Establishes the Fiduciary Oversight Agency to monitor public sector retirement plans in Illinois.
The Fiduciary Oversight Act establishes the Fiduciary Oversight Agency within the Department of Insurance. The Agency is tasked with monitoring the operations of all public sector retirement plans in Illinois, including pensions and supplemental plans. It ensures compliance with State laws and fiduciary standards, enforces corrective actions for noncompliance, and provides guidance and training to plan administrators. The Agency also submits annual reports detailing its activities and findings.
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