Illinois General Assembly - Full Text of HB6292
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Full Text of HB6292  99th General Assembly


Sen. Daniel Biss

Filed: 5/26/2016





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2    AMENDMENT NO. ______. Amend House Bill 6292, AS AMENDED, by
3replacing everything after the enacting clause with the
5    "Section 3. The Freedom of Information Act is amended by
6changing Section 7 as follows:
7    (5 ILCS 140/7)  (from Ch. 116, par. 207)
8    Sec. 7. Exemptions.
9    (1) When a request is made to inspect or copy a public
10record that contains information that is exempt from disclosure
11under this Section, but also contains information that is not
12exempt from disclosure, the public body may elect to redact the
13information that is exempt. The public body shall make the
14remaining information available for inspection and copying.
15Subject to this requirement, the following shall be exempt from
16inspection and copying:



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1        (a) Information specifically prohibited from
2    disclosure by federal or State law or rules and regulations
3    implementing federal or State law.
4        (b) Private information, unless disclosure is required
5    by another provision of this Act, a State or federal law or
6    a court order.
7        (b-5) Files, documents, and other data or databases
8    maintained by one or more law enforcement agencies and
9    specifically designed to provide information to one or more
10    law enforcement agencies regarding the physical or mental
11    status of one or more individual subjects.
12        (c) Personal information contained within public
13    records, the disclosure of which would constitute a clearly
14    unwarranted invasion of personal privacy, unless the
15    disclosure is consented to in writing by the individual
16    subjects of the information. "Unwarranted invasion of
17    personal privacy" means the disclosure of information that
18    is highly personal or objectionable to a reasonable person
19    and in which the subject's right to privacy outweighs any
20    legitimate public interest in obtaining the information.
21    The disclosure of information that bears on the public
22    duties of public employees and officials shall not be
23    considered an invasion of personal privacy.
24        (d) Records in the possession of any public body
25    created in the course of administrative enforcement
26    proceedings, and any law enforcement or correctional



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1    agency for law enforcement purposes, but only to the extent
2    that disclosure would:
3            (i) interfere with pending or actually and
4        reasonably contemplated law enforcement proceedings
5        conducted by any law enforcement or correctional
6        agency that is the recipient of the request;
7            (ii) interfere with active administrative
8        enforcement proceedings conducted by the public body
9        that is the recipient of the request;
10            (iii) create a substantial likelihood that a
11        person will be deprived of a fair trial or an impartial
12        hearing;
13            (iv) unavoidably disclose the identity of a
14        confidential source, confidential information
15        furnished only by the confidential source, or persons
16        who file complaints with or provide information to
17        administrative, investigative, law enforcement, or
18        penal agencies; except that the identities of
19        witnesses to traffic accidents, traffic accident
20        reports, and rescue reports shall be provided by
21        agencies of local government, except when disclosure
22        would interfere with an active criminal investigation
23        conducted by the agency that is the recipient of the
24        request;
25            (v) disclose unique or specialized investigative
26        techniques other than those generally used and known or



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1        disclose internal documents of correctional agencies
2        related to detection, observation or investigation of
3        incidents of crime or misconduct, and disclosure would
4        result in demonstrable harm to the agency or public
5        body that is the recipient of the request;
6            (vi) endanger the life or physical safety of law
7        enforcement personnel or any other person; or
8            (vii) obstruct an ongoing criminal investigation
9        by the agency that is the recipient of the request.
10        (d-5) A law enforcement record created for law
11    enforcement purposes and contained in a shared electronic
12    record management system if the law enforcement agency that
13    is the recipient of the request did not create the record,
14    did not participate in or have a role in any of the events
15    which are the subject of the record, and only has access to
16    the record through the shared electronic record management
17    system.
18        (e) Records that relate to or affect the security of
19    correctional institutions and detention facilities.
20        (e-5) Records requested by persons committed to the
21    Department of Corrections if those materials are available
22    in the library of the correctional facility where the
23    inmate is confined.
24        (e-6) Records requested by persons committed to the
25    Department of Corrections if those materials include
26    records from staff members' personnel files, staff



