Sec. 1-113.16. Investment transparency.

414 words·~2 min read·/il/chapter-40/act-5/1-113-16

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)The purpose of this Section is to provide for transparency in the investment of retirement or pension funds and require the reporting of full and complete information regarding the investments by pension funds, retirement systems, and investment boards.

(b)A retirement system, pension fund, or investment board subject to this Code and any committees established by such system, fund, or board must comply with the Open Meetings Act.

(c)Any retirement system, pension fund, or investment board subject to this Code that establishes a committee shall ensure that the majority of the members on such committee are board members. If any member of a committee is not a member of the board for the system, fund, or board, then that committee member shall be a fiduciary.

(d)A retirement system, pension fund, or investment board subject to this Code, except those whose investments are restricted by Section 1-113.2, shall maintain an official web site and make available in a clear and conspicuous manner, and update at least quarterly, all of the following information concerning the investment of funds:

(1)The total amount of funds held by the pension fund, retirement system, or investment

board.

(2)The asset allocation for the investments made by the pension fund, retirement

system, or investment board.

(3)Current and historic return information.

(4)A detailed listing of the investment advisers for all asset classes.

(5)Performance of investments compared against established benchmarks.

(6)A detailed list of all consultants doing business with the retirement system,

pension fund, or investment board.

(7)A detailed list of all contractors, other than investment advisers and consultants,

doing business with the retirement system, pension fund, or investment board.

(8)Any requests for investment services.

(9)The names and email addresses of all board members, directors, and senior staff.

(10)The report required under Section 1-109.1 of this Code, if applicable.

(11)The description of each contract required under subsection

(g)of Section 1-113.14

of this Code, if applicable.

(e)A pension fund whose investments are restricted by Section 1-113.2 of this Code shall make the information required in subsection

(d)of this Section available on its web site or in a location that allows the information to be available for inspection by the public.

(f)Nothing in this Section requires the pension fund, retirement system, or investment board to make information available on the Internet that is exempt from inspection and copying under the Freedom of Information Act.