IL SB3638

Defines "emerging investment manager" as a qualified investment adviser managing $10 million to $10 billion in assets at initial contract that is minority-owned, women-owned, or disability-owned business.

Declares state policy to encourage public employee retirement systems and pension funds to use emerging investment managers across all asset classes and increase racial, ethnic, and gender diversity of fiduciaries.

Requires retirement systems and pension funds to adopt policies setting quantifiable goals for utilizing emerging investment managers, with separate goals for minority-owned, women-owned, and disability-owned businesses.

Exempts contracts for investment services with emerging investment managers from competitive bidding requirements under Section 1-113.14 of the Illinois Pension Code.

Takes effect immediately upon becoming law.