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Public Act 100-0542
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| SB1714 Enrolled | LRB100 08308 RPS 18412 b |
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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:
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(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 |
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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 |
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have in the Business Enterprise for Minorities, Females, and |
Persons with Disabilities Act.
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(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 |
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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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