[ Search ] [ PDF text ] [ Legislation ]
[ Home ] [ Back ] [ Bottom ]
92_SB2181 LRB9216124EGfg 1 AN ACT in relation to public employee benefits. 2 Be it enacted by the People of the State of Illinois, 3 represented in the General Assembly: 4 Section 5. The Illinois Pension Code is amended by 5 adding Section 7-195.2 as follows: 6 (50 ILCS 5/7-195.2 new) 7 Sec. 7-195.2. To use emerging investment managers, 8 minority-owned businesses, female-owned businesses, and 9 businesses owned by persons with disabilities in managing the 10 Fund's assets. 11 (a) For the purposes of this Section: 12 "Emerging investment manager" means a qualified 13 investment adviser that manages an investment portfolio of at 14 least $10,000,000 but less than $500,000,000 and is a 15 minority-owned business, female-owned business, or business 16 owned by a person with a disability, as those terms are 17 defined in this Section. 18 "Minority-owned business" means a business concern that 19 is at least 51% owned by one or more minority persons or, in 20 the case of a corporation, at least 51% of the stock in which 21 is owned by one or more minority persons; and the management 22 and daily business operations of which are controlled by one 23 or more of the minority persons who own it. 24 "Female owned business" means a business concern that is 25 at least 51% owned by one or more females or, in the case of 26 a corporation, at least 51% of the stock in which is owned by 27 one or more females; and the management and daily business 28 operations of which are controlled by one or more of the 29 females who own it. 30 "Business owned by a person with a disability" means a 31 business concern that is at least 51% owned by one or more -2- LRB9216124EGfg 1 persons with disabilities and the management and daily 2 business operations of which are controlled by one or more of 3 the persons with disabilities who own it. 4 "Minority person", "female", and "person with a 5 disability" have the meanings given them in the Business 6 Enterprise for Minorities, Females, and Persons with 7 Disabilities Act. 8 (b) It is hereby declared to be the public policy of the 9 State of Illinois to encourage the trustees of the Fund to 10 use emerging investment managers, minority-owned businesses, 11 female-owned businesses, and businesses owned by persons with 12 disabilities in managing the Fund's assets to the greatest 13 extent feasible within the bounds of financial and fiduciary 14 prudence, and to take affirmative steps to remove any 15 barriers to the full participation of emerging investment 16 managers, minority-owned businesses, female-owned businesses, 17 and businesses owned by persons with disabilities in 18 investment opportunities afforded by the Fund. 19 (c) The Fund shall prepare a report to be submitted to 20 the Governor and the General Assembly by September 1 of each 21 year. The report shall identify the emerging investment 22 managers, minority-owned businesses, female-owned businesses, 23 and businesses owned by persons with disabilities used by the 24 Fund, the percentage of the Fund's assets under the 25 investment control of those managers and businesses, and the 26 actions the Fund has undertaken to increase the use of those 27 managers and businesses, including encouraging other 28 investment managers to use emerging investment managers, 29 minority-owned businesses, female-owned businesses, and 30 businesses owned by persons with disabilities as 31 subcontractors when the opportunity arises. 32 (d) With respect to this Fund, this Section supersedes 33 the provisions of subsection (4) of Section 1-109.1 of this 34 Code. -3- LRB9216124EGfg 1 Section 99. Effective date. This Act takes effect upon 2 becoming law.
[ Top ]