Illinois General Assembly - Full Text of HB4413
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Full Text of HB4413  100th General Assembly




HB4413 EngrossedLRB100 15614 RPS 30709 b

1    AN ACT concerning public employee benefits.
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4    Section 5. The Illinois Pension Code is amended by changing
5Section 1-113.16 as follows:
6    (40 ILCS 5/1-113.16)
7    Sec. 1-113.16. Investment transparency.
8    (a) The purpose of this Section is to provide for
9transparency in the investment of retirement or pension funds
10and require the reporting of full and complete information
11regarding the investments by pension funds, retirement
12systems, and investment boards.
13    (b) A retirement system, pension fund, or investment board
14subject to this Code and any committees established by such
15system, fund, or board must comply with the Open Meetings Act.
16Any open meeting of the board of trustees of a retirement
17system or pension fund or any committee established by a
18retirement system or pension fund must be broadcast to the
19public and maintained in real-time on the retirement system's
20or pension fund's website using a high-speed Internet
21connection. A retirement system or pension fund must make audio
22and video available for a meeting broadcast and maintained
23under this subsection.



HB4413 Engrossed- 2 -LRB100 15614 RPS 30709 b

1    (c) Any retirement system, pension fund, or investment
2board subject to this Code that establishes a committee shall
3ensure that the majority of the members on such committee are
4board members. If any member of a committee is not a member of
5the board for the system, fund, or board, then that committee
6member shall be a fiduciary.
7    (d) A retirement system, pension fund, or investment board
8subject to this Code, except those whose investments are
9restricted by Section 1-113.2, shall maintain an official web
10site and make available in a clear and conspicuous manner, and
11update at least quarterly, all of the following information
12concerning the investment of funds:
13        (1) The total amount of funds held by the pension fund,
14    retirement system, or investment board.
15        (2) The asset allocation for the investments made by
16    the pension fund, retirement system, or investment board.
17        (3) Current and historic return information.
18        (4) A detailed listing of the investment advisers for
19    all asset classes.
20        (5) Performance of investments compared against
21    established benchmarks.
22        (6) A detailed list of all consultants doing business
23    with the retirement system, pension fund, or investment
24    board.
25        (7) A detailed list of all contractors, other than
26    investment advisers and consultants, doing business with



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1    the retirement system, pension fund, or investment board.
2        (8) Any requests for investment services.
3        (9) The names and email addresses of all board members,
4    directors, and senior staff.
5        (10) The report required under Section 1-109.1 of this
6    Code, if applicable.
7        (11) The description of each contract required under
8    subsection (g) of Section 1-113.14 of this Code, if
9    applicable.
10    (e) A pension fund whose investments are restricted by
11Section 1-113.2 of this Code shall make the information
12required in subsection (d) of this Section available on its web
13site or in a location that allows the information to be
14available for inspection by the public.
15    (f) Nothing in this Section requires the pension fund,
16retirement system, or investment board to make information
17available on the Internet that is exempt from inspection and
18copying under the Freedom of Information Act.
19(Source: P.A. 96-6, eff. 4-3-09.)
20    Section 90. The State Mandates Act is amended by adding
21Section 8.42 as follows:
22    (30 ILCS 805/8.42 new)
23    Sec. 8.42. Exempt mandate. Notwithstanding Sections 6 and 8
24of this Act, no reimbursement by the State is required for the



HB4413 Engrossed- 4 -LRB100 15614 RPS 30709 b

1implementation of any mandate created by this amendatory Act of
2the 100th General Assembly.
3    Section 99. Effective date. This Act takes effect January
431, 2019.