Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process.
Recent laws may not yet be included in the ILCS database, but they are found on this site as Public
soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the
Because the statute database is maintained primarily for legislative drafting purposes,
statutory changes are sometimes included in the statute database before they take effect.
If the source note at the end of a Section of the statutes includes a Public Act that has
not yet taken effect, the version of the law that is currently in effect may have already
been removed from the database and you should refer to that Public Act to see the changes
made to the current law.
(40 ILCS 5/22B-125)
Audits and reports.
(a) At least annually, the books, records, accounts, and securities of the Fund shall be audited by a certified public accountant selected by the board and conducted in accordance with the rules and procedures promulgated by the Governmental Accounting Standards Board. The audit opinion shall be published as a part of the annual report of the Fund, which shall be submitted to the transferor pension funds and to the Department of Insurance.
(b) For the quarterly periods ending September 30, December 31, and March 31, the Fund shall submit to the participating pension funds and to the Department of Insurance a report providing, among other things, the following information:
(1) a full description of the investments acquired,
(2) a full description of the securities sold or
exchanged, showing average proceeds or other conditions of an exchange;
(3) gains or losses realized during the period;
(4) income from investments; and
(5) administrative expenses.
(c) An annual report shall be prepared by the Fund for submission to the participating pension funds and to the Department of Insurance within 6 months after the close of each fiscal year. A fiscal year shall date from July 1 of one year to June 30 of the year next following. This report shall contain full information concerning the results of investment operations of the Fund. This report shall include the information described in subsection (b) and, in addition thereto, the following information:
(1) a listing of the investments held by the Fund at
the end of the year, showing their book values and market values and their income yields on market values;
(2) comments on the pertinent factors affecting such
(3) a review of the policies maintained by the Fund
and any changes that occurred during the year;
(4) a copy of the audited financial statements for
(5) recommendations for possible changes in this
Article or otherwise governing the operations of the Fund; and
(6) a listing of the names of securities brokers and
dealers dealt with during the year showing the total amount of commissions received by each on transactions with the Fund.
(Source: P.A. 101-610, eff. 1-1-20.)