Sen. Napoleon Harris, III
Filed: 4/8/2021
 
 

 

 

 
10200SB0460sam001LRB102 11534 RPS 24728 a



1
AMENDMENT TO SENATE BILL 460 




2    AMENDMENT NO. ______. Amend Senate Bill 460 by replacing 
3everything after the enacting clause with the following:

 
 
4    "Section 5. The Illinois Pension Code is amended  by adding 
5Section 1-113.24 as follows:
 
6    (40 ILCS 5/1-113.24 new)
7    Sec. 1-113.24. Contracts for investment services with 
8emerging investment managers through a qualified manager of 
9emerging investment managers services.
10    (a) As used in this Section: 
11    "Emerging investment manager" has the meaning given to 
12that term in subsection (4) of Section 1-109.1 
13    "Investment services"  has the meaning given to that term 
14in Section 1-113.14. 
15    "Qualified manager of emerging investment managers 
16services" means the services of an investment adviser acting 
 
 
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1in its capacity as an investment manager of a multimanager 
2portfolio made up of emerging investment managers. 
3    (b)  Consistent with the requirements of Section 1-113.14, 
4all contracts for investment services shall be awarded by the 
5board of a pension fund or retirement system or investment 
6board using a competitive process that is substantially 
7similar to the process required for the procurement of 
8professional and artistic services under Article 35 of the 
9Illinois Procurement Code; however,  an exception to the 
10requirements of Section 1-113.14 shall be allowed for 
11contracts for investment services with an emerging investment 
12manager provided through a qualified manager of emerging 
13investment managers services. Based upon a written 
14recommendation from an investment adviser providing qualified 
15manager of emerging investment managers services for the 
16selection or appointment of an emerging investment manager 
17that has been providing investment services in the 
18multimanager portfolio for at least 24 months, the board of a 
19pension fund or retirement system or investment board may 
20select or appoint such emerging investment manager. All 
21exceptions to Section 1-113.14 granted under this Section must 
22be published on the pension fund's, retirement system's, or 
23investment board's website, which shall name the person 
24authorizing the procurement and shall include a brief 
25explanation of the reason for the exception. 
26    (c) A qualified manager of emerging investment managers 
 
 
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1services shall comply with the requirements regarding written 
2contracts set forth in subsection (c) of Section 1-113.14. 
  
 
3    Section 90. The State Mandates Act is amended by adding 
4Section 8.45 as follows:
 
5    (30 ILCS 805/8.45 new)
6    Sec. 8.45. Exempt mandate. Notwithstanding Sections 6 and 
78 of this Act, no reimbursement by the State is required for 
8the implementation of any mandate created by this amendatory 
9Act of the 102nd General Assembly.".