SB 2090 — PEN CD-ART 3 & 4-VARIOUS

(b) The pension impact note for any legislation or amendment that wouldthe resultCommission inon anGovernment increaseForecasting inand benefits,Accountability adetermines modificationwould ofresult howin benefitsan areincrease disbursed,in benefits or increaseincreased costs SB2090 - 2 - LRB095 19185 AMC 45427 b to a pension fund established under Article 3 or 4 of the Illinois Pension Code mustmay demonstrate the fiscal impact of the legislation being considered on atselected leastindividual 25 municipalities with such pension funds.

Every 2 years, beginning with the year in which this amendatory Act of the 95th General Assembly takes effect, a statewide association representing municipalities shall submit a list of 25 municipal funds to the Commission on Government Forecasting and Accountability to be used for the fulfillment of the requirements of this Section.

79-1397.) Section 10.7.

The IllinoisState PensionFinance CodeAct is amended by changing SectionsSection 1-110,8f 1-113.5, 1A-104, 1A-112, 1-113.5, 3-115, 3-136, 4-112, and 4-123.1 and by adding Sections 1-125, 3-141.1, 3-143.1, 3-146, 3-151, 4-130.1, 4-134.1, 4-136, 22-1004 as follows:

(30 ILCS 105/8f) Sec.

8f.

Public Pension Regulation Fund.

The Public Pension Regulation Fund is created in the State Treasury.

Except as otherwise provided in the Illinois Pension Code, all money received by the Department of Financial and Professional Regulation, as successor to the Illinois Department of Insurance, under the Illinois Pension Code shall be paid into the Fund.

Moneys in the Fund may be transferred to the Professions Indirect Cost Fund, as authorized under Section SB2090 Engrossed - 6 - LRB095 19185 AMC 45427 b 2105-300 of the Department of Professional Regulation Law of the Civil Administrative Code of Illinois.

The State Treasurer promptly shall invest the money in the Fund, and all earnings that accrue on the money in the Fund shall be credited to the Fund.

No money may be transferred from this Fund to any other fund.

The General Assembly may make appropriations from this Fund for the ordinary and contingent expenses of the Public Pension Division of the Illinois Department of Insurance.

(Source:

P.A.

94-91, eff.

7-1-05.) Section 10.

The Illinois Pension Code is amended by changing Sections 1-110, 1-113.5, 1A-104, 3-143, and 4-134 and by adding Sections 1-125, 3-141.1, 3-144.5, 4-138.5, and 22-1004 as follows:

(1) Sale or exchange, or leasing of any property from the retirement system or pension fund to a party in interest for less than adequate consideration, or from a SB2090 - 3 - LRB095 19185 AMC 45427 b party in interest to a retirement system or pension fund for more than adequate consideration.

SB2090 Engrossed - 7 - LRB095 19185 AMC 45427 b (2) Lending of money or other extension of credit from the retirement system or pension fund to a party in interest without the receipt of adequate security and a reasonable rate of interest, or from a party in interest to a retirement system or pension fund with the provision of excessive security or an unreasonably high rate of interest.

or SB2090 - 4 - LRB095 19185 AMC 45427 b (3) Receive any consideration for his own personal account from any party dealing with the retirement system SB2090 Engrossed - 8 - LRB095 19185 AMC 45427 b or pension fund in connection with a transaction involving the assets of the retirement system or pension fund.

88-535.) SB2090 - 5 - LRB095 19185 AMC 45427 b (40 ILCS 5/1-113.5) Sec.

SB2090 Engrossed - 9 - LRB095 19185 AMC 45427 b (a) The board of trustees of a pension fund may appoint investment advisers as defined in Section 1-101.4.

No contract to provide such consulting services may SB2090 - 6 - LRB095 19185 AMC 45427 b be renewed or extended.

At the end of the term of a contract, however, the contractor is eligible to compete for a new SB2090 Engrossed - 10 - LRB095 19185 AMC 45427 b contract.