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1    rosters, or other staffing assignment information.
2        (e-7) Records requested by persons committed to the
3    Department of Corrections if those materials are available
4    through an administrative request to the Department of
5    Corrections.
6        (f) Preliminary drafts, notes, recommendations,
7    memoranda and other records in which opinions are
8    expressed, or policies or actions are formulated, except
9    that a specific record or relevant portion of a record
10    shall not be exempt when the record is publicly cited and
11    identified by the head of the public body. The exemption
12    provided in this paragraph (f) extends to all those records
13    of officers and agencies of the General Assembly that
14    pertain to the preparation of legislative documents.
15        (g) Trade secrets and commercial or financial
16    information obtained from a person or business where the
17    trade secrets or commercial or financial information are
18    furnished under a claim that they are proprietary,
19    privileged or confidential, and that disclosure of the
20    trade secrets or commercial or financial information would
21    cause competitive harm to the person or business, and only
22    insofar as the claim directly applies to the records
23    requested.
24        The information included under this exemption includes
25    all trade secrets and commercial or financial information
26    obtained by a public body, including a public pension fund,



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1    from a private equity fund or a privately held company
2    within the investment portfolio of a private equity fund as
3    a result of either investing or evaluating a potential
4    investment of public funds in a private equity fund. The
5    exemption contained in this item does not apply to the
6    aggregate financial performance information of a private
7    equity fund, nor to the identity of the fund's managers or
8    general partners. The exemption contained in this item does
9    not apply to the identity of a privately held company
10    within the investment portfolio of a private equity fund,
11    unless the disclosure of the identity of a privately held
12    company may cause competitive harm. Neither the exemption
13    contained in this item, nor any other exemption under this
14    Act, applies to information that is required to be
15    disclosed under Section 1-113.17a of the Illinois Pension
16    Code or is declared in that Section to be a public record.
17        Nothing contained in this paragraph (g) shall be
18    construed to prevent a person or business from consenting
19    to disclosure.
20        (h) Proposals and bids for any contract, grant, or
21    agreement, including information which if it were
22    disclosed would frustrate procurement or give an advantage
23    to any person proposing to enter into a contractor
24    agreement with the body, until an award or final selection
25    is made. Information prepared by or for the body in
26    preparation of a bid solicitation shall be exempt until an



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1    award or final selection is made.
2        (i) Valuable formulae, computer geographic systems,
3    designs, drawings and research data obtained or produced by
4    any public body when disclosure could reasonably be
5    expected to produce private gain or public loss. The
6    exemption for "computer geographic systems" provided in
7    this paragraph (i) does not extend to requests made by news
8    media as defined in Section 2 of this Act when the
9    requested information is not otherwise exempt and the only
10    purpose of the request is to access and disseminate
11    information regarding the health, safety, welfare, or
12    legal rights of the general public.
13        (j) The following information pertaining to
14    educational matters:
15            (i) test questions, scoring keys and other
16        examination data used to administer an academic
17        examination;
18            (ii) information received by a primary or
19        secondary school, college, or university under its
20        procedures for the evaluation of faculty members by
21        their academic peers;
22            (iii) information concerning a school or
23        university's adjudication of student disciplinary
24        cases, but only to the extent that disclosure would
25        unavoidably reveal the identity of the student; and
26            (iv) course materials or research materials used



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1        by faculty members.
2        (k) Architects' plans, engineers' technical
3    submissions, and other construction related technical
4    documents for projects not constructed or developed in
5    whole or in part with public funds and the same for
6    projects constructed or developed with public funds,
7    including but not limited to power generating and
8    distribution stations and other transmission and
9    distribution facilities, water treatment facilities,
10    airport facilities, sport stadiums, convention centers,
11    and all government owned, operated, or occupied buildings,
12    but only to the extent that disclosure would compromise
13    security.
14        (l) Minutes of meetings of public bodies closed to the
15    public as provided in the Open Meetings Act until the
16    public body makes the minutes available to the public under
17    Section 2.06 of the Open Meetings Act.
18        (m) Communications between a public body and an
19    attorney or auditor representing the public body that would
20    not be subject to discovery in litigation, and materials
21    prepared or compiled by or for a public body in
22    anticipation of a criminal, civil or administrative
23    proceeding upon the request of an attorney advising the
24    public body, and materials prepared or compiled with
25    respect to internal audits of public bodies.
26        (n) Records relating to a public body's adjudication of



