be made | ||
applicable.
| ||
(3) Pursuant to subsections (h) and (i) of Section 6 of | ||
Article VII of
the Illinois Constitution, the investment | ||
authority of boards of trustees
of retirement systems and | ||
pension funds established under this Code is declared
to be a | ||
subject of exclusive State jurisdiction, and the concurrent | ||
exercise
by a home rule unit of any power affecting such | ||
investment authority is
hereby specifically denied and | ||
preempted.
| ||
(4) For the purposes of this Code, "emerging investment | ||
manager" means a
qualified investment adviser that manages an | ||
investment portfolio of at
least $10,000,000 but less than | ||
$10,000,000,000 and is a
"minority owned business", "female | ||
owned business" or "business owned by a person with a | ||
disability" as those terms are
defined in the Business | ||
Enterprise for Minorities,
Females, and Persons with | ||
Disabilities Act.
| ||
It is hereby declared to be the public policy of the State | ||
of Illinois to
encourage the trustees of public employee | ||
retirement systems, pension funds, and investment boards
to use | ||
emerging investment managers in managing their system's | ||
assets, encompassing all asset classes, and increase the | ||
racial, ethnic, and gender diversity of its fiduciaries, to the
| ||
greatest extent feasible within the bounds of financial and | ||
fiduciary
prudence, and to take affirmative steps to remove any | ||
barriers to the full
participation in investment opportunities
| ||
afforded by those retirement systems, pension funds, and | ||
investment boards.
| ||
On or before January 1, 2010, a retirement system, pension | ||
fund, or investment board subject to this Code, except those | ||
whose investments are restricted by Section 1-113.2 of this | ||
Code, shall adopt a policy that sets forth goals for | ||
utilization of emerging investment managers. This policy shall | ||
include quantifiable goals for the management of assets in | ||
specific asset classes by emerging investment managers. The | ||
retirement system, pension fund, or investment board shall | ||
establish 3 separate goals for: (i) emerging investment | ||
managers that are minority owned businesses; (ii) emerging | ||
investment managers that are female owned businesses; and (iii) | ||
emerging investment managers that are businesses owned by a | ||
person with a disability. The goals established shall be based | ||
on the percentage of total dollar amount of investment service | ||
contracts let to minority owned businesses, female owned | ||
businesses, and businesses owned by a person with a disability, | ||
as those terms are defined in the Business Enterprise for | ||
Minorities, Females, and Persons with Disabilities Act. The | ||
retirement system, pension fund, or investment board shall | ||
annually review the goals established under this subsection. | ||
If in any case an emerging investment manager meets the | ||
criteria established by a board for a specific search and meets | ||
the criteria established by a consultant for that search, then | ||
that emerging investment manager shall receive an invitation by | ||
the board of trustees, or an investment committee of the board | ||
of trustees, to present his or her firm for final consideration | ||
of a contract. In the case where multiple emerging investment | ||
managers meet the criteria of this Section, the staff may | ||
choose the most qualified firm or firms to present to the | ||
board.
| ||
The use of an emerging investment manager does not | ||
constitute a transfer
of investment authority for the purposes | ||
of subsection (2) of this Section.
| ||
(5) Each retirement system, pension fund, or investment | ||
board subject to this Code, except those whose investments are | ||
restricted by Section 1-113.2 of this Code, shall establish a | ||
policy that sets forth goals for increasing the racial, ethnic, | ||
and gender diversity of its fiduciaries, including its | ||
consultants and senior staff. Each system, fund, and investment | ||
board shall annually review the goals established under this | ||
subsection. | ||
(6) On or before January 1, 2010, a retirement system, | ||
pension fund, or investment board subject to this Code, except | ||
those whose investments are restricted by Section 1-113.2 of | ||
this Code, shall adopt a policy that sets forth goals for | ||
utilization of businesses owned by minorities, females, and | ||
persons with disabilities for all contracts and services. The | ||
goals established shall be based on the percentage of total | ||
dollar amount of all contracts let to minority owned | ||
businesses, female owned businesses, and businesses owned by a | ||
person with a disability, as those terms are defined in the | ||
Business Enterprise for Minorities, Females, and Persons with | ||
Disabilities Act. The retirement system, pension fund, or | ||
investment board shall annually review the goals established | ||
under this subsection. | ||
(7) On or before January 1, 2010, a retirement system, | ||
pension fund, or investment board subject to this Code, except | ||
those whose investments are restricted by Section 1-113.2 of | ||
this Code, shall adopt a policy that sets forth goals for | ||
increasing the utilization of minority broker-dealers. For the | ||
