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.