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1    employee grievances or disciplinary cases; however, this
2    exemption shall not extend to the final outcome of cases in
3    which discipline is imposed.
4        (o) Administrative or technical information associated
5    with automated data processing operations, including but
6    not limited to software, operating protocols, computer
7    program abstracts, file layouts, source listings, object
8    modules, load modules, user guides, documentation
9    pertaining to all logical and physical design of
10    computerized systems, employee manuals, and any other
11    information that, if disclosed, would jeopardize the
12    security of the system or its data or the security of
13    materials exempt under this Section.
14        (p) Records relating to collective negotiating matters
15    between public bodies and their employees or
16    representatives, except that any final contract or
17    agreement shall be subject to inspection and copying.
18        (q) Test questions, scoring keys, and other
19    examination data used to determine the qualifications of an
20    applicant for a license or employment.
21        (r) The records, documents, and information relating
22    to real estate purchase negotiations until those
23    negotiations have been completed or otherwise terminated.
24    With regard to a parcel involved in a pending or actually
25    and reasonably contemplated eminent domain proceeding
26    under the Eminent Domain Act, records, documents and



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1    information relating to that parcel shall be exempt except
2    as may be allowed under discovery rules adopted by the
3    Illinois Supreme Court. The records, documents and
4    information relating to a real estate sale shall be exempt
5    until a sale is consummated.
6        (s) Any and all proprietary information and records
7    related to the operation of an intergovernmental risk
8    management association or self-insurance pool or jointly
9    self-administered health and accident cooperative or pool.
10    Insurance or self insurance (including any
11    intergovernmental risk management association or self
12    insurance pool) claims, loss or risk management
13    information, records, data, advice or communications.
14        (t) Information contained in or related to
15    examination, operating, or condition reports prepared by,
16    on behalf of, or for the use of a public body responsible
17    for the regulation or supervision of financial
18    institutions or insurance companies, unless disclosure is
19    otherwise required by State law.
20        (u) Information that would disclose or might lead to
21    the disclosure of secret or confidential information,
22    codes, algorithms, programs, or private keys intended to be
23    used to create electronic or digital signatures under the
24    Electronic Commerce Security Act.
25        (v) Vulnerability assessments, security measures, and
26    response policies or plans that are designed to identify,



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1    prevent, or respond to potential attacks upon a community's
2    population or systems, facilities, or installations, the
3    destruction or contamination of which would constitute a
4    clear and present danger to the health or safety of the
5    community, but only to the extent that disclosure could
6    reasonably be expected to jeopardize the effectiveness of
7    the measures or the safety of the personnel who implement
8    them or the public. Information exempt under this item may
9    include such things as details pertaining to the
10    mobilization or deployment of personnel or equipment, to
11    the operation of communication systems or protocols, or to
12    tactical operations.
13        (w) (Blank).
14        (x) Maps and other records regarding the location or
15    security of generation, transmission, distribution,
16    storage, gathering, treatment, or switching facilities
17    owned by a utility, by a power generator, or by the
18    Illinois Power Agency.
19        (y) Information contained in or related to proposals,
20    bids, or negotiations related to electric power
21    procurement under Section 1-75 of the Illinois Power Agency
22    Act and Section 16-111.5 of the Public Utilities Act that
23    is determined to be confidential and proprietary by the
24    Illinois Power Agency or by the Illinois Commerce
25    Commission.
26        (z) Information about students exempted from