SB2090 - 7 - LRB095 19185 AMC 45427 b The contract shall include all of the following:

(1) acknowledgement in writing by the investment SB2090 Engrossed - 11 - LRB095 19185 AMC 45427 b adviser that he or she is a fiduciary with respect to the pension fund;

Within 30 days after the effective date of this amendatory Act of the 95th General Assembly, each investment adviser and SB2090 - 8 - LRB095 19185 AMC 45427 b consultant providing services on the effective date or subject to an existing contract for the provision of services must SB2090 Engrossed - 12 - LRB095 19185 AMC 45427 b disclose to the board of trustees all direct and indirect fees, commissions, penalties, and other compensation paid by or on behalf of the investment adviser or consultant in connection with the provision of those services and shall update that disclosure promptly after a modification of those payments or an additional payment.

(d) Investment services provided by a person other than an investment adviser appointed under this Section, including but not limited to services provided by the kinds of persons listed in items (1) through (4) of subsection (a), shall be rendered SB2090 - 9 - LRB095 19185 AMC 45427 b only after full written disclosure of direct and indirect fees, commissions, penalties, and any other compensation that shall SB2090 Engrossed - 13 - LRB095 19185 AMC 45427 b or may be received by the person rendering those services.

(1)"Gift" "Board" means (i)a thegift boardas ofdefined trusteesin ofSection a1-5 pensionof fundthe createdState underOfficials Articleand 3Employees orEthics 4Act. of this Code.

(2)"Prohibited "Gift"source" means a giftperson asor definedentity inwho: Section 1-5 of the State Officials and Employees Ethics Act.

(3) "Prohibited source" is a person or entity who:

or (iv) is registered or required to be registered with the Secretary of State under the Lobbyist SB2090 - 10 - LRB095 19185 AMC 45427 b Registration Act, except that an entity not otherwise a prohibited source does not become a prohibited source merely because a registered lobbyist is one of its members or serves on its board of directors.

SB2090 Engrossed - 14 - LRB095 19185 AMC 45427 b (b) No trustee of a board membercreated under Article 3 or 4 of this Code shall intentionally solicit or accept any gift from aany prohibited source oras fromprescribed anin officer,Article agent,10 orof employeethe State Officials and Employees Ethics Act, including the exceptions contained in Section 10-15 of athat prohibitedAct, source.other than paragraphs (4) and (5) of that Section.

NoSolicitation prohibited source or officer,acceptance agent, or employee of aeducational prohibitedmaterials, sourcehowever, shallis offernot toprohibited. a board member or employee any gift.

(c)For Violationthe purposes of this SectionSection, isreferences to "State employee" and "employee" in Article 10 of the State Officials and Employees Ethics Act shall include a Classtrustee Aof misdemeanor.a board created under Article 3 or 4 of this Code.

(c) A municipality may adopt or maintain policies or ordinances that are more restrictive than those set forth in this Section and may continue to follow any existing policies or ordinances that are more restrictive or are in addition to those set forth in this Section.

(d) Violation of this Section is a Class A misdemeanor.

However, in lieu of making an examination and investigation, the Division may accept and rely upon a report of audit or examination of any SB2090 Engrossed - 15 - LRB095 19185 AMC 45427 b pension fund made by an independent certified public accountant pursuant to the provisions of the Article of this Code governing the pension fund.

The Department may implement a flexible system of SB2090 - 11 - LRB095 19185 AMC 45427 b examinations under which it directs resources as it deems necessary or appropriate.

(3) a review of policies and procedures maintained for SB2090 Engrossed - 16 - LRB095 19185 AMC 45427 b the administration and operation of the pension fund;

(5) a determination of whether or not the administrative policies in force are in accord with the purposes of the statutory provisions and effectively SB2090 - 12 - LRB095 19185 AMC 45427 b protect and preserve the rights and equities of the participants;

The Director, upon request, shall grant a hearing to the officers or trustees of the pension fund or their duly SB2090 Engrossed - 17 - LRB095 19185 AMC 45427 b appointed representatives, upon any facts contained in the report of examination.

8-22-97.) SB2090 - 13 - LRB095 19185 AMC 45427 b (40 ILCS 5/1A-112)5/3-141.1 new) Sec.

1A-112.

Fees.

(a) Every pension fund that is required to file an annual statement under Section 1A-109 shall pay to the Department an annual compliance fee.

