SB2490 Summary

• Amends Section 1A-104 of the Illinois Pension Code to modify the examination schedule for pension funds established under Articles 3 and 4

• Replaces the mandatory 3-year examination cycle with a risk-based periodic examination schedule determined by the Division based on funding level, employer contribution history, investment returns, complaints, and previous compliance issues

• Authorizes the Division to retain attorneys, actuaries, certified public accountants, and other professionals as examiners, with examination costs borne by the pension fund being examined (except for Article 3 and 4 funds)

• Requires each examination to include audits of financial transactions, review of administrative policies, verification of statutory compliance including employer contribution requirements, and accuracy of benefit calculations

• Takes effect upon becoming law