SPRINGFIELD – To address issues of diversity and inclusion for Black and Brown communities, State Senator Napoleon Harris (D-Harvey) will chair two virtual hearings of the Special Committee on Pension Investments Dec. 10 and 11 at 1 p.m. to discuss diversity goals for pension investment managers with representatives from various Illinois pension funds. 

“There’s no denying the racial injustice and discrimination that people of color have to face on a daily basis,” Harris said. “Programs like the Emerging Manager Program are helpful, but there is still a long list of diverse individuals who are waiting for the opportunity to be a part of the investment management business.” 

Under Illinois law, public employee pension systems must set and work toward diversity goals, as well as 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, the Special Committee on Pension Investments will hear testimony from representatives of the following pension funds about the importance of accountability and the need for diversity from the top down:

• Illinois Police Officers’ Pension Investment Fund
• Chicago Teachers’ Pension Fund
• Illinois Firefighters’ Pension Investment Fund
• Policemen’s Annuity and Benefit Fund of Chicago
• Firemen’s Annuity and Benefit Fund of Chicago
• Illinois Municipal Retirement Fund, Park Employees’ Annuity and Benefit Fund
• State Universities Retirements System
• Cook County Pension Fund
• Metropolitan Water Reclamation District Retirement Fund

WHO: Sen. Napoleon Harris, chair of the Special Committee on Pension Investments, and other members of the committee; representatives from various Illinois 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: 

• Thursday, Dec. 10at 1 p.m. – Illinois Police Officers’ Pension Investment Fund, Chicago Teachers’ Pension Fund, Illinois Firefighters’ Pension Investment Fund, Policemen’s Annuity and Benefit Fund of Chicago, Firemen’s Annuity and Benefit Fund of Chicago, Illinois Municipal Retirement Fund, and the Park Employees’ Annuity and Benefit Fund
• Friday, Dec. 11 at 1 p.m. – State Universities Retirements System, Cook County Pension Fund, and the Metropolitan Water Reclamation District Retirement Fund

WHERE: The virtual committee hearing can be viewed at 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.