100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
SB0779
 
Introduced 2/1/2017, by Sen. Daniel Biss
 
SYNOPSIS AS INTRODUCED:



5 ILCS 140/7 from Ch. 116, par. 207
40 ILCS 5/1-113.17 new
40 ILCS 5/1-113.17a new
40 ILCS 5/1-113.17b new

 Amends the General Provisions Article of the Illinois Pension Code in relation to investment transparency. Defines terms. Provides that within 90 days after entering into a new agreement to invest in an alternative investment fund, a public retirement system must disclose certain specified provisions of the agreement. Provides that a public retirement system shall require its alternative investment fund external managers and general partners to make certain annual disclosures concerning certain fees and expenses, in regard to each alternative investment fund. Provides that supplying a public retirement system with a completed reporting template developed by the Institutional Limited Partners Association constitutes compliance with certain reporting requirements. Declares the disclosures to be public records and requires their publication on the public retirement system's website. Amends the Freedom of Information Act to make a conforming change. Effective immediately.



LRB100 06789 RPS 16837 b


FISCAL NOTE ACT MAY APPLY
PENSION IMPACT NOTE ACT MAY APPLY
 
 
A BILL FOR
 


SB0779LRB100 06789 RPS 16837 b



1 AN ACT concerning public employee benefits.


2 Be it enacted by the People of the State of Illinois,

3represented in the General Assembly:



4 Section 3. The Freedom of Information Act is amended by 
5changing Section 7 as follows:

6 (5 ILCS 140/7) (from Ch. 116, par. 207)
7 Sec. 7. Exemptions.

8 (1) When a request is made to inspect or copy a public 
9record that contains information that is exempt from disclosure 
10under this Section, but also contains information that is not 
11exempt from disclosure, the public body may elect to redact the 
12information that is exempt. The public body shall make the 
13remaining information available for inspection and copying. 
14Subject to this requirement, the following shall be exempt from 
15inspection and copying:


16  (a) Information specifically prohibited from 
17 disclosure by federal or
State law or rules and regulations 
18 implementing federal or State law.


19  (b) Private information, unless disclosure is required 
20 by another provision of this Act, a State or federal law or 
21 a court order. 
22  (b-5) Files, documents, and other data or databases 
23 maintained by one or more law enforcement agencies and 
 
 
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1 specifically designed to provide information to one or more 
2 law enforcement agencies regarding the physical or mental 
3 status of one or more individual subjects. 
4  (c) Personal information contained within public 
5 records, the disclosure of which would constitute a clearly

6 unwarranted invasion of personal privacy, unless the 
7 disclosure is
consented to in writing by the individual 
8 subjects of the information. "Unwarranted invasion of 
9 personal privacy" means the disclosure of information that 
10 is highly personal or objectionable to a reasonable person 
11 and in which the subject's right to privacy outweighs any 
12 legitimate public interest in obtaining the information. 
13 The
disclosure of information that bears on the public 
14 duties of public
employees and officials shall not be 
15 considered an invasion of personal
privacy.


16  (d) Records in the possession of any public body 
17 created in the course of administrative enforcement

18 proceedings, and any law enforcement or correctional 
19 agency for
law enforcement purposes,
but only to the extent 
20 that disclosure would:


21   (i) interfere with pending or actually and 
22 reasonably contemplated
law enforcement proceedings 
23 conducted by any law enforcement or correctional

24 agency that is the recipient of the request;


25   (ii) interfere with active administrative 
26 enforcement proceedings
conducted by the public body 
 
 
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1 that is the recipient of the request;


2   (iii) create a substantial likelihood that a 
3 person will be deprived of a fair trial or an impartial 
4 hearing;


5   (iv) unavoidably disclose the identity of a 
6 confidential source, confidential information 
7 furnished only by the confidential source, or persons 
8 who file complaints with or provide information to 
9 administrative, investigative, law enforcement, or 
10 penal agencies; except that the identities of 
11 witnesses to traffic accidents, traffic accident 
12 reports, and rescue reports shall be provided by 
13 agencies of local government, except when disclosure 
14 would interfere with an active criminal investigation 
15 conducted by the agency that is the recipient of the 
16 request;


17   (v) disclose unique or specialized investigative 
18 techniques other than
those generally used and known or 
19 disclose internal documents of
correctional agencies 
20 related to detection, observation or investigation of

21 incidents of crime or misconduct, and disclosure would 
22 result in demonstrable harm to the agency or public 
23 body that is the recipient of the request;


24   (vi) endanger the life or physical safety of law 
25 enforcement personnel
or any other person; or


26   (vii) obstruct an ongoing criminal investigation 
 
 
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1 by the agency that is the recipient of the request.


