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| | SB0452 Engrossed | | LRB098 04664 EFG 34692 b |
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| 1 | | AN ACT concerning public employee benefits.
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| 2 | | Be it enacted by the People of the State of Illinois, |
| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Illinois Pension Code is amended by adding |
| 5 | | Section 1-113.21 as follows:
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| 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 |
| 17 | | with a disability; and |
| 18 | | (2) the number of contracts for investment services, |
| 19 | | consulting services, and professional and artistic |
| 20 | | services the investment advisor, consultant, or private |
| 21 | | market fund has with a (i) minority owned business, (ii) |
| 22 | | female owned business or (iii) business owned by a person |
| 23 | | with a disability; and |
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| | SB0452 Engrossed | - 2 - | LRB098 04664 EFG 34692 b |
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| 1 | | (3) the number of contracts for investment services, |
| 2 | | consulting services, and professional and artistic |
| 3 | | services the investment advisor, consultant, or private |
| 4 | | market fund has with a business other than a (i) minority |
| 5 | | owned business, (ii) female owned business or (iii) |
| 6 | | business owned by a person with a disability, if more than |
| 7 | | 50% of services performed pursuant to the contract are |
| 8 | | performed by a (i) a minority person, (ii) a female, and |
| 9 | | (iii) a person with a disability. |
| 10 | | (b) The disclosures required by this Section shall be |
| 11 | | considered, within the bounds of financial and fiduciary |
| 12 | | prudence, prior to the awarding of a contract for investment |
| 13 | | services, consulting services, or commitment to a private |
| 14 | | market fund. |
| 15 | | (c) For the purposes of this Section, the terms "minority |
| 16 | | person", "female", "person
with a disability", "minority owned |
| 17 | | business", "female owned business", and
"business owned by a |
| 18 | | person with a disability" have the same meaning as those
terms |
| 19 | | have in the Business Enterprise for Minorities, Females, and |
| 20 | | Persons
with Disabilities Act. |
| 21 | | (d) For purposes of this Section, the term "private market |
| 22 | | fund" means any private equity fund, private equity fund of |
| 23 | | funds, venture capital fund, hedge fund, hedge fund of funds, |
| 24 | | real estate fund, or other investment vehicle that is not |
| 25 | | publicly traded. |