IL SB0452

Pension boards must adopt policies by January 1, 2010 setting quantifiable goals for utilizing emerging investment managers (those managing $10 million to $10 billion in assets) that are minority-owned, female-owned, or owned by persons with disabilities, with separate goals for each category.

Beginning February 1, 2015, pension boards must adopt policies establishing goals for increasing utilization of minority investment managers across all asset classes, with three separate goals for minority-owned, female-owned, and disability-owned businesses.

Starting January 1, 2015, all investment advisors, consultants, and private market funds seeking contracts with pension systems must disclose the diversity of their investment and senior staff and their subcontracting with minority-owned, female-owned, or disability-owned businesses.

Pension boards must establish policies for increasing diversity of fiduciaries (including consultants and senior staff), utilizing minority broker-dealers, and contracting with minority-owned, female-owned, and disability-owned businesses for all services, with annual review of all goals.

The Illinois Prepaid Tuition Commission must comply with the same diversity and disclosure requirements as pension boards for its investments beginning January 1, 2015.