SB 2046

Abstract

Amends the Illinois Pension Code. Creates the General Assembly Task Force on Financial Asset Management and Investment to better enforce compliance with provisions concerning emerging investment managers, assist the General Assembly in the review and clarification of certain material, develop standardized reporting forms that all pension funds are required to complete, and provide recommendations and suggestions to the General Assembly for improvement in the reporting process of pension funds and recommendations for improving the opportunity of emerging Illinois-based firms to participate in the management of pension fund assets. Provides that the Senate Committee on Pensions and Investments may administer oaths and affirmations and summon and compel the attendance of and examine under oath any officer, trustee, agent, actuary, attorney, or employee connected either directly or indirectly with any pension fund, or any other person having information regarding the condition, affairs, management, and administration of a pension fund. Provides that the Committee may require any person having possession of any record, book, paper, contract, or other document pertaining to a pension fund to surrender it or to otherwise afford the Committee access to it. Provides enforcement procedures. Provides that pension funds shall publish minutes, agendas, requests for proposal, and requests for information concerning all efforts at encouraging the maximum participation of emerging Illinois-based firms and shall provide to the Governor and the General Assembly data regarding participation that sets forth the commissions and fees received by qualified firms, and any fee-sharing arrangements, rebates, or other agreements in which the firms share their compensation with other business entities. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.