Illinois Compiled Statutes 40 ILCS 5/1A-109 – Annual statements by pension funds
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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
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.
Terms Used In Illinois Compiled Statutes 40 ILCS 5/1A-109
- Appraisal: A determination of property value.
- Consolidated Fund: means : (i) with respect to the pension funds established under Article 3 of this Code, the Police Officers' Pension Investment Fund established under Article 22B of this Code; and (ii) with respect to the pension funds established under Article 4 of this Code, the Firefighters' Pension Investment Fund established under Article 22C of this Code. See Illinois Compiled Statutes 40 ILCS 5/1A-102
- Division: means the Public Pension Division of the Department of Insurance. See Illinois Compiled Statutes 40 ILCS 5/1A-102
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Judgement: The official decision of a court finally determining the respective rights and claims of the parties to a suit.
- Pension fund: means any public pension fund, annuity and benefit fund, or retirement system established under this Code. See Illinois Compiled Statutes 40 ILCS 5/1A-102
- Transition period: means the period described in Section 22B-120 with respect to the pension funds established under Article 3 of this Code and the period described in Section 22C-120 with respect to the pension funds established under Article 4 of this Code. See Illinois Compiled Statutes 40 ILCS 5/1A-102
The annual statement shall include, but need not be limited to, the following:
(1) a financial balance sheet as of the close of the
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fiscal year;
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(2) a statement of income and expenditures;
(3) an actuarial balance sheet;
(4) statistical data reflecting age, service, and
(3) an actuarial balance sheet;
(4) statistical data reflecting age, service, and
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salary characteristics concerning all participants;
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(5) special facts concerning disability or other
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claims;
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(6) details on investment transactions that occurred
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during the fiscal year covered by the report;
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(7) details on administrative expenses; and
(8) such other supporting data and schedules as in
(8) such other supporting data and schedules as in
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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.
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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.
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.