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92_HB4164 LRB9215274EGfg 1 AN ACT in relation to public employee benefits. 2 Be it enacted by the People of the State of Illinois, 3 represented in the General Assembly: 4 Section 5. The Illinois Pension Code is amended by 5 adding Section 1-109.3 as follows: 6 (40 ILCS 5/1-109.3 new) 7 Sec. 1-109.3. Responsible contractor policy. 8 (a) As used in the Section: 9 "Responsible contractor policy" means a written policy 10 requiring the trustees, investment managers, and other 11 persons responsible for investing the assets of a pension 12 fund or retirement system to require, as a condition of any 13 investment in real estate, that the property owner or manager 14 of the real estate demonstrate that the construction and 15 building operation contractors and subcontractors working on 16 or in the property are paid fair wages and benefits. 17 "Investment in real estate" includes both direct holdings 18 and investments in real estate holding companies, trusts, and 19 partnerships. 20 (b) By July 1, 2003, the Public Pension Division of the 21 Department of Insurance (with respect to pension funds 22 established under Article 3 or 4), the State Board of 23 Investment (with respect to retirement systems whose 24 investments it manages), and the board of trustees of every 25 other pension fund or retirement system established under 26 this Code shall each adopt and implement a responsible 27 contractor policy. 28 In formulating and adopting a responsible contractor 29 policy, the Division, State Board, or board of trustees shall 30 review and consider the Responsible Contractor Program Policy 31 adopted by the California Public Employees' Retirement System -2- LRB9215274EGfg 1 and the Contractor Selection Program Investment Policy 2 adopted by the New York Common Retirement Fund. 3 The responsible contractor policy shall be filed with the 4 Illinois Pension Laws Commission within 30 days after its 5 adoption. Whenever an amendment to a responsible contractor 6 policy is adopted, a copy of the new policy shall be filed 7 with the Illinois Pension Laws Commission within 30 days 8 after its adoption. 9 (c) The State Board of Investment and the board of 10 trustees of every pension fund or retirement system 11 established under this Code shall include in its annual 12 report an evaluation of its implementation of the applicable 13 responsible contractor policy. 14 Section 99. Effective date. This Act takes effect upon 15 becoming law.
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