SB2090 95TH GENERAL ASSEMBLY

LRB095 19185 AMC 45427 b

95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
SB2090

Introduced 2/14/2008, by Sen. Susan Garrett

SYNOPSIS AS INTRODUCED:

See Index

Amends the Pension Impact Note Act. Requires that a pension impact note for legislation affecting downstate police and downstate firefighter pension funds must demonstrate the fiscal impact of the legislation on at least 25 municipalities with the pension funds. Amends the Illinois Pension Code. Makes changes concerning prohibited transactions by fiduciaries of a pension fund established under the Downstate Police or Downstate Firefighter Article (Article 3 or 4), examinations of pension funds, and witnesses and adds provisions concerning consulting services, prohibitions on gifts for members of a board of trustees of a pension fund established under Article 3 or 4, fraudulent claims for disability pensions by police officers and firefighters, award of benefits, publication of a notice regarding the fiscal status of a pension fund established under Article 3 or 4, and a report by the Commission on Government Forecasting and Accountability on pension funds established under Article 3 or 4. Makes other changes. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.

CORRECTIONAL BUDGET AND IMPACT NOTE ACT MAY APPLY	FISCAL NOTE ACT MAY APPLY	PENSION IMPACT NOTE ACT MAY APPLY
	STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT MAY APPLY

A BILL FOR

AN ACT concerning public employee benefits.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Pension Impact Note Act is amended by changing Section 3 as follows:

(25 ILCS 55/3) (from Ch. 63, par. 42.43)

Sec. 3. Content of pension impact note.

(a) The pension impact note shall be factual in nature, as brief and concise as may be (except as otherwise provided in subsection (b)), and shall provide a reliable estimate of the impact of the bill on any public pension systems to be effected by it, in dollars where appropriate, and, in addition, it shall include both the immediate effect and, if determinable or reasonably foreseeable, the long range effect of the measure. If, after careful investigation, it is determined that no dollar estimate is possible, the note shall contain a statement to that effect, setting forth the reasons why no dollar estimate can be given. A brief summary or work sheet of computations used in arriving at pension impact note figures shall be included.

(b) The pension impact note for any legislation or amendment that would result in an increase in benefits, a modification of how benefits are disbursed, or increase costs to a pension fund established under Article 3 or 4 of the Illinois Pension Code must demonstrate the fiscal impact of the legislation being considered on at least 25 municipalities with such pension funds. Every 2 years, beginning with the year in which this amendatory Act of the 95th General Assembly takes effect, a statewide association representing municipalities shall submit a list of 25 municipal funds to the Commission on Government Forecasting and Accountability to be used for the fulfillment of the requirements of this Section.

(Source: P.A. 79-1397.)

Section 10. The Illinois Pension Code is amended by changing Sections 1-110, 1-113.5, 1A-104, 1A-112, 1-113.5, 3-115, 3-136, 4-112, and 4-123.1 and by adding Sections 1-125, 3-141.1, 3-143.1, 3-146, 3-151, 4-130.1, 4-134.1, 4-136, 22-1004 as follows:

(40 ILCS 5/1-110) (from Ch. 108 1/2, par. 1-110)

Sec. 1-110. Prohibited Transactions.

(a) A fiduciary with respect to a retirement system or pension fund shall not cause the retirement system or pension fund to engage in a transaction if he or she knows or should know that such transaction constitutes a direct or indirect:

(1) Sale or exchange, or leasing of any property from the retirement system or pension fund to a party in interest for less than adequate consideration, or from a party in interest to a retirement system or pension fund for more than adequate consideration.

(2) Lending of money or other extension of credit from the retirement system or pension fund to a party in interest without the receipt of adequate security and a reasonable rate of interest, or from a party in interest to a retirement system or pension fund with the provision of excessive security or an unreasonably high rate of interest.

(3) Furnishing of goods, services or facilities from the retirement system or pension fund to a party in interest for less than adequate consideration, or from a party in interest to a retirement system or pension fund for more than adequate consideration.

(4) Transfer to, or use by or for the benefit of, a party in interest of any assets of a retirement system or pension fund for less than adequate consideration.

(b) A fiduciary with respect to a retirement system or pension fund established under this Code shall not:

(1) Deal with the assets of the retirement system or pension fund in his own interest or for his own account;

(2) In his individual or any other capacity act in any transaction involving the retirement system or pension fund on behalf of a party whose interests are adverse to the interests of the retirement system or pension fund or the interests of its participants or beneficiaries; or

(3) Receive any consideration for his own personal account from any party dealing with the retirement system or pension fund in connection with a transaction involving the assets of the retirement system or pension fund.

