|Public Act 102-0097|
|SB0460 Enrolled||LRB102 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:
The Illinois Pension Code is amended by adding
Section 1-113.24 as follows:
(40 ILCS 5/1-113.24 new)
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