2  (d-5) A law enforcement record created for law 
3 enforcement purposes and contained in a shared electronic 
4 record management system if the law enforcement agency that 
5 is the recipient of the request did not create the record, 
6 did not participate in or have a role in any of the events 
7 which are the subject of the record, and only has access to 
8 the record through the shared electronic record management 
9 system. 
10  (e) Records that relate to or affect the security of 
11 correctional
institutions and detention facilities.


12  (e-5) Records requested by persons committed to the 
13 Department of Corrections if those materials are available 
14 in the library of the correctional facility where the 
15 inmate is confined. 
16  (e-6) Records requested by persons committed to the 
17 Department of Corrections if those materials include 
18 records from staff members' personnel files, staff 
19 rosters, or other staffing assignment information. 
20  (e-7) Records requested by persons committed to the 
21 Department of Corrections if those materials are available 
22 through an administrative request to the Department of 
23 Corrections. 
24  (f) Preliminary drafts, notes, recommendations, 
25 memoranda and other
records in which opinions are 
26 expressed, or policies or actions are
formulated, except 
 
 
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1 that a specific record or relevant portion of a
record 
2 shall not be exempt when the record is publicly cited
and 
3 identified by the head of the public body. The exemption 
4 provided in
this paragraph (f) extends to all those records 
5 of officers and agencies
of the General Assembly that 
6 pertain to the preparation of legislative
documents.


7  (g) Trade secrets and commercial or financial 
8 information obtained from
a person or business where the 
9 trade secrets or commercial or financial information are 
10 furnished under a claim that they are
proprietary, 
11 privileged or confidential, and that disclosure of the 
12 trade
secrets or commercial or financial information would 
13 cause competitive harm to the person or business, and only 
14 insofar as the claim directly applies to the records 
15 requested.
16  The information included under this exemption includes 
17 all trade secrets and commercial or financial information 
18 obtained by a public body, including a public pension fund, 
19 from a private equity fund or a privately held company 
20 within the investment portfolio of a private equity fund as 
21 a result of either investing or evaluating a potential 
22 investment of public funds in a private equity fund. The 
23 exemption contained in this item does not apply to the 
24 aggregate financial performance information of a private 
25 equity fund, nor to the identity of the fund's managers or 
26 general partners. The exemption contained in this item does 
 
 
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1 not apply to the identity of a privately held company 
2 within the investment portfolio of a private equity fund, 
3 unless the disclosure of the identity of a privately held 
4 company may cause competitive harm. Neither the exemption 
5 contained in this item, nor any other exemption under this 
6 Act, applies to information that is required to be 
7 disclosed under Section 1-113.17a of the Illinois Pension 
8 Code or is declared in that Section to be a public record.
9  Nothing contained in this
paragraph (g) shall be 
10 construed to prevent a person or business from
consenting 
11 to disclosure.


12  (h) Proposals and bids for any contract, grant, or 
13 agreement, including
information which if it were 
14 disclosed would frustrate procurement or give
an advantage 
15 to any person proposing to enter into a contractor 
16 agreement
with the body, until an award or final selection 
17 is made. Information
prepared by or for the body in 
18 preparation of a bid solicitation shall be
exempt until an 
19 award or final selection is made.


20  (i) Valuable formulae,
computer geographic systems,

21 designs, drawings and research data obtained or
produced by 
22 any public body when disclosure could reasonably be 
23 expected to
produce private gain or public loss.
The 
24 exemption for "computer geographic systems" provided in 
25 this paragraph
(i) does not extend to requests made by news 
26 media as defined in Section 2 of
this Act when the 
 
 
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1 requested information is not otherwise exempt and the only

2 purpose of the request is to access and disseminate 
3 information regarding the
health, safety, welfare, or 
4 legal rights of the general public.


5  (j) The following information pertaining to 
6 educational matters:
7   (i) test questions, scoring keys and other 
8 examination data used to
administer an academic 
9 examination;


10   (ii) information received by a primary or 
11 secondary school, college, or university under its 
12 procedures for the evaluation of faculty members by 
13 their academic peers; 
14   (iii) information concerning a school or 
15 university's adjudication of student disciplinary 
16 cases, but only to the extent that disclosure would 
17 unavoidably reveal the identity of the student; and
18   (iv) course materials or research materials used 
19 by faculty members. 
20  (k) Architects' plans, engineers' technical 
21 submissions, and
other
construction related technical 
22 documents for
projects not constructed or developed in 
23 whole or in part with public funds
and the same for 
24 projects constructed or developed with public funds, 
25 including but not limited to power generating and 
26 distribution stations and other transmission and 
 
 
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1 distribution facilities, water treatment facilities, 
2 airport facilities, sport stadiums, convention centers, 
3 and all government owned, operated, or occupied buildings, 
4 but
only to the extent
that disclosure would compromise 
5 security.


