Illinois Municipal Retirement Fund, Oak Brook, opposes state legislation calling for Illinois public pension funds to invest 5% of their assets to promote economic opportunities in the state. The bill, introduced by state Rep. John E. Bradley on Feb. 7, calls for the funds to make reasonable efforts to invest a minimum of 5% of pension fund assets in economic opportunity investments in Illinois or report to the Legislature and governor the reason (they) could not meet this minimum. The investments should produce a competitive rate of return commensurate with the risk, according to the bill.
Mandates in investments are detrimental to the fund, according to a statement on the $21.1 billion municipal retirement funds website. There is no current mandate to identify economic opportunity investments made by the fund.
Mr. Bradley couldnt be reached for comment.