IL SB2102

Amends Section 1A-104 of the Illinois Pension Code to clarify examination and investigation procedures for pension funds established under Articles 3 and 4.

Requires the Consolidated Fund to conduct examinations of Article 3 and 4 pension funds during a transition period, then allows acceptance of independent certified public accountant reports after the transition period concludes.

Mandates examination of each Article 3 and 4 pension fund once every 3 years, including audits of financial transactions, review of administrative policies, verification of benefit calculations, and assessment of statutory compliance.

Requires examination reports be submitted to the pension fund board secretary and municipal chief executive officer, with a hearing process before public release and up to 60 days confidentiality following the hearing.

Repeals Sections 5-226 and 6-220 of the Illinois Pension Code and takes effect July 1, 2023.