summary
Introduced
02/04/2026
02/04/2026
In Committee
03/04/2026
03/04/2026
Crossed Over
Passed
Dead
Introduced Session
104th General Assembly
Bill Summary
Amends the Investment Board Article of the Illinois Pension. Provides that, if the Illinois State Board of Investment has not received a required audit opinion by December 15, the Board shall not be considered in violation of a provision requiring an annual report to each pension fund, retirement system, or education fund under the Board's jurisdiction within 6 months after the close of each fiscal year. Effective immediately.
AI Summary
This bill amends the Illinois Pension Code to provide a grace period for the Illinois State Board of Investment (ISBI) regarding its annual report. Currently, the ISBI is required to submit an annual report to each pension fund, retirement system, or education fund under its jurisdiction within six months after the close of each fiscal year. This bill states that the ISBI will not be considered in violation of this reporting requirement if it has not received its required audit opinion by December 15th. The audit opinion is a crucial part of the ISBI's annual report, which details investment operations, financial statements, and other important information for the funds it manages. The bill also specifies that the fiscal year runs from July 1st to June 30th and takes effect immediately upon becoming law.
Committee Categories
Labor and Employment
Sponsors (1)
Last Action
Placed on Calendar Order of 3rd Reading March 10, 2026 (on 03/05/2026)
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
Loading...