6  (l) Minutes of meetings of public bodies closed to the

7 public as provided in the Open Meetings Act until the 
8 public body
makes the minutes available to the public under 
9 Section 2.06 of the Open
Meetings Act.


10  (m) Communications between a public body and an 
11 attorney or auditor
representing the public body that would 
12 not be subject to discovery in
litigation, and materials 
13 prepared or compiled by or for a public body in

14 anticipation of a criminal, civil or administrative 
15 proceeding upon the
request of an attorney advising the 
16 public body, and materials prepared or
compiled with 
17 respect to internal audits of public bodies.


18  (n) Records relating to a public body's adjudication of 
19 employee grievances or disciplinary cases; however, this 
20 exemption shall not extend to the final outcome of cases in 
21 which discipline is imposed.


22  (o) Administrative or technical information associated 
23 with automated
data processing operations, including but 
24 not limited to software,
operating protocols, computer 
25 program abstracts, file layouts, source
listings, object 
26 modules, load modules, user guides, documentation

 
 
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1 pertaining to all logical and physical design of 
2 computerized systems,
employee manuals, and any other 
3 information that, if disclosed, would
jeopardize the 
4 security of the system or its data or the security of

5 materials exempt under this Section.


6  (p) Records relating to collective negotiating matters

7 between public bodies and their employees or 
8 representatives, except that
any final contract or 
9 agreement shall be subject to inspection and copying.


10  (q) Test questions, scoring keys, and other 
11 examination data used to determine the qualifications of an 
12 applicant for a license or employment.


13  (r) The records, documents, and information relating 
14 to real estate
purchase negotiations until those 
15 negotiations have been completed or
otherwise terminated. 
16 With regard to a parcel involved in a pending or
actually 
17 and reasonably contemplated eminent domain proceeding 
18 under the Eminent Domain Act, records, documents and

19 information relating to that parcel shall be exempt except 
20 as may be
allowed under discovery rules adopted by the 
21 Illinois Supreme Court. The
records, documents and 
22 information relating to a real estate sale shall be
exempt 
23 until a sale is consummated.


24  (s) Any and all proprietary information and records 
25 related to the
operation of an intergovernmental risk 
26 management association or
self-insurance pool or jointly 
 
 
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1 self-administered health and accident
cooperative or pool.

2 Insurance or self insurance (including any 
3 intergovernmental risk management association or self 
4 insurance pool) claims, loss or risk management 
5 information, records, data, advice or communications. 

6  (t) Information contained in or related to 
7 examination, operating, or
condition reports prepared by, 
8 on behalf of, or for the use of a public
body responsible 
9 for the regulation or supervision of financial

10 institutions or insurance companies, unless disclosure is 
11 otherwise
required by State law.


12  (u) Information that would disclose
or might lead to 
13 the disclosure of
secret or confidential information, 
14 codes, algorithms, programs, or private
keys intended to be 
15 used to create electronic or digital signatures under the

16 Electronic Commerce Security Act.


17  (v) Vulnerability assessments, security measures, and 
18 response policies
or plans that are designed to identify, 
19 prevent, or respond to potential
attacks upon a community's 
20 population or systems, facilities, or installations,
the 
21 destruction or contamination of which would constitute a 
22 clear and present
danger to the health or safety of the 
23 community, but only to the extent that
disclosure could 
24 reasonably be expected to jeopardize the effectiveness of 
25 the
measures or the safety of the personnel who implement 
26 them or the public.
Information exempt under this item may 
 
 
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1 include such things as details
pertaining to the 
2 mobilization or deployment of personnel or equipment, to 
3 the
operation of communication systems or protocols, or to 
4 tactical operations.


5  (w) (Blank). 
6  (x) Maps and other records regarding the location or 
7 security of generation, transmission, distribution, 
8 storage, gathering,
treatment, or switching facilities 
9 owned by a utility, by a power generator, or by the 
10 Illinois Power Agency.


