SB1899 Summary

• Amends the Illinois Pension Code to add a fourth exception to the competitive selection process requirement for investment services contracts for retirement systems and pension funds.

• Creates an exception allowing pension funds, retirement systems, or investment boards to award contracts for "follow-on funds with the same fund sponsor through closed-end funds" without a competitive selection process, at their discretion.

• Requires all exceptions to the competitive bidding requirement to be published on the system's website with the authorizing person's name and a brief explanation of the reason for the exception.

• Takes effect immediately upon becoming law.