Policies
In order to ensure continued relevance, all policies are reviewed and updated on a regular basis to make sure that the Fund is in compliance with the Illnois Compiled Statutes.
Formal Investment Policy
The Board of Trustees have a fiduciary responsibility to
the members and beneficiaries of the system. In recognition
of this responsibility, the Formal Investment Policy was created to
establish investment objectives that satisfy the goal of funding
current and future benefit obligations and to provide the criteria
and framework for evaluating investment performance. Investment
decisions made by the Board are governed by the prudent man
rule.
Broker Dealer Policy
The Board of Trustees encourages the use of registered
broker/dealer firms owned by minorities, women and persons with
disabilities (MWDOB) as defined in the Business Enterprise for
Minorities Act, 30 ILCS 575/0.01 et seq. A MWDOB firm is defined as
a sole proprietorship, partnership or corporation owned, operated
and controlled by minority group members who have at least 51%
ownership. The Fund has established annual goals based on its
current asset allocation.
Broker/Dealer Utilization Policy
Emerging Investment Manager Utilization Program
On September 23, 2009, the Board of Trustees adopted an
Emerging Manager Utilization Program to enhance the return of the
Fund's assets and to assist emerging investment management firms.
This program was revised on December 15, 2010 increasing the Fund's
goal and initial allocation maximum.
The Fund's goal is to invest up to 12% of its total assets with investment management firms that meet the criteria for inclusion in this program. Selected emerging managers may receive an initial allocation up to $25 million. Details of this program can be found on the attached link.
Emerging Investment Manager Utilization Program
