Bill Text: IL HB4413 | 2017-2018 | 100th General Assembly | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Amends the General Provisions Article of the Illinois Pension Code. Provides that any open meeting of the board of trustees of a retirement system or pension fund or any committee established by a retirement system or pension fund must be broadcast to the public and maintained in real-time on the retirement system's or pension fund's website using a high-speed Internet connection. Amends the State Mandates Act to require implementation without reimbursement by the State. Effective immediately.
Spectrum: Moderate Partisan Bill (Democrat 13-4)
Status: (Failed) 2019-01-08 - Session Sine Die [HB4413 Detail]
Download: Illinois-2017-HB4413-Introduced.html
Bill Title: Amends the General Provisions Article of the Illinois Pension Code. Provides that any open meeting of the board of trustees of a retirement system or pension fund or any committee established by a retirement system or pension fund must be broadcast to the public and maintained in real-time on the retirement system's or pension fund's website using a high-speed Internet connection. Amends the State Mandates Act to require implementation without reimbursement by the State. Effective immediately.
Spectrum: Moderate Partisan Bill (Democrat 13-4)
Status: (Failed) 2019-01-08 - Session Sine Die [HB4413 Detail]
Download: Illinois-2017-HB4413-Introduced.html
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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,
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3 | represented in the General Assembly:
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4 | Section 5. The Illinois Pension Code is amended by changing | ||||||||||||||||||||||||||
5 | Section 1-113.16 as follows:
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6 | (40 ILCS 5/1-113.16)
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7 | Sec. 1-113.16. Investment transparency. | ||||||||||||||||||||||||||
8 | (a) The purpose of this Section is to provide for | ||||||||||||||||||||||||||
9 | transparency in the investment of retirement or pension funds | ||||||||||||||||||||||||||
10 | and require the reporting of full and complete information | ||||||||||||||||||||||||||
11 | regarding the investments by pension funds, retirement | ||||||||||||||||||||||||||
12 | systems, and investment boards. | ||||||||||||||||||||||||||
13 | (b) A retirement system, pension fund, or investment board | ||||||||||||||||||||||||||
14 | subject to this Code and any committees established by such | ||||||||||||||||||||||||||
15 | system, fund, or board must comply with the Open Meetings Act. | ||||||||||||||||||||||||||
16 | Any open meeting of the board of trustees of a retirement | ||||||||||||||||||||||||||
17 | system or pension fund or any committee established by a | ||||||||||||||||||||||||||
18 | retirement system or pension fund must be broadcast to the | ||||||||||||||||||||||||||
19 | public and maintained in real-time on the retirement system's | ||||||||||||||||||||||||||
20 | or pension fund's website using a high-speed Internet | ||||||||||||||||||||||||||
21 | connection. | ||||||||||||||||||||||||||
22 | (c) Any retirement system, pension fund, or investment | ||||||||||||||||||||||||||
23 | board subject to this Code that establishes a committee shall |
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1 | ensure that the majority of the members on such committee are | ||||||
2 | board members. If any member of a committee is not a member of | ||||||
3 | the board for the system, fund, or board, then that committee | ||||||
4 | member shall be a fiduciary. | ||||||
5 | (d) A retirement system, pension fund, or investment board | ||||||
6 | subject to this Code, except those whose investments are | ||||||
7 | restricted by Section 1-113.2, shall maintain an official web | ||||||
8 | site and make available in a clear and conspicuous manner, and | ||||||
9 | update at least quarterly, all of the following information | ||||||
10 | concerning the investment of funds: | ||||||
11 | (1) The total amount of funds held by the pension fund, | ||||||
12 | retirement system, or investment board. | ||||||
13 | (2) The asset allocation for the investments made by | ||||||
14 | the pension fund, retirement system, or investment board. | ||||||
15 | (3) Current and historic return information. | ||||||
16 | (4) A detailed listing of the investment advisers for | ||||||
17 | all asset classes. | ||||||
18 | (5) Performance of investments compared against | ||||||
19 | established benchmarks. | ||||||
20 | (6) A detailed list of all consultants doing business | ||||||
21 | with the retirement system, pension fund, or investment | ||||||
22 | board. | ||||||
23 | (7) A detailed list of all contractors, other than | ||||||
24 | investment advisers and consultants, doing business with | ||||||
25 | the retirement system, pension fund, or investment board. | ||||||
26 | (8) Any requests for investment services. |
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1 | (9) The names and email addresses of all board members, | ||||||
2 | directors, and senior staff. | ||||||
3 | (10) The report required under Section 1-109.1 of this | ||||||
4 | Code, if applicable. | ||||||
5 | (11) The description of each contract required under | ||||||
6 | subsection (g) of Section 1-113.14 of this Code, if | ||||||
7 | applicable. | ||||||
8 | (e) A pension fund whose investments are restricted by | ||||||
9 | Section 1-113.2 of this Code shall make the information | ||||||
10 | required in subsection (d) of this Section available on its web | ||||||
11 | site or in a location that allows the information to be | ||||||
12 | available for inspection by the public. | ||||||
13 | (f) Nothing in this Section requires the pension fund, | ||||||
14 | retirement system, or investment board to make information | ||||||
15 | available on the Internet that is exempt from inspection and | ||||||
16 | copying under the Freedom of Information Act.
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17 | (Source: P.A. 96-6, eff. 4-3-09.)
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18 | Section 90. The State Mandates Act is amended by adding | ||||||
19 | Section 8.42 as follows:
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20 | (30 ILCS 805/8.42 new) | ||||||
21 | Sec. 8.42. Exempt mandate. Notwithstanding Sections 6 and 8 | ||||||
22 | of this Act, no reimbursement by the State is required for the | ||||||
23 | implementation of any mandate created by this amendatory Act of | ||||||
24 | the 100th General Assembly.
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1 | Section 99. Effective date. This Act takes effect upon | ||||||
2 | becoming law.
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