HB5057 Engrossed

LRB096 18200 EFG 33575 b





  
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    AN ACT concerning State government.
  
 
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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 University of Illinois Exercise of Functions 
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and Duties Law
of the Civil Administrative Code of Illinois is 
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amended  by adding Section 3000-10 as follows:
 
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    (110 ILCS 355/3000-10 new)
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    Sec. 3000-10. Investment Review Commission.
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    (a) There is hereby created within the University of 
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Illinois an Investment Review Commission.  The Commission shall 
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review the reliability of the investment rating sources and 
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tools used by agencies of the State, including without 
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limitation the Office of the State Treasurer, the Illinois 
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State Board of Investment, and the State-funded retirement  
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systems.  The Commission shall identify any investment rating 
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sources or tools that it finds to be unreliable for the 
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purposes for which they are being used, and may recommend 
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alternative investment rating sources and tools that it 
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believes to be more reliable.
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    The Commission shall  report its findings and 
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recommendations at least annually to the Governor, the State 
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Treasurer,  and the General Assembly. 
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    (b) The Commission shall consist of at least 3 members of 
 


 






HB5057 Engrossed
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LRB096 18200 EFG 33575 b




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the University faculty, plus as many other persons as the 
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President of the University may deem appropriate.  Members of 
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the Commission shall be appointed by the President and shall 
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serve at the pleasure of the President.  The University and the 
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members of the Commission may be reimbursed for their expenses 
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in connection with the Commission out of any funds available to 
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the University for that purpose. 
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    (c) All State agencies that are responsible for the 
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long-term investment of public funds, including without 
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limitation the Office of the State Treasurer, the Illinois 
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State Board of Investment, and the State-funded retirement  
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systems, shall cooperate with the Commission and provide any 
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information relating to their use of investment rating sources 
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and tools that the Commission may request.
 
 
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    Section 99. Effective date. This Act takes effect upon 
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becoming law.