(c) Nothing in this Section shall be construed to prohibit any trustee from:

(1) Receiving any benefit to which he may be entitled as a participant or beneficiary in the retirement system or pension fund.

(2) Receiving any reimbursement of expenses properly and actually incurred in the performance of his duties with the retirement system or pension fund.

(3) Serving as a trustee in addition to being an officer, employee, agent or other representative of a party in interest.

(d) A fiduciary of a pension fund established under Article 3 or 4 shall not knowingly cause or advise the pension fund to engage in an investment transaction when the fiduciary (i) has any direct interest in the income, gains, or profits of the investment advisor through which the investment transaction is made or (ii) has a business relationship with that investment advisor that would result in a pecuniary benefit to the fiduciary as a result of the investment transaction.

Violation of this subsection (d) is a Class 4 felony.

(Source: P.A. 88-535.)

(40 ILCS 5/1-113.5)

Sec. 1-113.5. Investment advisers and investment services.

(a) The board of trustees of a pension fund may appoint investment advisers as defined in Section 1-101.4. The board of any pension fund investing in common or preferred stock under Section 1-113.4 shall appoint an investment adviser before making such investments.

The investment adviser shall be a fiduciary, as defined in Section 1-101.2, with respect to the pension fund and shall be one of the following:

(1) an investment adviser registered under the federal Investment Advisers Act of 1940 and the Illinois Securities Law of 1953;

(2) a bank or trust company authorized to conduct a trust business in Illinois;

(3) a life insurance company authorized to transact business in Illinois; or

(4) an investment company as defined and registered under the federal Investment Company Act of 1940 and registered under the Illinois Securities Law of 1953.

(a-5) Notwithstanding any other provision of law, a person or entity that provides consulting services (referred to as a "consultant" in this Section) to a pension fund with respect to the selection of fiduciaries may not be awarded a contract to provide those consulting services that is more than 5 years in duration. No contract to provide such consulting services may be renewed or extended. At the end of the term of a contract, however, the contractor is eligible to compete for a new contract. No person shall attempt to avoid or contravene the restrictions of this subsection by any means. All offers from responsive offerors shall be accompanied by disclosure of the names and addresses of the following:

(1) The offeror.

(2) Any entity that is a parent of, or owns a controlling interest in, the offeror.

(3) Any entity that is a subsidiary of, or in which a controlling interest is owned by, the offeror.

Beginning on July 1, 2008, a person, other than a trustee or an employee of a pension fund or retirement system, may not act as a consultant under this Section unless that person is at least one of the following: (i) registered as an investment adviser under the federal Investment Advisers Act of 1940 (15 U.S.C. 80b-1, et seq.); (ii) registered as an investment adviser under the Illinois Securities Law of 1953; (iii) a bank, as defined in the Investment Advisers Act of 1940; or (iv) an insurance company authorized to transact business in this State.

(b) All investment advice and services provided by an investment adviser or a consultant appointed under this Section shall be rendered pursuant to a written contract between the investment adviser and the board, and in accordance with the board's investment policy.

The contract shall include all of the following:

(1) acknowledgement in writing by the investment adviser that he or she is a fiduciary with respect to the pension fund;

(2) the board's investment policy;

(3) full disclosure of direct and indirect fees, commissions, penalties, and any other compensation that may be received by the investment adviser, including reimbursement for expenses; and

(4) a requirement that the investment adviser submit periodic written reports, on at least a quarterly basis, for the board's review at its regularly scheduled meetings. All returns on investment shall be reported as net returns after payment of all fees, commissions, and any other compensation.

(b-5) Each contract described in subsection (b) shall also include (i) full disclosure of direct and indirect fees, commissions, penalties, and other compensation, including reimbursement for expenses, that may be paid by or on behalf of the investment adviser or consultant in connection with the provision of services to the pension fund and (ii) a requirement that the investment adviser or consultant update the disclosure promptly after a modification of those payments or an additional payment.

Within 30 days after the effective date of this amendatory Act of the 95th General Assembly, each investment adviser and consultant providing services on the effective date or subject to an existing contract for the provision of services must disclose to the board of trustees all direct and indirect fees, commissions, penalties, and other compensation paid by or on behalf of the investment adviser or consultant in connection with the provision of those services and shall update that disclosure promptly after a modification of those payments or an additional payment.

