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Illinois General Assembly· SB 3403Governor Approved

PEN CD-BD OF INVESTMENT AUDIT, the official text

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SB3403 Enrolled                      LRB104 19237 RPS 32683 b

1  AN ACT concerning 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 changing Sections 4-110 and 22A-115 as follows:

6  (40 ILCS 5/4-110) (from Ch. 108 1/2, par. 4-110)

7  Sec. 4-110. Disability pension; line pension - Line of

8 duty. If a firefighter, as the result of sickness, accident or

9 injury incurred in or resulting from the performance of an act

10 of duty or from the cumulative effects of acts of duty, is

11 found, pursuant to Section 4-112, to be physically or mentally

12 permanently disabled for service in the fire department, so as

13 to render necessary his or her being placed on disability

14 pension, the firefighter shall be entitled to a disability

15 pension equal to the greater of (1) 65% of the monthly salary

16 attached to the rank held by him or her in the fire department

17 at the date he or she is removed from the municipality's fire

18 department payroll or (2) the retirement pension that the

19 firefighter would be eligible to receive if he or she retired

20 (but not including any automatic annual increase in that

21 retirement pension). A firefighter shall be considered "on

22 duty" while on any assignment approved by the chief of the fire

23 department, even though away from the municipality he or she
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1 serves as a firefighter, if the assignment is related to the

2 fire protection service of the municipality.

3   Such firefighter shall also be entitled to a child's

4 disability benefit of $20 a month on account of each unmarried

5 child less than 18 years of age and dependent upon the

6 firefighter for support, either the issue of the firefighter

7 or legally adopted by him or her. The total amount of child's

8 disability benefit payable to the firefighter, when added to

9 his or her disability pension, shall not exceed 75% of the

10 amount of salary which the firefighter was receiving at the

11 date of retirement.

12  Benefits payable on account of a child under this Section

13 shall not be reduced or terminated by reason of the child's

14 attainment of age 18 if he or she is then dependent by reason

15 of a physical or mental disability but shall continue to be

16 paid as long as such dependency continues. Individuals over

17 the age of 18 and adjudged to be disabled persons pursuant to

18 Article XIa of the Probate Act of 1975, except for persons

19 receiving benefits under Article III of the Illinois Public

20 Aid Code, shall be eligible to receive benefits under this

21 Act.

22  If a firefighter dies while still disabled and receiving a

23 disability pension under this Section, the disability pension

24 shall continue to be paid to the firefighter's survivors in

25 the sequence provided in Section 4-114.

26  The disability pension under this Section that continues
    SB3403 Enrolled            -3-        LRB104 19237 RPS 32683 b

1 to be paid to the firefighter's survivors shall be increased

2 to $50,051.76 and adjusted by a simple 3% increase annually

3 from the initial adjustment if all of the following conditions

4 are met:

5           (1) the firefighter died in 2023;

6           (2) the firefighter died less than 6 months before his

7   or her 60th birthday; and

8           (3) by no later than one year after the effective date

9   of this amendatory Act of the 104th General Assembly, the

10  board of trustees of the fire protection district adopted

11  an ordinance or resolution granting the increase.

12  A pension previously granted under Section 4-114 to a

13 survivor of a firefighter who died while receiving a

14 disability pension under this Section shall be deemed to be a

15 continuation of the pension provided under this Section and

16 shall be deemed to be in the nature of worker's compensation

17 payments. The changes to this Section made by this amendatory

18 Act of 1995 are intended to be retroactive and are not limited

19 to persons in service on or after its effective date.

20 (Source: P.A. 93-1090, eff. 3-11-05.)

21  (40 ILCS 5/22A-115) (from Ch. 108 1/2, par. 22A-115)

22  Sec. 22A-115. Audits and reports. At least annually, the

23 books, records, accounts and securities of the board shall be

24 audited by a certified public accountant designated by the

25 Auditor General of the State. The audit opinion shall be
    SB3403 Enrolled  -4-                 LRB104 19237 RPS 32683 b

1 published as a part of the annual report of the board.

2   For the quarterly periods ending September 30, December

3 31, and March 31, the board shall submit to each pension fund,

4 retirement system or education fund under its jurisdiction a

5 report embracing, among other things, the following

6 information: (a) a full description of the investments

7 acquired, showing average costs; (b) a full description of the

8 securities sold or exchanged, showing average proceeds or

9 other conditions of an exchange; (c) gains or losses realized

10 during the period; (d) income from investments; (e)

11 administrative expenses of the board; and (f) the proportion

12 of administrative expenses allocable to each pension fund,

13 retirement system or education fund.

14  An annual report shall be prepared by the board for

15 submission to each pension fund, retirement system or

16 education fund under its jurisdiction within 6 months after

17 the close of each fiscal year, except that the board shall not

18 be considered in violation of this provision if the board has

19 not received the audit opinion required pursuant to this

20 Section by December 15. A fiscal year shall date from July 1 of

21 one year to June 30 of the year next following. This report

22 shall embody full information concerning the results of

23 investment operations of the board for the year, including the

24 foregoing information and, in addition thereto, the following:

25  (a) a listing of the investments held by the board as at

26 the end of the year showing their book values and market values
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1 and their income yields on market values;

2   (b) the amounts as determined under paragraph (a) above

3 allocable to each pension fund or education fund managed by

4 the board;

5   (c) comments on the pertinent factors affecting the

6 operations of the board for the year;

7   (d) a review of the policies maintained by the board and

8 any changes therein that occurred during the year;

9   (e) a copy of the audited financial statements for the

10 year;

11  (f) recommendations for possible changes in the law

12 governing the operations of the board; and

13  (g) a listing of the names of securities brokers and

14 dealers dealt with during the year showing the total amount of

15 commissions received by each on transactions with the board.

16 (Source: P.A. 84-1127.)

17  Section 90. The State Mandates Act is amended by adding

18 Section 8.50 as follows:

19  (30 ILCS 805/8.50 new)

20  Sec. 8.50. Exempt mandate. Notwithstanding Sections 6 and

21 8 of this Act, no reimbursement by the State is required for

22 the implementation of any mandate created by this amendatory

23 Act of the 104th General Assembly.

24  Section 99. Effective date. This Act takes effect upon
         SB3403 Enrolled  -6-  LRB104 19237 RPS 32683 b
1 becoming law.
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