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| 1 | AN ACT concerning public employee benefits. | ||||||
| 2 | Be it enacted by the People of the State of Illinois, | ||||||
| 3 | represented in the General Assembly: | ||||||
| 4 | Section 5. The Illinois Pension Code is amended by | ||||||
| 5 | changing 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 | ||||||
| 8 | books, records, accounts and securities of the board shall be | ||||||
| 9 | audited by a certified public accountant designated by the | ||||||
| 10 | Auditor General of the State. The audit opinion shall be | ||||||
| 11 | published as a part of the annual report of the board. | ||||||
| 12 | For the quarterly periods ending September 30, December | ||||||
| 13 | 31, and March 31, the board shall submit to each pension fund, | ||||||
| 14 | retirement system or education fund under its jurisdiction a | ||||||
| 15 | report embracing, among other things, the following | ||||||
| 16 | information: (a) a full description of the investments | ||||||
| 17 | acquired, showing average costs; (b) a full description of the | ||||||
| 18 | securities sold or exchanged, showing average proceeds or | ||||||
| 19 | other conditions of an exchange; (c) gains or losses realized | ||||||
| 20 | during the period; (d) income from investments; (e) | ||||||
| 21 | administrative expenses of the board; and (f) the proportion | ||||||
| 22 | of administrative expenses allocable to each pension fund, | ||||||
| 23 | retirement system or education fund. | ||||||
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| 1 | An annual report shall be prepared by the board for | ||||||
| 2 | submission to each pension fund, retirement system or | ||||||
| 3 | education fund under its jurisdiction within 6 months after | ||||||
| 4 | the close of each fiscal year, except that the board shall not | ||||||
| 5 | be considered in violation of this provision if the board has | ||||||
| 6 | not received the audit opinion required pursuant to this | ||||||
| 7 | Section by December 15. A fiscal year shall date from July 1 of | ||||||
| 8 | one year to June 30 of the year next following. This report | ||||||
| 9 | shall embody full information concerning the results of | ||||||
| 10 | investment operations of the board for the year, including the | ||||||
| 11 | foregoing information and, in addition thereto, the following: | ||||||
| 12 | (a) a listing of the investments held by the board as at | ||||||
| 13 | the end of the year showing their book values and market values | ||||||
| 14 | and their income yields on market values; | ||||||
| 15 | (b) the amounts as determined under paragraph (a) above | ||||||
| 16 | allocable to each pension fund or education fund managed by | ||||||
| 17 | the board; | ||||||
| 18 | (c) comments on the pertinent factors affecting the | ||||||
| 19 | operations of the board for the year; | ||||||
| 20 | (d) a review of the policies maintained by the board and | ||||||
| 21 | any changes therein that occurred during the year; | ||||||
| 22 | (e) a copy of the audited financial statements for the | ||||||
| 23 | year; | ||||||
| 24 | (f) recommendations for possible changes in the law | ||||||
| 25 | governing the operations of the board; and | ||||||
| 26 | (g) a listing of the names of securities brokers and | ||||||
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| 1 | dealers dealt with during the year showing the total amount of | ||||||
| 2 | commissions received by each on transactions with the board. | ||||||
| 3 | (Source: P.A. 84-1127.) | ||||||
| 4 | Section 99. Effective date. This Act takes effect upon | ||||||
| 5 | becoming law. | ||||||