(40 ILCS 5/17-146.1)
(from Ch. 108 1/2, par. 17-146.1)
Participation in commingled investment funds; transfer of
investment functions and securities.
(a) The Board may invest in any commingled
investment fund or
funds established and maintained by the Illinois State Board of Investment
under the provisions of Article 22A of this Code. All
commingled fund participations shall be subject to the law governing the
Illinois State Board of Investment and the rules, policies and directives
of that Board.
(b) The Board may, by resolution duly adopted by a
vote of its membership, transfer to the Illinois State Board of Investment
created by Article 22A of this Code, for management and administration, all
investments owned by the Fund of every kind and character. Upon completion
of such transfer, the authority of the Board to make
shall terminate. Thereafter, all investments of the reserves of the Fund
shall be made by the Illinois State Board of Investment in accordance with
the provisions of Article 22A of this Code.
Such transfer shall be made not later than the first day of the fourth
month next following the date of such resolution. Before such transfer an
audit of such investments shall be completed by a certified public
accountant selected by the Illinois State Board of Investment and approved
by the Auditor General of the State of Illinois. The expense of such audit
shall be defrayed by the retirement Board.
(Source: P.A. 90-19, eff. 6-20-97; 90-32, eff. 6-27-97; 90-566, eff.