(40 ILCS 5/15-167.1) (from Ch. 108 1/2, par. 15-167.1)
Sec. 15-167.1.
Participation in commingled investment funds-Transfer of
investment functions and securities. (a) The retirement board may invest
in any commingled investment fund or
funds established and maintained by the Illinois State Board of Investment
under Article 22A of this Code. All
commingled fund participations shall be subject to the law governing the
Illinois State Board of Investment and the rules, policies and directives
of that Board.
(b) The retirement board may, by resolution duly adopted by a majority
vote of its membership, transfer to the Illinois State Board of Investment
created by Article 22A of this Code, for management and administration, all
investments owned by the system of every kind and character.
Upon completion
of such transfer, the authority of the retirement board to make investments
shall terminate. Thereafter, all investments of the reserves of the system
shall be made by the Illinois State Board of Investment in accordance
with Article 22A of this Code.
The transfer shall be made not later than the first day of the fourth
month next following the date of such resolution. Before such transfer, an
audit of the investments shall be completed by a certified public
accountant selected by the Illinois State Board of Investment and approved
by the Auditor General of the State of Illinois. The expense of the audit
shall be assumed by the retirement board.
(Source: P.A. 83-1440.)
|