Full Text of SB0452 98th General Assembly
SB0452eng 98TH GENERAL ASSEMBLY |
| | SB0452 Engrossed | | LRB098 04664 EFG 34692 b |
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| 1 | | AN ACT concerning 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 adding | 5 | | Section 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 | 9 | | services, consulting services, or commitment to a private | 10 | | market fund shall be awarded by a retirement system, pension | 11 | | fund, or investment board established under this Code unless | 12 | | the investment advisor, consultant, or private market fund | 13 | | first 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 | 17 | | with a disability; and | 18 | | (2) the number of contracts for investment services, | 19 | | consulting services, and professional and artistic | 20 | | services the investment advisor, consultant, or private | 21 | | market fund has with a (i) minority owned business, (ii) | 22 | | female owned business or (iii) business owned by a person | 23 | | with a disability; and |
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| 1 | | (3) the number of contracts for investment services, | 2 | | consulting services, and professional and artistic | 3 | | services the investment advisor, consultant, or private | 4 | | market fund has with a business other than a (i) minority | 5 | | owned business, (ii) female owned business or (iii) | 6 | | business owned by a person with a disability, if more than | 7 | | 50% of services performed pursuant to the contract are | 8 | | performed by a (i) a minority person, (ii) a female, and | 9 | | (iii) a person with a disability. | 10 | | (b) The disclosures required by this Section shall be | 11 | | considered, within the bounds of financial and fiduciary | 12 | | prudence, prior to the awarding of a contract for investment | 13 | | services, consulting services, or commitment to a private | 14 | | market fund. | 15 | | (c) For the purposes of this Section, the terms "minority | 16 | | person", "female", "person
with a disability", "minority owned | 17 | | business", "female owned business", and
"business owned by a | 18 | | person with a disability" have the same meaning as those
terms | 19 | | have in the Business Enterprise for Minorities, Females, and | 20 | | Persons
with Disabilities Act. | 21 | | (d) For purposes of this Section, the term "private market | 22 | | fund" means any private equity fund, private equity fund of | 23 | | funds, venture capital fund, hedge fund, hedge fund of funds, | 24 | | real estate fund, or other investment vehicle that is not | 25 | | publicly traded. |
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