SB 3486

Abstract

Amends the General Provisions Article of the Illinois Pension Code. Provides that each public retirement system, pension fund, and investment board shall set annual goals regarding the utilization of Illinois-based financial service businesses, including businesses that are minority owned or female owned; requires information to be collected and reported. Requires each public retirement system, pension fund, and investment board to adopt utilization goals for minority or female owned businesses and to independently verify the status of each contracted business on an annual basis; includes personal and staff penalties for failure to achieve those goals. Provides that every person appointed on or after January 1, 2015 by the board of trustees of a retirement system, pension fund, or investment board to be Executive Director, Chief Investment Officer, Chief Financial Officer, or an equivalent position within that system, fund, or board, or to fill a vacancy on the board of trustees, shall be subject to Senate confirmation and shall be appointed to serve for a term of no more than 4 years. Beginning January 1, 2015, requires every current or incoming trustee, Chief Financial Officer, Chief Investment Officer, and Executive Director of any public retirement system, pension fund, or investment board to receive 10 hours of minority and female investment inclusion training, with the oversight of the Senate Public Pensions and State Investments Committee.