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1    disclosure under Sections 10-20.38 or 34-18.29 of the
2    School Code, and information about undergraduate students
3    enrolled at an institution of higher education exempted
4    from disclosure under Section 25 of the Illinois Credit
5    Card Marketing Act of 2009.
6        (aa) Information the disclosure of which is exempted
7    under the Viatical Settlements Act of 2009.
8        (bb) Records and information provided to a mortality
9    review team and records maintained by a mortality review
10    team appointed under the Department of Juvenile Justice
11    Mortality Review Team Act.
12        (cc) Information regarding interments, entombments, or
13    inurnments of human remains that are submitted to the
14    Cemetery Oversight Database under the Cemetery Care Act or
15    the Cemetery Oversight Act, whichever is applicable.
16        (dd) Correspondence and records (i) that may not be
17    disclosed under Section 11-9 of the Public Aid Code or (ii)
18    that pertain to appeals under Section 11-8 of the Public
19    Aid Code.
20        (ee) The names, addresses, or other personal
21    information of persons who are minors and are also
22    participants and registrants in programs of park
23    districts, forest preserve districts, conservation
24    districts, recreation agencies, and special recreation
25    associations.
26        (ff) The names, addresses, or other personal



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1    information of participants and registrants in programs of
2    park districts, forest preserve districts, conservation
3    districts, recreation agencies, and special recreation
4    associations where such programs are targeted primarily to
5    minors.
6        (gg) Confidential information described in Section
7    1-100 of the Illinois Independent Tax Tribunal Act of 2012.
8        (hh) The report submitted to the State Board of
9    Education by the School Security and Standards Task Force
10    under item (8) of subsection (d) of Section 2-3.160 of the
11    School Code and any information contained in that report.
12        (ii) Records requested by persons committed to or
13    detained by the Department of Human Services under the
14    Sexually Violent Persons Commitment Act or committed to the
15    Department of Corrections under the Sexually Dangerous
16    Persons Act if those materials: (i) are available in the
17    library of the facility where the individual is confined;
18    (ii) include records from staff members' personnel files,
19    staff rosters, or other staffing assignment information;
20    or (iii) are available through an administrative request to
21    the Department of Human Services or the Department of
22    Corrections.
23        (jj) (ii) Confidential information described in
24    Section 5-535 of the Civil Administrative Code of Illinois.
25    (1.5) Any information exempt from disclosure under the
26Judicial Privacy Act shall be redacted from public records



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1prior to disclosure under this Act.
2    (2) A public record that is not in the possession of a
3public body but is in the possession of a party with whom the
4agency has contracted to perform a governmental function on
5behalf of the public body, and that directly relates to the
6governmental function and is not otherwise exempt under this
7Act, shall be considered a public record of the public body,
8for purposes of this Act.
9    (3) This Section does not authorize withholding of
10information or limit the availability of records to the public,
11except as stated in this Section or otherwise provided in this
13(Source: P.A. 98-463, eff. 8-16-13; 98-578, eff. 8-27-13;
1498-695, eff. 7-3-14; 99-298, eff. 8-6-15; 99-346, eff. 1-1-16;
15revised 1-11-16.)
16    Section 5. The Illinois Pension Code is amended by adding
17Sections 1-113.17, 1-113.17a, 1-113.17b, and 1-113.17c as
19    (40 ILCS 5/1-113.17 new)
20    Sec. 1-113.17. Investment transparency; definitions. As
21used in this Section and Sections 1-113.17a, 1-113.17b, and
23    (a) "Affiliate" means any person directly or indirectly
24controlling or controlled by, or under direct or indirect



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1common control with, another person.
2    (a-5) "Alternative investment fund" means a private equity
3fund, hedge fund, or absolute return fund.
4    (b) "Board" or "public retirement system board" means the
5board of trustees of a public retirement system and includes
6the Illinois State Board of Investment established under
7Article 22A of this Code.
8    (c) "External manager" means either of the following:
9        (1) A person who manages an alternative investment fund
10    and who offers or sells, or has offered or sold, an
11    ownership interest in the alternative investment fund to a
12    board.
13        (2) A general partner, managing member entity, fund
14    manager, fund adviser, or other similar person or entity
15    with decision-making authority over an alternative
16    investment fund.
17    (d) "External manager group" means (1) the external
18manager, (2) its affiliates, (3) any other parties described in
19the external manager's marketing materials for the relevant
20alternative investment fund as providing services to or on
21behalf of portfolio holdings, and (4) any other parties
22described in the external manager's affiliated adviser's SEC
23Form ADV filing as receiving portfolio holding fees or
24portfolio holding other compensation. "External manager group"
25does not include the affiliated alternative investment fund in
26which the public retirement system is an investor, nor does it



