97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HOUSE JOINT RESOLUTION
CONSTITUTIONAL AMENDMENT
HC0032
 
Introduced , by Rep. Rich Brauer
 
SYNOPSIS AS INTRODUCED:
 

 
ILCON Art. VIII, Sec. 5 new

     Proposes to amend the Finance Article of the Illinois Constitution. Provides that the General Assembly shall provide by law for a comprehensive review of State-funded retirement systems to ensure the use of sound actuarial standards and assumptions. Creates an Actuary General, to be appointed by the General
Assembly. Provides that the Actuary General shall conduct reviews of the actuarial practices of the State-funded retirement systems and may mandate changes to those practices to ensure that all actuarial assumptions are sound and based on the best information available.  Provides that the Actuary General shall make additional investigations and reports as directed by the General Assembly. Effective upon being declared adopted.
  


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HC0032LRB097 17525 EFG 62729 e


  
1
HOUSE JOINT RESOLUTION

  
2
CONSTITUTIONAL AMENDMENT

  
 
  
3    RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE 
4NINETY-SEVENTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, THE 
5SENATE CONCURRING HEREIN, that there shall be submitted to the 
6electors of the State for adoption or rejection at the general 
7election next occurring at least 6 months after the adoption of 
8this resolution a proposition to add Section 5 to Article VIII 
9of the Illinois Constitution as follows:
  
 

10
ARTICLE VIII 


11
FINANCE


12    (ILCON Art. VIII, Sec. 5 new)
13SECTION 5. ACTUARY GENERAL
14    (a) The General Assembly shall provide by law for a 
15comprehensive review of State-funded retirement systems to 
16ensure the use of sound actuarial standards and assumptions.
17    (b) The General
Assembly, by a vote of three-fifths of the 
18members elected to each
house, shall appoint an Actuary General 
19and may remove him or her for cause by
a similar vote. The 
20Actuary General shall serve for a term of ten years.
His or her 
21compensation shall be established by law and shall not be

22diminished during his or her term.
23    (c) The Actuary General shall conduct reviews of the 
 
 
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1actuarial practices of the State-funded retirement systems and 
2may mandate changes to those practices to ensure that all 
3actuarial assumptions are sound and based on the best 
4information available.  The Actuary General shall make 
5additional investigations and reports as directed by the 
6General Assembly. The Actuary General shall report his or her 
7findings and recommendations to the General Assembly and to the 
8Governor. 
 
  
9
SCHEDULE

  
10    This Constitutional Amendment takes effect upon being 
11declared adopted in accordance with Section 7 of the Illinois 
12Constitutional Amendment Act.