| |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||
1 | AN ACT concerning public employee benefits.
| ||||||||||||||||||||||||||
2 | Be it enacted by the People of the State of Illinois,
| ||||||||||||||||||||||||||
3 | represented in the General Assembly:
| ||||||||||||||||||||||||||
4 | Section 5. The Illinois Pension Code is amended by changing | ||||||||||||||||||||||||||
5 | Section 1-113.16 as follows: | ||||||||||||||||||||||||||
6 | (40 ILCS 5/1-113.16)
| ||||||||||||||||||||||||||
7 | Sec. 1-113.16. Investment transparency. | ||||||||||||||||||||||||||
8 | (a) The purpose of this Section is to provide for | ||||||||||||||||||||||||||
9 | transparency in the investment of retirement or pension funds | ||||||||||||||||||||||||||
10 | and require the reporting of full and complete information | ||||||||||||||||||||||||||
11 | regarding the investments by pension funds, retirement | ||||||||||||||||||||||||||
12 | systems, and investment boards. | ||||||||||||||||||||||||||
13 | (b) A retirement system, pension fund, or investment board | ||||||||||||||||||||||||||
14 | subject to this Code and any committees established by such | ||||||||||||||||||||||||||
15 | system, fund, or board must comply with the Open Meetings Act. | ||||||||||||||||||||||||||
16 | Except as otherwise provided under this subsection, any open | ||||||||||||||||||||||||||
17 | meeting of the board of trustees of a retirement system or | ||||||||||||||||||||||||||
18 | pension fund or any committee established by a retirement | ||||||||||||||||||||||||||
19 | system or pension fund must be broadcast to the public and | ||||||||||||||||||||||||||
20 | maintained in real-time on the retirement system's or pension | ||||||||||||||||||||||||||
21 | fund's website using a high-speed Internet connection. A | ||||||||||||||||||||||||||
22 | retirement system or pension fund must make audio and video | ||||||||||||||||||||||||||
23 | available for a meeting broadcast and maintained under this |
| |||||||
| |||||||
1 | subsection. The broadcast and maintenance requirements under | ||||||
2 | this subsection do not apply to a pension fund established | ||||||
3 | under Article 3 or 4. | ||||||
4 | (c) Any retirement system, pension fund, or investment | ||||||
5 | board subject to this Code that establishes a committee shall | ||||||
6 | ensure that the majority of the members on such committee are | ||||||
7 | board members. If any member of a committee is not a member of | ||||||
8 | the board for the system, fund, or board, then that committee | ||||||
9 | member shall be a fiduciary. | ||||||
10 | (d) A retirement system, pension fund, or investment board | ||||||
11 | subject to this Code, except those whose investments are | ||||||
12 | restricted by Section 1-113.2, shall maintain an official web | ||||||
13 | site and make available in a clear and conspicuous manner, and | ||||||
14 | update at least quarterly, all of the following information | ||||||
15 | concerning the investment of funds: | ||||||
16 | (1) The total amount of funds held by the pension fund, | ||||||
17 | retirement system, or investment board. | ||||||
18 | (2) The asset allocation for the investments made by | ||||||
19 | the pension fund, retirement system, or investment board. | ||||||
20 | (3) Current and historic return information. | ||||||
21 | (4) A detailed listing of the investment advisers for | ||||||
22 | all asset classes. | ||||||
23 | (5) Performance of investments compared against | ||||||
24 | established benchmarks. | ||||||
25 | (6) A detailed list of all consultants doing business | ||||||
26 | with the retirement system, pension fund, or investment |
| |||||||
| |||||||
1 | board. | ||||||
2 | (7) A detailed list of all contractors, other than | ||||||
3 | investment advisers and consultants, doing business with | ||||||
4 | the retirement system, pension fund, or investment board. | ||||||
5 | (8) Any requests for investment services. | ||||||
6 | (9) The names and email addresses of all board members, | ||||||
7 | directors, and senior staff. | ||||||
8 | (10) The report required under Section 1-109.1 of this | ||||||
9 | Code, if applicable. | ||||||
10 | (11) The description of each contract required under | ||||||
11 | subsection (g) of Section 1-113.14 of this Code, if | ||||||
12 | applicable. | ||||||
13 | (e) A pension fund whose investments are restricted by | ||||||
14 | Section 1-113.2 of this Code shall make the information | ||||||
15 | required in subsection (d) of this Section available on its web | ||||||
16 | site or in a location that allows the information to be | ||||||
17 | available for inspection by the public. | ||||||
18 | (f) Nothing in this Section requires the pension fund, | ||||||
19 | retirement system, or investment board to make information | ||||||
20 | available on the Internet that is exempt from inspection and | ||||||
21 | copying under the Freedom of Information Act.
| ||||||
22 | (Source: P.A. 96-6, eff. 4-3-09.) | ||||||
23 | Section 90. The State Mandates Act is amended by adding | ||||||
24 | Section 8.42 as follows: |
| |||||||
| |||||||
1 | (30 ILCS 805/8.42 new) | ||||||
2 | Sec. 8.42. Exempt mandate. Notwithstanding Sections 6 and 8 | ||||||
3 | of this Act, no reimbursement by the State is required for the | ||||||
4 | implementation of any mandate created by this amendatory Act of | ||||||
5 | the 100th General Assembly.
| ||||||
6 | Section 99. Effective date. This Act takes effect December | ||||||
7 | 31, 2020.
|