IL SB0460

Amends the Illinois Pension Code to allow pension funds, retirement systems, and investment boards to contract with emerging investment managers through a qualified manager of emerging investment managers services without following standard competitive bidding requirements.

Permits boards to directly select or appoint an emerging investment manager recommended by an investment adviser, provided the manager has been providing services in the multimanager portfolio for at least 24 months.

Requires all exceptions to competitive bidding requirements to be published on the pension fund's website, including the name of the person authorizing the procurement and a brief explanation of the reason for the exception.

Qualified managers of emerging investment managers services must comply with written contract requirements specified in the Illinois Pension Code.

Exempts this Act from triggering state reimbursement obligations under the State Mandates Act.