Full Text of SB0452 98th General Assembly
SB0452sam001 98TH GENERAL ASSEMBLY | Sen. James F. Clayborne, Jr. Filed: 4/7/2014
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| 1 | | AMENDMENT TO SENATE BILL 452
| 2 | | AMENDMENT NO. ______. Amend Senate Bill 452 by replacing | 3 | | everything after the enacting clause with the following:
| 4 | | "Section 5. The Illinois Pension Code is amended by adding | 5 | | Section 1-113.21 as follows: | 6 | | (40 ILCS 5/1-113.21 new) | 7 | | Sec. 1-113.21. Contracts for services. | 8 | | (a) Beginning January 1, 2015, no contract for investment | 9 | | services, consulting services, or commitment to a private | 10 | | market fund shall be awarded by a retirement system, pension | 11 | | fund, or investment board established under this Code unless | 12 | | the investment advisor, consultant, or private market fund | 13 | | first discloses: | 14 | | (1) the number of its investment and senior staff and | 15 | | the percentage of its investment and senior staff who are | 16 | | (i) a minority person,(ii) a female, and (iii) a person |
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| 1 | | with a disability; and | 2 | | (2) the number of contracts for investment services, | 3 | | consulting services, and professional and artistic | 4 | | services the investment advisor, consultant, or private | 5 | | market fund has with a (i) minority owned business, (ii) | 6 | | female owned business or (iii) business owned by a person | 7 | | with a disability; and | 8 | | (3) the number of contracts for investment services, | 9 | | consulting services, and professional and artistic | 10 | | services the investment advisor, consultant, or private | 11 | | market fund has with a business other than a (i) minority | 12 | | owned business, (ii) female owned business or (iii) | 13 | | business owned by a person with a disability, if more than | 14 | | 50% of services performed pursuant to the contract are | 15 | | performed by a (i) a minority person, (ii) a female, and | 16 | | (iii) a person with a disability. | 17 | | (b) The disclosures required by this Section shall be | 18 | | considered prior to the awarding of a contract for investment | 19 | | services, consulting services, or commitment to a private | 20 | | market fund. | 21 | | (c) For the purposes of this Section, the terms "minority | 22 | | person", "female", "person
with a disability", "minority owned | 23 | | business", "female owned business", and
"business owned by a | 24 | | person with a disability" have the same meaning as those
terms | 25 | | have in the Business Enterprise for Minorities, Females, and | 26 | | Persons
with Disabilities Act. |
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| 1 | | (d) For purposes of this Section, the term "private market | 2 | | fund" means any private equity fund, private equity fund of | 3 | | funds, venture capital fund, hedge fund, hedge fund of funds, | 4 | | real estate fund, or other investment vehicle that is not | 5 | | publicly traded. ".
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