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| Public Act 099-0232 | ||||
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AN ACT concerning public employee benefits.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Illinois Pension Code is amended by changing | ||||
Sections 2-146, 14-138, 15-173, 16-176, and 18-152 as follows:
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(40 ILCS 5/2-146) (from Ch. 108 1/2, par. 2-146)
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Sec. 2-146. Actuary. The actuary shall be the technical | ||||
advisor of the
board and, in addition to supplying general | ||||
information on technical matters, shall:
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(1) Make an investigation at least once every 3 5 years of | ||||
the mortality,
retirement, disability, separation, interest | ||||
and salary rates and
recommend, as a result of each such | ||||
investigation, the actuarial tables to
be adopted; and
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(2) Make an annual valuation of the liabilities and | ||||
reserves of the
system, an annual determination of the amount | ||||
of the required State
contributions, and certify the results | ||||
thereof to the board.
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(Source: P.A. 86-273.)
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(40 ILCS 5/14-138) (from Ch. 108 1/2, par. 14-138)
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Sec. 14-138. Actuary. The Actuary shall be the technical | ||||
advisor of the
board on matters regarding the operation of the | ||||
system. The actuary
shall:
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(a) at least once every 3 years for the 7-year period | ||
ending June 30, 1997 and every 5 years
thereafter, make a | ||
general investigation of
the mortality, retirement, | ||
disability, employment, turnover, interest and
earnable | ||
compensation;
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(b) recommend tables to be used for all required actuarial | ||
calculations;
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(c) make an annual valuation of the liabilities
and | ||
reserves of the system, make an annual determination of the | ||
amount of
contributions required from the State under this | ||
Article, and certify
the results thereof to the board; and
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(d) perform such other duties as the board may assign.
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(Source: P.A. 89-136, eff. 7-14-95.)
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(40 ILCS 5/15-173) (from Ch. 108 1/2, par. 15-173)
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Sec. 15-173. To cause actuarial analyses.
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To cause a general investigation to be made by a competent | ||
actuary, at
least once every 3 5 years, of the retirement, | ||
disability, separation,
mortality, interest, and employee | ||
earnings rates; to recommend, as a result
of each such | ||
investigation, the tables to be adopted for all required
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actuarial calculations; and to cause an annual determination to | ||
be made by
a competent actuary of the liabilities and reserves | ||
of the system and an
annual determination of the amount and | ||
distribution of the required
employer contributions.
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(Source: Laws 1963, p. 161.)
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(40 ILCS 5/16-176) (from Ch. 108 1/2, par. 16-176)
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Sec. 16-176. To adopt actuarial assumptions. At least once | ||
every 3 years, For the 5-year period ending
June 30, 1997 and | ||
every 5 years thereafter, the actuary, as technical advisor,
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shall make an actuarial
investigation into the mortality, | ||
service and compensation experience of the
members, | ||
annuitants, and beneficiaries of the retirement system. Based | ||
upon
the result of that investigation, the board shall adopt | ||
such
actuarial assumptions as it deems appropriate.
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The Beginning with the 5-year period ending June 30, 2012 | ||
and every 5 years thereafter through June 30, 2012, the | ||
actuarial investigation required under this Section shall | ||
include the System's experience under the early retirement | ||
without discount option established in Section 16-133.2, | ||
including consideration of the sufficiency of the member and | ||
employer contributions under Section 16-133.2 and the active | ||
member contribution under Section 16-152 to adequately fund the | ||
early retirement without discount option. The Board shall | ||
promptly communicate the results of the actuarial | ||
investigation to the Commission on Government Forecasting and | ||
Accountability. Based on the actuarial investigation, the | ||
Commission on Government Forecasting and Accountability shall, | ||
no later than February 1 of the next year, recommend to the | ||
General Assembly any proportional adjustment in the amounts of | ||
the member and employer contributions under Section 16-133.2 | ||
that it deems necessary. | ||
The early retirement without discount option under | ||
subsection (c) of Section 16-133.2 is extended as provided in | ||
subsection (d) of that Section. The early retirement without | ||
discount option under subsection (d) of Section 16-133.2 | ||
terminates on July 1, 2016. | ||
(Source: P.A. 98-42, eff. 6-28-13.)
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(40 ILCS 5/18-152) (from Ch. 108 1/2, par. 18-152)
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Sec. 18-152. Duties of actuary. The actuary shall be the | ||
technical advisor of the Board and, in addition
to supplying | ||
general information on technical matters, shall:
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(1) make a general investigation at least once every 3 5 | ||
years of the
mortality, retirement, disability, separation, | ||
interest and employee
earnings rates and recommend, as a result | ||
thereof, the tables to be adopted
for all required actuarial | ||
calculations; and
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(2) make an annual valuation of the liabilities and | ||
reserves of the
system, an annual determination of the amount | ||
of the required State
contributions and certify the results | ||
thereof to the board.
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(Source: P.A. 86-273.)
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Section 99. Effective date. This Act takes effect upon | ||
becoming law.
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