Sec. 22C-125. Audits and reports.

359 words·~2 min read·/il/chapter-40/act-5/22c-125

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(a)At least annually, the books, records, accounts, and securities of the Fund shall be audited by a certified public accountant selected by the board and conducted in accordance with the rules and procedures promulgated by the Governmental Accounting Standards Board. The audit opinion shall be published as a part of the annual report of the Fund, which shall be submitted to the transferor pension funds and to the Department of Insurance.

(b)For the quarterly periods ending September 30, December 31, and March 31, the Fund shall submit to the participating pension funds and to the Department of Insurance a report providing, among other things, the following information:

(1)a full description of the investments acquired, showing average costs;

(2)a full description of the securities sold or exchanged, showing average proceeds or

other conditions of an exchange;

(3)gains or losses realized during the period;

(4)income from investments; and

(5)administrative expenses.

(c)An annual report shall be prepared by the Fund for submission to the participating pension funds and to the Department of Insurance within 6 months after the close of each fiscal year. A fiscal year shall date from July 1 of one year to June 30 of the year next following. This report shall contain full information concerning the results of investment operations of the Fund. This report shall include the information described in subsection

(b)and, in addition thereto, the following information:

(1)a listing of the investments held by the Fund at the end of the year, showing their

book values and market values and their income yields on market values;

(2)comments on the pertinent factors affecting such investments;

(3)a review of the policies maintained by the Fund and any changes that occurred during

the year;

(4)a copy of the audited financial statements for the year;

(5)recommendations for possible changes in this Article or otherwise governing the

operations of the Fund; and

(6)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 Fund.