Illinois General Assembly - Full Text of SB1698
Illinois General Assembly

Previous General Assemblies

Full Text of SB1698  101st General Assembly




SB1698 EngrossedLRB101 07920 RPS 52975 b

1    AN ACT concerning public employee benefits.
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4    Section 5. The Illinois Pension Code is amended by changing
5Section 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
17meeting of the board of trustees of a retirement system or
18pension fund or any committee established by a retirement
19system or pension fund must be broadcast to the public and
20maintained in real-time on the retirement system's or pension
21fund's website using a high-speed Internet connection. A
22retirement system or pension fund must make audio and video
23available for a meeting broadcast and maintained under this



SB1698 Engrossed- 2 -LRB101 07920 RPS 52975 b

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



SB1698 Engrossed- 3 -LRB101 07920 RPS 52975 b

1    established benchmarks.
2        (6) A detailed list of all consultants doing business
3    with the retirement system, pension fund, or investment
4    board.
5        (7) A detailed list of all contractors, other than
6    investment advisers and consultants, doing business with
7    the retirement system, pension fund, or investment board.
8        (8) Any requests for investment services.
9        (9) The names and email addresses of all board members,
10    directors, and senior staff.
11        (10) The report required under Section 1-109.1 of this
12    Code, if applicable.
13        (11) The description of each contract required under
14    subsection (g) of Section 1-113.14 of this Code, if
15    applicable.
16    (e) A pension fund whose investments are restricted by
17Section 1-113.2 of this Code shall make the information
18required in subsection (d) of this Section available on its web
19site or in a location that allows the information to be
20available for inspection by the public.
21    (f) Nothing in this Section requires the pension fund,
22retirement system, or investment board to make information
23available on the Internet that is exempt from inspection and
24copying under the Freedom of Information Act.
25(Source: P.A. 96-6, eff. 4-3-09.)



SB1698 Engrossed- 4 -LRB101 07920 RPS 52975 b

1    Section 90. The State Mandates Act is amended by adding
2Section 8.43 as follows:
3    (30 ILCS 805/8.43 new)
4    Sec. 8.43. Exempt mandate. Notwithstanding Sections 6 and 8
5of this Act, no reimbursement by the State is required for the
6implementation of any mandate created by this amendatory Act of
7the 101st General Assembly.
8    Section 99. Effective date. This Act takes effect July 1,