Sen. James F. Clayborne, Jr.
Filed: 4/7/2014
 
 

 

 

 
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1
AMENDMENT TO SENATE BILL 452




2    AMENDMENT NO. ______. Amend Senate Bill 452 by replacing 
3everything after the enacting clause with the following:

 
4    "Section 5. The Illinois Pension Code is amended by adding 
5Section 1-113.21 as follows:
 
6    (40 ILCS 5/1-113.21 new)
7    Sec. 1-113.21. Contracts for services.
8    (a) Beginning January 1, 2015, no contract for investment 
9services, consulting services, or commitment to a private 
10market fund shall be awarded by a retirement system, pension 
11fund, or investment board established under this Code unless 
12the investment advisor, consultant, or private market fund 
13first discloses:
14        (1) the number of its investment and senior staff and 
15    the percentage of its investment and senior staff who are 
16    (i) a minority person,(ii) a female, and (iii) a person 
 
 
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1    with a disability; and
2        (2) the number of contracts for investment services, 
3    consulting services, and professional and artistic 
4    services the investment advisor, consultant, or private 
5    market fund has with a (i) minority owned business, (ii) 
6    female owned business or (iii) business owned by a person 
7    with a disability; and
8        (3) the number of contracts for investment services, 
9    consulting services, and professional and artistic 
10    services the investment advisor, consultant, or private 
11    market fund has with a business other than a (i) minority 
12    owned business, (ii) female owned business or (iii) 
13    business owned by a person with a disability, if more than 
14    50% of services performed pursuant to the contract are 
15    performed by a (i) a minority person, (ii) a female, and 
16    (iii) a person with a disability.
17    (b) The disclosures required by this Section shall be 
18considered prior to the awarding of a contract for investment 
19services, consulting services, or commitment to a private 
20market fund.
21    (c) For the purposes of this Section, the terms "minority 
22person", "female", "person
with a disability", "minority owned 
23business", "female owned business", and
"business owned by a 
24person with a disability" have the same meaning as those
terms 
25have in the Business Enterprise for Minorities, Females, and 
26Persons
with Disabilities Act. 
 
 
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1    (d) For purposes of this Section, the term "private market 
2fund" means any private equity fund, private equity fund of 
3funds, venture capital fund, hedge fund, hedge fund of funds, 
4real estate fund, or other investment vehicle that is not 
5publicly traded.".