Sen. Glowiak Hilton supports SB3403 to clarify state investment board’s annual reporting date

Sen. Suzy Glowiak Hilton (D-23rd) cast a Yes vote for SB3403 during the 104th General Assembly on May 31, 2026, according to the Illinois Senate. The legislation, aimed at clarifying the annual reporting deadline for the Illinois State Board of Investment, passed the Senate by a 57-0 vote.

The official bill text characterizes the proposal as: "PEN CD-BD OF INVESTMENT AUDIT."

The following explanation is a detailed summary of the bill and may include some interpretation to clarify its content.

SB3403 revises the Illinois Pension Code to make the reporting deadline for the Illinois State Board of Investment clear for pension, retirement, and education funds within its authority. It maintains the requirement that the board produce and submit an annual report within 6 months after each fiscal year ends, while also stating that the board will not be found in violation of this timeline if it has not yet received the required certified public accountant’s audit opinion by Dec. 15. The act goes into effect upon becoming law.

The event was recorded as 'House Floor Amendment No. 1 Senate Concurs' for SB3403.

Hilton earned a BA from the Illinois Institute of Technology in 1983.

As a Democrat, Hilton won election to the Illinois State Senate in 2023 to serve the state’s 23rd Senate District, succeeding Diane Pappas.

Illinois's legislative process is multi-step, with bills first introduced in either chamber, moving through committee consideration, floor discussions, votes by House and Senate, and finally sent to the governor for approval or veto. The Illinois General Assembly works on a biennial cycle, and although thousands of bills are introduced each session, only a limited number become law.