reglab/housing_qa huggingface dataset:
40 ILCS 5/1-113.15
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 1 - General Provisions: Short Title, Effect Of Code And Other Provisions

Sec. 1-113.15. Qualified fund-of-fund management services.(a) As used in this Section:"Qualified fund-of-fund management services" means either (i) the services of an investment adviser acting in its capacity as an investment manager of a fund-of-funds or (ii) an investment adviser acting in its capacity as an investment manager of a separate account that is invested on a side-by-side basis in a substantially identical manner to a fund-of-funds, in each case pursuant to qualified written agreements."Qualified written agreements" means one or more written contracts to which the investment adviser and the board are parties and includes all of the following: (i) the matters described in items (1), (4), (5), (7), (11), and (12) of subsection (c) of Section 1-113.14; (ii) a description of any fees, commissions, penalties, and other compensation payable, if any, directly by the retirement system, pension fund, or investment board (which shall not include any fees, commissions, penalties, and other compensation payable from the assets of the fund-of-funds or separate account); (iii) a description (or method of calculation) of the fees and expenses payable by the Fund to the investment adviser and the timing of the payment of the fees or expenses; and (iv) a description (or method of calculation) of any carried interest or other performance based interests, fees, or payments allocable by the Fund to the investment adviser or an affiliate of the investment adviser and the priority of distributions with respect to such interest.(b) A description of every contract for qualified fund-of-fund  management services must be posted in a conspicuous manner on the web site of the retirement system, pension fund, or investment board.  The description must include the name of the fund-of-funds, the name of its investment adviser, the total investment commitment of the retirement system, pension fund, or investment board to invest in such fund-of-funds, and a disclosure approved by the board describing the factors that contributed to the investment in such fund-of-funds. No information that is exempt from inspection pursuant to  Section 7 of the Freedom of Information Act shall be disclosed under this Section.  (Source: P.A. 96-1554, eff. 3-18-11.)
40 ILCS 5/1-113.16
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 1 - General Provisions: Short Title, Effect Of Code And Other Provisions

Sec. 1-113.16. Investment transparency.(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     fund, retirement system, or investment board.(2)  The asset allocation for the investments made by     the pension fund, retirement system, or investment board.(3)  Current and historic return information.(4) A detailed listing of the investment advisers for     all asset classes.(5) Performance of investments compared against     established benchmarks.(6) A detailed list of all consultants doing business     with the retirement system, pension fund, or investment board.(7) A detailed list of all contractors, other than     investment advisers and consultants, doing business with the retirement system, pension fund, or investment board.(8) Any requests for investment services.(9) The names and email addresses of all board     members, directors, and senior staff.(10) The report required under Section 1-109.1 of     this Code, if applicable.(11) The description of each contract required under     subsection (g) of  Section 1-113.14 of this Code, if applicable.(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.  (Source: P.A. 96-6, eff. 4-3-09.)
40 ILCS 5/1-113.17
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 1 - General Provisions: Short Title, Effect Of Code And Other Provisions

Sec. 1-113.17. Investment sustainability. Every retirement system, pension fund, or investment board subject to this Code shall adopt a written investment policy and file a copy of that policy with the Department of Insurance within 30 days after its adoption. Whenever a board changes its investment policy, it shall file a copy of the new policy with the Department within 30 days.The investment policy shall include material, relevant, and decision-useful sustainability factors to be considered by the board, within the bounds of financial and fiduciary prudence, in evaluating investment decisions. Such factors shall include, but are not limited to:  (1) corporate governance and leadership factors; (2) environmental factors; (3) social capital factors; (4) human capital factors; and (5) business model and innovation factors, as provided under the Illinois Sustainable Investing Act.   (Source: P.A. 101-473, eff. 1-1-20.)
40 ILCS 5/1-113.18
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 1 - General Provisions: Short Title, Effect Of Code And Other Provisions

