SB 460

Abstract

Amends the Chicago Municipal Article of the Illinois Pension Code. Provides that all contracts for investment services shall be awarded by the board of trustees using a competitive process that is substantially similar to the process required for the procurement of professional and artistic services under the Illinois Procurement Code. Provides that an exception shall be allowed for contracts for investment services with an emerging investment manager provided through a qualified manager 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 may select or appoint such emerging investment manager. Provides that all exceptions must be published on the Fund's website, which shall name the person authorizing the procurement and shall include a brief explanation of the reason for the exception. Defines terms. Amends the State Mandates Act to require implementation without reimbursement by the State. Senate Committee Amendment No. 1 Deletes reference to: 40 ILCS 5/8-201.2 new Adds reference to: 40 ILCS 5/1-113.24 new Replaces everything after the enacting clause. Reinserts the provisions of the introduced bill with the following changes. Moves and changes the applicability of the provisions from the Chicago Municipal Article to the General Provisions Article. Makes conforming changes.