(40 ILCS 5/22A-113) (from Ch. 108 1/2, par. 22A-113)
Sec. 22A-113.
Transfer of securities and investment functions.
(a) As soon as possible or practicable following the enactment of this
Article and prior to July 1, 1970, the trustees of the State Employees'
Retirement System, the General Assembly Retirement System and the Judges
Retirement System, shall transfer to this board for management and
investment all of their securities or for which commitments have been made,
and all funds, assets or moneys representing permanent or temporary
investments, or cash reserves maintained for the purpose of obtaining
income thereon.
(b) The board of trustees or retirement board of any pension fund or
retirement system electing to come under the authority of the Illinois
State Board of Investment for the management of its investments and the
performance of investment functions previously performed by such board of
that pension fund or retirement system shall effect a transfer of
securities and other assets thereof not later than the first day of the 4th
month next following the date of such election after completion of an audit
by a certified public accountant of such securities and other assets as
authorized by the Illinois State Board of Investment and approved by the
Auditor General of the State, the expense of which shall be assumed by the
pension fund or retirement system. Upon such transfer, the authority of the
Illinois State Board of Investment in the case of such pension fund or
retirement system is effective. These transfers shall be receipted for in
detail by the Chairman and director of the board.
(c) The board of trustees or retirement board of any pension fund or
retirement system authorized under the Illinois Pension Code to participate
in any commingled investment fund or funds established and managed by the
Illinois State Board of Investment under this Article may invest in such
commingled investment fund or funds upon written notice to the Illinois
State Board of Investment. The board of trustees of the Illinois Bank
Examiners' Education Foundation is authorized to participate in any
commingled investment fund or funds established and managed by the Illinois
State Board of Investment upon providing written notice to the Illinois
State Board of Investment. Any participation in a commingled fund and the
management thereof shall be in accordance with the governing law and the
rules, policies and directives of the Illinois State Board of Investment.
(Source: P.A. 84-1127.)
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