In the case of a pension fund under Article 3 or 4 of this Code, the annual compliance fee shall be 0.02% (2 basis points) of the total assets of the pension fund, as reported in the most current annual statement of the fund, but not more than $8,000.

In the case of all other pension funds and retirement systems, the annual compliance fee shall be $8,000.

(b) The annual compliance fee shall be due on June 30 for the following State fiscal year, except that the fee payable in 1997 for fiscal year 1998 shall be due no earlier than 30 days following the effective date of this amendatory Act of 1997.

(c) Any information obtained by the Division that is available to the public under the Freedom of Information Act and is either compiled in published form or maintained on a computer processible medium shall be furnished upon the written request of any applicant and the payment of a reasonable information services fee established by the Director, sufficient to cover the total cost to the Division of compiling, processing, maintaining, and generating the information.

The information may be furnished by means of published copy or on a computer processed or computer processible medium.

SB2090 - 14 - LRB095 19185 AMC 45427 b No fee may be charged to any person for information that the Division is required by law to furnish to that person.

(d) Except as otherwise provided in this Section, all fees and penalties collected by the Department under this Code shall be deposited into the Public Pension Regulation Fund.

(e) Fees collected under subsection (c) of this Section and money collected under Section 1A-107 shall be deposited into the Department’s Statistical Services Revolving Fund and credited to the account of the Public Pension Division.

This income shall be used exclusively for the purposes set forth in Section 1A-107.

Notwithstanding the provisions of Section 408.2 of the Illinois Insurance Code, no surplus funds remaining in this account shall be deposited in the Insurance Financial Regulation Fund.

All money in this account that the Director certifies is not needed for the purposes set forth in Section 1A-107 of this Code shall be transferred to the Public Pension Regulation Fund.

(f) Nothing in this Code prohibits the General Assembly from appropriating funds from the General Revenue Fund to the Department for the purpose of administering or enforcing this Code.

(g) No transfers may be made from the Public Pension Regulation Fund that would reduce the available resources in the Fund.

(Source:

P.A.

93-32, eff.

7-1-03.) SB2090 - 15 - LRB095 19185 AMC 45427 b (40 ILCS 5/3-115) (from Ch.

108 1/2, par.

3-115) Sec.

3-115.

Certificate of disability.

(a) A disability pension shall not be paid unless there is filed with the board certificates of the police officer’s disability, subscribed and sworn to by the police officer if not under legal disability, or by a representative if the officer is under legal disability, and by the police surgeon (if there be one) and 3 practicing physicians selected by the board.

The board may require other evidence of disability.

Medical examination of a police officer retired for disability shall be made at least once each year prior to attainment of age 50, as verification of the continuance of disability for service as a police officer.

No examination shall be required after age 50.

(b) It is unlawful for any police officer to do any of the following:

(1)Intentionally present or cause to be presented any false or fraudulent claim for disability pension.

(2)Intentionally make or cause to be made any false or fraudulent material statement or material representation for the purpose of obtaining a disability pension.

(3)Intentionally make or cause to be made any false or fraudulent material statement in the course of an investigation of fraud.

(4)Intentionally assist, abet, solicit, or conspire with any person or other entity to commit any of the acts SB2090 - 16 - LRB095 19185 AMC 45427 b set forth in this Section.

For the purposes of paragraphs (2), (3), and (4) of this subsection (b), the term "statement" includes any writing, notice, proof of injury, bill for services, hospital or doctor records and reports, X-ray, or test results.

Any police officer violating this subsection (b) is guilty of a Class 4 felony.

Any police officer convicted of any violation of this Section shall be ordered to pay complete restitution to any entity so defrauded in addition to any fine or sentence imposed as a result of the conviction.

Any person convicted of fraud related to a disability pension pursuant to this subsection (b) shall be subject to the penalties prescribed in the Criminal Code of 1961 and shall be ineligible to receive or retain any compensation, disability, or medical benefits as defined in this Act, the Workers’ Compensation Act, the Workers’ Occupational Diseases Act, the Line of Duty Compensation Act, and the Public Safety Employee Benefits Act if the compensation, disability, or medical benefits were owed or received as a result of fraud for which the recipient of the compensation, disability, or medical benefit was convicted.

