Senate Bill No. 1296 aims to expand the requirements for filing statements of financial interests under the State Code of Ethics for public officials. The bill adds members of any Executive Department board, commission, committee, or council that have the authority to enter into or approve large state construction or procurement contracts to the list of officials required to file these statements. Current law already mandates that state-wide elected officers, General Assembly members, department heads, and other designated officials file such statements. A "large state construction or procurement contract" is defined as any contract exceeding $500,000 for various construction or procurement activities.

Additionally, the bill modifies the disclosure requirements for securities held within certain retirement plans. Specifically, if the securities exceed $5,000 in fair market value and are held in 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 bill will take effect on October 1, 2025, and does not have any fiscal impact on the state or municipalities.