Illinois Senate Bill 3486 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Partisan Bill (Democrat 1-0)
Status: Failed on January 13 2015 - 100% progression
Action: 2015-01-13 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]

Amends the General Provisions Article of the Illinois Pension Code. Provides that each public retirement system, pension fund, and investment board shall set annual goals regarding the utilization of Illinois-based financial service businesses, including businesses that are minority owned or female owned; requires information to be collected and reported. Requires each public retirement system, pension fund, and investment board to adopt utilization goals for minority or female owned businesses and to independently verify the status of each contracted business on an annual basis; includes personal and staff penalties for failure to achieve those goals. Provides that every person appointed on or after January 1, 2015 by the board of trustees of a retirement system, pension fund, or investment board to be Executive Director, Chief Investment Officer, Chief Financial Officer, or an equivalent position within that system, fund, or board, or to fill a vacancy on the board of trustees, shall be subject to Senate confirmation and shall be appointed to serve for a term of no more than 4 years. Beginning January 1, 2015, requires every current or incoming trustee, Chief Financial Officer, Chief Investment Officer, and Executive Director of any public retirement system, pension fund, or investment board to receive 10 hours of minority and female investment inclusion training, with the oversight of the Senate Public Pensions and State Investments Committee.

PENCD-MINORITY BUSN-SEN CONFRM

Sen. Iris Martinez [D]

Date	Chamber	Action
2015-01-13	Senate	Session Sine Die
2014-07-01	Senate	Pursuant to Senate Rule 3-9(b) / Referred to Assignments
2014-04-11	Senate	Rule 2-10 Third Reading Deadline Established As May 1, 2014
2014-04-08	Senate	Placed on Calendar Order of 3rd Reading April 9, 2014
2014-04-08	Senate	Second Reading
2014-03-27	Senate	Placed on Calendar Order of 2nd Reading April 1, 2014
2014-03-27	Senate	Do Pass Licensed Activities and Pensions; 007-000-002
2014-03-21	Senate	Postponed - Licensed Activities and Pensions
2014-03-05	Senate	Assigned to Licensed Activities and Pensions
2014-02-14	Senate	Referred to Assignments
2014-02-14	Senate	First Reading
2014-02-14	Senate	Filed with Secretary by Sen. Iris Y. Martinez

Chapter	Article	Section	Citation Type	Statute Text
40	5	1-109.1	Amended Code	Citation Text
40	5	1-109.3	Amended Code	Citation Text
40	5	1-109.4	New Code	See Bill Text
40	5	1-109.5	New Code	See Bill Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3486&GAID=12&DocTypeID=SB&SessionID=85&GA=98
Text	https://www.ilga.gov/legislation/98/SB/09800SB3486.htm