94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
SB3045

 

Introduced 1/20/2006, by Sen. Dave Syverson - John O. Jones - Gary G. Dahl - Carole Pankau - Larry K. Bomke, et al.

 

SYNOPSIS AS INTRODUCED:
 
New Act
40 ILCS 5/1-124 new
30 ILCS 805/8.30 new

    Creates the Pension Funding and Investments Act. Requires pension plan providers to provide statements to members of a plan that include (1) the actuarial value of the assets and liabilities of the plan, (2) the extent to which the plan is funded, (3) the plan's funding policy, and (4) asset allocations based on the percentage of overall plan assets. Provides that, if a request is made by a contributing employer or labor organization, then a pension plan provider must make available (1) copies of all actuary reports received by the pension plan provider for a plan year and (2) copies of all financial reports prepared by fiduciaries of the pension plan provider. Amends the Illinois Pension Code. Requires a retirement system or pension fund established under the Code to provide a statement to each member and annuitant that includes (1) the actuarial value of the assets and liabilities of the system or fund, (2) the extent to which the system or fund is funded, (3) the extent to which funding is required under this Code, and (4) asset allocations based on the percentage of overall assets of the system or fund. Provides that, if a request is made by a contributing employer or labor organization, then a retirement system or pension fund must make available (1) copies of all actuary reports received by the system or fund for the State fiscal year and (2) copies of all financial reports prepared by fiduciaries of the retirement system or pension fund. Effective immediately.


LRB094 18787 AMC 54192 b

FISCAL NOTE ACT MAY APPLY
PENSION IMPACT NOTE ACT MAY APPLY
STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT

 

 

A BILL FOR

 

SB3045 LRB094 18787 AMC 54192 b

1     AN ACT concerning pensions.
 
2     Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
 
4     Section 1. Short title. This Act may be cited as the
5 Pension Funding and Investments Act.
 
6     Section 5. Definition. For the purposes of this Act:
7     "Pension plan provider" means a person who administers
8 pension plans, transacts business within the State of Illinois,
9 and has enrolled at least one member in the plan who is
10 domiciled within the State of Illinois.
11     "Person" means any natural individual, firm, partnership,
12 association, joint stock company, joint venture, limited
13 liability company, or public or private corporation.
 
14     Section 10. Disclosures required.
15     (a) Within 90 days after the close of a plan year, a
16 pension plan provider must provide a statement to each member
17 of a plan that includes (1) the actuarial value of the assets
18 and liabilities of the plan, (2) the extent to which the plan
19 is funded, (3) the plan's funding policy, and (4) asset
20 allocations based on the percentage of overall plan assets.
21     (b) If a request is made by a contributing employer or
22 labor organization, then, within 30 days after receipt of the
23 request, a pension plan provider must make available (1) copies
24 of all actuary reports received by the pension plan provider
25 for a plan year and (2) copies of all financial reports
26 prepared by fiduciaries of the pension plan provider, including
27 investment managers and advisors and plan service providers.
 
28     Section 80. The Illinois Pension Code is amended by adding
29 Section 1-124 as follows:
 

 

 

SB3045 - 2 - LRB094 18787 AMC 54192 b

1     (40 ILCS 5/1-124 new)
2     Sec. 1-124. Additional statements required.
3     (a) Within 90 days after the close of the State fiscal
4 year, a retirement system or pension fund established under
5 this Code must provide a statement to each member and annuitant
6 that includes (1) the actuarial value of the assets and
7 liabilities of the system or fund, (2) the extent to which the
8 system or fund is funded, (3) the extent to which funding is
9 required under this Code, and (4) asset allocations based on
10 the percentage of overall assets of the system or fund.
11     (b) If a request is made by a contributing employer or
12 labor organization, then, within 30 days after receipt of the
13 request, a retirement system or pension fund must make
14 available (1) copies of all actuary reports received by the
15 system or fund for the State fiscal year and (2) copies of all
16 financial reports prepared by fiduciaries of the retirement
17 system or pension fund, including investment managers and
18 investment advisors and plan service providers.
 
19     Section 90. The State Mandates Act is amended by adding
20 Section 8.30 as follows:
 
21     (30 ILCS 805/8.30 new)
22     Sec. 8.30. Exempt mandate. Notwithstanding Sections 6 and 8
23 of this Act, no reimbursement by the State is required for the
24 implementation of any mandate created by this amendatory Act of
25 the 94th General Assembly.
 
26     Section 99. Effective date. This Act takes effect upon
27 becoming law.