Villa supports SB3403, adjusting reporting deadline rules for Illinois State Board of Investment

Sen. Karina Villa (D-25th) cast a Yes vote on SB3403, which proposes updates to the annual reporting timeline for the Illinois State Board of Investment. The legislation moved through the 104th General Assembly and received unanimous approval with a 57-0 Senate vote on May 31, 2026, based on the Illinois Senate.

The bill's official text was summarized as: "PEN CD-BD OF INVESTMENT AUDIT."

Below is a summary using the actual wording of the bill, along with interpretive details to clarify what it covers.

Essentially, the legislation amends the Illinois Pension Code so that the Illinois State Board of Investment’s annual reporting requirement to covered pension, retirement and education funds remains due within 6 months of each fiscal year’s end. However, it clarifies that failing to meet this deadline will not constitute a violation if the certified public accountant’s audit opinion is not received by Dec. 15. The bill will be enacted upon becoming law.

The official legislative action recorded on SB3403 is 'House Floor Amendment No. 1 Senate Concurs'.

Villa, a Democrat, joined the Illinois State Senate in 2021 to serve the 25th Senate District, succeeding Jim Oberweis.

All legislation introduced in Illinois goes through a multi-step legislative process encompassing initial introduction in either legislative chamber, committee review, debates on the floor, and votes in the House and Senate. Bills then proceed to the governor for either approval or veto. The General Assembly meets on a biennial schedule, where thousands of bills are submitted each session, but only a subset eventually pass into law.