Sec. 1A-109. Annual statements by pension funds.

304 words·~1 min read·/il/chapter-40/act-5/1a-109

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Sec. 1A-109. Annual statements by pension funds. Each pension fund shall furnish to the Division an annual statement in a format prepared by the Division.

The Division shall design the form and prescribe the content of the annual statement and, at least 60 days prior to the filing date, shall furnish the form to each pension fund for completion. The annual statement shall be prepared by each fund, properly certified by its officers, and submitted to the Division within 6 months following the close of the fiscal year of the pension fund.

The annual statement shall include, but need not be limited to, the following:

(1)a financial balance sheet as of the close of the fiscal year;

(2)a statement of income and expenditures;

(3)an actuarial balance sheet;

(4)statistical data reflecting age, service, and salary characteristics concerning all

participants;

(5)special facts concerning disability or other claims;

(6)details on investment transactions that occurred during the fiscal year covered by

the report;

(7)details on administrative expenses; and

(8)such other supporting data and schedules as in the judgement of the Division may be

necessary for a proper appraisal of the financial condition of the pension fund and the results of its operations. The annual statement shall also specify the actuarial and interest tables used in the operation of the pension fund.

For pension funds under Article 3 or 4 of this Code, after the conclusion of the transition period, the Consolidated Fund shall furnish directly to the Division the information described in items

(1)and

(6)of this Section and shall otherwise cooperate with the pension fund in the preparation of the annual statement.

A pension fund that fails to file its annual statement within the time prescribed under this Section is subject to the penalty provisions of Section 1A-113.