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1include an alternative investment fund used to effectuate
2investments of the affiliated fund in which the public
3retirement system is an investor.
4    (e) "Marketing materials" means (1) a prospectus, (2) a
5private placement memorandum, (3) a prospective investor
6presentation, (4) a due diligence questionnaire, but only if
7the questions are authored by an external manager, or (5) any
8other written material provided by an external manager for the
9purpose of soliciting a commitment to an alternative investment
11    (f) "New agreement" means an agreement that is proposed or
12executed after February 1, 2019, and includes any modification
13to or amendment of such an agreement that modifies or alters
14any of the provisions required to be disclosed under Section
151-113.17a or 1-113.17b. "New agreement" also means any
16subsequent agreement that implements, memorializes, or
17provides detail about such an agreement.
18    (g) "Person" means an individual, corporation,
19partnership, limited partnership, limited liability company,
20or association, either domestic or foreign.
21    (h) "Portfolio holding" means any business, partnership,
22real property, or other business entity or asset in which an
23alternative investment fund has, at any time, held either an
24interest in the securities thereof or a real property interest
25in, or has acted as a lender to, the entity or asset.
26    (i) "Portfolio holding fee" means the total payment



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1obligation of a portfolio holding, regardless of whether it is
2actually paid or accrued, and regardless of whether the payment
3obligation is satisfied in cash, securities, or other
4consideration, and regardless of whether it is incurred as
5compensation for services provided or as reimbursement for
6expenses incurred.
7    (j) "Private equity fund" means a pooled investment entity
8that is, or holds itself out as being, engaged primarily, or
9proposes to engage primarily, in investment strategies
10involving equity or debt financings that are provided for
11purchasing or expanding private or public companies, or for
12related purposes such as financing for capital, research and
13development, introduction of a product or process into the
14marketplace, or similar needs requiring risk capital. This
15includes, but is not limited to, financing classified as
16venture capital, mezzanine, buyout, or growth funds.
17    (k) "Public retirement system" means a pension fund or
18retirement system subject to Article 5, 6, 7, 8, 9, 11, 12, 13,
1915, 16, or 17 of this Code, and includes the Illinois State
20Board of Investment established under Article 22A of this Code.
21    (l) "Task Force" means the Investment Transparency Task
22Force created under Section 1-113.17c of this Code.
23    (40 ILCS 5/1-113.17a new)
24    Sec. 1-113.17a. Investment transparency; disclosure of
25alternative investment fund agreements.



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1    (a) The definitions in Section 1-113.17 of this Code apply
2to this Section.
3    (b) Within 90 days after entering into a new agreement to
4invest in an alternative investment fund, a public retirement
5system must disclose, in the manner provided under this
6Section, the existence of the agreement and all of the
7following parts and provisions of the agreement:
8        (1) All management fee waiver provisions, including,
9    but not limited to, provisions that permit the external
10    manager or general partner to waive fees, or that specify
11    the mechanics of the fee waiver or its repayment, or that
12    specify the magnitude of the fee waiver, or that are
13    necessary to understand how the fee waiver works, and all
14    defined terms related to or affecting the fee waiver.
15        (2) All indemnification provisions, including, but not
16    limited to, provisions that require the alternative
17    investment fund or its investors to indemnify the external
18    manager or general partner, or any of its affiliates, for
19    settlements or judgments paid, and including all
20    provisions necessary to understand how the indemnification
21    works and all defined terms related to or affecting
22    indemnification.
23        (3) All clawback provisions, including, but not
24    limited to, provisions that allow the external manager or
25    general partner to pay back an amount less than the full
26    cost of the overpayment received by the manager, and



