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.".