Full Text of HB1283 98th General Assembly
HB1283eng 98TH GENERAL ASSEMBLY |
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| 1 | | AN ACT concerning public employee benefits.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The Illinois Pension Code is amended by changing | 5 | | Sections 2-146, 14-138, 15-173, 16-176, and 18-152 as follows:
| 6 | | (40 ILCS 5/2-146) (from Ch. 108 1/2, par. 2-146)
| 7 | | Sec. 2-146. Actuary. The actuary shall be the technical | 8 | | advisor of the
board and, in addition to supplying general | 9 | | information on technical matters, shall:
| 10 | | (1) Make an investigation at least once every 3 5 years of | 11 | | the mortality,
retirement, disability, separation, interest | 12 | | and salary rates and
recommend, as a result of each such | 13 | | investigation, the actuarial tables to
be adopted; and
| 14 | | (2) Make an annual valuation of the liabilities and | 15 | | reserves of the
system, an annual determination of the amount | 16 | | of the required State
contributions, and certify the results | 17 | | thereof to the board.
| 18 | | (Source: P.A. 86-273.)
| 19 | | (40 ILCS 5/14-138) (from Ch. 108 1/2, par. 14-138)
| 20 | | Sec. 14-138. Actuary. The Actuary shall be the technical | 21 | | advisor of the
board on matters regarding the operation of the | 22 | | system. The actuary
shall:
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| 1 | | (a) at least once every 3 years for the 7-year period | 2 | | ending June 30, 1997 and every 5 years
thereafter , make a | 3 | | general investigation of
the mortality, retirement, | 4 | | disability, employment, turnover, interest and
earnable | 5 | | compensation;
| 6 | | (b) recommend tables to be used for all required actuarial | 7 | | calculations;
| 8 | | (c) make an annual valuation of the liabilities
and | 9 | | reserves of the system, make an annual determination of the | 10 | | amount of
contributions required from the State under this | 11 | | Article, and certify
the results thereof to the board; and
| 12 | | (d) perform such other duties as the board may assign.
| 13 | | (Source: P.A. 89-136, eff. 7-14-95.)
| 14 | | (40 ILCS 5/15-173) (from Ch. 108 1/2, par. 15-173)
| 15 | | Sec. 15-173. To cause actuarial analyses.
| 16 | | To cause a general investigation to be made by a competent | 17 | | actuary, at
least once every 3 5 years, of the retirement, | 18 | | disability, separation,
mortality, interest, and employee | 19 | | earnings rates; to recommend, as a result
of each such | 20 | | investigation, the tables to be adopted for all required
| 21 | | actuarial calculations; and to cause an annual determination to | 22 | | be made by
a competent actuary of the liabilities and reserves | 23 | | of the system and an
annual determination of the amount and | 24 | | distribution of the required
employer contributions.
| 25 | | (Source: Laws 1963, p. 161.)
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| 1 | | (40 ILCS 5/16-176) (from Ch. 108 1/2, par. 16-176)
| 2 | | Sec. 16-176. To adopt actuarial assumptions. At least once | 3 | | every 3 years, For the 5-year period ending
June 30, 1997 and | 4 | | every 5 years thereafter, the actuary, as technical advisor,
| 5 | | shall make an actuarial
investigation into the mortality, | 6 | | service and compensation experience of the
members, | 7 | | annuitants, and beneficiaries of the retirement system. Based | 8 | | upon
the result of that investigation, the board shall adopt | 9 | | such
actuarial assumptions as it deems appropriate.
| 10 | | The Beginning with the 5-year period ending June 30, 2012 | 11 | | and every 5 years thereafter, the actuarial investigation | 12 | | required under this Section shall include the System's | 13 | | experience under the early retirement without discount option | 14 | | established in Section 16-133.2, including consideration of | 15 | | the sufficiency of the member and employer contributions under | 16 | | Section 16-133.2 and the active member contribution under | 17 | | Section 16-152 to adequately fund the early retirement without | 18 | | discount option. The Board shall promptly communicate the | 19 | | results of the actuarial investigation to the Commission on | 20 | | Government Forecasting and Accountability. Based on the | 21 | | actuarial investigation, the Commission on Government | 22 | | Forecasting and Accountability shall, no later than February 1 | 23 | | of the next year, recommend to the General Assembly any | 24 | | proportional adjustment in the amounts of the member and | 25 | | employer contributions under Section 16-133.2 that it deems |
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| 1 | | necessary. If the General Assembly fails to adjust the member | 2 | | and employer contributions under Section 16-133.2 in response | 3 | | to the Commission's recommendations, then the early retirement | 4 | | without discount option under Section 16-133.2 is terminated | 5 | | and shall cease to be available at the end of the fiscal year | 6 | | in which the Commission made its recommendation to the General | 7 | | Assembly.
| 8 | | (Source: P.A. 94-4, eff. 6-1-05.)
| 9 | | (40 ILCS 5/18-152) (from Ch. 108 1/2, par. 18-152)
| 10 | | Sec. 18-152. Duties of actuary. The actuary shall be the | 11 | | technical advisor of the Board and, in addition
to supplying | 12 | | general information on technical matters, shall:
| 13 | | (1) make a general investigation at least once every 3 5 | 14 | | years of the
mortality, retirement, disability, separation, | 15 | | interest and employee
earnings rates and recommend, as a result | 16 | | thereof, the tables to be adopted
for all required actuarial | 17 | | calculations; and
| 18 | | (2) make an annual valuation of the liabilities and | 19 | | reserves of the
system, an annual determination of the amount | 20 | | of the required State
contributions and certify the results | 21 | | thereof to the board.
| 22 | | (Source: P.A. 86-273.)
| 23 | | Section 99. Effective date. This Act takes effect upon | 24 | | becoming law.
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