IL SB3748 | 2019-2020 | 101st General Assembly

Status

Spectrum: Partisan Bill (Democrat 2-0)
Status: Introduced on February 14 2020 - 25% progression
Action: 2020-03-18 - Added as Chief Co-Sponsor Sen. Jacqueline Y. Collins
Pending: Senate Government Accountability and Pensions Committee
Text: Latest bill text (Introduced) [HTML]

Summary

Amends the General Provisions Article of the Illinois Pension Code. Defines "qualified manager of emerging investment managers services". In a provision requiring a competitive process for awarding investment contracts, adds an exclusion for contracts for investment services with an emerging investment manager provided through a qualified manager of emerging investment managers services. In a provision requiring contracts for investment services to include certain disclosures regarding subcontractors, excludes from the definition of "subcontractor" qualified managers of emerging investment managers services. Provides that based upon a written recommendation from an investment adviser providing qualified manager of emerging investment managers services for the selection or appointment of an emerging investment manager that has been providing investment services in the multimanager portfolio for at least 24 months, the board of a retirement system, pension fund, or investment board may select or appoint such emerging investment manager based upon such recommendation. Requires a qualified manager of emerging investment managers services to comply with specified requirements concerning written contracts. Effective January 1, 2021.

Tracking Information

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Title

PENCD-EMRGING INVSTMNT MANAGER

Sponsors


History

DateChamberAction
2020-03-18SenateAdded as Chief Co-Sponsor Sen. Jacqueline Y. Collins
2020-03-12SenateAssigned to Government Accountability and Pensions
2020-02-14SenateReferred to Assignments
2020-02-14SenateFirst Reading
2020-02-14SenateFiled with Secretary by Sen. Iris Y. Martinez

Code Citations

ChapterArticleSectionCitation TypeStatute Text
4051-113.14Amended CodeCitation Text
4051-113.15aNew CodeSee Bill Text

Illinois State Sources


Bill Comments

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