Illinois General Assembly - Bill Status for SB1671
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 Bill Status of SB1671  101st General Assembly

Short Description:  PENCD-EMRGING INVSTMNT MANAGER

Senate Sponsors
Sen. Don Harmon

House Sponsors
(Rep. Gregory Harris and Karina Villa)

Last Action
DateChamber Action
  1/13/2021SenateSession Sine Die

Statutes Amended In Order of Appearance
40 ILCS 5/1-109.1from Ch. 108 1/2, par. 1-109.1
40 ILCS 5/1-113.14


Synopsis As Introduced
Amends the General Provisions Article of the Illinois Pension Code. Provides that "emerging investment manager" means a qualified investment adviser that manages an investment portfolio of at least $10,000,000 but less than $10,000,000,000 at the time of the initial contract with the retirement system, pension fund, or investment board (rather than at least $10,000,000 but less than $10,000,000,000) and is a minority-owned business, women-owned business, or business owned by a person with a disability. In a provision requiring a competitive process for awarding investment contracts, adds an exclusion for contracts for investment services with an emerging investment manager. Effective immediately.

Senate Floor Amendment No. 1
Adds reference to:
40 ILCS 5/1-113.15a new

Replaces everything after the enacting clause. Reinserts the provisions of the introduced bill with the following changes. Provides that "emerging investment manager" means a qualified investment adviser that manages an investment portfolio of at least $10,000,000 but less than $20,000,000,000 (instead of $10,000,000,000) at the time of the initial contract with the retirement system, pension fund, or investment board and is a minority-owned business, women-owned business, or business owned by a person with a disability. Defines "qualified manager of emerging investment managers services". In a provision requiring a competitive process for awarding investment contracts, adds an exclusion for contracts for investment services with an emerging investment manager provided through a qualified manager of emerging investment managers services. In a provision requiring contracts for investment services to include certain disclosures regarding subcontractors, excludes from the definition of "subcontractor" qualified managers of emerging investment managers services. Provides that based upon a written recommendation from an investment adviser providing qualified manager of emerging investment managers services for the selection or appointment of an emerging investment manager that has been providing investment services in the multimanager portfolio for at least 24 months, the board of a retirement system, pension fund, or investment board may select or appoint such emerging investment manager based upon such recommendation. Requires a qualified manager of emerging investment managers services to comply with specified requirements concerning written contracts.

Actions 
DateChamber Action
  2/15/2019SenateFiled with Secretary by Sen. Iris Y. Martinez
  2/15/2019SenateFirst Reading
  2/15/2019SenateReferred to Assignments
  2/27/2019SenateAssigned to Government Accountability and Ethics
  3/20/2019SenateDo Pass Government Accountability and Ethics; 006-000-000
  3/20/2019SenatePlaced on Calendar Order of 2nd Reading March 21, 2019
  4/5/2019SenateSenate Floor Amendment No. 1 Filed with Secretary by Sen. Iris Y. Martinez
  4/5/2019SenateSenate Floor Amendment No. 1 Referred to Assignments
  4/9/2019SenateSenate Floor Amendment No. 1 Assignments Refers to Government Accountability and Ethics
  4/9/2019SenateSecond Reading
  4/9/2019SenatePlaced on Calendar Order of 3rd Reading April 10, 2019
  4/10/2019SenateSenate Floor Amendment No. 1 Recommend Do Adopt Government Accountability and Ethics; 007-000-000
  4/10/2019SenateRecalled to Second Reading
  4/10/2019SenateSenate Floor Amendment No. 1 Adopted; Martinez
  4/10/2019SenatePlaced on Calendar Order of 3rd Reading
  4/10/2019SenateThird Reading - Passed; 057-000-000
  4/11/2019HouseArrived in House
  4/11/2019HouseChief House Sponsor Rep. Robert Martwick
  4/11/2019HouseFirst Reading
  4/11/2019HouseReferred to Rules Committee
  4/30/2019HouseAssigned to Personnel & Pensions Committee
  5/9/2019HouseDo Pass / Short Debate Personnel & Pensions Committee; 010-000-000
  5/9/2019HousePlaced on Calendar 2nd Reading - Short Debate
  5/22/2019HouseSecond Reading - Short Debate
  5/22/2019HouseHeld on Calendar Order of Second Reading - Short Debate
  5/24/2019HouseFinal Action Deadline Extended-9(b) May 31, 2019
  5/31/2019HouseFinal Action Deadline Extended-9(b) June 30, 2019
  6/28/2019HouseRule 19(a) / Re-referred to Rules Committee
  10/21/2019HouseAlternate Chief Sponsor Changed to Rep. Gregory Harris
  10/21/2019HouseApproved for Consideration Rules Committee; 004-000-000
  10/21/2019HousePlaced on Calendar 2nd Reading - Short Debate
  10/21/2019HouseFinal Action Deadline Extended-9(b) November 27, 2019
  10/30/2019HouseAdded Alternate Co-Sponsor Rep. Karina Villa
  11/28/2019HouseRule 19(a) / Re-referred to Rules Committee
  12/1/2020SenateChief Sponsor Changed to Sen. Don Harmon
  1/13/2021SenateSession Sine Die

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