Full Text of HB4413 100th General Assembly
HB4413 100TH GENERAL ASSEMBLY
100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
Introduced , by Rep. Carol Ammons
SYNOPSIS AS INTRODUCED:
40 ILCS 5/1-113.16
30 ILCS 805/8.42 new
Amends the General Provisions Article of the Illinois Pension Code.
Provides that any open meeting of the board of trustees of a retirement
system or pension fund or any committee established by a retirement system
or pension fund must be broadcast to the public and maintained in real-time
on the retirement system's or pension fund's website using a high-speed
Internet connection. Amends the State Mandates Act to require
implementation without reimbursement by the State. Effective immediately.
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A BILL FOR
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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 changing
Section 1-113.16 as follows:
(40 ILCS 5/1-113.16)
(a) The purpose of this Section is to provide for
transparency in the investment of retirement or pension funds
and require the reporting of full and complete information
regarding the investments by pension funds, retirement
systems, and investment boards.
(b) A retirement system, pension fund, or investment board
subject to this Code and any committees established by such
system, fund, or board must comply with the Open Meetings Act.
Any open meeting of the board of trustees of a retirement
system or pension fund or any committee established by a
retirement system or pension fund must be broadcast to the
public and maintained in real-time on the retirement system's
or pension fund's website using a high-speed Internet
(c) Any retirement system, pension fund, or investment
board subject to this Code that establishes a committee shall
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ensure that the majority of the members on such committee are
board members. If any member of a committee is not a member of
the board for the system, fund, or board, then that committee
member shall be a fiduciary.
(d) A retirement system, pension fund, or investment board
subject to this Code, except those whose investments are
restricted by Section 1-113.2, shall maintain an official web
site and make available in a clear and conspicuous manner, and
update at least quarterly, all of the following information
concerning the investment of funds:
(1) The total amount of funds held by the pension fund,
retirement system, or investment board.
(2) The asset allocation for the investments made by
the pension fund, retirement system, or investment board.
(3) Current and historic return information.
(4) A detailed listing of the investment advisers for
all asset classes.
(5) Performance of investments compared against
(6) A detailed list of all consultants doing business
with the retirement system, pension fund, or investment
(7) A detailed list of all contractors, other than
investment advisers and consultants, doing business with
the retirement system, pension fund, or investment board.
(8) Any requests for investment services.
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(9) The names and email addresses of all board members,
directors, and senior staff.
(10) The report required under Section 1-109.1 of this
Code, if applicable.
(11) The description of each contract required under
subsection (g) of Section 1-113.14 of this Code, if
(e) A pension fund whose investments are restricted by
Section 1-113.2 of this Code shall make the information
required in subsection (d) of this Section available on its web
site or in a location that allows the information to be
available for inspection by the public.
(f) Nothing in this Section requires the pension fund,
retirement system, or investment board to make information
available on the Internet that is exempt from inspection and
copying under the Freedom of Information Act.
(Source: P.A. 96-6, eff. 4-3-09.)
The State Mandates Act is amended by adding
Section 8.42 as follows:
(30 ILCS 805/8.42 new)
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 100th General Assembly.
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This Act takes effect upon