Section 800.230  Delegation of Authority

The Board shall manage the investments of any pension fund for the purpose of obtaining a total return on investments for the long term.  It also shall perform other functions as may be assigned or directed by the General Assembly.  The Board may not delegate its management functions.  For the purpose of seeking a broad spectrum of advice and fostering competitive performance, and to assist the Board in fully implementing the provisions of the applicable law, the Board may contract, for compensation, advisory services with one or more national or state banks or trust companies authorized to do a trust business and domiciled in the State of Illinois.  It may also utilize the services of one or more financial institutions organized under the laws of Illinois, or employ investment advisors who have qualified under Subchapter II of the federal Investment Advisors Act of 1940 (15 USC 80b-1 et seq.) and are registered under the Illinois Securities Law of 1953 [815 ILCS 5].

(Source:  Amended at 32 Ill. Reg. 360, effective December 26, 2007)