A person required to make a disclosure under subsection (d) is also required to disclose direct and indirect fees, commissions, penalties, or other compensation that shall or may be paid by or on behalf of the person in connection with the rendering of those services. The person shall update the disclosure promptly after a modification of those payments or an additional payment.

The disclosures required by this subsection shall be in writing and shall include the date and amount of each payment and the name and address of each recipient of a payment.

(c) Within 30 days after appointing an investment adviser or consultant, the board shall submit a copy of the contract to the Division Department of Insurance of the Department of Financial and Professional Regulation.

(d) Investment services provided by a person other than an investment adviser appointed under this Section, including but not limited to services provided by the kinds of persons listed in items (1) through (4) of subsection (a), shall be rendered only after full written disclosure of direct and indirect fees, commissions, penalties, and any other compensation that shall or may be received by the person rendering those services.

(e) The board of trustees of each pension fund shall retain records of investment transactions in accordance with the rules of the Department of Financial and Professional Regulation Insurance.

(Source: P.A. 90-507, eff. 8-22-97.)

(40 ILCS 5/1-125 new)

Sec. 1-125. Prohibition on gifts.

(a) For the purposes of this Section:

(1) "Board" means (i) the board of trustees of a pension fund created under Article 3 or 4 of this Code.

(2) "Gift" means a gift as defined in Section 1-5 of the State Officials and Employees Ethics Act.

(3) "Prohibited source" is a person or entity who:

(i) is seeking official action (A) by the board or (B) by a board member;

(ii) does business or seeks to do business (A) with the board or (B) with a board member;

(iii) has interests that may be substantially affected by the performance or non-performance of the official duties of the board member; or

(iv) is registered or required to be registered with the Secretary of State under the Lobbyist Registration Act, except that an entity not otherwise a prohibited source does not become a prohibited source merely because a registered lobbyist is one of its members or serves on its board of directors.

(b) No board member shall solicit or accept any gift from a prohibited source or from an officer, agent, or employee of a prohibited source. No prohibited source or officer, agent, or employee of a prohibited source shall offer to a board member or employee any gift.

(c) Violation of this Section is a Class A misdemeanor.

(40 ILCS 5/1A-104)

Sec. 1A-104. Examinations and investigations.

(a) The Division shall make periodic examinations and investigations of all pension funds established under this Code and maintained for the benefit of employees and officers of governmental units in the State of Illinois. However, in lieu of making an examination and investigation, the Division may accept and rely upon a report of audit or examination of any pension fund made by an independent certified public accountant pursuant to the provisions of the Article of this Code governing the pension fund. The acceptance of the report of audit or examination does not bar the Division from making a further audit, examination, and investigation if deemed necessary by the Division.

The Department may implement a flexible system of examinations under which it directs resources as it deems necessary or appropriate. In consultation with the pension fund being examined, the Division may retain attorneys, independent actuaries, independent certified public accountants, and other professionals and specialists as examiners, the cost of which (except in the case of pension funds established under Article 3 or 4) shall be borne by the pension fund that is the subject of the examination.

(b) The Division shall examine or investigate each pension fund established under Article 3 or Article 4 of this Code. The schedule of each examination shall be such that each fund shall be examined once every 3 years.

Each examination shall include the following:

(1) an audit of financial transactions, investment policies, and procedures;

(2) an examination of books, records, documents, files, and other pertinent memoranda relating to financial, statistical, and administrative operations;

(3) a review of policies and procedures maintained for the administration and operation of the pension fund;

(4) a determination of whether or not full effect is being given to the statutory provisions governing the operation of the pension fund;

(5) a determination of whether or not the administrative policies in force are in accord with the purposes of the statutory provisions and effectively protect and preserve the rights and equities of the participants; and

(6) a determination of whether or not proper financial and statistical records have been established and adequate documentary evidence is recorded and maintained in support of the several types of annuity and benefit payments being made; and .

(7) a determination of whether or not the calculations made by the fund for the payment of all annuities and benefits are accurate.

In addition, the Division may conduct investigations, which shall be identified as such and which may include one or more of the items listed in this subsection.

