SPRINGFIELD – State Senator Napoleon Harris (D-Harvey), will head a number of hearings later this month to review Illinois’ efforts to increase diversity in pension investment managers.  

Under Illinois law, public employee pension systems must set and work toward diversity goals. They must also 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. 

During the hearings on Dec. 3 and 4, State Treasurer Michael Frerichs, Chicago Teachers Pension Fund, Illinois State Board of Investments, Laborers’ Annuity and Benefit Fund of Chicago, Municipal Employees’ Annuity and Benefit Fund of Chicago, and Teachers’ Retirement System will testify about the importance of accountability and the need for diversity from the top down.

WHO: Sen. Napoleon Harris and other members of the committee; State Treasurer Michael Frerichs; Chicago Teachers Pension Fund; Illinois State Board of Investments; Laborers’ Annuity and Benefit Fund of Chicago; Municipal Employees’ Annuity and Benefit Fund of Chicago; Teachers’ Retirement System

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: 1 p.m., Thursday, Dec. 3 (State Treasurer Michael Frerichs, Chicago Teachers Pension Fund, Illinois State Board of Investments, and Laborers’ Annuity and Benefit Fund of Chicago will speak) 1 p.m., Friday, Dec. 4 (Municipal Employees’ Annuity and Benefit Fund of Chicago and Teachers’ Retirement System will speak)

WHERE: Virtual hearing can be viewed here: https://ilga.gov/senateaudvid.asp#. Click "Watch Live Virtual Committee Video," and the link will become available when proceedings begin. Blue Room Stream, a subscription-based service, will also stream the hearing. The link will become available when proceedings begin.