Public Act 099-0232
 
HB0422 EnrolledLRB099 03589 RPS 23597 b


  
    AN ACT concerning public employee benefits.
  
 
    Be it enacted by the People of the State of Illinois,
 
represented in the General Assembly:
  
 
 
    Section 5. The Illinois Pension Code is amended  by changing 
Sections 2-146, 14-138, 15-173, 16-176, and 18-152 as follows:
 



    (40 ILCS 5/2-146)  (from Ch. 108 1/2, par. 2-146)



    Sec. 2-146. Actuary. The actuary shall be the technical 
advisor of the
board and, in addition to supplying general 
information on technical matters, shall:

    (1) Make an investigation at least once every 3 5 years of 
the mortality,
retirement, disability, separation, interest 
and salary rates and
recommend, as a result of each such 
investigation, the actuarial tables to
be adopted; and

    (2) Make an annual valuation of the liabilities and 
reserves of the
system, an annual determination of the amount 
of the required State
contributions, and certify the results 
thereof to the board.

(Source: P.A. 86-273.)

 



    (40 ILCS 5/14-138)  (from Ch. 108 1/2, par. 14-138)



    Sec. 14-138. Actuary. The Actuary shall be the technical 
advisor of the
board on matters regarding the operation of the 
system.  The actuary
shall:

    (a) at least once every 3 years for the 7-year period 
ending June 30, 1997 and every 5 years
thereafter, make a 
general investigation of
the mortality, retirement, 
disability, employment, turnover, interest and
earnable 
compensation;

    (b) recommend tables to be used for all required actuarial 
calculations;

    (c) make an annual valuation of the liabilities
and 
reserves of the system, make an annual determination of the 
amount of
contributions required from the State under this 
Article, and certify
the results thereof to the board; and

    (d) perform such other duties as the board may assign.

(Source: P.A. 89-136, eff. 7-14-95.)

 



    (40 ILCS 5/15-173)  (from Ch. 108 1/2, par. 15-173)



    Sec. 15-173. To cause actuarial analyses. 

    To cause a general investigation to be made by a competent 
actuary, at
least once every 3 5 years, of the retirement, 
disability, separation,
mortality, interest, and employee 
earnings rates; to recommend, as a result
of each such 
investigation, the tables to be adopted for all required

actuarial calculations; and to cause an annual determination to 
be made by
a competent actuary of the liabilities and reserves 
of the system and an
annual determination of the amount and 
distribution of the required
employer contributions.

(Source: Laws 1963, p. 161.)

 



    (40 ILCS 5/16-176)  (from Ch. 108 1/2, par. 16-176)



    Sec. 16-176. To adopt actuarial assumptions. At least once 
every 3 years, For the 5-year period ending
June 30, 1997 and 
every 5 years thereafter, the actuary, as technical advisor,

shall make an actuarial
investigation into the mortality, 
service and compensation experience of the
members, 
annuitants, and beneficiaries of the retirement system.   Based 
upon
the result of that investigation, the board shall adopt 
such
actuarial assumptions as it deems appropriate.

    The Beginning with the 5-year period ending June 30, 2012 
and every 5 years thereafter through June 30, 2012, the 
actuarial investigation required under this Section shall 
include the System's experience under the early retirement 
without discount option established in Section 16-133.2, 
including consideration of the sufficiency of the member and 
employer contributions under Section 16-133.2 and the active 
member contribution under Section 16-152 to adequately fund the 
early retirement without discount option. The Board shall 
promptly communicate the results of the actuarial 
investigation to the Commission on Government Forecasting and 
Accountability. Based on the actuarial  investigation, the 
Commission on Government Forecasting and Accountability shall, 
no later than February 1 of the next year,  recommend to the 
General Assembly any proportional adjustment in the amounts of 
the member and employer contributions under Section 16-133.2 
that it deems necessary. 
    The early retirement without discount option under 
subsection (c) of Section 16-133.2 is extended  as provided in 
subsection (d) of that Section. The early retirement without 
discount option under subsection (d) of Section 16-133.2  
terminates on July 1, 2016.
(Source: P.A. 98-42, eff. 6-28-13.)

 



    (40 ILCS 5/18-152)  (from Ch. 108 1/2, par. 18-152)



    Sec. 18-152. Duties of actuary. The actuary shall be the 
technical advisor of the Board and, in addition
to supplying 
general information on technical matters, shall:

    (1) make a general investigation at least once every 3 5 
years of the
mortality, retirement, disability, separation, 
interest and employee
earnings rates and recommend, as a result 
thereof, the tables to be adopted
for all required actuarial 
calculations; and

    (2) make an annual valuation of the liabilities and 
reserves of the
system, an annual determination of the amount 
of the required State
contributions and certify the results 
thereof to the board.

(Source: P.A. 86-273.)

 
 
    Section 99. Effective date. This Act takes effect upon 
becoming law. 
  


Effective Date:  8/3/2015