This subsection (b) applies to acts occurring on or after the effective date of this amendatory Act of the 95th General Assembly.

Any person convicted of fraud who knowingly obtains, attempts to obtain, or causes to be obtained any benefits under this Code by the making of a false claim or who knowingly misrepresents any material fact shall be civilly SB2090 - 17 - LRB095 19185 AMC 45427 b liable to the payor of benefits or assignee in an amount equal to 3 times the value of the benefits wrongfully obtained or twice the value of the benefits attempted to be obtained, plus reasonable attorney’s fees and expenses incurred by the payor or assignee who successfully brings a claim under this subsection (b).

This subsection (b) applies to acts occurring on or after the effective date of this amendatory Act of the 95th General Assembly.

(Source:

P.A.

83-1440.) (40 ILCS 5/3-136) (from Ch.

108 1/2, par.

3-136) Sec.

3-136.

Witnesses.

To subpoena witnesses.

(a) To compel witnesses to attend and testify before it upon all matters connected with the administration of this Article, in the manner provided by law for the taking of testimony in the circuit courts of this State.

The president, or any board member, may administer oaths to witnesses.

(b) If not otherwise a party to a hearing involving an officer or member of the police department, the employer municipality shall be permitted to appear as a matter of right.

(Source:

P.A.

83-1440.) (40 ILCS 5/3-141.1 new) Sec.

UnlessPrior to the municipalboard’s treasurerdetermination isof alreadybenefits, responsible for calculating the amountboard ofshall benefitprovide, paymentsin expendedwriting, from the Fund,total noamount benefitof shallthe beannuity SB2090for -a 18member -and LRB095all 19185information AMCused 45427in b awarded until the municipality,calculation inof athat timelybenefit manner,to reviewsthe andTreasurer verifiesof allthe benefitmunicipality. calculations.

TheIf verificationthe processTreasurer shallis notof exceedthe aopinion periodthat ofthe 60calculated days.annuity is incorrect, the Treasurer shall immediately notify the board.

(40The ILCSboard 5/3-143.1shall new)review Sec.the Treasurer’s findings, and if the Board concurs that an error exists it shall re-determine the annuity so that it is calculated in accordance with the Illinois Pension Code.

3-143.1.(40 ILCS 5/3-143) (from Ch.

Public notice;

publication.

At the end of each fiscal year, the Board shall, at its own expense, publish within a local newspaper of general circulation in the municipality a notice that includes the fiscal status of the pension fund, all amounts dispersed in benefits during the fiscal year, and the total number of recipients who received or are in receipt of the benefits.

The information provided shall at a minimum include (1) the assets of the fund along with their current market value;

(2) the amount of unfunded liability carried by the fund, along with an actuarial explanation of unfunded liability;

(3) the actual investment return experienced by the fund during the fiscal year;

and (4) the required tax levy actuarially recommended to meet the financial obligations of the fund.

(40 ILCS 5/4-112) (from Ch.

4-112)3-143) Sec.

4-112.3-143.

DeterminationReport ofby disability;pension board.

restoration(a) The pension board shall report annually to activethe service;city council or board of trustees of the municipality on the condition of the pension fund at the end of its most recently completed fiscal year.

disabilityThe cannotreport constituteshall causebe made prior to the council or board meeting held for discharge.the levying of taxes for the SB2090 Engrossed - 18 - LRB095 19185 AMC 45427 b year for which the report is made.

(a)The A disability pension board shall notcertify beand paidprovide until disability has been established by the boardfollowing byinformation examinationsto of the SB2090city -council 19or - LRB095 19185 AMC 45427 b firefighter at pension fund expense by 3 physicians selected by the board andof suchtrustees otherof evidence as the boardmunicipality: deems necessary.

The(1) 3the physicianstotal selectedassets byof the boardfund needin notits agreecustody asat to the existenceend of anythe disabilityfiscal oryear and the naturecurrent andmarket extentvalue of athose disability.assets;

Medical(2) examinationthe ofestimated areceipts firefighterduring receivingthe anext disabilitysucceeding pensionfiscal shallyear befrom madedeductions atfrom leastthe oncesalaries each year prior to attainment of agepolice 50officers, inand orderfrom toall verifyother continuancesources; of disability.