11  (y) Information contained in or related to proposals, 
12 bids, or negotiations related to electric power 
13 procurement under Section 1-75 of the Illinois Power Agency 
14 Act and Section 16-111.5 of the Public Utilities Act that 
15 is determined to be confidential and proprietary by the 
16 Illinois Power Agency or by the Illinois Commerce 
17 Commission.

18  (z) Information about students exempted from 
19 disclosure under Sections 10-20.38 or 34-18.29 of the 
20 School Code, and information about undergraduate students 
21 enrolled at an institution of higher education exempted 
22 from disclosure under Section 25 of the Illinois Credit 
23 Card Marketing Act of 2009. 
24  (aa) Information the disclosure of which is
exempted 
25 under the Viatical Settlements Act of 2009.

26  (bb) Records and information provided to a mortality 
 
 
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1 review team and records maintained by a mortality review 
2 team appointed under the Department of Juvenile Justice 
3 Mortality Review Team Act. 
4  (cc) Information regarding interments, entombments, or 
5 inurnments of human remains that are submitted to the 
6 Cemetery Oversight Database under the Cemetery Care Act or 
7 the Cemetery Oversight Act, whichever is applicable.
8  (dd) Correspondence and records (i) that may not be 
9 disclosed under Section 11-9 of the Illinois Public Aid 
10 Code or (ii) that pertain to appeals under Section 11-8 of 
11 the Illinois Public Aid Code. 
12  (ee) The names, addresses, or other personal 
13 information of persons who are minors and are also 
14 participants and registrants in programs of park 
15 districts, forest preserve districts, conservation 
16 districts, recreation agencies, and special recreation 
17 associations.
18  (ff) The names, addresses, or other personal 
19 information of participants and registrants in programs of 
20 park districts, forest preserve districts, conservation 
21 districts, recreation agencies, and special recreation 
22 associations where such programs are targeted primarily to 
23 minors.
24  (gg) Confidential information described in Section 
25 1-100 of the Illinois Independent Tax Tribunal Act of 2012. 
26  (hh) The report submitted to the State Board of 
 
 
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1 Education by the School Security and Standards Task Force 
2 under item (8) of subsection (d) of Section 2-3.160 of the 
3 School Code and any information contained in that report. 
4  (ii) Records requested by persons committed to or 
5 detained by the Department of Human Services under the 
6 Sexually Violent Persons Commitment Act or committed to the 
7 Department of Corrections under the Sexually Dangerous 
8 Persons Act if those materials: (i) are available in the 
9 library of the facility where the individual is confined; 
10 (ii) include records from staff members' personnel files, 
11 staff rosters, or other staffing assignment information; 
12 or (iii) are available through an administrative request to 
13 the Department of Human Services or the Department of 
14 Corrections.
15  (jj) Confidential information described in Section 
16 5-535 of the Civil Administrative Code of Illinois. 
17 (1.5) Any information exempt from disclosure under the 
18Judicial Privacy Act shall be redacted from public records 
19prior to disclosure under this Act. 
20 (2) A public record that is not in the possession of a 
21public body but is in the possession of a party with whom the 
22agency has contracted to perform a governmental function on 
23behalf of the public body, and that directly relates to the 
24governmental function and is not otherwise exempt under this 
25Act, shall be considered a public record of the public body, 
26for purposes of this Act. 
 
 
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1 (3) This Section does not authorize withholding of 
2information or limit the
availability of records to the public, 
3except as stated in this Section or
otherwise provided in this 
4Act.


5(Source: P.A. 98-463, eff. 8-16-13; 98-578, eff. 8-27-13; 
698-695, eff. 7-3-14; 99-298, eff. 8-6-15; 99-346, eff. 1-1-16; 
799-642, eff. 7-28-16; revised 10-25-16.)

8 Section 5. The Illinois Pension Code is amended by adding 
9Sections 1-113.17, 1-113.17a, and 1-113.17b as follows:

10 (40 ILCS 5/1-113.17 new)
11 Sec. 1-113.17. Investment transparency; definitions. As 
12used in this Section and Sections 1-113.17a and 1-113.17b:
13 (a) "Affiliate" means any person directly or indirectly 
14controlling or controlled by, or under direct or indirect 
15common control with, another person.
16 (a-5) "Alternative investment fund" means a private equity 
17fund, hedge fund, or absolute return fund. 
18 (b) "Board" or "public retirement system board" means the 
19board of trustees of a public retirement system and includes 
20the Illinois State Board of Investment established under 
21Article 22A of this Code.
22 (c) "External manager" means either of the following:
23  (1) A person who manages an alternative investment fund 
24 and who offers or sells, or has offered or sold, an 
 