Sec. 1-113.18. Ethics training. All board members of a retirement system, pension fund, or investment board created under this Code must attend ethics training of at least 8 hours per year. The training required under this Section shall include training on ethics, fiduciary duty, and investment issues and any other curriculum that the board of the retirement system, pension fund, or investment board establishes as being important for the administration of the retirement system, pension fund, or investment board. The Supreme Court of Illinois shall be responsible for ethics training and curriculum for judges designated by the Court to serve as members of a retirement system, pension fund, or investment board.      Each board shall annually certify its members' compliance with this Section and submit an annual certification to the Division of Insurance of the Department of Financial and Professional Regulation. Judges shall annually certify compliance with the ethics training requirement and shall submit an annual certification to the Chief Justice of the Supreme Court of Illinois. For an elected or appointed trustee under Article 3 or 4 of this Code, fulfillment of the requirements of Section 1-109.3 satisfies the requirements of this Section.   (Source: P.A. 100-904, eff. 8-17-18.)
40 ILCS 5/1-113.20
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 1 - General Provisions: Short Title, Effect Of Code And Other Provisions

Sec. 1-113.20. Investment strategies; explicit and implicit costs. Every pension fund, retirement system, and investment board created under this Code, except those whose investments are restricted by Section 1-113.2 of this Code, shall instruct the fund's, system's, or board's investment advisors to utilize investment strategies designed to ensure that all securities transactions are executed in such a manner that the total explicit and implicit costs and total proceeds in every transaction are the most favorable under the circumstances.  (Source: P.A. 96-753, eff. 8-25-09.)
40 ILCS 5/1-113.21
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 1 - General Provisions: Short Title, Effect Of Code And Other Provisions

Sec. 1-113.21. Contracts for services.(a) Beginning January 1, 2015, no contract, oral or written, for investment services, consulting services, or commitment to a private market fund shall be awarded by a retirement system, pension fund, or investment board established under this Code unless the investment advisor, consultant, or private market fund first discloses:(1) the number of its investment and senior staff and     the percentage of its investment and senior staff who are (i) a minority person, (ii) a woman, and (iii) a person with a disability; and(2) the number of contracts, oral or written, for     investment services, consulting services, and professional and artistic services that the investment advisor, consultant, or private market fund has with (i) a minority-owned business, (ii) a women-owned business, or (iii) a business owned by a person with a disability; and(3) the number of contracts, oral or written, for     investment services, consulting services, and professional and artistic services the investment advisor, consultant, or private market fund has with a business other than (i) a minority-owned business, (ii) a women-owned business or (iii) a business owned by a person with a disability, if more than 50% of services performed pursuant to the contract are performed by (i) a minority person, (ii) a woman, and (iii) a person with a disability.(b) The disclosures required by this Section shall be considered, within the bounds of financial and fiduciary prudence, prior to the awarding of a contract, oral or written, for investment services, consulting services, or commitment to a private market fund.(c) For the purposes of this Section, the terms "minority person", "woman", "person  with a disability", "minority-owned business", "women-owned business", and  "business owned by a person with a disability" have the same meaning as those  terms have in the Business Enterprise for Minorities, Women, and Persons  with Disabilities Act.(d) For purposes of this Section, the term "private market fund" means any private equity fund, private equity fund of funds, venture capital fund, hedge fund, hedge fund of funds, real estate fund, or other investment vehicle that is not publicly traded.  (Source: P.A. 100-391, eff. 8-25-17.)
40 ILCS 5/1-113.22
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 1 - General Provisions: Short Title, Effect Of Code And Other Provisions