purposes of this Code, "minority broker-dealer" means a | ||
qualified broker-dealer who meets the definition of "minority | ||
owned business", "female owned business", or "business owned by | ||
a person with a disability", as those terms are defined in the | ||
Business Enterprise for Minorities, Females, and Persons with | ||
Disabilities Act. The retirement system, pension fund, or | ||
investment board shall annually review the goals established | ||
under this Section. | ||
(8) Each retirement system, pension fund, and investment | ||
board subject to this Code, except those whose investments are | ||
restricted by Section 1-113.2 of this Code, shall submit a | ||
report to the Governor and the General Assembly by January 1 of | ||
each year that includes the following: (i) the policy adopted | ||
under subsection (4) of this Section, including the names and | ||
addresses of the emerging investment managers used, percentage | ||
of the assets under the investment control of emerging | ||
investment managers for the 3 separate goals, and the actions | ||
it has undertaken to increase the use of emerging investment | ||
managers, including encouraging other investment managers to | ||
use emerging investment managers as subcontractors when the | ||
opportunity arises; (ii) the policy adopted under subsection | ||
(5) of this Section; (iii) the policy adopted under subsection | ||
(6) of this Section; (iv) the policy adopted under subsection | ||
(7) of this Section, including specific actions undertaken to | ||
increase the use of minority broker-dealers; and (v) the policy | ||
adopted under subsection (9) of this Section. | ||
(9) On or before February 1, 2015, a retirement system, | ||
pension fund, or investment board subject to this Code, except | ||
those whose investments are restricted by Section 1-113.2 of | ||
this Code, shall adopt a policy that sets forth goals for | ||
increasing the utilization of minority investment managers. | ||
For the purposes of this Code, "minority investment manager" | ||
means a qualified investment manager that manages an investment | ||
portfolio and meets the definition of "minority owned | ||
business", "female owned business", or "business owned by a | ||
person with a disability", as those terms are defined in the | ||
Business Enterprise for Minorities, Females, and Persons with | ||
Disabilities Act. | ||
It is hereby declared to be the public policy of the State | ||
of Illinois to
encourage the trustees of public employee | ||
retirement systems, pension funds, and investment boards
to use | ||
minority investment managers in managing their systems' | ||
assets, encompassing all asset classes, and to increase the | ||
racial, ethnic, and gender diversity of their fiduciaries, to | ||
the
greatest extent feasible within the bounds of financial and | ||
fiduciary
prudence, and to take affirmative steps to remove any | ||
barriers to the full
participation in investment opportunities
| ||
afforded by those retirement systems, pension funds, and | ||
investment boards. | ||
The retirement system, pension fund, or investment board | ||
shall establish 3 separate goals for: (i) minority investment | ||
managers that are minority owned businesses; (ii) minority | ||
investment managers that are female owned businesses; and (iii) | ||
minority investment managers that are businesses owned by a | ||
person with a disability. The retirement system, pension fund, | ||
or investment board shall annually review the goals established | ||
under this Section. | ||
If in any case a minority investment manager meets the | ||
criteria established by a board for a specific search and meets | ||
the criteria established by a consultant for that search, then | ||
that minority investment manager shall receive an invitation by | ||
the board of trustees, or an investment committee of the board | ||
of trustees, to present his or her firm for final consideration | ||
of a contract. In the case where multiple minority investment | ||
managers meet the criteria of this Section, the staff may | ||
choose the most qualified firm or firms to present to the | ||
board. | ||
The use of a minority investment manager does not | ||
constitute a transfer
of investment authority for the purposes | ||
of subsection (2) of this Section. | ||
(10) Beginning January 1, 2016, it shall be the | ||
aspirational goal for a retirement system, pension fund, or | ||
investment board subject to this Code to use emerging | ||
investment managers for not less than 20% of the total funds | ||
under management. Furthermore, it shall be the aspirational | ||
goal that not less than 20% of investment advisors be | ||
minorities, females, and persons with disabilities as those | ||
terms are defined in the Business Enterprise for Minorities, | ||
Females, and Persons with Disabilities Act. It shall be the | ||
aspirational goal to utilize businesses owned by minorities, | ||
females, and persons with disabilities for not less than 20% of | ||
contracts awarded for "information technology services", | ||
"accounting services", "insurance brokers", "architectural and | ||
engineering services", and "legal services" as those terms are | ||
defined in the Act. | ||
(Source: P.A. 98-1022, eff. 1-1-15.)
| ||
Section 99. Effective date. This Act takes effect upon | ||
becoming law. | ||