Illinois SB 2282: FIDUCIARY OVERSIGHT ACT

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 Full Text of SB2282

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104TH GENERAL ASSEMBLY 
State of Illinois 
2025 and 2026
SB2282

Introduced 2/7/2025, by Sen. Robert F. Martwick 

SYNOPSIS AS INTRODUCED:

New Act

 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.

LRB104 09619 BAB 19684 b

A BILL FOR

SB2282LRB104 09619 BAB 19684 b

1 AN ACT concerning regulation.

2 Be it enacted by the People of the State of Illinois, 

3represented in the General Assembly:

4 Section 1. Short title. This Act may be cited as the 

5Fiduciary Oversight Agency Act.

6 Section 5. Findings. The General Assembly finds that: 

7 (1) Public sector pensions and retirement plans are 

8 critical to the financial security of a significant 

9 portion of the State's population. Numerous Illinois 

10 residents depend on public sector retirement plans, 

11 including pensions and supplemental plans, for their 

12 retirement security. 

13