Illinois Compiled Statutes 40 ILCS 5/1-113.16 – Investment transparency
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(a) The purpose of this Section is to provide for transparency in the investment of retirement or pension funds and require the reporting of full and complete information regarding the investments by pension funds, retirement systems, and investment boards.
(b) A retirement system, pension fund, or investment board subject to this Code and any committees established by such system, fund, or board must comply with the Open Meetings Act.
(c) Any retirement system, pension fund, or investment board subject to this Code that establishes a committee shall ensure that the majority of the members on such committee are board members. If any member of a committee is not a member of the board for the system, fund, or board, then that committee member shall be a fiduciary.
(d) A retirement system, pension fund, or investment board subject to this Code, except those whose investments are restricted by Section 1-113.2, shall maintain an official web site and make available in a clear and conspicuous manner, and update at least quarterly, all of the following information concerning the investment of funds:
(1) The total amount of funds held by the pension
(b) A retirement system, pension fund, or investment board subject to this Code and any committees established by such system, fund, or board must comply with the Open Meetings Act.
Terms Used In Illinois Compiled Statutes 40 ILCS 5/1-113.16
- Contract: A legal written agreement that becomes binding when signed.
- Fiduciary: A trustee, executor, or administrator.
- Freedom of Information Act: A federal law that mandates that all the records created and kept by federal agencies in the executive branch of government must be open for public inspection and copying. The only exceptions are those records that fall into one of nine exempted categories listed in the statute. Source: OCC
(c) Any retirement system, pension fund, or investment board subject to this Code that establishes a committee shall ensure that the majority of the members on such committee are board members. If any member of a committee is not a member of the board for the system, fund, or board, then that committee member shall be a fiduciary.
(d) A retirement system, pension fund, or investment board subject to this Code, except those whose investments are restricted by Section 1-113.2, shall maintain an official web site and make available in a clear and conspicuous manner, and update at least quarterly, all of the following information concerning the investment of funds:
(1) The total amount of funds held by the pension
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fund, retirement system, or investment board.
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(2) The asset allocation for the investments made by
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the pension fund, retirement system, or investment board.
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(3) Current and historic return information.
(4) A detailed listing of the investment advisers for
(4) A detailed listing of the investment advisers for
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all asset classes.
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(5) Performance of investments compared against
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established benchmarks.
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(6) A detailed list of all consultants doing business
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with the retirement system, pension fund, or investment board.
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(7) A detailed list of all contractors, other than
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investment advisers and consultants, doing business with the retirement system, pension fund, or investment board.
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(8) Any requests for investment services.
(9) The names and email addresses of all board
(9) The names and email addresses of all board
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members, directors, and senior staff.
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(10) The report required under Section 1-109.1 of
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this Code, if applicable.
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(11) The description of each contract required under
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subsection (g) of Section 1-113.14 of this Code, if applicable.
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(e) A pension fund whose investments are restricted by Section 1-113.2 of this Code shall make the information required in subsection (d) of this Section available on its web site or in a location that allows the information to be available for inspection by the public.
(f) Nothing in this Section requires the pension fund, retirement system, or investment board to make information available on the Internet that is exempt from inspection and copying under the Freedom of Information Act.
(f) Nothing in this Section requires the pension fund, retirement system, or investment board to make information available on the Internet that is exempt from inspection and copying under the Freedom of Information Act.