Sec. 1-113.22. Required disclosures from consultants; minority-owned businesses, women-owned businesses, and businesses owned by  persons with a disability.(a) No later than January 1, 2018 and each January 1 thereafter, each consultant retained by the board of a retirement system, board of a pension fund, or investment board shall disclose to that board of the retirement system, board of the pension fund, or investment board:(1) the total number of searches for investment     services made by the consultant in the prior calendar year;(2) the total number of searches for investment     services made by the consultant in the prior calendar year that included (i) a minority-owned business, (ii) a women-owned business, or (iii) a business owned by a person with a disability;(3) the total number of searches for investment     services made by the consultant in the prior calendar year in which the consultant recommended for selection (i) a minority-owned business, (ii) a women-owned business, or (iii) a business owned by a person with a disability;(4) the total number of searches for investment     services made by the consultant in the prior calendar year that resulted in the selection of (i) a minority-owned business, (ii) a women-owned business, or (iii) a business owned by a person with a disability; and(5) the total dollar amount of investment made in the     previous calendar year with (i) a minority-owned business, (ii) a women-owned business, or (iii) a business owned by a person with a disability that was selected after a search for investment services performed by the consultant.(b) Beginning January 1, 2018, no contract, oral or written, for consulting services shall be awarded by a board of a retirement system, a board of a pension fund, or an investment board without first requiring the consultant to make the disclosures required in subsection (a) of this Section.(c) The disclosures required by subsection (b) of this Section shall be considered, within the bounds of financial and fiduciary prudence, prior to the awarding of a contract, oral or written, for consulting services.(d) As used in this Section, the terms "minority person", "woman", "person with a disability", "minority-owned business", "women-owned business", and "business owned by a person with a disability" have the same meaning as those terms have in the Business Enterprise for Minorities, Women, and Persons with Disabilities Act.   (Source: P.A. 100-542, eff. 11-8-17; 100-863, eff. 8-14-18.)
40 ILCS 5/1-113.23
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 1 - General Provisions: Short Title, Effect Of Code And Other Provisions

Sec. 1-113.23. Required disclosures from consultants; compensation and economic opportunity received.(a) As used in this Section:"Compensation" means any money, thing of value, or economic benefit conferred on, or received by, a consultant in return for services rendered, or to be rendered, by himself, herself,  or another."Economic opportunity" means any purchase, sale, lease, contract, option, or other transaction or arrangement involving property or services wherein a consultant may gain an economic benefit.(b) No later than January 1, 2018 and each January 1 thereafter, a consultant retained by the board of a retirement system, the board of a pension fund, or an investment board shall disclose to the board of the retirement system, the board of the pension fund, or the investment board all compensation and economic opportunity received in the last 24 months from investment advisors retained by the board of a retirement system, board of a  pension fund, or investment board.(c) Beginning January 1, 2018, a consultant shall disclose to the board of a retirement system, the board of a pension fund, or an investment board any compensation or economic opportunity received in the last 24 months from an investment advisor that is recommended for selection by the consultant. A consultant shall make this disclosure prior to the board selecting an investment advisor for appointment.(d) Beginning January 1, 2018, no contract, oral or written, for consulting services shall be awarded by a board of a retirement system, board of a pension fund, or an investment board without first requiring the consultant to make the disclosures required in subsection (c) of this Section.   (Source: P.A. 100-542, eff. 11-8-17.)
40 ILCS 5/1-113.24
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 1 - General Provisions: Short Title, Effect Of Code And Other Provisions

Sec. 1-113.24. Contracts for investment services with emerging investment managers through a qualified manager of emerging investment managers services.(a) As used in this Section:"Emerging investment manager" has the meaning given to that term in subsection (4) of Section 1-109.1."Investment services"  has the meaning given to that term in Section 1-113.14."Qualified manager of emerging investment managers services" means the services of an investment adviser acting in its capacity as an investment manager of a multimanager portfolio made up of emerging investment managers.(b)  Consistent with the requirements of Section 1-113.14, all contracts for investment services shall be awarded by the board of a pension fund or retirement system or investment board using a competitive process that is substantially similar to the process required for the procurement of professional and artistic services under Article 35 of the Illinois Procurement Code; however,  an exception to the requirements of Section 1-113.14 shall be allowed for contracts for investment services with an emerging investment manager provided through a qualified manager of emerging investment managers services. Based upon a written recommendation from an investment adviser providing qualified manager of emerging investment managers services for the selection or appointment of an emerging investment manager that has been providing investment services in the multimanager portfolio for at least 24 months, the board of a pension fund or retirement system or investment board may select or appoint such emerging investment manager. All exceptions to Section 1-113.14 granted under this Section must be published on the pension fund's, retirement system's, or investment board's website, which shall name the person authorizing the procurement and shall include a brief explanation of the reason for the exception.(c) A qualified manager of emerging investment managers services shall comply with the requirements regarding written contracts set forth in subsection (c) of Section 1-113.14.   (Source: P.A. 102-97, eff. 1-1-22.)
40 ILCS 5/1-114
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 1 - General Provisions: Short Title, Effect Of Code And Other Provisions

