95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
SB1598


 
Introduced 2/9/2007, by Sen. Larry K. Bomke - John O. Jones - Chris Lauzen - Dave Syverson
 
SYNOPSIS AS INTRODUCED:
 		













New Act






40 ILCS 5/1-124 new






30 ILCS 805/8.31 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.
















LRB095 07102 AMC 27228 b

















FISCAL NOTE ACT MAY APPLY


PENSION IMPACT NOTE ACT MAY APPLY


STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT
















 


 


A BILL FOR









 











SB1598

LRB095 07102 AMC 27228 b






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    AN ACT concerning pensions.

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


 
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    Section 1. Short title. This Act may be cited as the 
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Pension Funding and Investments Act.
 
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    Section 5. Definition. For the purposes of this Act:
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    "Pension plan provider" means a person who administers 
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pension plans,  transacts business within the State of Illinois, 
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and has enrolled  at least one member in the plan who is 
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domiciled within the State of Illinois.
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    "Person" means any natural individual, firm, partnership, 
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association, joint stock company, joint venture, limited 
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liability company, or public or private corporation.
 
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    Section 10. Disclosures required. 
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    (a) Within 90 days after the close of a  plan year, a  
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pension plan provider must provide a statement to each member 
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of a plan that includes (1) the actuarial value of the assets 
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and liabilities of the plan, (2) the extent to which the plan 
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is funded, (3) the plan's funding policy, and (4) asset 
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allocations based on the percentage of overall plan assets.
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    (b) If a request is made by a contributing employer or 
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labor organization, then, within 30 days after receipt of the 
 


 






SB1598
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LRB095 07102 AMC 27228 b




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request, a pension plan provider must make available (1) copies 
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of all actuary reports received by the pension plan provider 
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for a plan year and (2) copies of all financial reports 
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prepared by fiduciaries of the pension plan provider, including 
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investment managers and advisors and plan service providers.
 
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    Section 80. The Illinois Pension Code is amended  by adding 
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Section 1-124 as follows:
 
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    (40 ILCS 5/1-124  new)
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    Sec. 1-124. Additional statements required.
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    (a) Within 90 days after the close of the State fiscal 
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year, a  retirement system or pension fund established under 
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this Code must provide a statement to each member and annuitant 
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that includes (1) the actuarial value of the assets and 
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liabilities of the system or fund, (2) the extent to which the 
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system or fund is funded, (3) the extent to which funding is 
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required under this Code, and (4) asset allocations based on 
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the percentage of overall assets of the system or fund.
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    (b) If a request is made by a contributing employer or 
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labor organization, then, within 30 days after receipt of the 
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request, a retirement system or pension fund must make 
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available (1) copies of all actuary reports received by the 
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system or fund for the State fiscal year and (2) copies of all 
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financial reports prepared by fiduciaries of the retirement 
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system or pension fund, including investment managers and 
 


 






SB1598
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LRB095 07102 AMC 27228 b




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investment advisors and plan service providers.

 
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    Section 90. The State Mandates Act is amended by adding 
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Section 8.31 as follows:
 
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    (30 ILCS 805/8.31 new)
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    Sec. 8.31. Exempt mandate. Notwithstanding Sections 6 and 8 
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of this Act, no reimbursement by the State is required for the 
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implementation of any mandate created by this amendatory Act of 
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the 95th General Assembly.
 

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