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1    including all provisions necessary to understand how the
2    clawback works and all defined terms related to or
3    affecting clawbacks.
4        (4) The cover page and signature block of the
5    agreement.
6    However, in the case of a new agreement that consists of a
7modification of or amendment to a previous new agreement for
8which the disclosures required under this subsection have
9already been made, it is sufficient for the public retirement
10system (i) to identify the previous disclosures and disclose
11only the parts and provisions of the modification of or
12amendment to the agreement that modify, alter, or affect any of
13the provisions previously disclosed under this subsection or
14(ii) to make and disclose a finding that the modification or
15amendment does not modify, alter, or affect any of the
16provisions previously disclosed under this subsection,
17whichever is applicable.
18    (c) The public retirement system shall make the disclosures
19required under subsection (b) by doing all of the following:
20        (1) filing a copy of the required material with the
21    Public Pension Division of the Illinois Department of
22    Insurance;
23        (2) filing a copy of the required material with the
24    Illinois Secretary of State; and
25        (3) posting and maintaining the required material on
26    the public retirement system's website.



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1    (d) A new agreement shall not be deemed to be violated or
2made invalid by the public retirement system's good faith
3effort to make the disclosures required under subsection (b) of
4this Section, nor due to harmless or inadvertent failure by the
5public retirement system to correctly include or identify a
6component of a required disclosure.
7    (e) The following are public records and are subject to
8disclosure under the Freedom of Information Act:
9        (1) All of the material required to be disclosed under
10    subsection (b) of this Section.
11        (2) Any amounts paid in indemnification and any amounts
12    deducted from payments owed by the general partner or
13    external manager under an agreement establishing or
14    providing for participation in an alternative investment
15    fund by a public retirement system, and any documents
16    submitted to a public retirement system justifying the
17    demand for payment relating to the indemnification.
18        (3) The cover page and a legible copy of the executed
19    signature block of any new agreement to establish or
20    participate in an alternative investment fund by a public
21    retirement system.
22    (f) If a public retirement system adopts and implements the
23recommendations of the Task Force that apply to this Section,
24and those recommendations are not rejected by the General
25Assembly under subsection (f) of Section 1-113.17c, then
26disclosures made in conformance with those recommendations



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1shall constitute compliance with the disclosure requirements
2of this Section.
3    (40 ILCS 5/1-113.17b new)
4    Sec. 1-113.17b. Investment transparency; disclosure of
5certain investment fees.
6    (a) The definitions in Section 1-113.17 of this Code apply
7to this Section. For the purposes of this Section, "carried
8interest" means a share of the profits of an alternative
9investment fund that is paid, accrued, or due to the general
10partner or the external manager or their affiliates.
11    (b) This Section applies to any new agreement that a public
12retirement system enters into in order to establish or
13participate in an alternative investment fund. A public
14retirement system shall not enter into such new agreement
15without a written undertaking by the alternative investment
16fund external managers and general partners that they will
17comply with this Section and the requirements of the public
18retirement system under subsection (c), or under subsection (e)
19if applicable.
20    (c) Every public retirement system shall require its
21alternative investment fund external managers and general
22partners to make the following disclosures annually, in a
23manner and form prescribed by the system, in regard to each
24alternative investment fund:
25        (1) The fees and expenses that the public retirement



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1    system pays directly to the alternative investment fund, or
2    to the alternative investment fund external manager or
3    general partner.
4        (2) The public retirement system's share of all fees
5    and expenses not included in paragraph (1), including
6    carried interest, that are paid or allocated from the
7    alternative investment fund to the external manager or
8    general partners, or that are deducted from payments owed
9    from the external manager or general partners to the
10    alternative investment fund.
11        (3) The amount of all management fee waivers made by
12    the alternative investment fund external managers or
13    general partners.
14        (4) The total amount of portfolio holding fees incurred
15    by each portfolio holding of the alternative investment
16    fund as payment to any person who is a member of the
17    external manager group.
18    An alternative investment fund external manager or general
19partner may provide the public retirement system with a
20completed reporting template developed by the Institutional
21Limited Partners Association for the relevant category of
22investment; doing so constitutes compliance with that external
23manager or general partner's annual disclosure requirements
24under this subsection for the year covered in the completed
26    (d) A public retirement system shall make the information



