Senate Bill No. 1296 aims to amend the State Code of Ethics regarding the filing of statements of financial interests by public officials. The bill expands the list of officials required to file these statements to include members of any board, commission, committee, or council within the Executive Department that has the authority to enter into or approve large state construction or procurement contracts, which are defined as contracts exceeding $500,000. This change broadens the scope of current law, which already mandates filing for state-wide elected officers, General Assembly members, department heads, and other designated officials.

Additionally, the bill modifies the requirements for disclosing securities held in tax-sheltered retirement plans. Specifically, it allows individuals to report only the name of the retirement plan (such as a tax-sheltered annuity retirement plan) instead of listing individual securities if they are held within such plans. This aligns with existing provisions for other retirement savings plans, such as 401(k) and 529 plans. The bill is set to take effect on October 1, 2025, and does not have any anticipated fiscal impact on the state or municipalities.