Tag: Illinois Procurement Code

Illinois Pension Reform Legislation in Public Act 096-0006

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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.).

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Registration Disclosure for Illinois Entity Registration

Illinois has a new business entity registration for procurement law in place to counteract “pay-to-play” in state contracting.

As part of the registration process, you must register the company as well as any “affiliated entity” and any “affiliated person.” Both of these terms are defined in Section 50-37 of Illinois Procurement Code.

“Affiliated person” means
(i) any person with any ownership interest or distributive share of the bidding or contracting business entity in excess of 7.5%,
(ii) executive employees of the bidding or contracting business entity, and
(iii) the spouse and minor children of any such persons.

“Affiliated entity” means
(i) any subsidiary of the bidding or contracting business entity,
(ii) any member of the same unitary business group,
(iii) any organization recognized by the United States Internal Revenue Service as a tax‑exempt organization described in Section 501(c) of the Internal Revenue Code of 1986 (or any successor provision of federal tax law) established by the bidding or contracting business entity, any affiliated entity of that business entity, or any affiliated person of that business entity, or
(iv) any political committee for which the bidding or contracting business entity, or any 501(c) organization described in item (iii) related to that business entity, is the sponsoring entity.