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(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 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. 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 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.)
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