SB3403 receives unanimous Senate approval, with Sen. Linda Holmes backing clarified investment board reporting rule

During the 104th General Assembly held on May 31, 2026, Sen. Linda Holmes (D-42nd) supported SB3403—a bill that clarifies the Illinois State Board of Investment’s annual reporting deadline—according to the Illinois Senate. The measure was unanimously approved by the Senate with a 57-0 vote.

The bill's official text lists the measure as: "PEN CD-BD OF INVESTMENT AUDIT."

The breakdown below offers a summary and may interpret some of the bill’s provisions for clarity.

Essentially, the bill updates the Illinois Pension Code to further specify the Illinois State Board of Investment’s annual reporting deadline to pension, retirement and education funds under its authority. While maintaining the requirement that an annual report be submitted within 6 months after each fiscal year ends, the legislation clarifies the board will not be penalized for missing this deadline if it has not received the necessary audit opinion from a certified public accountant by Dec. 15. This act will become effective once enacted into law.

The legislative record for SB3403 was 'House Floor Amendment No. 1 Senate Concurs'.

Holmes earned her BA from National College of Education in 1984.

A Democrat, Holmes began representing the 42nd Senate District in the Illinois Senate in 2007, succeeding former senator Phyllis Petka.

Legislation in Illinois undergoes a multi-step process, starting with introduction in the House or Senate, advancing through committee review, floor debate, and votes in both chambers before being presented to the governor for approval or veto. The General Assembly convenes on a biennial basis, and although thousands of bills are typically introduced each session, only a limited number ultimately become law.