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| 1 | AN ACT concerning public employee benefits.
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| 2 | Be it enacted by the People of the State of Illinois,
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| 3 | represented in the General Assembly:
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| 4 | Section 5. The Illinois Pension Code is amended by changing | ||||||
| 5 | Sections 12-116, 12-167, 12-168, 12-169, and 12-183 as follows:
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| 6 | (40 ILCS 5/12-116) (from Ch. 108 1/2, par. 12-116)
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| 7 | Sec. 12-116. Fiscal year.
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| 8 | "Fiscal year": For periods prior to July 1, 2012, the The | ||||||
| 9 | year commencing with July 1st and ending with June
30th next | ||||||
| 10 | following. Beginning January 1, 2013, the year commencing | ||||||
| 11 | January 1 and ending December 31. The fiscal year which begins | ||||||
| 12 | July 1, 2012 shall end December 31, 2012.
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| 13 | (Source: Laws 1963, p. 161.)
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| 14 | (40 ILCS 5/12-167) (from Ch. 108 1/2, par. 12-167)
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| 15 | Sec. 12-167. To keep records, books and prepare reports.
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| 16 | To keep a record of all its proceedings which shall be open | ||||||
| 17 | to
inspection by the public; to keep such books and records as | ||||||
| 18 | are necessary
for the transaction of its business; and to | ||||||
| 19 | prepare a report, as of the last day June 30
of each fiscal | ||||||
| 20 | year, setting forth the income and disbursements of the fund | ||||||
| 21 | for
the year, and the amount of its assets and liabilities at | ||||||
| 22 | the close of the
year. Such statement shall include, among | ||||||
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| 1 | other things, the following
information:
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| 2 | (a) the total of the reserves on all annuities being paid | ||||||
| 3 | and to be paid
from the fund to employees and widows whose | ||||||
| 4 | annuities are determined but
not entered upon, calculating such | ||||||
| 5 | reserves as if the annuities were
actually entered upon;
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| 6 | (b) the total of the liabilities of the employer for prior | ||||||
| 7 | service
annuities and widow's prior service annuities, | ||||||
| 8 | including the present values
of such annuities that are entered | ||||||
| 9 | upon.
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| 10 | (Source: Laws 1963, p. 161.)
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| 11 | (40 ILCS 5/12-168) (from Ch. 108 1/2, par. 12-168)
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| 12 | Sec. 12-168. To have an audit.
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| 13 | To have an annual audit of the books, records and reserves | ||||||
| 14 | of the fund
as of the last day of each fiscal June 30th, in each | ||||||
| 15 | year, by a certified public accountant. A copy of
the report of | ||||||
| 16 | such audit shall be filed with the board of park
commissioners, | ||||||
| 17 | and a synopsis thereof shall be prepared for public
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| 18 | distribution.
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| 19 | (Source: Laws 1963, p. 161.)
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| 20 | (40 ILCS 5/12-169) (from Ch. 108 1/2, par. 12-169)
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| 21 | Sec. 12-169. To appoint employees.
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| 22 | To appoint such actuarial, legal, medical, clerical and | ||||||
| 23 | other employees
as may be necessary in the administration of | ||||||
| 24 | the fund and fix their
compensation.
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| 1 | One or more actuaries shall be employed with duty to | ||||||
| 2 | determine the
amount of money necessary to be provided under | ||||||
| 3 | this Article, and to assist
the board in preparing the annual | ||||||
| 4 | statement as of the last day June 30 of each fiscal year, and
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| 5 | to certify to the correctness thereof.
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| 6 | (Source: Laws 1963, p. 161.)
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| 7 | (40 ILCS 5/12-183) (from Ch. 108 1/2, par. 12-183)
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| 8 | Sec. 12-183. Annual actuarial valuation.
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| 9 | An actuarial valuation shall be made annually of the | ||||||
| 10 | liabilities and
reserves for present and prospective annuities | ||||||
| 11 | and benefits, and beginning January 1, 2013
July 1, 1973 a | ||||||
| 12 | general investigation shall be made and shall be completed
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| 13 | every 5 years thereafter of the operating experience of the | ||||||
| 14 | fund as to
mortality, disability, retirement, marital status of | ||||||
| 15 | employees, withdrawal
from service without right to annuity, | ||||||
| 16 | investment earnings and other
factors of actuarial criteria.
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| 17 | Upon the basis of the annual actuarial valuation and | ||||||
| 18 | quinquennial
actuarial investigations, the actuary shall | ||||||
| 19 | recommend the tables to be used
in the annual valuations and in | ||||||
| 20 | current operations including the prescribed
rate of interest, | ||||||
| 21 | and shall advise the board on any matters of actuarial
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| 22 | character affecting the financial condition of the fund and its | ||||||
| 23 | operations.
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| 24 | (Source: P.A. 78-266.)
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| 25 | Section 99. Effective date. This Act takes effect upon | ||||||
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| 1 | becoming law.
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