IL SB3750

Increases the asset management threshold for "emerging investment managers" from less than $10 billion to less than $20 billion under the Illinois Pension Code (40 ILCS 5/1-109.1).

Defines "emerging investment manager" as a qualified investment adviser managing $10 million to $20 billion in assets that is a minority-owned business, women-owned business, or business owned by a person with a disability.

Maintains existing 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 establish separate quantifiable goals for utilizing emerging investment managers in each of the three ownership categories (minority, women, and disability-owned businesses).

Becomes effective January 1, 2021.