Bill Status of SB0779 100th General Assembly
Short Description: PEN CD-INVESTMENT DISCLOSURE
Sen. Daniel Biss
|Licensed Activities and Pensions Hearing Mar 29 2017 12:00PM Capitol 400 Springfield, IL |
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the General Provisions Article of the Illinois Pension Code in relation to investment transparency. Defines terms. Provides that within 90 days after entering into a new agreement to invest in an alternative investment fund, a public retirement system must disclose certain specified provisions of the agreement. Provides that a public retirement system shall require its alternative investment fund external managers and general partners to make certain annual disclosures concerning certain fees and expenses, in regard to each alternative investment fund. Provides that supplying a public retirement system with a completed reporting template developed by the Institutional Limited Partners Association constitutes compliance with certain reporting requirements. Declares the disclosures to be public records and requires their publication on the public retirement system's website. Amends the Freedom of Information Act to make a conforming change. Effective immediately.