Sec. 80. Audit and reports.

288 words·~1 min read·/il/chapter-820/act-80/80

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)The Board shall annually submit an audited financial report, prepared in accordance with generally accepted accounting principles, on the operations of the Program during each fiscal year by January 1 of the following year to the Governor, the Comptroller, the State Treasurer, and the General Assembly and shall be provided electronically to any member of the General Assembly upon request. The annual audit shall be made by an independent certified public accountant and shall include, but is not limited to, direct and indirect costs attributable to the use of outside consultants, independent contractors, and any other persons who are not State employees for the administration of the Program.

(b)In addition to any other statements or reports required by law, the Board shall provide periodic reports at least annually to participating employers, reporting the names of each enrollee employed by the participating employer and the amounts of contributions made by each employee during the reporting period, as well as to enrollees, reporting contributions and investment income allocated to, withdrawals from, and balances in their Program accounts for the reporting period. Such reports may include any other information regarding the Program as the Board may determine.

(c)The State Treasurer shall annually prepare a report in consultation with the Board that includes a summary of the benefits provided by the Program each fiscal year, including the number of enrollees in the Program, the percentage and amounts of investment options and rates of return, and such other information that is relevant to make a full, fair, and effective disclosure of the operations of the Program and the Fund. The report shall be made available on the Program website by January of the following year.