Illinois Administrative Code
Title 74 - PUBLIC FINANCE
Part 800 - RULES AND REGULATIONS OF THE BOARD
Subpart B - BY-LAWS
Section 800.140 - Committees
Universal Citation: 74 IL Admin Code ยง 800.140
Current through Register Vol. 48, No. 38, September 20, 2024
a) Investment Policy Committee
1) There shall be an Investment
Policy Committee of the Board, consisting of such members of the Board as the
Chair of the Board shall appoint, who shall serve a term to end at the time of
the next annual meeting of the Board following the election of officers. The
Board shall determine delegation of Committee responsibilities. (Examples of
such delegation include interviewing investment management firms that are
finalists in the Board's competitive bidding process and recommending policies
pertaining to the Board's investments, such as the Board's asset allocation
study.)
2) It shall be the
responsibility of the Committee:
A) to
recommend investment policy to the Board, both at its regularly scheduled
meetings and whenever recommendations appear, in the judgment of the Committee,
to be necessary or desirable;
B)
for the ongoing and specific supervision of the internal investment process,
including but not limited to advance approval of all long-term investment
transactions not falling within certain delegatory guidelines established by
Board action; and
C) for ongoing
liaison with external investment advisors, together with recommendations
concerning the tenure, compensation, fund direction, and retention of the
advisors.
3) The
Committee shall elect a Chair by vote of a majority of its members.
b) Emerging Manager Committee
1) There shall be an Emerging Manager
Committee of the Board, consisting of such members of the Board as the Chair of
the Board shall appoint, who shall serve a term to end at the next annual
meeting of the Board following the election of officers. The Board shall
determine the Committee's responsibilities. (Examples of such delegation
include interviewing emerging managers and recommending policies pertaining to
the Board's investments, such as the Board's Emerging and Minority Investment
Manager and Minority and Illinois Brokerage Policy.)
2) It shall be the policy of the Committee:
A) to increase access to and business with
emerging managers;
B) to maximize
utilization of minority-owned broker/dealers by the Board's investment
managers; and
C) to monitor the
utilization of emerging managers, minority-owned, women-owned and person with a
disability owned business enterprises and broker dealers and report that
utilization to the Board.
3) The committee shall elect a Chair by vote
of a majority of its members.
c) Defined Contribution Committee
1) There shall be a Defined Contribution
Committee of the Board, consisting of such members of the Board as the Chair of
the Board shall appoint, who shall serve a term to end at the time of the next
annual meeting of the Board following the election of officers. The Board shall
determine delegation of Committee responsibilities. (Examples of such
delegation include monitoring and evaluating investment performance and
determining benchmarks used in the evaluation of investment options.)
2) It shall be the responsibility of the
Committee to:
A) oversee the administration of
the Deferred Compensation Plan, evaluate the adequacy of the Plan's investment
options, and attempt to ensure that the Plan offers participants information
and tools necessary in selecting their investments;
B) monitor and evaluate the performance of
the Plan's investment managers and all Plan fees;
C) review and respond to recommendations from
ISBI staff and the consultant regarding investment options, fees, Plan design,
participant communications, and other matters; and
D) determine, through periodic review,
whether an action of participant re-enrollment supports the goal of improving
participant outcomes.
3)
The Committee shall elect a Chair by vote of a majority of its
members.
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