Ellman backs SB3403 to update investment board annual report timeline

During the 104th General Assembly on May 31, 2026, Sen. Laura Ellman (D-21st) voted in favor of SB3403, legislation addressing the investment board's annual report deadline, as reported by the Illinois Senate. The bill received a unanimous 57-0 Senate vote.

According to the bill's text, the measure is titled: "PEN CD-BD OF INVESTMENT AUDIT."

The following explanation breaks down the bill's content and may interpret its provisions for clarity.

The bill seeks to amend the Illinois Pension Code, specifying that the Illinois State Board of Investment must submit its annual report to pension, retirement, and education funds it oversees within 6 months of the fiscal year's end. However, the board is exempt from meeting the report deadline if a certified public accountant's audit opinion has not been provided by Dec. 15. The law takes effect upon enactment.

The Senate's vote reflected concurrence with 'House Floor Amendment No. 1 Senate Concurs' for SB3403.

Ellman holds a BS from Grinnell College, graduating in 1987.

A Democrat first elected in 2019, Ellman represents Illinois' 21st Senate District, succeeding Michael Connelly in the role.

New laws in Illinois must move through a multi-step legislative process including introduction, committee hearings, floor debate, passage in both chambers, and executive action by the governor. Conducted on a biennial basis, the General Assembly considers thousands of bills per session, though only select measures survive to become law.