No(3) examinationthe shallestimated beamount required afterduring agethe 50.next succeeding fiscal year to (a) pay all pensions and other obligations provided in this Article, and (b) to meet the annual requirements of the fund as provided in Sections 3-125 and 3-127;

Noand physical(4) orthe mentaltotal disabilitynet thatincome constitutes,received infrom wholeinvestment orof inassets part,along with the basisassumed ofinvestment anreturn applicationand foractual benefitsinvestment underreturn thisreceived Articleby maythe befund used,during inits wholemost orrecently incompleted part,fiscal byyear, anycompared municipalityto orthe firetotal protectionnet districtsuch employingincome, firefighters,assumed emergencyinvestment medicalreturn, technicians,and oractual paramedicsinvestment asreturn causereceived forduring discharge.the preceding fiscal year;.

Upon(5) satisfactory proof to the boardtotal thatnumber aof firefighteractive onemployees thewho disabilityare pensionfinancially hascontributing recoveredto from disability, the boardfund; shall terminate the disability pension.

The(6) firefighterthe shalltotal reportamount tothat thewas marshaldisbursed orin chiefbenefits ofduring the firefiscal department,year, whoincluding shallthe thereuponnumber orderof immediateand reinstatementtotal intoSB2090 activeEngrossed service,- and19 the- municipalityLRB095 shall19185 immediatelyAMC return45427 theb firefighteramount disbursed to its(i) payroll,annuitants in thereceipt sameof ranka orregular graderetirement heldpension, at(ii) therecipients datebeing hepaid ora shedisability waspension, placedand on(iii) disabilitysurvivors pension.and children in receipt of benefits;

If(7) the firefighterfunded mustratio fileof a civil action against the municipalityfund; to enforce his or her mandated return to payroll under this paragraph, then the firefighter is entitled to recovery of reasonable court costs and attorney’s fees.

(b)(8) Thethe firefighterunfunded shallliability becarried entitledby tothe 10fund, daysalong noticewith SB2090an -actuarial 20explanation - LRB095 19185 AMC 45427 b before any hearing or meeting of the boardunfunded atliability; which the question of his or her disability is to be considered, and shall have the right to be present at any such hearing or meeting, and to be represented by counsel;

however,and (9) the boardinvestment shallpolicy notof havethe anypension obligationboard tounder providethe suchstatutory firemaninvestment withrestrictions counsel.imposed on the fund.

(c)Before Itthe ispension unlawfulboard formakes anyits firefighterreport, tothe domunicipality anyshall have the assets of the following:fund and their current market value verified by an independent certified public accountant of its choice.

(1)(b) IntentionallyThe presentmunicipality oris causeauthorized to bepublish presentedthe anyreport falsesubmitted orunder fraudulentthis claimSection. for disability pension.

(2)This Intentionallypublication makemay orbe causemade, towithout belimitation, madeby anypublication falsein ora fraudulentlocal materialnewspaper statementof orgeneral materialcirculation representationin for the purposemunicipality ofor obtainingby apublication disabilityon pension.the municipality’s Internet website.

(3)If Intentionallythe makemunicipality orpublishes causethe toreport, bethen madethat anypublication falsemust orinclude fraudulentall materialof statementthe ininformation thesubmitted courseby ofthe anpension investigationboard ofunder fraud.subsection (a).

(4)(Source: Intentionally assist, abet, solicit, or conspire with any person or other entity to commit any of the acts set forth in this Section.

For the purposes of paragraphs (2), (3), and (4) of this subsection (c), the term "statement" includes any writing, notice, proof of injury, bill for services, hospital or doctor records and reports, X-ray, or test results.

Any firefighter violating this subsection (c) is guilty of a Class 4 felony.

Any firefighter convicted of any violation of this Section shall be ordered to pay complete restitution to SB2090 - 21 - LRB095 19185 AMC 45427 b any entity so defrauded in addition to any fine or sentence imposed as a result of the conviction.

