Rep. Robert Martwick

Filed: 4/10/2019

 

 


 

 


 
10100SB1698ham001LRB101 07920 RPS 59397 a

1
AMENDMENT TO SENATE BILL 1698

2    AMENDMENT NO. ______. Amend Senate Bill 1698 by replacing
3everything after the enacting clause with the following:
 
4    "Section 5. The Illinois Pension Code is amended by
5changing Section 1-113.16 as follows:
 
6    (40 ILCS 5/1-113.16)
7    Sec. 1-113.16. Investment transparency.
8    (a) The purpose of this Section is to provide for
9transparency in the investment of retirement or pension funds
10and require the reporting of full and complete information
11regarding the investments by pension funds, retirement
12systems, and investment boards.
13    (b) A retirement system, pension fund, or investment board
14subject to this Code and any committees established by such
15system, fund, or board must comply with the Open Meetings Act.
16Except as otherwise provided under this subsection, any open

 

 

10100SB1698ham001- 2 -LRB101 07920 RPS 59397 a

1meeting of the board of trustees of a retirement system or
2pension fund or any committee established by a retirement
3system or pension fund must be broadcast to the public and
4maintained in real-time on the retirement system's or pension
5fund's website using a high-speed Internet connection. A
6retirement system or pension fund must make audio and video
7available for a meeting broadcast and maintained under this
8subsection. The broadcast and maintenance requirements under
9this subsection do not apply to a pension fund established
10under Article 3, 4, or 5 or to the portion of a hearing or
11meeting of any pension fund or retirement system during which
12medical information or other privileged information of
13participants and beneficiaries will be discussed or presented.
14    (c) Any retirement system, pension fund, or investment
15board subject to this Code that establishes a committee shall
16ensure that the majority of the members on such committee are
17board members. If any member of a committee is not a member of
18the board for the system, fund, or board, then that committee
19member shall be a fiduciary.
20    (d) A retirement system, pension fund, or investment board
21subject to this Code, except those whose investments are
22restricted by Section 1-113.2, shall maintain an official web
23site and make available in a clear and conspicuous manner, and
24update at least quarterly, all of the following information
25concerning the investment of funds:
26        (1) The total amount of funds held by the pension fund,

 

 

10100SB1698ham001- 3 -LRB101 07920 RPS 59397 a

1    retirement system, or investment board.
2        (2) The asset allocation for the investments made by
3    the pension fund, retirement system, or investment board.
4        (3) Current and historic return information.
5        (4) A detailed listing of the investment advisers for
6    all asset classes.
7        (5) Performance of investments compared against
8    established benchmarks.
9        (6) A detailed list of all consultants doing business
10    with the retirement system, pension fund, or investment
11    board.
12        (7) A detailed list of all contractors, other than
13    investment advisers and consultants, doing business with
14    the retirement system, pension fund, or investment board.
15        (8) Any requests for investment services.
16        (9) The names and email addresses of all board members,
17    directors, and senior staff.
18        (10) The report required under Section 1-109.1 of this
19    Code, if applicable.
20        (11) The description of each contract required under
21    subsection (g) of Section 1-113.14 of this Code, if
22    applicable.
23    (e) A pension fund whose investments are restricted by
24Section 1-113.2 of this Code shall make the information
25required in subsection (d) of this Section available on its web
26site or in a location that allows the information to be

 

 

10100SB1698ham001- 4 -LRB101 07920 RPS 59397 a

1available for inspection by the public.
2    (f) Nothing in this Section requires the pension fund,
3retirement system, or investment board to make information
4available on the Internet that is exempt from inspection and
5copying under the Freedom of Information Act.
6(Source: P.A. 96-6, eff. 4-3-09.)
 
7    Section 90. The State Mandates Act is amended by adding
8Section 8.43 as follows:
 
9    (30 ILCS 805/8.43 new)
10    Sec. 8.43. Exempt mandate. Notwithstanding Sections 6 and 8
11of this Act, no reimbursement by the State is required for the
12implementation of any mandate created by this amendatory Act of
13the 101st General Assembly.
 
14    Section 99. Effective date. This Act takes effect July 1,
152020.".