(110 ILCS 979/20)
Sec. 20. Investment Advisory Panel. The Illinois prepaid tuition
program shall be
administered by the Illinois Student Assistance Commission, with advice and
counsel from an investment advisory panel appointed by the Commission. The
Illinois
prepaid tuition program shall be administratively housed within the Commission,
and the investment advisory panel shall have such duties as are specified
in this Act.
The investment advisory panel shall consist of 7 members who are
appointed by the
Commission, including one recommended by the State Treasurer, one recommended
by the State Comptroller, one recommended by the Director of the
Governor's Office of Management and Budget, and one recommended by the Executive Director of the Board of Higher
Education. Each panel member shall possess knowledge, skill, and experience in
at least one of the following areas of expertise: accounting, actuarial
practice, risk management, or investment management. Members shall serve
3-year terms except that, in making the initial appointments, the Commission
shall appoint 2 members to serve for 2 years, 2 members to serve for 3 years,
and 3 members to serve for 4 years. Any person appointed to fill a vacancy on
the panel shall be appointed in a like manner and shall serve for only the
unexpired term. Investment advisory panel members shall be eligible for
reappointment
and shall serve until a successor is appointed and confirmed. Panel members
shall serve without compensation but shall be reimbursed for expenses. Before
being installed as a member of the investment advisory panel, each nominee
shall file
verified written statements of economic interest with the Secretary of State as
required by the Illinois Governmental Ethics Act and with the Board of Ethics
as required by Executive Order of the Governor.
The investment advisory panel shall meet at least twice annually. At
least once each
year the Commission Chairman shall designate a time and place at which the
investment advisory panel shall meet publicly with the Illinois Student
Assistance
Commission to discuss issues and concerns relating to the Illinois prepaid
tuition program.
(Source: P.A. 94-793, eff. 5-19-06.)
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