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