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Public Act 100-0542


 

Public Act 0542 100TH GENERAL ASSEMBLY

  
  
  

 


 
Public Act 100-0542
 
SB1714 EnrolledLRB100 08308 RPS 18412 b

    AN ACT concerning public employee benefits.
 
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
 
    Section 5. The Illinois Pension Code is amended by adding
Sections 1-113.22 and 1-113.23 as follows:
 
    (40 ILCS 5/1-113.22 new)
    Sec. 1-113.22. Required disclosures from consultants;
minority owned businesses, female owned businesses, and
businesses owned by persons with a disability.
    (a) No later than January 1, 2018 and each January 1
thereafter, each consultant retained by the board of a
retirement system, board of a pension fund, or investment board
shall disclose to that board of the retirement system, board of
the pension fund, or investment board:
        (1) the total number of searches for investment
    services made by the consultant in the prior calendar year;
        (2) the total number of searches for investment
    services made by the consultant in the prior calendar year
    that included (i) a minority owned business, (ii) a female
    owned business, or (iii) a business owned by a person with
    a disability;
        (3) the total number of searches for investment
    services made by the consultant in the prior calendar year
    in which the consultant recommended for selection (i) a
    minority owned business, (ii) a female owned business, or
    (iii) a business owned by a person with a disability;
        (4) the total number of searches for investment
    services made by the consultant in the prior calendar year
    that resulted in the selection of (i) a minority owned
    business, (ii) a female owned business, or (iii) a business
    owned by a person with a disability; and
        (5) the total dollar amount of investment made in the
    previous calendar year with (i) a minority owned business,
    (ii) a female owned business, or (iii) a business owned by
    a person with a disability that was selected after a search
    for investment services performed by the consultant.
    (b) Beginning January 1, 2018, no contract, oral or
written, for consulting services shall be awarded by a board of
a retirement system, a board of a pension fund, or an
investment board without first requiring the consultant to make
the disclosures required in subsection (a) of this Section.
    (c) The disclosures required by subsection (b) of this
Section shall be considered, within the bounds of financial and
fiduciary prudence, prior to the awarding of a contract, oral
or written, for consulting services.
    (d) As used in this Section, the terms "minority person",
"female", "person with a disability", "minority owned
business", "female owned business", and "business owned by a
person with a disability" have the same meaning as those terms
have in the Business Enterprise for Minorities, Females, and
Persons with Disabilities Act.
 
    (40 ILCS 5/1-113.23 new)
    Sec. 1-113.23. Required disclosures from consultants;
compensation and economic opportunity received.
    (a) As used in this Section:
    "Compensation" means any money, thing of value, or economic
benefit conferred on, or received by, a consultant in return
for services rendered, or to be rendered, by himself, herself,
or another.
    "Economic opportunity" means any purchase, sale, lease,
contract, option, or other transaction or arrangement
involving property or services wherein a consultant may gain an
economic benefit.
    (b) No later than January 1, 2018 and each January 1
thereafter, a consultant retained by the board of a retirement
system, the board of a pension fund, or an investment board
shall disclose to the board of the retirement system, the board
of the pension fund, or the investment board all compensation
and economic opportunity received in the last 24 months from
investment advisors retained by the board of a retirement
system, board of a pension fund, or investment board.
    (c) Beginning January 1, 2018, a consultant shall disclose
to the board of a retirement system, the board of a pension
fund, or an investment board any compensation or economic
opportunity received in the last 24 months from an investment
advisor that is recommended for selection by the consultant. A
consultant shall make this disclosure prior to the board
selecting an investment advisor for appointment.
    (d) Beginning January 1, 2018, no contract, oral or
written, for consulting services shall be awarded by a board of
a retirement system, board of a pension fund, or an investment
board without first requiring the consultant to make the
disclosures required in subsection (c) of this Section.
 
    Section 99. Effective date. This Act takes effect upon
becoming law.

Effective Date: 11/8/2017