IL SB0779

Amends the Freedom of Information Act to clarify that trade secret and commercial information exemptions do not apply to disclosure requirements under the new Illinois Pension Code sections regarding alternative investment fund agreements and fees.

Requires public retirement systems to disclose within 90 days all management fee waivers, indemnification provisions, clawback provisions, cover pages, and signature blocks of new alternative investment fund agreements to the Illinois Department of Insurance, Secretary of State, and their websites.

Mandates annual disclosure by alternative investment fund external managers and general partners of all fees paid to them, carried interest, management fee waivers, and portfolio holding fees paid to external manager group members.

Establishes definitions for alternative investment funds, external managers, portfolio holdings, and related terms to implement investment transparency requirements for public pension systems.

Makes all required alternative investment fund disclosures, indemnification payments, and agreement cover pages public records subject to Freedom of Information Act requests.