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92_SB2181
LRB9216124EGfg
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 7-195.2 as follows:
6 (50 ILCS 5/7-195.2 new)
7 Sec. 7-195.2. To use emerging investment managers,
8 minority-owned businesses, female-owned businesses, and
9 businesses owned by persons with disabilities in managing the
10 Fund's assets.
11 (a) For the purposes of this Section:
12 "Emerging investment manager" means a qualified
13 investment adviser that manages an investment portfolio of at
14 least $10,000,000 but less than $500,000,000 and is a
15 minority-owned business, female-owned business, or business
16 owned by a person with a disability, as those terms are
17 defined in this Section.
18 "Minority-owned business" means a business concern that
19 is at least 51% owned by one or more minority persons or, in
20 the case of a corporation, at least 51% of the stock in which
21 is owned by one or more minority persons; and the management
22 and daily business operations of which are controlled by one
23 or more of the minority persons who own it.
24 "Female owned business" means a business concern that is
25 at least 51% owned by one or more females or, in the case of
26 a corporation, at least 51% of the stock in which is owned by
27 one or more females; and the management and daily business
28 operations of which are controlled by one or more of the
29 females who own it.
30 "Business owned by a person with a disability" means a
31 business concern that is at least 51% owned by one or more
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1 persons with disabilities and the management and daily
2 business operations of which are controlled by one or more of
3 the persons with disabilities who own it.
4 "Minority person", "female", and "person with a
5 disability" have the meanings given them in the Business
6 Enterprise for Minorities, Females, and Persons with
7 Disabilities Act.
8 (b) It is hereby declared to be the public policy of the
9 State of Illinois to encourage the trustees of the Fund to
10 use emerging investment managers, minority-owned businesses,
11 female-owned businesses, and businesses owned by persons with
12 disabilities in managing the Fund's assets to the greatest
13 extent feasible within the bounds of financial and fiduciary
14 prudence, and to take affirmative steps to remove any
15 barriers to the full participation of emerging investment
16 managers, minority-owned businesses, female-owned businesses,
17 and businesses owned by persons with disabilities in
18 investment opportunities afforded by the Fund.
19 (c) The Fund shall prepare a report to be submitted to
20 the Governor and the General Assembly by September 1 of each
21 year. The report shall identify the emerging investment
22 managers, minority-owned businesses, female-owned businesses,
23 and businesses owned by persons with disabilities used by the
24 Fund, the percentage of the Fund's assets under the
25 investment control of those managers and businesses, and the
26 actions the Fund has undertaken to increase the use of those
27 managers and businesses, including encouraging other
28 investment managers to use emerging investment managers,
29 minority-owned businesses, female-owned businesses, and
30 businesses owned by persons with disabilities as
31 subcontractors when the opportunity arises.
32 (d) With respect to this Fund, this Section supersedes
33 the provisions of subsection (4) of Section 1-109.1 of this
34 Code.
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1 Section 99. Effective date. This Act takes effect upon
2 becoming law.