SB3629 EngrossedLRB097 15761 JDS 60905 b

1    AN ACT concerning public employee benefits.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Illinois Pension Code is amended by changing
5Sections 12-116, 12-167, 12-168, 12-169, and 12-183 as follows:
 
6    (40 ILCS 5/12-116)  (from Ch. 108 1/2, par. 12-116)
7    Sec. 12-116. Fiscal year.
8    "Fiscal year": For periods prior to July 1, 2012, the The
9year commencing with July 1st and ending with June 30th next
10following. Beginning January 1, 2013, the year commencing
11January 1 and ending December 31. The fiscal year which begins
12July 1, 2012 shall end December 31, 2012.
13(Source: Laws 1963, p. 161.)
 
14    (40 ILCS 5/12-167)  (from Ch. 108 1/2, par. 12-167)
15    Sec. 12-167. To keep records, books and prepare reports.
16    To keep a record of all its proceedings which shall be open
17to inspection by the public; to keep such books and records as
18are necessary for the transaction of its business; and to
19prepare a report, as of the last day June 30 of each fiscal
20year, setting forth the income and disbursements of the fund
21for the year, and the amount of its assets and liabilities at
22the close of the year. Such statement shall include, among

 

 

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1other things, the following information:
2    (a) the total of the reserves on all annuities being paid
3and to be paid from the fund to employees and widows whose
4annuities are determined but not entered upon, calculating such
5reserves as if the annuities were actually entered upon;
6    (b) the total of the liabilities of the employer for prior
7service annuities and widow's prior service annuities,
8including the present values of such annuities that are entered
9upon.
10(Source: Laws 1963, p. 161.)
 
11    (40 ILCS 5/12-168)  (from Ch. 108 1/2, par. 12-168)
12    Sec. 12-168. To have an audit.
13    To have an annual audit of the books, records and reserves
14of the fund as of the last day of each fiscal June 30th, in each
15year, by a certified public accountant. A copy of the report of
16such audit shall be filed with the board of park commissioners,
17and a synopsis thereof shall be prepared for public
18distribution.
19(Source: Laws 1963, p. 161.)
 
20    (40 ILCS 5/12-169)  (from Ch. 108 1/2, par. 12-169)
21    Sec. 12-169. To appoint employees.
22    To appoint such actuarial, legal, medical, clerical and
23other employees as may be necessary in the administration of
24the fund and fix their compensation.

 

 

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1    One or more actuaries shall be employed with duty to
2determine the amount of money necessary to be provided under
3this Article, and to assist the board in preparing the annual
4statement as of the last day June 30 of each fiscal year, and
5to certify to the correctness thereof.
6(Source: Laws 1963, p. 161.)
 
7    (40 ILCS 5/12-183)  (from Ch. 108 1/2, par. 12-183)
8    Sec. 12-183. Annual actuarial valuation.
9    An actuarial valuation shall be made annually of the
10liabilities and reserves for present and prospective annuities
11and benefits, and beginning January 1, 2013 July 1, 1973 a
12general investigation shall be made and shall be completed
13every 5 years thereafter of the operating experience of the
14fund as to mortality, disability, retirement, marital status of
15employees, withdrawal from service without right to annuity,
16investment earnings and other factors of actuarial criteria.
17    Upon the basis of the annual actuarial valuation and
18quinquennial actuarial investigations, the actuary shall
19recommend the tables to be used in the annual valuations and in
20current operations including the prescribed rate of interest,
21and shall advise the board on any matters of actuarial
22character affecting the financial condition of the fund and its
23operations.
24(Source: P.A. 78-266.)
 
25    Section 99. Effective date. This Act takes effect upon

 

 

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1becoming law.