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 Executive Department board, commission, committee, or council that has the authority to enter into or approve large state construction or procurement contracts, which are defined as contracts exceeding $500,000. Current law already mandates that state-wide elected officers, General Assembly members, department heads, and other designated officials file these statements.

Additionally, the bill modifies the requirements for disclosing securities held within certain retirement plans. Specifically, if the securities are part of a tax-sheltered annuity retirement plan (403(b)), only the name of the retirement plan needs to be disclosed, rather than the individual securities. This aligns with existing provisions for other retirement plans, such as 401(k) plans and 529 education savings plans. The changes will take effect on October 1, 2025, and are expected to have no fiscal impact on the state or municipalities.