SB 2212 — PEN CD-PENSION DIVISION EXAM

*LRB09609675AMC19836b* SB2212 96THEngrossed GENERALLRB096 ASSEMBLY09675 StateAMC of19836 Illinoisb andAN 2010ACT SB2212concerning Introducedpublic 2/20/2009,employee bybenefits. Sen.

Susan Garrett SYNOPSIS AS INTRODUCED:

ILCS 5/1A-104 ILCS 5/1A-112 Amends the Illinois Pension Code.

In provisions concerning Public Pension Division examinations or investigations of pension funds (i) provides that the Division of Insurance may retain attorneys, independent actuaries, independent certified public accountants, and specialists as examiners as deemed necessary by the Director of Insurance and removes language providing that the costs of these professionals shall be borne by the pension fund that is the subject of the examination and (ii) in provisions concerning the examination of downstate police and fire pension funds, provides that, beginning on December 31, 2016, the schedule of each examination shall be such that each fund shall be examined once every 5 years (was, once every 3 years).

Increases the annual compliance fees with respect to a downstate police or fire pension fund from 0.02% (2 basis points) of the total assets of the pension fund, but not more than $8,000 to 0.03% (3 basis points) of the total assets of the pension fund, but not more than $12,000.

Effective immediately.

LRB096 09675 AMC 19836 b FISCAL NOTE ACT PENSION IMPACT MAY APPLY NOTE ACT MAY APPLY A BILL FOR SB2212 LRB096 09675 AMC 19836 b AN ACT concerning public employee benefits.

The Illinois Pension Code is amended by changing SectionsSection 1A-104 and 1A-112 as follows:

In consultation with the pension fund being examined, the Division may retain attorneys, independent SB2212 Engrossed - 2 - LRB096 09675 AMC 19836 b actuaries, independent certified public accountants, and other professionals and specialists as examiners, deemed necessary by the Director of Insurance the cost of which (except in the case of pension funds established under Article 3 or 4) shall be borne by the pension fund that is the subject of the examination.

Beginning December 31, 2016,2010, the The schedule of each examination shall be such that each fund shall be examined once every 5 3 years.

The Division shall comply with the changes made by this amendatory Act of the 96th General Assembly, and any costs associated with the changes shall be paid for using the pension fund fee structure as it exists on the effective date of that amendatory Act.

(5) a determination of whether or not the SB2212 Engrossed - 3 - LRB096 09675 AMC 19836 b administrative policies in force are in accord with the purposes of the statutory provisions and effectively protect and preserve the rights and equities of the SB2212 - 3 - LRB096 09675 AMC 19836 b participants;

SB2212 Engrossed - 4 - LRB096 09675 AMC 19836 b (Source:

8-29-08.) (40Section ILCS99. 5/1A-112) SB2212 - 4 - LRB096 09675 AMC 19836 b 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 0.03% (3 basis points) 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 $12,000 $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.

No fee may be charged to any person for information that SB2212 - 5 - LRB096 09675 AMC 19836 b 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.

(Source:

P.A.

93-32, eff.

7-1-03.) Section 99.