77.___ (RSIC: Reporting Requirements) Of the funds authorized in Section 77, Part IA of this Act, the Retirement System Investment Commission shall report to the General Assembly on a quarterly basis the cost avoidance and savings realized by the cost reduction initiatives implemented in the current fiscal year as a result of the additional expenditure authorization provided to the commission. The report shall include, but not be limited to, expenditures related to the additional investment and non-investment personnel hired; expenditures for data processing, legal, and other professional services; and the amount of cost reductions associated with the co-investment program, hedge fund platform transition, additional legal resources, and cash management program if such measures are implemented.
In addition, the increased expenditure authorization shall not be used to provide salary increases for existing employees. Performance bonuses may be provided upon approval of a majority vote of the State Budget and Control Board. /
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