Bill Text: IL SB3403 | 2025-2026 | 104th General Assembly | Enrolled

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Bill Title: Amends the Investment Board Article of the Illinois Pension. Provides that, if the Illinois State Board of Investment has not received a required audit opinion by December 15, the Board shall not be considered in violation of a provision requiring an annual report to each pension fund, retirement system, or education fund under the Board's jurisdiction within 6 months after the close of each fiscal year. Effective immediately.

Sponsorship: Partisan Bill (Democrat 3)

Status: (Passed) 2026-08-21 - Public Act . . . . . . . . . 104-0849 [SB3403 Detail]

Download: Illinois-2025-SB3403-Enrolled.html

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SB3403 Enrolled LRB104 19237 RPS 32683 b
AN ACT concerning public employee benefits.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Illinois Pension Code is amended by
changing Sections 4-110 and 22A-115 as follows:
(40 ILCS 5/4-110) (from Ch. 108 1/2, par. 4-110)
Sec. 4-110. Disability pension; line pension - Line of
duty. If a firefighter, as the result of sickness, accident or
injury incurred in or resulting from the performance of an act
of duty or from the cumulative effects of acts of duty, is
found, pursuant to Section 4-112, to be physically or mentally
permanently disabled for service in the fire department, so as
to render necessary his or her being placed on disability
pension, the firefighter shall be entitled to a disability
pension equal to the greater of (1) 65% of the monthly salary
attached to the rank held by him or her in the fire department
at the date he or she is removed from the municipality's fire
department payroll or (2) the retirement pension that the
firefighter would be eligible to receive if he or she retired
(but not including any automatic annual increase in that
retirement pension). A firefighter shall be considered "on
duty" while on any assignment approved by the chief of the fire
department, even though away from the municipality he or she

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serves as a firefighter, if the assignment is related to the
fire protection service of the municipality.
Such firefighter shall also be entitled to a child's
disability benefit of $20 a month on account of each unmarried
child less than 18 years of age and dependent upon the
firefighter for support, either the issue of the firefighter
or legally adopted by him or her. The total amount of child's
disability benefit payable to the firefighter, when added to
his or her disability pension, shall not exceed 75% of the
amount of salary which the firefighter was receiving at the
date of retirement.
Benefits payable on account of a child under this Section
shall not be reduced or terminated by reason of the child's
attainment of age 18 if he or she is then dependent by reason
of a physical or mental disability but shall continue to be
paid as long as such dependency continues. Individuals over
the age of 18 and adjudged to be disabled persons pursuant to
Article XIa of the Probate Act of 1975, except for persons
receiving benefits under Article III of the Illinois Public
Aid Code, shall be eligible to receive benefits under this
Act.
If a firefighter dies while still disabled and receiving a
disability pension under this Section, the disability pension
shall continue to be paid to the firefighter's survivors in
the sequence provided in Section 4-114.
The disability pension under this Section that continues

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to be paid to the firefighter's survivors shall be increased
to $50,051.76 and adjusted by a simple 3% increase annually
from the initial adjustment if all of the following conditions
are met:
(1) the firefighter died in 2023;
(2) the firefighter died less than 6 months before his
or her 60th birthday; and
(3) by no later than one year after the effective date
of this amendatory Act of the 104th General Assembly, the
board of trustees of the fire protection district adopted
an ordinance or resolution granting the increase.
A pension previously granted under Section 4-114 to a
survivor of a firefighter who died while receiving a
disability pension under this Section shall be deemed to be a
continuation of the pension provided under this Section and
shall be deemed to be in the nature of worker's compensation
payments. The changes to this Section made by this amendatory
Act of 1995 are intended to be retroactive and are not limited
to persons in service on or after its effective date.
(Source: P.A. 93-1090, eff. 3-11-05.)
(40 ILCS 5/22A-115) (from Ch. 108 1/2, par. 22A-115)
Sec. 22A-115. Audits and reports. At least annually, the
books, records, accounts and securities of the board shall be
audited by a certified public accountant designated by the
Auditor General of the State. The audit opinion shall be

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published as a part of the annual report of the board.
For the quarterly periods ending September 30, December
31, and March 31, the board shall submit to each pension fund,
retirement system or education fund under its jurisdiction a
report embracing, among other things, the following
information: (a) a full description of the investments
acquired, showing average costs; (b) a full description of the
securities sold or exchanged, showing average proceeds or
other conditions of an exchange; (c) gains or losses realized
during the period; (d) income from investments; (e)
administrative expenses of the board; and (f) the proportion
of administrative expenses allocable to each pension fund,
retirement system or education fund.
An annual report shall be prepared by the board for
submission to each pension fund, retirement system or
education fund under its jurisdiction within 6 months after
the close of each fiscal year, except that the board shall not
be considered in violation of this provision if the board has
not received the audit opinion required pursuant to this
Section by December 15. A fiscal year shall date from July 1 of
one year to June 30 of the year next following. This report
shall embody full information concerning the results of
investment operations of the board for the year, including the
foregoing information and, in addition thereto, the following:
(a) a listing of the investments held by the board as at
the end of the year showing their book values and market values

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and their income yields on market values;
(b) the amounts as determined under paragraph (a) above
allocable to each pension fund or education fund managed by
the board;
(c) comments on the pertinent factors affecting the
operations of the board for the year;
(d) a review of the policies maintained by the board and
any changes therein that occurred during the year;
(e) a copy of the audited financial statements for the
year;
(f) recommendations for possible changes in the law
governing the operations of the board; and
(g) a listing of the names of securities brokers and
dealers dealt with during the year showing the total amount of
commissions received by each on transactions with the board.
(Source: P.A. 84-1127.)
Section 90. The State Mandates Act is amended by adding
Section 8.50 as follows:
(30 ILCS 805/8.50 new)
Sec. 8.50. Exempt mandate. Notwithstanding Sections 6 and
8 of this Act, no reimbursement by the State is required for
the implementation of any mandate created by this amendatory
Act of the 104th General Assembly.
Section 99. Effective date. This Act takes effect upon

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becoming law.