Any person convicted of fraud related to a disability pension pursuant to this subsection (c) shall be subject to the penalties prescribed in the Criminal Code of 1961 and shall be ineligible to receive or retain any compensation, disability, or medical benefits as defined in this Act, the Workers’ Compensation Act, the Workers’ Occupational Diseases Act, the Line of Duty Compensation Act, and the Public Safety Employee Benefits Act if the compensation, disability, or medical benefits were owed or received as a result of fraud for which the recipient of the compensation, disability, or medical benefit was convicted.

This subsection (c) applies to acts occurring on or after the effective date of this amendatory Act of the 95th General Assembly.

Any person convicted of fraud who knowingly obtains, attempts to obtain, or causes to be obtained any benefits under this Code by the making of a false claim or who knowingly misrepresents any material fact shall be civilly liable to the payor of benefits or assignee in an amount equal to 3 times the value of the benefits wrongfully obtained or twice the value of the benefits attempted to be obtained, plus reasonable attorney’s fees and expenses incurred by the payor or assignee who successfully brings a claim under this subsection (c).

This subsection (c) applies to acts occurring on or after the effective date of this amendatory Act of the 95th General Assembly.

SB2090 - 22 - LRB095 19185 AMC 45427 b (Source:

95-681,90-507, eff.

10-11-07.)8-22-97.) (40 ILCS 5/4-123.1)5/3-144.5 (fromnew) Ch.Sec.

3-144.5.

Fraud.

Any person, member, trustee, or SB2090 Engrossed - 20 - LRB095 19185 AMC 45427 b employee of the board who knowingly makes any false statement or falsifies or permits to be falsified any record of a fund in any attempt to defraud such fund as a result of such act, or intentionally or knowingly defrauds a fund in any manner, is guilty of a Class A misdemeanor.

(40 ILCS 5/4-134) (from Ch.

4-123.1)4-134) Sec.

4-123.1.4-134.

Witnesses.Report for tax levy.

ToThe subpoenaboard witnesses.shall report to the city council or board of trustees of the municipality on the condition of the pension fund at the end of its most recently completed fiscal year.

(a)The Toreport compelshall witnessesbe tomade attendprior andto testify before it upon all matters connected with the administrationcouncil ofor thisboard Article,meeting inheld thefor mannerappropriating providedand bylevying lawtaxes for the takingyear offor testimonywhich before the circuitreport court.is made.

The president,pension orboard anyin memberthe ofreport theshall Board,certify mayand administerprovide oathsthe following information to suchthe witnesses.city council or board of trustees of the municipality:

(b)(1) Ifthe nottotal otherwiseassets a party to a hearing involving an officer or member of the firefund department,and thetheir employercurrent municipalitymarket shallvalue be permitted to appear as a matter of right.those assets;

(2) the estimated receipts during the next succeeding fiscal year from deductions from the salaries or wages of firefighters, and from all other sources;

(3) the estimated amount necessary during the fiscal year to meet the annual actuarial requirements of the pension fund as provided in Sections 4-118 and 4-120;

(4) the total net income received from investment of assets along with the assumed investment return and actual SB2090 Engrossed - 21 - LRB095 19185 AMC 45427 b investment return received by the fund during its most recently completed fiscal year, compared to the total net such income, assumed investment return, and actual investment return received during the preceding fiscal year;

and (5) the increase in employer pension contributions that results from the implementation of the provisions of this amendatory Act of the 93rd General Assembly;.

(6) the total number of active employees who are financially contributing to the fund;

(7) the total amount that was disbursed in benefits during the fiscal year, including the number of and total amount disbursed to (i) annuitants in receipt of a regular retirement pension, (ii) recipients being paid a disability pension, and (iii) survivors and children in receipt of benefits;

(8) the funded ratio of the fund;

(9) the unfunded liability carried by the fund, along with an actuarial explanation of the unfunded liability;

and (10) the investment policy of the pension board under the statutory investment restrictions imposed on the fund.

Before the pension board makes its report, the municipality shall have the assets of the fund and their current market value verified by an independent certified public accountant of its choice.

SB2090 Engrossed - 22 - LRB095 19185 AMC 45427 b (b) The municipality is authorized to publish the report submitted under this Section.

