Full Text of SB1698 101st General Assembly
SB1698eng 101ST GENERAL ASSEMBLY
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AN ACT concerning public employee benefits.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
The Illinois Pension Code is amended by changing
Section 1-113.16 as follows:
(40 ILCS 5/1-113.16)
(a) The purpose of this Section is to provide for
transparency in the investment of retirement or pension funds
and require the reporting of full and complete information
regarding the investments by pension funds, retirement
systems, and investment boards.
(b) A retirement system, pension fund, or investment board
subject to this Code and any committees established by such
system, fund, or board must comply with the Open Meetings Act.
Except as otherwise provided under this subsection, any open
meeting of the board of trustees of a retirement system or
pension fund or any committee established by a retirement
system or pension fund must be broadcast to the public and
maintained in real-time on the retirement system's or pension
fund's website using a high-speed Internet connection. A
retirement system or pension fund must make audio and video
available for a meeting broadcast and maintained under this
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subsection. The broadcast and maintenance requirements under
this subsection do not apply to a pension fund established
under Article 3 or 4 or to the portion of a hearing or meeting
of any pension fund or retirement system during which medical
information or other privileged information of participants
and beneficiaries will be discussed or presented.
(c) Any retirement system, pension fund, or investment
board subject to this Code that establishes a committee shall
ensure that the majority of the members on such committee are
board members. If any member of a committee is not a member of
the board for the system, fund, or board, then that committee
member shall be a fiduciary.
(d) A retirement system, pension fund, or investment board
subject to this Code, except those whose investments are
restricted by Section 1-113.2, shall maintain an official web
site and make available in a clear and conspicuous manner, and
update at least quarterly, all of the following information
concerning the investment of funds:
(1) The total amount of funds held by the pension fund,
retirement system, or investment board.
(2) The asset allocation for the investments made by
the pension fund, retirement system, or investment board.
(3) Current and historic return information.
(4) A detailed listing of the investment advisers for
all asset classes.
(5) Performance of investments compared against
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(6) A detailed list of all consultants doing business
with the retirement system, pension fund, or investment
(7) A detailed list of all contractors, other than
investment advisers and consultants, doing business with
the retirement system, pension fund, or investment board.
(8) Any requests for investment services.
(9) The names and email addresses of all board members,
directors, and senior staff.
(10) The report required under Section 1-109.1 of this
Code, if applicable.
(11) The description of each contract required under
subsection (g) of Section 1-113.14 of this Code, if
(e) A pension fund whose investments are restricted by
Section 1-113.2 of this Code shall make the information
required in subsection (d) of this Section available on its web
site or in a location that allows the information to be
available for inspection by the public.
(f) Nothing in this Section requires the pension fund,
retirement system, or investment board to make information
available on the Internet that is exempt from inspection and
copying under the Freedom of Information Act.
(Source: P.A. 96-6, eff. 4-3-09.)
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The State Mandates Act is amended by adding
Section 8.43 as follows:
(30 ILCS 805/8.43 new)
Notwithstanding Sections 6 and 8
of this Act, no reimbursement by the State is required for the
implementation of any mandate created by this amendatory Act of
the 101st General Assembly.
This Act takes effect July 1,