Illinois General Assembly - Full Text of HB0422
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Full Text of HB0422  99th General Assembly




HB0422 EnrolledLRB099 03589 RPS 23597 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 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:



HB0422 Enrolled- 2 -LRB099 03589 RPS 23597 b

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.)



HB0422 Enrolled- 3 -LRB099 03589 RPS 23597 b

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 through June 30, 2012, the
12actuarial investigation required under this Section shall
13include the System's experience under the early retirement
14without discount option established in Section 16-133.2,
15including consideration of the sufficiency of the member and
16employer contributions under Section 16-133.2 and the active
17member contribution under Section 16-152 to adequately fund the
18early retirement without discount option. The Board shall
19promptly communicate the results of the actuarial
20investigation to the Commission on Government Forecasting and
21Accountability. Based on the actuarial investigation, the
22Commission on Government Forecasting and Accountability shall,
23no later than February 1 of the next year, recommend to the
24General Assembly any proportional adjustment in the amounts of
25the member and employer contributions under Section 16-133.2



HB0422 Enrolled- 4 -LRB099 03589 RPS 23597 b

1that it deems necessary.
2    The early retirement without discount option under
3subsection (c) of Section 16-133.2 is extended as provided in
4subsection (d) of that Section. The early retirement without
5discount option under subsection (d) of Section 16-133.2
6terminates on July 1, 2016.
7(Source: P.A. 98-42, eff. 6-28-13.)
8    (40 ILCS 5/18-152)  (from Ch. 108 1/2, par. 18-152)
9    Sec. 18-152. Duties of actuary. The actuary shall be the
10technical advisor of the Board and, in addition to supplying
11general information on technical matters, shall:
12    (1) make a general investigation at least once every 3 5
13years of the mortality, retirement, disability, separation,
14interest and employee earnings rates and recommend, as a result
15thereof, the tables to be adopted for all required actuarial
16calculations; and
17    (2) make an annual valuation of the liabilities and
18reserves of the system, an annual determination of the amount
19of the required State contributions and certify the results
20thereof to the board.
21(Source: P.A. 86-273.)
22    Section 99. Effective date. This Act takes effect upon
23becoming law.