IL SB2060

Amends Illinois Pension Code Section 1-109.1 to require retirement systems and pension funds to adopt policies setting quantifiable goals for utilizing emerging investment managers (those managing $10-$10 billion in assets and meeting minority, women, or disability-owned business criteria) by January 1, 2020.

Establishes three separate goals for emerging investment managers that are minority-owned, women-owned, and disability-owned businesses, measured by percentage of total fees paid under investment service contracts.

Requires retirement systems and pension funds to establish policies for increasing racial, ethnic, and gender diversity among fiduciaries, consultants, and senior staff, with annual reviews of progress.

Mandates annual reporting to the Governor and General Assembly detailing policies adopted, emerging and minority investment managers used, fees paid, and actions undertaken to increase utilization of diverse investment professionals.

Sets aspirational goals that systems use emerging investment managers for at least 20% of fees paid in each asset class and that at least 20% of investment advisors be minorities, women, or persons with disabilities.