Investment Adviser and Consultant Contracts

To ensure transparency, Public Act 96-0006 requires Illinois public pension plans to disclose information describing investment adviser and consultant contracts. TRS is fully committed to transparency of all information about its investment adviser and consultant contracts in accordance with the Illinois Pension Code, 40 ILCS 5/1-113.14. Investment adviser and consultant contract information may be accessed by clicking on the link below. The information is current to the last-completed and audited quarter (March 31, June 30, September 30, and December 31), and is updated quarterly. 

All investment advisers render services pursuant to written contract with the System. The attached spreadsheet lists each account managed because some advisers manage multiple accounts under one contract. To aid the System in separately tracking performance of Pension Obligation Bond (POB) proceeds received in 2003, POB accounts are also listed separately. 

Investment Adviser and Consultant Contracts (PDF)

Selection Factors

All investment decisions, including selection of investment service providers, are made by the TRS Board of Trustees during its business meetings, which are open to the public and conducted in accordance with the Illinois Open Meetings Act, 5 ILCS 120. Fees are a fundamental consideration for all selections. Specific factors critical to the selection decision are identified for investment advisers and consultants hired after P.A. 96-0006. Click on the following hyperlink for information regarding selection factors for all investment advisers and consultants hired after P.A. 96-0006:

Selection Factors

Annual Report to the Governor and General Assembly

Public Act 96-0006 also requires Illinois public pension plans to annually submit a report to the Governor and the General Assembly pursuant to the Illinois Pension Code, 40 ILCS 5/1-109.1(8), which includes policies and goals for utilization of emerging investment managers, racial-, ethnic-, and gender-diverse fiduciaries, consultants and senior staff, and minority-, female-, and disabled-owned businesses and broker-dealers. The report may be viewed at the following link: 

Annual Report to the Governor and General Assembly (PDF)

Scrutinized Companies Annual Report

Illinois public pension plans are required to annually submit a report to the Public Pension Division of the Illinois Department of Insurance demonstrating compliance with the Iran divestment law pursuant to the Illinois Pension Code, 40 ILCS 5/1-110.15(h). The report may be viewed at the following link:

Scrutinized Companies Annual Report (PDF)