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Creating an Office of Internal Audit attached to the Department of Employee Trust Funds. (FE)

This bill sets up a new Office of Internal Audit within the Department of Employee Trust Funds to provide stronger oversight of public employee retirement assets. An independent auditor, reporting directly to the Employee Trust Funds Board, will lead this office and regularly review activities, conduct audits, and ensure compliance. By creating this independent audit function, the bill aims to increase transparency and accountability, helping to protect the retirement funds that public employees and retirees depend on. This change is designed to make sure retirement benefits are managed responsibly and commitments to employees are met.1