Bill Status of SB2282

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SB2282 - 104th General Assembly

FIDUCIARY OVERSIGHT ACT
Last Action
2/07/2025 - Senate: Referred to Assignments
Senate Sponsors
Sen. Robert F. Martwick
Statutes Amended In Order of Appearance
New Act
Synopsis As Introduced
Creates the Fiduciary Oversight Agency Act. Establishes the Fiduciary Oversight Agency within the Department of Insurance. Provides that the Agency shall be responsible for monitoring the operations of all public sector retirement plans in Illinois, including pensions and supplemental retirement plans, to ensure compliance with State laws and fiduciary standards. Grants the Agency the authority to enforce compliance with fiduciary standards and Illinois laws relating to public sector retirement plans through administrative sanctions, penalties, and corrective orders; conduct audits, investigations, and reviews of retirement plans, plan administrators, and other fiduciaries to ensure compliance with State laws and fiduciary standards; and initiate civil or administrative proceedings to address violations of fiduciary standards and enforce corrective actions or penalties as appropriate. Establishes reporting requirements for the Agency.
Actions
Date Chamber Action
2/07/2025 Senate Filed with Secretary by Sen. Robert F. Martwick
2/07/2025 Senate First Reading
2/07/2025 Senate Referred to Assignments