IL SB1698

Amends the Illinois Pension Code to require retirement systems and pension funds to broadcast open board and committee meetings to the public in real-time on their websites using high-speed Internet connections, with audio and video recordings made available.

Exempts pension funds established under Articles 3 or 4 and portions of meetings discussing medical information or privileged participant information from the broadcast requirement.

Requires pension fund committees to have a majority of their members be board members, and non-board committee members must be fiduciaries.

Mandates retirement systems and pension funds maintain official websites with quarterly updates of 11 categories of investment information, including total funds held, asset allocation, investment performance, adviser and consultant listings, and board member contact information.

Exempts the State from reimbursement obligations under the State Mandates Act for implementation costs and takes effect July 1, 2020.