A copy of the report of examination or investigation as prepared by the Division shall be submitted to the secretary of the board of trustees of the pension fund examined or investigated and to the chief executive officer of the municipality. The Director, upon request, shall grant a hearing to the officers or trustees of the pension fund or their duly appointed representatives, upon any facts contained in the report of examination. The hearing shall be conducted before filing the report or making public any information contained in the report. The Director may withhold the report from public inspection for up to 60 days following the hearing.

(Source: P.A. 90-507, eff. 8-22-97.)

(40 ILCS 5/1A-112)

Sec. 1A-112. Fees.

(a) Every pension fund that is required to file an annual statement under Section 1A-109 shall pay to the Department an annual compliance fee. In the case of a pension fund under Article 3 or 4 of this Code, the annual compliance fee shall be 0.02% (2 basis points) of the total assets of the pension fund, as reported in the most current annual statement of the fund, but not more than $8,000. In the case of all other pension funds and retirement systems, the annual compliance fee shall be $8,000.

(b) The annual compliance fee shall be due on June 30 for the following State fiscal year, except that the fee payable in 1997 for fiscal year 1998 shall be due no earlier than 30 days following the effective date of this amendatory Act of 1997.

(c) Any information obtained by the Division that is available to the public under the Freedom of Information Act and is either compiled in published form or maintained on a computer processible medium shall be furnished upon the written request of any applicant and the payment of a reasonable information services fee established by the Director, sufficient to cover the total cost to the Division of compiling, processing, maintaining, and generating the information. The information may be furnished by means of published copy or on a computer processed or computer processible medium.

No fee may be charged to any person for information that the Division is required by law to furnish to that person.

(d) Except as otherwise provided in this Section, all fees and penalties collected by the Department under this Code shall be deposited into the Public Pension Regulation Fund.

(e) Fees collected under subsection (c) of this Section and money collected under Section 1A-107 shall be deposited into the Department's Statistical Services Revolving Fund and credited to the account of the Public Pension Division. This income shall be used exclusively for the purposes set forth in Section 1A-107. Notwithstanding the provisions of Section 408.2 of the Illinois Insurance Code, no surplus funds remaining in this account shall be deposited in the Insurance Financial Regulation Fund. All money in this account that the Director certifies is not needed for the purposes set forth in Section 1A-107 of this Code shall be transferred to the Public Pension Regulation Fund.

(f) Nothing in this Code prohibits the General Assembly from appropriating funds from the General Revenue Fund to the Department for the purpose of administering or enforcing this Code.

(g) No transfers may be made from the Public Pension Regulation Fund that would reduce the available resources in the Fund.

(Source: P.A. 93-32, eff. 7-1-03.)

(40 ILCS 5/3-115) (from Ch. 108 1/2, par. 3-115)

Sec. 3-115. Certificate of disability.

(a) A disability pension shall not be paid unless there is filed with the board certificates of the police officer's disability, subscribed and sworn to by the police officer if not under legal disability, or by a representative if the officer is under legal disability, and by the police surgeon (if there be one) and 3 practicing physicians selected by the board. The board may require other evidence of disability. Medical examination of a police officer retired for disability shall be made at least once each year prior to attainment of age 50, as verification of the continuance of disability for service as a police officer. No examination shall be required after age 50.

(b) It is unlawful for any police officer to do any of the following:

(1)Intentionally present or cause to be presented any false or fraudulent claim for disability pension.

(2)Intentionally make or cause to be made any false or fraudulent material statement or material representation for the purpose of obtaining a disability pension.

(3)Intentionally make or cause to be made any false or fraudulent material statement in the course of an investigation of fraud.

(4)Intentionally assist, abet, solicit, or conspire with any person or other entity to commit any of the acts set forth in this Section.

For the purposes of paragraphs (2), (3), and (4) of this subsection (b), the term "statement" includes any writing, notice, proof of injury, bill for services, hospital or doctor records and reports, X-ray, or test results.

Any police officer violating this subsection (b) is guilty of a Class 4 felony. Any police officer convicted of any violation of this Section shall be ordered to pay complete restitution to any entity so defrauded in addition to any fine or sentence imposed as a result of the conviction.