 (from Ch. 108 1/2, par. 1-114)Sec. 1-114. Liability for Breach of Fiduciary Duty.(a) Any person who is a fiduciary with respect to a retirement system or  pension fund established under this Code who breaches any duty  imposed upon fiduciaries by this Code, including, but not limited to, a failure to report a reasonable suspicion of a false statement specified in Section 1-135 of this Code, shall be personally liable to make  good to such retirement system or pension fund any losses to it resulting  from each such breach, and to restore to such retirement system or pension  fund any profits of such fiduciary which have been made through use of assets  of the retirement system or pension fund by the fiduciary, and shall be  subject to such equitable or remedial relief as the court may deem appropriate,  including the removal of such fiduciary.(b) No person shall be liable with respect to a breach of fiduciary duty  under this Code if such breach occurred before such person became a fiduciary  or after such person ceased to be a fiduciary.  (Source: P.A. 97-651, eff. 1-5-12.)
40 ILCS 5/1-115
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 1 - General Provisions: Short Title, Effect Of Code And Other Provisions

 (from Ch. 108 1/2, par. 1-115)Sec. 1-115. Civil enforcement. A civil action may be brought by the  Attorney General or by a participant, beneficiary or fiduciary in order to:(a) Obtain appropriate relief under Section 1-114 of     this Code;(b) Enjoin any act or practice which violates any     provision of this Code; or(c) Obtain other appropriate equitable relief to     redress any such violation or to enforce any such provision.Notwithstanding any other provision of the Administrative Review Law or this Code to the contrary, a civil action may be brought by the Attorney General to enjoin the payment of benefits under this Code to any person who is convicted of any felony relating to or arising out of or in connection with that person's service as an employee under this Code. (Source: P.A. 98-1137, eff. 6-1-15.)
40 ILCS 5/1-116
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 1 - General Provisions: Short Title, Effect Of Code And Other Provisions

 (from Ch. 108 1/2, par. 1-116)Sec. 1-116.     Federal contribution and benefit limitations.(a) This Section applies to all pension funds  and retirement systems established under this Code.(a-5) All pension funds and retirement systems established under this  Code shall comply with the applicable contribution and benefit limitations  imposed by Section 415 of the U.S. Internal Revenue Code of 1986 for tax  qualified plans under Section 401(a) of that Code.(b) If any benefit payable by a pension fund or retirement system  subject to this Section exceeds the applicable benefit limits set by  Section 415 of the U.S. Internal Revenue Code of 1986 for tax qualified  plans under Section 401(a) of that Code, the excess shall be payable only  from an excess benefit fund established under this Section in accordance  with federal law.(c) An excess benefit fund shall be established by any pension fund or  retirement system subject to this Section that has any member eligible to  receive a benefit that exceeds the applicable benefit limits set by Section  415 of the U.S. Internal Revenue Code of 1986 for tax qualified plans under  Section 401(a) of that Code.  Amounts shall be credited to the excess benefit  fund, and payments for excess benefits made from the excess benefit fund, in  a manner consistent with the applicable federal law.(d) For purposes of matters relating to the benefit limits set by Section  415 of the U.S. Internal Revenue Code of 1986, the limitation year may be  defined by each affected pension fund or retirement system for that fund or  system.    (Source: P.A. 90-19, eff. 6-20-97; 91-887, eff. 7-6-00.)
40 ILCS 5/1-116.1
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 1 - General Provisions: Short Title, Effect Of Code And Other Provisions

Sec. 1-116.1.     Required distributions.     Notwithstanding any other provision  of this Code, all pension funds and retirement systems established under  Articles 2 through 18 of this Code have the authority to make any  involuntary distributions that are required by federal law under Section  401(a)(9) of the Internal Revenue Code of 1986, as now or hereafter amended.  A  distribution shall be deemed to be required if failure to make the distribution  could affect the qualified plan status of the pension fund or retirement system  or could result in the imposition of a substantial penalty on the taxpayer or  on the pension fund or retirement system.    (Source: P.A. 89-136, eff. 7-14-95.)