Investment Counsel

Job Summary

Under supervision of the General Counsel, provide legal counsel to the Investment Department with respect to the System’s investment portfolio. Review and negotiate investment documents, provide legal guidance regarding corporate governance (including Illinois statutory and regulatory requirements, TRS policies regarding investments, procurement and proxy voting), provide legal advice regarding compliance matters, and oversee certain external investment counsel matters.

The incumbent responds to matters brought to the attention of the legal department but must also proactively identify legal vulnerabilities and offer preventative guidance concerning TRS Investment operations in support of management’s planning, strategy and decision making. 

The incumbent must be a graduate of an accredited law school and hold a valid license to practice law.  To foster awareness of emerging legal issues and trends, the incumbent may maintain memberships in bar and professional organizations relevant to the assigned duties.

Essential Functions

• Review and negotiate documents relating to investment transactions (for example, investment management agreements for separately managed accounts, limited partnership agreements, side letters, non-disclosure agreements, FCM/ISDA agreements).  Coordinate with General Counsel, Investment Department and outside counsel in connection with same. Maintain log of counsel, transactions, and status.
• Update TRS investment forms in connection with legal and regulatory developments.
• Review and select "most favored nation" elections.
• Monitor developments related to laws and regulations applicable to TRS investment activities. Communicate with the Investment Department and the Legal Department regarding these developments. Recommend changes to TRS policies to enable compliance.
• Review and negotiate contracts (in addition to investment-related documents) with providers of software or services to the Investment Department, in coordination with the TRS Procurement Department.
• Review the Systems’ board and internal governance and investment guideline materials as relevant to transactional work.
• Provide legal counsel on issues relating to conflicts of interest and prohibited transactions under the Illinois Pension Code, as well as the Systems’ day-to-day investments operations.
• Assist Investment Department and Procurement Department, as applicable, with drafting investment-related RFPs, RFIs or other documents and review and comment on responses to same upon request.
• Monitor and track external investment counsel legal invoices to identify significant issues and trends.
• Provide backup coverage to internal counsel on other System legal matters, subject to time constraints and proper attention to investment legal work.
• Perform other duties as assigned or required, including special projects.

Knowledge, Skills and Abilities

• Instills commitment to organizational goals                                                                                                   
• Demonstrates excellent judgement and decision-making skills                                                                 
• Ability to work within tight timeframes and meet deadlines                                                                      
• Proactively approaches responsibilities                                                                                                            
• Demonstrated written and verbal communication skills  

Minimum Requirements

• Must be a graduate of and hold a JD from an accredited law school and be a licensed attorney in good standing in the State of Illinois or obtain Illinois law license within one (1) year of onboarding with the System. 
• Minimum of 3 years of progressively responsible service handling complex legal matters in a law firm or corporate legal department. 
• Knowledge and experience reviewing and negotiating investment documentation for defined benefit plans
• General knowledge of capital markets and private equity markets.
• Must be able to prioritize and supervise numerous projects concurrently

Benefits

• State, health, dental, life, and vision insurance
• 12 vacation, 12 sick, and 3 personal time days of compensated time
• Teachers’ Retirement System Pension
• Optional deferred compensation plan