Illinois Public Act 096-0006 became effective on April 3, 2009, making significant changes to the operations of Illinois retirement systems, pension funds and investment boards. The Act imposes increased oversight and accountability requirements on the boards of trustees, fiduciaries and investment advisers, managers and consultants. The provisions apply not only at the state level, but at the local level, including pension systems of the City of Chicago and other local governments.
The Act amends the Illinois Pension Code (40 ILCS 5/1-101 et seq.), the Illinois Governmental Ethics Act (5 ILCS 420/1-101 et seq.), the State Officials and Employees Ethics Act (5 ILCS 430/1-1 et seq.), and the State Treasurer Act (15 ILCS 505/0.01 et seq.).
References:
- Public Act 096-0006 (.pdf)
- Sweeping Illinois Pension Reform Legislation Affects Retirement Systems and Pension Funds and their Advisers, Managers and Consultants (.pdf) by Mayer Brown
- New Federal and State Pay-to-Play Developments by Barbara Stettner, Charles E. Borden, Adam Hellman, David J. Sandler of O’Melveny & Meyers
Image is from the US Census and can found in Wikimedia: Illinois Locator Map with US.
