SB3403 amends the Illinois Pension Code to require annual audits of the Illinois State Board of Investment.

SB3403 amends the Illinois Pension Code to mandate that the Illinois State Board of Investment undergo annual audits by a certified public accountant designated by the Auditor General. The audit opinion must be published as part of the board's annual report. The board must submit quarterly reports to each pension fund, retirement system, or education fund under its jurisdiction, detailing investment operations, including gains, losses, income, and administrative expenses.

SB3403 amends the Illinois Pension Code to require annual audits of the Illinois State Board of Investment.

SB3403 amends the Illinois Pension Code to mandate that the Illinois State Board of Investment undergo annual audits by a certified public accountant designated by the Auditor General. The audit opinion must be published as part of the board's annual report. The board must submit quarterly reports to each pension fund, retirement system, or education fund under its jurisdiction, detailing investment operations, including gains, losses, income, and administrative expenses.