SB 1598

Abstract

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.