IL HB5873

Amends Sections 3-143 and 4-134 of the Illinois Pension Code to require pension boards to provide annual reports on police and firefighter pension funds to municipalities prior to tax levy meetings.

Pension boards must certify and report 9-10 specific data points including total fund assets, market values, estimated receipts, benefit disbursements, funded ratios, unfunded liabilities, investment policies, and actuarial information.

Municipalities are authorized to publish pension board reports in local newspapers or on their websites, with publications required to include all information submitted by the pension board.

Pension boards must provide completed reports to the Illinois Department of Insurance, which compiles the reports annually and submits a comprehensive report to the General Assembly and Governor by January 1, 2011 and each subsequent January 1.

Assets of pension funds must be verified by an independent certified public accountant before the pension board issues its report.