Illinois HB5119 amends the Illinois Pension Code to modify the Public Pension Division's reporting and advisory duties, and to adjust penalties for.
Illinois HB5119 amends the Illinois Pension Code by changing the Public Pension Division's reporting requirements to the Governor and General Assembly, allowing rather than requiring the Division to render advisory services to pension funds, and adjusting penalties for late filings and payments. The Division must now submit a report to the Governor and General Assembly, including financial statements, summaries of fund provisions, and any changes. The Division may provide advisory services to pension funds on their operations and recommend corrective legislation.
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- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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