 
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1 ownership interest in the alternative investment fund to a 
2 board.
3  (2) A general partner, managing member entity, fund 
4 manager, fund adviser, or other similar person or entity 
5 with decision-making authority over an alternative 
6 investment fund.
7 (d) "External manager group" means (1) the external 
8manager, (2) its affiliates, (3) any other parties described in 
9the external manager's marketing materials for the relevant 
10alternative investment fund as providing services to or on 
11behalf of portfolio holdings, and (4) any other parties 
12described in the external manager's affiliated adviser's SEC 
13Form ADV filing as receiving portfolio holding fees or 
14portfolio holding other compensation. "External manager group" 
15does not include the affiliated alternative investment fund in 
16which the public retirement system is an investor, nor does it 
17include an alternative investment fund used to effectuate 
18investments of the affiliated fund in which the public 
19retirement system is an investor.
20 (e) "Marketing materials" means (1) a prospectus, (2) a 
21private placement memorandum, (3) a prospective investor 
22presentation, (4) a due diligence questionnaire, but only if 
23the questions are authored by an external manager, or (5) any 
24other written material provided by an external manager for the 
25purpose of soliciting a commitment to an alternative investment 
26fund.
 
 
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1 (f) "New agreement" means an agreement that is proposed or 
2executed after January 1, 2018, and includes any modification 
3to or amendment of such an agreement that modifies or alters 
4any of the provisions required to be disclosed under Section 
51-113.17a or 1-113.17b. "New agreement" also means any 
6subsequent agreement that implements, memorializes, or 
7provides detail about such an agreement.
8 (g) "Person" means an individual, corporation, 
9partnership, limited partnership, limited liability company, 
10or association, either domestic or foreign.
11 (h) "Portfolio holding" means any business, partnership, 
12real property, or other business entity or asset in which an 
13alternative investment fund has, at any time, held either an 
14interest in the securities thereof or a real property interest 
15in, or has acted as a lender to, the entity or asset.
16 (i) "Portfolio holding fee" means the total payment 
17obligation of a portfolio holding, regardless of whether it is 
18actually paid or accrued, and regardless of whether the payment 
19obligation is satisfied in cash, securities, or other 
20consideration, and regardless of whether it is incurred as 
21compensation for services provided or as reimbursement for 
22expenses incurred.
23 (j) "Private equity fund" means a pooled investment entity 
24that is, or holds itself out as being, engaged primarily, or 
25proposes to engage primarily, in investment strategies 
26involving equity or debt financings that are provided for 
 
 
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1purchasing or expanding private or public companies, or for 
2related purposes such as financing for capital, research and 
3development, introduction of a product or process into the 
4marketplace, or similar needs requiring risk capital. This 
5includes, but is not limited to, financing classified as 
6venture capital, mezzanine, buyout, or growth funds.
7 (k) "Public retirement system" means a pension fund or 
8retirement system subject to this Code, and includes the 
9Illinois State Board of Investment established under Article 
1022A of this Code.

11 (40 ILCS 5/1-113.17a new)
12 Sec. 1-113.17a. Investment transparency; disclosure of 
13alternative investment fund agreements.
14 (a) The definitions in Section 1-113.17 of this Code apply 
15to this Section.
16 (b) Within 90 days after entering into a new agreement to 
17invest in an alternative investment fund, a public retirement 
18system must disclose, in the manner provided under this 
19Section, the existence of the agreement and all of the 
20following parts and provisions of the agreement:
21  (1) All management fee waiver provisions, including, 
22 but not limited to, provisions that permit the external 
23 manager or general partner to waive fees, or that specify 
24 the mechanics of the fee waiver or its repayment, or that 
25 specify the magnitude of the fee waiver, or that are 
 
 
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1 necessary to understand how the fee waiver works, and all 
2 defined terms related to or affecting the fee waiver.
3  (2) All indemnification provisions, including, but not 
4 limited to, provisions that require the alternative 
5 investment fund or its investors to indemnify the external 
6 manager or general partner, or any of its affiliates, for 
7 settlements or judgments paid, and including all 
8 provisions necessary to understand how the indemnification 
9 works and all defined terms related to or affecting 
10 indemnification.
11  (3) All clawback provisions, including, but not 
12 limited to, provisions that allow the external manager or 
13 general partner to pay back an amount less than the full 
14 cost of the overpayment received by the manager, and 
15 including all provisions necessary to understand how the 
16 clawback works and all defined terms related to or 
17 affecting clawbacks.
18  (4) The cover page and signature block of the 
19 agreement.
20 However, in the case of a new agreement that consists of a 
21modification of or amendment to a previous new agreement for 
22which the disclosures required under this subsection have 
23already been made, it is sufficient for the public retirement 
24system (i) to identify the previous disclosures and disclose 
25only the parts and provisions of the modification of or 
26amendment to the agreement that modify, alter, or affect any of 
 
