IL SB3486

Requires each public retirement system, pension fund, and investment board to set annual goals for utilizing Illinois-based financial service businesses, including minority-owned and female-owned businesses, and report utilization data to the Governor and General Assembly.

Mandates adoption of minority or female-owned business utilization goals of at least 20% of total contract dollars across all asset classes, with independent annual verification of business certifications.

Reduces bonus eligibility to 60% for Chief Investment Officers, Chief Financial Officers, and Executive Directors who fail to meet minority or female-owned business utilization goals, and places them on a watch list; consistent failure may affect Senate confirmation.

Requires Senate confirmation for all persons appointed on or after January 1, 2015 to Executive Director, Chief Investment Officer, Chief Financial Officer, or equivalent positions, or to fill board trustee vacancies, with terms limited to 4 years.

Mandates 10 hours of minority and female investment inclusion training for all current and incoming trustees, Chief Financial Officers, Chief Investment Officers, and Executive Directors by January 1, 2015, under Senate Public Pensions and State Investments Committee oversight.