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| | HB3220 Engrossed | | LRB099 10384 JLS 30611 b |
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| 1 | | AN ACT concerning employment.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Illinois Secure Choice Savings Program Act |
| 5 | | is amended by changing Section 80 as follows:
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| 6 | | (820 ILCS 80/80) |
| 7 | | (This Section may contain text from a Public Act with a |
| 8 | | delayed effective date)
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| 9 | | Sec. 80. Audit and reports.
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| 10 | | (a) The Board shall annually submit: (1) an audited |
| 11 | | financial report, prepared in accordance with generally |
| 12 | | accepted accounting principles, on the operations of the |
| 13 | | Program during each calendar year by July 1 of the following |
| 14 | | year to the Governor, the Comptroller, the State Treasurer, and |
| 15 | | the General Assembly. ; and
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| 16 | | (2) a report prepared by the Board, which shall |
| 17 | | include, but is not limited to, a summary of the benefits |
| 18 | | provided by the Program, including the number of enrollees |
| 19 | | in the Program, the percentage and amounts of investment |
| 20 | | options and rates of return, and such other information |
| 21 | | that is relevant to make a full, fair, and effective |
| 22 | | disclosure of the operations of the Program and the Fund. |
| 23 | | The annual audit shall be made by an independent certified |
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| | HB3220 Engrossed | - 2 - | LRB099 10384 JLS 30611 b |
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| 1 | | public accountant and shall include, but is not limited to, |
| 2 | | direct and indirect costs attributable to the use of outside |
| 3 | | consultants, independent contractors, and any other persons |
| 4 | | who are not State employees for the administration of the |
| 5 | | Program.
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| 6 | | (b) In addition to any other statements or reports required |
| 7 | | by law, the Board shall provide periodic reports at least |
| 8 | | annually to participating employers, reporting the names of |
| 9 | | each enrollee employed by the participating employer and the |
| 10 | | amounts of contributions made by the participating employer on |
| 11 | | behalf of each employee during the reporting period, as well as |
| 12 | | to enrollees, reporting contributions and investment income |
| 13 | | allocated to, withdrawals from, and balances in their Program |
| 14 | | accounts for the reporting period. Such reports may include any |
| 15 | | other information regarding the Program as the Board may |
| 16 | | determine.
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| 17 | | (c) The State Treasurer shall prepare a report in |
| 18 | | consultation with the Board that includes a summary of the |
| 19 | | benefits provided by the Program, including the number of |
| 20 | | enrollees in the Program, the percentage and amounts of |
| 21 | | investment options and rates of return, and such other |
| 22 | | information that is relevant to make a full, fair, and |
| 23 | | effective disclosure of the operations of the Program and the |
| 24 | | Fund. |
| 25 | | (Source: P.A. 98-1150, eff. 6-1-15.)
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