Sen. Seth Lewis supports SB3403 to define state investment board reporting deadline

Sen. Seth Lewis (R-24th) supported SB3403, a measure that clarifies the Illinois State Board of Investment’s annual reporting deadline, in the 104th General Assembly on May 31, 2026. The Illinois Senate recorded a 57-0 passage of the bill.

The official text of the bill gives this description: "PEN CD-BD OF INVESTMENT AUDIT."

This summary, based on the bill’s language, offers interpretation intended for clarity about its details and impact.

The legislation updates the Illinois Pension Code, making clear the annual deadline by which the Illinois State Board of Investment must submit its report to pension, retirement, and education funds. The law upholds the requirement for an annual report to be delivered within 6 months of each fiscal year’s end, but states the board is not out of compliance if it has not received the necessary audit opinion from a certified public accountant by Dec. 15. The law is effective once enacted.

SB3403’s official action was listed as 'House Floor Amendment No. 1 Senate Concurs.'

Lewis obtained his BS from the University of Iowa in 1991.

Lewis, a member of the Republican Party, took office in the Illinois State Senate in 2023 representing the 24th Senate District, taking over from Suzy Glowiak.

In Illinois, bills move through a comprehensive legislative process that begins with introduction in either the House or Senate, advances through committee consideration, floor debates, and votes in both chambers, and proceeds to the governor for approval or veto. The General Assembly’s sessions run biennially, and although thousands of bills can be proposed each session, only a limited portion progress through each stage to become law.