Bill Text: IL SB0452 | 2013-2014 | 98th General Assembly | Engrossed

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Amends the Illinois Pension Code. Makes a technical change in a Section concerning Chicago firefighters.

Spectrum: Partisan Bill (Democrat 6-0)

Status: (Passed) 2014-08-22 - Public Act . . . . . . . . . 98-1022 [SB0452 Detail]

Download: Illinois-2013-SB0452-Engrossed.html

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SB0452 Engrossed LRB098 04664 EFG 34692 b
AN ACT concerning public employee benefits.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Illinois Pension Code is amended by adding
Section 1-113.21 as follows:
(40 ILCS 5/1-113.21 new)
Sec. 1-113.21. Contracts for services.
(a) Beginning January 1, 2015, no contract for investment
services, consulting services, or commitment to a private
market fund shall be awarded by a retirement system, pension
fund, or investment board established under this Code unless
the investment advisor, consultant, or private market fund
first discloses:
(1) the number of its investment and senior staff and
the percentage of its investment and senior staff who are
(i) a minority person, (ii) a female, and (iii) a person
with a disability; and
(2) the number of contracts for investment services,
consulting services, and professional and artistic
services the investment advisor, consultant, or private
market fund has with a (i) minority owned business, (ii)
female owned business or (iii) business owned by a person
with a disability; and

SB0452 Engrossed - 2 - LRB098 04664 EFG 34692 b
(3) the number of contracts for investment services,
consulting services, and professional and artistic
services the investment advisor, consultant, or private
market fund has with a business other than a (i) minority
owned business, (ii) female owned business or (iii)
business owned by a person with a disability, if more than
50% of services performed pursuant to the contract are
performed by a (i) a minority person, (ii) a female, and
(iii) a person with a disability.
(b) The disclosures required by this Section shall be
considered, within the bounds of financial and fiduciary
prudence, prior to the awarding of a contract for investment
services, consulting services, or commitment to a private
market fund.
(c) For the purposes of this Section, the terms "minority
person", "female", "person with a disability", "minority owned
business", "female owned business", and "business owned by a
person with a disability" have the same meaning as those terms
have in the Business Enterprise for Minorities, Females, and
Persons