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Full Text of HB4413  100th General Assembly

HB4413 100TH GENERAL ASSEMBLY

  
  

 


 
100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
HB4413

 

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.


LRB100 15614 RPS 30709 b

FISCAL NOTE ACT MAY APPLY
PENSION IMPACT NOTE ACT MAY APPLY
STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT

 

 

A BILL FOR

 

HB4413LRB100 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.
22    (c) Any retirement system, pension fund, or investment
23board subject to this Code that establishes a committee shall

 

 

HB4413- 2 -LRB100 15614 RPS 30709 b

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

 

 

HB4413- 3 -LRB100 15614 RPS 30709 b

1        (9) The names and email addresses of all board members,
2    directors, and senior staff.
3        (10) The report required under Section 1-109.1 of this
4    Code, if applicable.
5        (11) The description of each contract required under
6    subsection (g) of Section 1-113.14 of this Code, if
7    applicable.
8    (e) A pension fund whose investments are restricted by
9Section 1-113.2 of this Code shall make the information
10required in subsection (d) of this Section available on its web
11site or in a location that allows the information to be
12available for inspection by the public.
13    (f) Nothing in this Section requires the pension fund,
14retirement system, or investment board to make information
15available on the Internet that is exempt from inspection and
16copying under the Freedom of Information Act.
17(Source: P.A. 96-6, eff. 4-3-09.)
 
18    Section 90. The State Mandates Act is amended by adding
19Section 8.42 as follows:
 
20    (30 ILCS 805/8.42 new)
21    Sec. 8.42. Exempt mandate. Notwithstanding Sections 6 and 8
22of this Act, no reimbursement by the State is required for the
23implementation of any mandate created by this amendatory Act of
24the 100th General Assembly.
 

 

 

HB4413- 4 -LRB100 15614 RPS 30709 b

1    Section 99. Effective date. This Act takes effect upon
2becoming law.