093_HB3523

 
                                     LRB093 06956 EFG 07102 b

 1        AN ACT in relation to public employee benefits.

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

 4        Section 5.  The  Illinois  Pension  Code  is  amended  by
 5    adding Section 1-109.3 as follows:

 6        (40 ILCS 5/1-109.3 new)
 7        Sec.  1-109.3.   Study  and  report of possible corporate
 8    fraud.
 9        (a)  The State Board of  Investment  and  the  boards  of
10    trustees of the State-funded retirement systems shall provide
11    for  an  annual  review  of  their  investments  to determine
12    whether they have experienced market losses due  to  possible
13    corporate fraud.
14        (b)  The  State  Board  of  Investment  and the boards of
15    trustees of the State-funded retirement systems shall  report
16    their  findings annually to the General Assembly.  The report
17    shall detail the fiscal impact to the system  of  any  losses
18    associated  with potential corporate fraud.  The report shall
19    also identify any legal action that the system is  taking  to
20    recover  the  losses  and may include information on relevant
21    pending litigation brought by others.

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