Illinois General Assembly - Full Text of HB1283
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Full Text of HB1283  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,
3represented in the General Assembly:
4    Section 5. The Illinois Pension Code is amended by changing
5Sections 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
8advisor of the board and, in addition to supplying general
9information on technical matters, shall:
10    (1) Make an investigation at least once every 3 5 years of
11the mortality, retirement, disability, separation, interest
12and salary rates and recommend, as a result of each such
13investigation, the actuarial tables to be adopted; and
14    (2) Make an annual valuation of the liabilities and
15reserves of the system, an annual determination of the amount
16of the required State contributions, and certify the results
17thereof 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
21advisor of the board on matters regarding the operation of the
22system. The actuary shall:



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1    (a) at least once every 3 years for the 7-year period
2ending June 30, 1997 and every 5 years thereafter, make a
3general investigation of the mortality, retirement,
4disability, employment, turnover, interest and earnable
6    (b) recommend tables to be used for all required actuarial
8    (c) make an annual valuation of the liabilities and
9reserves of the system, make an annual determination of the
10amount of contributions required from the State under this
11Article, 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
17actuary, at least once every 3 5 years, of the retirement,
18disability, separation, mortality, interest, and employee
19earnings rates; to recommend, as a result of each such
20investigation, the tables to be adopted for all required
21actuarial calculations; and to cause an annual determination to
22be made by a competent actuary of the liabilities and reserves
23of the system and an annual determination of the amount and
24distribution 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
3every 3 years, For the 5-year period ending June 30, 1997 and
4every 5 years thereafter, the actuary, as technical advisor,
5shall make an actuarial investigation into the mortality,
6service and compensation experience of the members,
7annuitants, and beneficiaries of the retirement system. Based
8upon the result of that investigation, the board shall adopt
9such actuarial assumptions as it deems appropriate.
10    The Beginning with the 5-year period ending June 30, 2012
11and every 5 years thereafter, the actuarial investigation
12required under this Section shall include the System's
13experience under the early retirement without discount option
14established in Section 16-133.2, including consideration of
15the sufficiency of the member and employer contributions under
16Section 16-133.2 and the active member contribution under
17Section 16-152 to adequately fund the early retirement without
18discount option. The Board shall promptly communicate the
19results of the actuarial investigation to the Commission on
20Government Forecasting and Accountability. Based on the
21actuarial investigation, the Commission on Government
22Forecasting and Accountability shall, no later than February 1
23of the next year, recommend to the General Assembly any
24proportional adjustment in the amounts of the member and
25employer contributions under Section 16-133.2 that it deems



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1necessary. If the General Assembly fails to adjust the member
2and employer contributions under Section 16-133.2 in response
3to the Commission's recommendations, then the early retirement
4without discount option under Section 16-133.2 is terminated
5and shall cease to be available at the end of the fiscal year
6in which the Commission made its recommendation to the General
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
11technical advisor of the Board and, in addition to supplying
12general information on technical matters, shall:
13    (1) make a general investigation at least once every 3 5
14years of the mortality, retirement, disability, separation,
15interest and employee earnings rates and recommend, as a result
16thereof, the tables to be adopted for all required actuarial
17calculations; and
18    (2) make an annual valuation of the liabilities and
19reserves of the system, an annual determination of the amount
20of the required State contributions and certify the results
21thereof to the board.
22(Source: P.A. 86-273.)
23    Section 99. Effective date. This Act takes effect upon
24becoming law.