This publication may be made, without limitation, by publication in a local newspaper of general circulation in the municipality or by publication on the municipality’s Internet website.

If the municipality publishes the report, then that publication must include all of the information submitted by the pension board under subsection (a).

84-1039.)93-689, (40eff. ILCS 5/4-130.1 new) Sec.

4-130.1.7-1-04.) (40 ILCS 5/4-138.5 new) Sec.

Award4-138.5. of benefits.

UnlessFraud. the municipal treasurer is already responsible for calculating the amount of benefit payments expended from the Fund, no benefit shall be awarded until the municipality, in a timely manner, reviews and verifies all benefit calculations.

TheAny verificationperson, processmember, shalltrustee, notor exceedemployee of the board who knowingly makes any false statement or falsifies or permits to be falsified any record of a periodfund in any attempt to defraud such fund as a result of 60such days.act, or intentionally or knowingly defrauds a fund in any manner, is guilty of a Class A misdemeanor.

(40 ILCS 5/4-134.1 new) Sec.

4-134.1.

Public notice;

publication.

At the end of each fiscal year, the Board shall, at its own expense, publish within a local newspaper of general circulation in the SB2090 - 23 - LRB095 19185 AMC 45427 b municipality a notice that includes the fiscal status of the pension fund, all amounts dispersed in benefits during the fiscal year, and the total number of recipients who received or are in receipt of the benefits.

The information provided shall at a minimum include (1) the assets of the fund along with their current market value;

(2) the amount of unfunded liability carried by the fund, along with an actuarial explanation of unfunded liability;

(3) the actual investment return experienced by the fund during the fiscal year;

and (4) the required tax levy actuarially recommended to meet the financial obligations of the fund.

ReportCommission on Government Forecasting and Accountability report on Article 3 and 4 funds.

The SB2090 Engrossed - 23 - LRB095 19185 AMC 45427 b Commission shall issue a formal report during such years, the content of which is, to the extent practicable, to be similar in nature to that required under Section 22-1003.

In addition to providing aggregate analyses of both systems, the report shall analyze the fiscal status and provide forecasting projections for fifteenselected individual funds in each system.

ForTo purposesthe offullest extent practicable, the analysis,report ashall statewideanalyze associationfactors representingthat SB2090affect -each 24selected -individual LRB095fund’s 19185unfunded AMCliability 45427and bany municipalitiesactuarial shallgains submitand alosses listcaused ofby municipalsalary fundsincreases, toinvestment returns, employer contributions, benefit increases, change in assumptions, the Commission.difference in employer contributions and the normal cost plus interest, and any other applicable factors.

In analyzing net investment returns, the report shall analyze the assumed investment return compared to the actual investment return over the preceding 10 fiscal years.

The Public Pension Division of the Department of Financial and Professional Regulation shall provide to the Commission any assistance that the Commission may request with respect to its report under this Section.

Notwithstanding Sections 6 and 8 of this Act, no reimbursement by the State is required for the SB2090 Engrossed - 24 - LRB095 19185 AMC 45427 b implementation of any mandate created by this amendatory Act of the 95th General Assembly.

SB2090 - 25 - LRB095 19185 AMC 45427 b INDEX Statutes amended in order of appearance 25 ILCS 55/3 from Ch.

63, par.

42.43 40 ILCS 5/1-110 from Ch.

108 1/2, par.

1-110 40 ILCS 5/1-113.5 40 ILCS 5/1-125 new 40 ILCS 5/1A-104 40 ILCS 5/1A-112 40 ILCS 5/3-115 from Ch.

108 1/2, par.

3-115 40 ILCS 5/3-136 from Ch.

108 1/2, par.

3-136 40 ILCS 5/3-141.1 new 40 ILCS 5/3-143.1 new 40 ILCS 5/4-112 from Ch.

108 1/2, par.

4-112 40 ILCS 5/4-123.1 from Ch.

108 1/2, par.

4-123.1 40 ILCS 5/4-130.1 new 40 ILCS 5/4-134.1 new 40 ILCS 5/22-1004 new 30 ILCS 805/8.32 new