Full Text of HB5390 97th General Assembly
HB5390 97TH GENERAL ASSEMBLY |
| | 97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012 HB5390 Introduced 2/15/2012, by Rep. Daniel J. Burke SYNOPSIS AS INTRODUCED: |
| 40 ILCS 5/12-116 | from Ch. 108 1/2, par. 12-116 | 40 ILCS 5/12-167 | from Ch. 108 1/2, par. 12-167 | 40 ILCS 5/12-168 | from Ch. 108 1/2, par. 12-168 | 40 ILCS 5/12-169 | from Ch. 108 1/2, par. 12-169 | 40 ILCS 5/12-183 | from Ch. 108 1/2, par. 12-183 |
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Amends the Chicago Park District Article of the Illinois Pension Code. Provides that beginning January 1, 2013, the fiscal year of the Park Employees' and Retirement Board Employees' Annuity and Benefit Fund will run from January 1 to December 31 (instead of July 1 to June 30). Makes corresponding changes in other provisions of the Article. Effective immediately.
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| | FISCAL NOTE ACT MAY APPLY | | PENSION IMPACT NOTE ACT MAY APPLY |
| | A BILL FOR |
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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 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 | 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.
| 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 | 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:
| 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;
| 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.
| 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 | 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
| 18 | | distribution.
| 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 | 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
| 5 | | to 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 | 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
| 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.
| 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
| 22 | | character affecting the financial condition of the fund and its | 23 | | operations.
| 24 | | (Source: P.A. 78-266.)
| 25 | | Section 99. Effective date. This Act takes effect upon |
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| 1 | | becoming law.
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