Any person convicted of fraud related to a disability pension pursuant to this subsection (b) shall be subject to the penalties prescribed in the Criminal Code of 1961 and shall be ineligible to receive or retain any compensation, disability, or medical benefits as defined in this Act, the Workers' Compensation Act, the Workers' Occupational Diseases Act, the Line of Duty Compensation Act, and the Public Safety Employee Benefits Act if the compensation, disability, or medical benefits were owed or received as a result of fraud for which the recipient of the compensation, disability, or medical benefit was convicted. This subsection (b) applies to acts occurring on or after the effective date of this amendatory Act of the 95th General Assembly. Any person convicted of fraud who knowingly obtains, attempts to obtain, or causes to be obtained any benefits under this Code by the making of a false claim or who knowingly misrepresents any material fact shall be civilly liable to the payor of benefits or assignee in an amount equal to 3 times the value of the benefits wrongfully obtained or twice the value of the benefits attempted to be obtained, plus reasonable attorney's fees and expenses incurred by the payor or assignee who successfully brings a claim under this subsection (b). This subsection (b) applies to acts occurring on or after the effective date of this amendatory Act of the 95th General Assembly.

(Source: P.A. 83-1440.)

(40 ILCS 5/3-136) (from Ch. 108 1/2, par. 3-136)

Sec. 3-136. Witnesses. To subpoena witnesses.

(a) To compel witnesses to attend and testify before it upon all matters connected with the administration of this Article, in the manner provided by law for the taking of testimony in the circuit courts of this State. The president, or any board member, may administer oaths to witnesses.

(b) If not otherwise a party to a hearing involving an officer or member of the police department, the employer municipality shall be permitted to appear as a matter of right.

(Source: P.A. 83-1440.)

(40 ILCS 5/3-141.1 new)

Sec. 3-141.1. Award of benefits. Unless the municipal treasurer is already responsible for calculating the amount of benefit payments expended from the Fund, no benefit shall be awarded until the municipality, in a timely manner, reviews and verifies all benefit calculations. The verification process shall not exceed a period of 60 days.

(40 ILCS 5/3-143.1 new)

Sec. 3-143.1. Public notice; publication. At the end of each fiscal year, the Board shall, at its own expense, publish within a local newspaper of general circulation in the municipality a notice that includes the fiscal status of the pension fund, all amounts dispersed in benefits during the fiscal year, and the total number of recipients who received or are in receipt of the benefits. The information provided shall at a minimum include (1) the assets of the fund along with their current market value; (2) the amount of unfunded liability carried by the fund, along with an actuarial explanation of unfunded liability; (3) the actual investment return experienced by the fund during the fiscal year; and (4) the required tax levy actuarially recommended to meet the financial obligations of the fund.

(40 ILCS 5/4-112) (from Ch. 108 1/2, par. 4-112)

Sec. 4-112. Determination of disability; restoration to active service; disability cannot constitute cause for discharge.

(a) A disability pension shall not be paid until disability has been established by the board by examinations of the firefighter at pension fund expense by 3 physicians selected by the board and such other evidence as the board deems necessary. The 3 physicians selected by the board need not agree as to the existence of any disability or the nature and extent of a disability. Medical examination of a firefighter receiving a disability pension shall be made at least once each year prior to attainment of age 50 in order to verify continuance of disability. No examination shall be required after age 50. No physical or mental disability that constitutes, in whole or in part, the basis of an application for benefits under this Article may be used, in whole or in part, by any municipality or fire protection district employing firefighters, emergency medical technicians, or paramedics as cause for discharge.

Upon satisfactory proof to the board that a firefighter on the disability pension has recovered from disability, the board shall terminate the disability pension. The firefighter shall report to the marshal or chief of the fire department, who shall thereupon order immediate reinstatement into active service, and the municipality shall immediately return the firefighter to its payroll, in the same rank or grade held at the date he or she was placed on disability pension. If the firefighter must file a civil action against the municipality to enforce his or her mandated return to payroll under this paragraph, then the firefighter is entitled to recovery of reasonable court costs and attorney's fees.

(b) The firefighter shall be entitled to 10 days notice before any hearing or meeting of the board at which the question of his or her disability is to be considered, and shall have the right to be present at any such hearing or meeting, and to be represented by counsel; however, the board shall not have any obligation to provide such fireman with counsel.

(c) It is unlawful for any firefighter to do any of the following:

(1) Intentionally present or cause to be presented any false or fraudulent claim for disability pension.

(2) Intentionally make or cause to be made any false or fraudulent material statement or material representation for the purpose of obtaining a disability pension.

(3) Intentionally make or cause to be made any false or fraudulent material statement in the course of an investigation of fraud.

