IL HB4413

Requires retirement systems, pension funds, and investment boards to broadcast open board meetings and committee meetings to the public in real-time on their websites using high-speed internet connections, with both audio and video available.

Mandates that majority of committee members must be board members, and any non-board committee members must be designated as fiduciaries.

Requires pension funds and retirement systems to maintain official websites with quarterly updates of investment information including total funds held, asset allocation, investment returns, advisers, performance benchmarks, consultants, contractors, service requests, board member contact information, and applicable reports.

Exempts funds whose investments are restricted by Section 1-113.2 from maintaining online disclosure, but allows public inspection at an alternative location.

Specifies no reimbursement from the State is required for implementing this mandate, effective January 31, 2019.