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1received under subsection (c) available by:
2        (1) filing a copy of the received material with the
3    Public Pension Division of the Illinois Department of
4    Insurance; and
5        (2) posting and maintaining the received information
6    on the public retirement system's website, together with
7    sufficient identifying and explanatory material to
8    facilitate access and understanding by the public.
9    (e) If a public retirement system adopts and implements the
10recommendations of the Task Force that apply to this Section,
11and those recommendations are not rejected by the General
12Assembly under subsection (f) of Section 1-113.17c, then
13disclosures made in conformance with those recommendations
14shall constitute compliance with the disclosure requirements
15of this Section.
16    (40 ILCS 5/1-113.17c new)
17    Sec. 1-113.17c. Investment Transparency Task Force.
18    (a) The definitions in Section 1-113.17 of this Code apply
19to this Section.
20    (b) There is created the Investment Transparency Task
21Force. It is the purpose of the Task Force to study, identify
22best available practices, and make recommendations relating
23to: (1) disclosure of, and best practices related to, the
24portions of limited partnership agreements addressing
25indemnification provisions, clawback provisions, and



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1management fee waivers, which are the subject of Section
21-113.17a; and (2) disclosure of fees and expenses incurred,
3including related fee waivers and portfolio holding fees, which
4are the subject of Section 1-113.17b.
5    (c) The Task Force shall consist of the following persons:
6        (1) The executive director (or his or her designee) of
7    each public retirement system subject to Article 5, 6, 7,
8    8, 9, 11, 12, 13, 15, 16, or 17 of this Code, and the
9    director of the Illinois State Board of Investment
10    established under Article 22A of this Code (or the
11    director's designee).
12        (2) One person appointed by each of the 4 Legislative
13    Leaders.
14        (3) The State Treasurer, or his or her designee.
15        (4) One person representing the interests of external
16    managers, appointed by the State Treasurer.
17        (5) One person representing the interests of the
18    beneficiaries of public retirement systems, appointed by
19    the State Treasurer.
20        (6) One person representing the interests of Illinois
21    taxpayers, appointed by the State Treasurer.
22    All members shall be appointed for the life of the Task
23Force. In the case of a resignation or other vacancy occurring
24among persons appointed under item (2), (3), (4), (5), or (6),
25a replacement member may be appointed by the applicable
26appointing authority.



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1    (d) Members of the Task Force shall serve without
2compensation, but may be reimbursed for their necessary
3expenses from funds lawfully available for that purpose.
4    (e) No later than January 15, 2018, the Task Force shall
5report to the General Assembly and the public retirement
6systems its findings and recommendations, which must be adopted
7by a majority of the members appointed. The report of the Task
8Force shall separate and clearly designate the portions of its
9findings and recommendations that relate (i) to Section
101-113.17a and (ii) to Section 1-113.17b. In each portion, the
11findings and recommendations shall be prepared and presented in
12a form that can be readily identified, adopted, and implemented
13by any public retirement system wishing to do so. Copies of the
14report shall be made available to the public as provided by
16    (f) The 100th General Assembly may, by joint resolution,
17reject the portion of the report relating to Section 1-113.17a,
18the portion of the report relating to Section 1-113.17b, or
19both. Any part of the report that is not so rejected shall be
20deemed to have been accepted by the General Assembly as
21consistent with the public policy of the State.
22    (g) A public retirement system may adopt and implement any
23of the recommendations of the Task Force at any time. However,
24if one or both portions of the report are rejected by the
25General Assembly under subsection (f), the public retirement
26system shall adjust its implementation of the rejected



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1provision as necessary to comply with the requirements of
2Section 1-113.17a or 1-113.17b or both, as applicable.
3    Section 99. Effective date. This Act takes effect upon
4becoming law.".