Full Text of SB1714 100th General Assembly
SB1714enr 100TH GENERAL ASSEMBLY |
| | SB1714 Enrolled | | LRB100 08308 RPS 18412 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 | | Sections 1-113.22 and 1-113.23 as follows: | 6 | | (40 ILCS 5/1-113.22 new) | 7 | | Sec. 1-113.22. Required disclosures from consultants; | 8 | | minority owned businesses, female owned businesses, and | 9 | | businesses owned by persons with a disability. | 10 | | (a) No later than January 1, 2018 and each January 1 | 11 | | thereafter, each consultant retained by the board of a | 12 | | retirement system, board of a pension fund, or investment board | 13 | | shall disclose to that board of the retirement system, board of | 14 | | the pension fund, or investment board: | 15 | | (1) the total number of searches for investment | 16 | | services made by the consultant in the prior calendar year; | 17 | | (2) the total number of searches for investment | 18 | | services made by the consultant in the prior calendar year | 19 | | that included (i) a minority owned business, (ii) a female | 20 | | owned business, or (iii) a business owned by a person with | 21 | | a disability; | 22 | | (3) the total number of searches for investment | 23 | | services made by the consultant in the prior calendar year |
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| 1 | | in which the consultant recommended for selection (i) a | 2 | | minority owned business, (ii) a female owned business, or | 3 | | (iii) a business owned by a person with a disability; | 4 | | (4) the total number of searches for investment | 5 | | services made by the consultant in the prior calendar year | 6 | | that resulted in the selection of (i) a minority owned | 7 | | business, (ii) a female owned business, or (iii) a business | 8 | | owned by a person with a disability; and | 9 | | (5) the total dollar amount of investment made in the | 10 | | previous calendar year with (i) a minority owned business, | 11 | | (ii) a female owned business, or (iii) a business owned by | 12 | | a person with a disability that was selected after a search | 13 | | for investment services performed by the consultant. | 14 | | (b) Beginning January 1, 2018, no contract, oral or | 15 | | written, for consulting services shall be awarded by a board of | 16 | | a retirement system, a board of a pension fund, or an | 17 | | investment board without first requiring the consultant to make | 18 | | the disclosures required in subsection (a) of this Section. | 19 | | (c) The disclosures required by subsection (b) of this | 20 | | Section shall be considered, within the bounds of financial and | 21 | | fiduciary prudence, prior to the awarding of a contract, oral | 22 | | or written, for consulting services. | 23 | | (d) As used in this Section, the terms "minority person", | 24 | | "female", "person with a disability", "minority owned | 25 | | business", "female owned business", and "business owned by a | 26 | | person with a disability" have the same meaning as those terms |
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| 1 | | have in the Business Enterprise for Minorities, Females, and | 2 | | Persons with Disabilities Act. | 3 | | (40 ILCS 5/1-113.23 new) | 4 | | Sec. 1-113.23. Required disclosures from consultants; | 5 | | compensation and economic opportunity received. | 6 | | (a) As used in this Section: | 7 | | "Compensation" means any money, thing of value, or economic | 8 | | benefit conferred on, or received by, a consultant in return | 9 | | for services rendered, or to be rendered, by himself, herself, | 10 | | or another. | 11 | | "Economic opportunity" means any purchase, sale, lease, | 12 | | contract, option, or other transaction or arrangement | 13 | | involving property or services wherein a consultant may gain an | 14 | | economic benefit. | 15 | | (b) No later than January 1, 2018 and each January 1 | 16 | | thereafter, a consultant retained by the board of a retirement | 17 | | system, the board of a pension fund, or an investment board | 18 | | shall disclose to the board of the retirement system, the board | 19 | | of the pension fund, or the investment board all compensation | 20 | | and economic opportunity received in the last 24 months from | 21 | | investment advisors retained by the board of a retirement | 22 | | system, board of a pension fund, or investment board. | 23 | | (c) Beginning January 1, 2018, a consultant shall disclose | 24 | | to the board of a retirement system, the board of a pension | 25 | | fund, or an investment board any compensation or economic |
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| 1 | | opportunity received in the last 24 months from an investment | 2 | | advisor that is recommended for selection by the consultant. A | 3 | | consultant shall make this disclosure prior to the board | 4 | | selecting an investment advisor for appointment. | 5 | | (d) Beginning January 1, 2018, no contract, oral or | 6 | | written, for consulting services shall be awarded by a board of | 7 | | a retirement system, board of a pension fund, or an investment | 8 | | board without first requiring the consultant to make the | 9 | | disclosures required in subsection (c) of this Section.
| 10 | | Section 99. Effective date. This Act takes effect upon | 11 | | becoming law.
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