(4) Intentionally assist, abet, solicit, or conspire with any person or other entity to commit any of the acts set forth in this Section.

For the purposes of paragraphs (2), (3), and (4) of this subsection (c), the term "statement" includes any writing, notice, proof of injury, bill for services, hospital or doctor records and reports, X-ray, or test results.

Any firefighter violating this subsection (c) is guilty of a Class 4 felony. Any firefighter convicted of any violation of this Section shall be ordered to pay complete restitution to any entity so defrauded in addition to any fine or sentence imposed as a result of the conviction.

Any person convicted of fraud related to a disability pension pursuant to this subsection (c) shall be subject to the penalties prescribed in the Criminal Code of 1961 and shall be ineligible to receive or retain any compensation, disability, or medical benefits as defined in this Act, the Workers' Compensation Act, the Workers' Occupational Diseases Act, the Line of Duty Compensation Act, and the Public Safety Employee Benefits Act if the compensation, disability, or medical benefits were owed or received as a result of fraud for which the recipient of the compensation, disability, or medical benefit was convicted. This subsection (c) applies to acts occurring on or after the effective date of this amendatory Act of the 95th General Assembly. Any person convicted of fraud who knowingly obtains, attempts to obtain, or causes to be obtained any benefits under this Code by the making of a false claim or who knowingly misrepresents any material fact shall be civilly liable to the payor of benefits or assignee in an amount equal to 3 times the value of the benefits wrongfully obtained or twice the value of the benefits attempted to be obtained, plus reasonable attorney's fees and expenses incurred by the payor or assignee who successfully brings a claim under this subsection (c). This subsection (c) applies to acts occurring on or after the effective date of this amendatory Act of the 95th General Assembly.

(Source: P.A. 95-681, eff. 10-11-07.)

(40 ILCS 5/4-123.1) (from Ch. 108 1/2, par. 4-123.1)

Sec. 4-123.1. Witnesses. To subpoena witnesses.

(a) To compel witnesses to attend and testify before it upon all matters connected with the administration of this Article, in the manner provided by law for the taking of testimony before the circuit court. The president, or any member of the Board, may administer oaths to such witnesses.

(b) If not otherwise a party to a hearing involving an officer or member of the fire department, the employer municipality shall be permitted to appear as a matter of right.

(Source: P.A. 84-1039.)

(40 ILCS 5/4-130.1 new)

Sec. 4-130.1. Award of benefits. Unless the municipal treasurer is already responsible for calculating the amount of benefit payments expended from the Fund, no benefit shall be awarded until the municipality, in a timely manner, reviews and verifies all benefit calculations. The verification process shall not exceed a period of 60 days.

(40 ILCS 5/4-134.1 new)

Sec. 4-134.1. Public notice; publication. At the end of each fiscal year, the Board shall, at its own expense, publish within a local newspaper of general circulation in the municipality a notice that includes the fiscal status of the pension fund, all amounts dispersed in benefits during the fiscal year, and the total number of recipients who received or are in receipt of the benefits. The information provided shall at a minimum include (1) the assets of the fund along with their current market value; (2) the amount of unfunded liability carried by the fund, along with an actuarial explanation of unfunded liability; (3) the actual investment return experienced by the fund during the fiscal year; and (4) the required tax levy actuarially recommended to meet the financial obligations of the fund.

(40 ILCS 5/22-1004 new)

Sec. 22-1004. Report on Article 3 and 4 funds. Each odd numbered year, the Commission on Government Forecasting and Accountability shall analyze data submitted by the Public Pension Division of the Illinois Department of Financial and Professional Regulation pertaining to the pension systems established under Article 3 and Article 4 of this Code. The Commission shall issue a formal report during such years, the content of which is, to the extent practicable, to be similar in nature to that required under Section 22-1003. In addition to providing aggregate analyses of both systems, the report shall analyze the fiscal status and provide forecasting projections for fifteen funds in each system. For purposes of the analysis, a statewide association representing municipalities shall submit a list of municipal funds to the Commission.

Section 90. The State Mandates Act is amended by adding Section 8.32 as follows:

(30 ILCS 805/8.32 new)

Sec. 8.32. Exempt mandate. Notwithstanding Sections 6 and 8 of this Act, no reimbursement by the State is required for the implementation of any mandate created by this amendatory Act of the 95th General Assembly.

Section 99. Effective date. This Act takes effect upon becoming law.