IL SB3749

Changes the deadline for retirement systems and pension funds to adopt emerging investment manager policies from January 1, 2010 to January 1, 2021.

Modifies goal calculations to be based on percentage of total dollar amount of "fees paid under" investment contracts (instead of total dollar amount of contracts) for minority-owned businesses, women-owned businesses, and businesses owned by persons with disabilities.

Updates the aspirational goal for emerging investment manager usage from 20% of total funds under management to 20% of fees paid in each asset class.

Requires retirement systems and pension funds to establish three separate goals for emerging investment managers that are minority-owned businesses, women-owned businesses, and businesses owned by persons with disabilities.

Modifies annual reporting requirements to include total dollar amount of fees paid under investment contracts with emerging investment managers rather than percentage of assets under investment control.