093_HB3592

 
                                     LRB093 10732 EFG 11122 b

 1        AN ACT in relation to public employee benefits.

 2        Be  it  enacted  by  the People of the State of Illinois,
 3    represented in the General Assembly:

 4        Section 5.  The  Illinois  Pension  Code  is  amended  by
 5    adding Section 1-110.1 as follows:

 6        (40 ILCS 5/1-110.1 new)
 7        Sec.  1-110.1.  Conflicts  of  interest.  In choosing and
 8    using investment advisers and investment services, the  State
 9    Board  of  Investment  and the board of trustees of a pension
10    fund shall be particularly conscious  of  the  potential  for
11    conflicts of interest.  The State Board of Investment and the
12    board  of trustees of a pension fund may by contract, and the
13    Department of  Insurance  may  by  rule,  require  investment
14    advisers  and providers of investment services to declare and
15    report potential conflicts of interest that may affect  their
16    fiduciary duties.

17        Section  99.  Effective date.  This Act takes effect upon
18    becoming law.