March , 2019

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Committee on Pensions & Investments to hold special hearing in Chicago during national conference


SPRINGFIELD, IL – Illinois State Senator Kwame Raoul (D – Chicago 13th), who has chaired similar hearings since 2007, will welcome state legislators and other interested visitors from across the nation this week to witness Illinois’ commitment to diversity when contracting with financial services providers to invest its pension funds.

Under Illinois law, public employee pension systems must set and work toward diversity goals. They must increase access to state contracts for investment management firms, brokerages and other vendors owned by minorities, women or people with disabilities. Since 2004, the Senate has held annual hearings to receive updates from the pension systems on their progress in meeting these goals and to discuss ways in which the state can continue to break down barriers for emerging investment managers and other financial professionals.

This year, Raoul arranged for the hearing to coincide with the National Conference of State Legislatures, which meets this year in Chicago. Conference participants – as well as the press and the public – are encouraged to attend the hearing. Raoul also helped organize – and will speak during – an ancillary NCSL event entitled “Encouraging State and Public Fund Investment with Diverse Asset Managers.” This will take place from 5 p.m. to 6:30 p.m. today (Tuesday, Aug. 9) in Room W178A of the McCormick Place Convention Center and will be open to conference attendees and NCSL-credentialed media.


During the two-day hearing, State Treasurer Michael Frerichs, City of Chicago Treasurer Kurt Summers, Jenna Weinberg (DAMI) and representatives of state, county and municipal pension funds will testify.

WHO: Sen. Kwame Raoul (Chair) and other members of the committee; Treasurer Frerichs; Treasurer Summers; Jenna Weinberg (DAMI) and representatives of public pension funds, including the Teachers’ Retirement System, the Chicago Teachers’ Pension Fund, the Illinois Municipal Retirement Fund and Chicago police and fire pension funds

WHAT: Testimony on progress toward goals for utilizing investment managers, financial service firms, brokers and vendors owned by minorities, women or persons with disabilities

WHEN: 9:30 a.m., Thursday, August 11 (Treasurers Frerichs and Summers will speak)

9:30 a.m., Friday, August 12

WHERE: Room C-600, Michael A. Bilandic Building, Chicago

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