104TH GENERAL ASSEMBLY
State of Illinois
2025 and 2026
SB3403
 
Introduced 2/4/2026, by Sen. Robert F. Martwick
 
SYNOPSIS AS INTRODUCED:
 
40 ILCS 5/22A-115  from Ch. 108 1/2, par. 22A-115
    Amends the Investment Board Article of the Illinois Pension. Provides that, if the Illinois State Board of Investment has not received a required audit opinion by December 15, the Board shall not be considered in violation of a provision requiring an annual report to each pension fund, retirement system, or education fund under the Board's jurisdiction within 6 months after the close of each fiscal year. Effective immediately.


LRB104 19237 RPS 32683 b

 
 
A BILL FOR
 
SB3403LRB104 19237 RPS 32683 b

1    AN ACT concerning public employee benefits.
 
2    Be it enacted by the People of the State of Illinois, 
3represented in the General Assembly:
 
4    Section 5. The Illinois Pension Code is amended by 
5changing Section 22A-115 as follows:
 
6    (40 ILCS 5/22A-115)  (from Ch. 108 1/2, par. 22A-115)
7    Sec. 22A-115. Audits and reports. At least annually, the 
8books, records, accounts and securities of the board shall be 
9audited by a certified public accountant designated by the 
10Auditor General of the State. The audit opinion shall be 
11published as a part of the annual report of the board.
12    For the quarterly periods ending September 30, December 
1331, and March 31, the board shall submit to each pension fund, 
14retirement system or education fund under its jurisdiction a 
15report embracing, among other things, the following 
16information: (a) a full description of the investments 
17acquired, showing average costs; (b) a full description of the 
18securities sold or exchanged, showing average proceeds or 
19other conditions of an exchange; (c) gains or losses realized 
20during the period; (d) income from investments; (e) 
21administrative expenses of the board; and (f) the proportion 
22of administrative expenses allocable to each pension fund, 
23retirement system or education fund.
 
 
SB3403- 2 -LRB104 19237 RPS 32683 b

1    An annual report shall be prepared by the board for 
2submission to each pension fund, retirement system or 
3education fund under its jurisdiction within 6 months after 
4the close of each fiscal year, except that the board shall not 
5be considered in violation of this provision if the board has 
6not received the audit opinion required pursuant to this 
7Section by December 15. A fiscal year shall date from July 1 of 
8one year to June 30 of the year next following. This report 
9shall embody full information concerning the results of 
10investment operations of the board for the year, including the 
11foregoing information and, in addition thereto, the following:
12    (a) a listing of the investments held by the board as at 
13the end of the year showing their book values and market values 
14and their income yields on market values;
15    (b) the amounts as determined under paragraph (a) above 
16allocable to each pension fund or education fund managed by 
17the board;
18    (c) comments on the pertinent factors affecting the 
19operations of the board for the year;
20    (d) a review of the policies maintained by the board and 
21any changes therein that occurred during the year;
22    (e) a copy of the audited financial statements for the 
23year;
24    (f) recommendations for possible changes in the law 
25governing the operations of the board; and
26    (g) a listing of the names of securities brokers and 
 
 
SB3403- 3 -LRB104 19237 RPS 32683 b

1dealers dealt with during the year showing the total amount of 
2commissions received by each on transactions with the board.
3(Source: P.A. 84-1127.)
 
4    Section 99. Effective date. This Act takes effect upon 
5becoming law.