 
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1the provisions previously disclosed under this subsection or 
2(ii) to make and disclose a finding that the modification or 
3amendment does not modify, alter, or affect any of the 
4provisions previously disclosed under this subsection, 
5whichever is applicable.
6 (c) The public retirement system shall make the disclosures 
7required under subsection (b) by doing all of the following:
8  (1) filing a copy of the required material with the 
9 Public Pension Division of the Illinois Department of 
10 Insurance;
11  (2) filing a copy of the required material with the 
12 Illinois Secretary of State; and
13  (3) posting and maintaining the required material on 
14 the public retirement system's website.
15 (d) A new agreement shall not be deemed to be violated or 
16made invalid by the public retirement system's good faith 
17effort to make the disclosures required under subsection (b) of 
18this Section, nor due to harmless or inadvertent failure by the 
19public retirement system to correctly include or identify a 
20component of a required disclosure.
21 (e) The following are public records and are subject to 
22disclosure under the Freedom of Information Act:
23  (1) All of the material required to be disclosed under 
24 subsection (b) of this Section.
25  (2) Any amounts paid in indemnification and any amounts 
26 deducted from payments owed by the general partner or 
 
 
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1 external manager under an agreement establishing or 
2 providing for participation in an alternative investment 
3 fund by a public retirement system, and any documents 
4 submitted to a public retirement system justifying the 
5 demand for payment relating to the indemnification.
6  (3) The cover page and a legible copy of the executed 
7 signature block of any new agreement to establish or 
8 participate in an alternative investment fund by a public 
9 retirement system.

10 (40 ILCS 5/1-113.17b new)
11 Sec. 1-113.17b. Investment transparency; disclosure of 
12certain investment fees.
13 (a) The definitions in Section 1-113.17 of this Code apply 
14to this Section. For the purposes of this Section, "carried 
15interest" means a share of the profits of an alternative 
16investment fund that is paid, accrued, or due to the general 
17partner or the external manager or their affiliates.
18 (b) This Section applies to any new agreement that a public 
19retirement system enters into in order to establish or 
20participate in an alternative investment fund. A public 
21retirement system shall not enter into such new agreement 
22without a written undertaking by the alternative investment 
23fund external managers and general partners that they will 
24comply with this Section and the requirements of the public 
25retirement system under subsection (c).
 
 
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1 (c) Every public retirement system shall require its 
2alternative investment fund external managers and general 
3partners to make the following disclosures annually, in a 
4manner and form prescribed by the system, in regard to each 
5alternative investment fund:
6  (1) The fees and expenses that the public retirement 
7 system pays directly to the alternative investment fund, or 
8 to the alternative investment fund external manager or 
9 general partner.
10  (2) The public retirement system's share of all fees 
11 and expenses not included in paragraph (1), including 
12 carried interest, that are paid or allocated from the 
13 alternative investment fund to the external manager or 
14 general partners, or that are deducted from payments owed 
15 from the external manager or general partners to the 
16 alternative investment fund.
17  (3) The amount of all management fee waivers made by 
18 the alternative investment fund external managers or 
19 general partners.
20  (4) The total amount of portfolio holding fees incurred 
21 by each portfolio holding of the alternative investment 
22 fund as payment to any person who is a member of the 
23 external manager group.
24 An alternative investment fund external manager or general 
25partner may provide the public retirement system with a 
26completed reporting template developed by the Institutional 
 
 
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1Limited Partners Association for the relevant category of 
2investment; doing so constitutes compliance with that external 
3manager or general partner's annual disclosure requirements 
4under this subsection for the year covered in the completed 
5template. 
6 (d) A public retirement system shall make the information 
7received under subsection (c) available by:
8  (1) filing a copy of the received material with the 
9 Public Pension Division of the Illinois Department of 
10 Insurance; and
11  (2) posting and maintaining the received information 
12 on the public retirement system's website, together with 
13 sufficient identifying and explanatory material to 
14 facilitate access and understanding by the public.


15 Section 99. Effective date. This Act takes effect upon 
16becoming law.