Illinois General Assembly

  Bills & Resolutions  
  Compiled Statutes  
  Public Acts  
  Legislative Reports  
  IL Constitution  
  Legislative Guide  
  Legislative Glossary  

 Search By Number
 (example: HB0001)
Search Tips

Search By Keyword

Public Act 102-0097


 

Public Act 0097 102ND GENERAL ASSEMBLY

  
  
  

 


 
Public Act 102-0097
 
SB0460 EnrolledLRB102 11534 RPS 16868 b

    AN ACT concerning public employee benefits.
 
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
 
    Section 5. The Illinois Pension Code is amended by adding
Section 1-113.24 as follows:
 
    (40 ILCS 5/1-113.24 new)
    Sec. 1-113.24. Contracts for investment services with
emerging investment managers through a qualified manager of
emerging investment managers services.
    (a) As used in this Section:
    "Emerging investment manager" has the meaning given to
that term in subsection (4) of Section 1-109.1.
    "Investment services" has the meaning given to that term
in Section 1-113.14.
    "Qualified manager of emerging investment managers
services" means the services of an investment adviser acting
in its capacity as an investment manager of a multimanager
portfolio made up of emerging investment managers.
    (b) Consistent with the requirements of Section 1-113.14,
all contracts for investment services shall be awarded by the
board of a pension fund or retirement system or investment
board using a competitive process that is substantially
similar to the process required for the procurement of
professional and artistic services under Article 35 of the
Illinois Procurement Code; however, an exception to the
requirements of Section 1-113.14 shall be allowed for
contracts for investment services with an emerging investment
manager provided through a qualified manager of emerging
investment managers services. 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
pension fund or retirement system or investment board may
select or appoint such emerging investment manager. All
exceptions to Section 1-113.14 granted under this Section must
be published on the pension fund's, retirement system's, or
investment board's website, which shall name the person
authorizing the procurement and shall include a brief
explanation of the reason for the exception.
    (c) A qualified manager of emerging investment managers
services shall comply with the requirements regarding written
contracts set forth in subsection (c) of Section 1-113.14.
 
    Section 90. The State Mandates Act is amended by adding
Section 8.45 as follows:
 
    (30 ILCS 805/8.45 new)
    Sec. 8.45. Exempt mandate. Notwithstanding Sections 6 and
8 of this Act, no reimbursement by the State is required for
the implementation of any mandate created by this amendatory
Act of the 102nd General Assembly.

Effective Date: 1/1/2022