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Synopsis As Introduced Amends the State Budget Law of the Civil Administrative Code of Illinois. Makes a technical change concerning submission of the State budget.
Amends the Illinois Governmental Ethics Act. Requires members of the board of any pension fund or retirement system established under the Illinois Pension Code to file a statement of economic interests. Amends the State Officials and Employees Ethics Act. Includes appointed or elected commissioners, trustees, directors, or board members of a board of a State agency, including the boards found in the Illinois Pension Code, in the definition of "employee". Amends the State Treasurer Act to create a working group within the Office of the State Treasurer to develop uniform standards for peer cost comparisons. Amends the Illinois Pension Code. Makes changes in provisions concerning the definition of "fiduciary", allocation and delegation of fiduciary duties, prohibited transactions, and prohibitions on gifts. Adds provisions concerning consultants and investment services for investment boards, pension funds, and retirement systems other than downstate police and fire pension funds; fiduciary training; investment transparency; prohibitions on monetary gain on investments; fraud; and contingent fees. Amends the Chicago Municipal Article of the Illinois Pension Code to replace an employee member with an annuitant member. Amends the State Employees, the State Universities Article, the Downstate Teachers, and the State Board of Investment Article of the Illinois Pension Code to provide for the termination of the terms of board members appointed by the Governor and the require appointment of successors and to change the composition of the Board. Makes other changes. Effective immediately
Replaces everything after the enacting clause with the bill as amended by House Amendment No. 1 with the following changes. Replaces provisions amending the State Treasurer Act with language providing that the Treasurer shall convene a working group consisting of representatives from the retirement systems, pension funds, and investment board created under the Illinois Pension Code, persons that provide investment services, and members of the financial industry. Provides that the working group shall review the performance of investment managers and consultants providing investment services for the retirement systems, pension funds, and investment board created under the Illinois Pension Code and develop uniform standards for comparing the costs of investment services and make recommendations to the retirement systems, pension funds, and investment board. In provisions amending the Illinois Pension Code, (i) provides that, if in any case an emerging investment manager meets the criteria established by a board for a specific search and meets the criteria established by a consultant for that search, then that emerging investment manager shall receive an invitation by the board of trustees, or an investment committee of the board of trustees, to present his or her firm for final consideration of a contract and in the case where multiple emerging investment managers meet the criteria of this Section, the staff may choose the most qualified firm or firms to present to the board, (ii) makes changes in provisions concerning selection and appointment of investment advisers and consultants, (iii) provides that, for the purposes of certain disclosures, "subcontractor" does not include non-investment related professionals or professionals offering services that are not directly related to the investment of assets, such as legal counsel, actuary, proxy-voting services, services used to track compliance with legal standards, and investment fund of funds where the board has no direct contractual relationship with the investment advisers or partnerships, (iv) removes provisions amending the Chicago Municipal Article, (v) in provisions concerning the boards of trustees of the State Employees' Retirement System of Illinois and the State Universities Retirement System, provides for the boards to be reconstituted 90 days after the effective date of the amendatory Act (rather than 30 days after the effective date), (vi) in provisions concerning the Board of Trustees of the Teachers' Retirement System of the State of Illinois, adds 2 members appointed by the Governor, (vii) in provisions concerning the boards of trustees of retirement systems, provides that the Governor's nominees must be made within 60 days after the effective date (rather than within 30 days after the effective date) and makes other changes in language regarding the nominations, and (viii) in provisions concerning the Teachers' Retirement System of the State of Illinois, provides that the secretary and chief executive officer of the system, known as the Executive Director, holding that position on April 1, 2009 is terminated on July 1, 2009, by operation of law, and shall thereafter no longer hold those positions or any other employment position with the system, and directs the board to take whatever action is necessary to effectuate this termination, and (ix) makes other changes. Effective immediately.
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