97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HOUSE JOINT RESOLUTION CONSTITUTIONAL AMENDMENT
HC0032

 

Introduced , by Rep. Rich Brauer

 

SYNOPSIS AS INTRODUCED:
 
ILCON Art. VIII, Sec. 5 new

    Proposes to amend the Finance Article of the Illinois Constitution. Provides that the General Assembly shall provide by law for a comprehensive review of State-funded retirement systems to ensure the use of sound actuarial standards and assumptions. Creates an Actuary General, to be appointed by the General Assembly. Provides that the Actuary General shall conduct reviews of the actuarial practices of the State-funded retirement systems and may mandate changes to those practices to ensure that all actuarial assumptions are sound and based on the best information available. Provides that the Actuary General shall make additional investigations and reports as directed by the General Assembly. Effective upon being declared adopted.


LRB097 17525 EFG 62729 e

 

HC0032LRB097 17525 EFG 62729 e

1
HOUSE JOINT RESOLUTION
2
CONSTITUTIONAL AMENDMENT

 
3    RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE
4NINETY-SEVENTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, THE
5SENATE CONCURRING HEREIN, that there shall be submitted to the
6electors of the State for adoption or rejection at the general
7election next occurring at least 6 months after the adoption of
8this resolution a proposition to add Section 5 to Article VIII
9of the Illinois Constitution as follows:
 
10
ARTICLE VIII
11
FINANCE

12    (ILCON Art. VIII, Sec. 5 new)
13SECTION 5. ACTUARY GENERAL
14    (a) The General Assembly shall provide by law for a
15comprehensive review of State-funded retirement systems to
16ensure the use of sound actuarial standards and assumptions.
17    (b) The General Assembly, by a vote of three-fifths of the
18members elected to each house, shall appoint an Actuary General
19and may remove him or her for cause by a similar vote. The
20Actuary General shall serve for a term of ten years. His or her
21compensation shall be established by law and shall not be
22diminished during his or her term.
23    (c) The Actuary General shall conduct reviews of the

 

 

HC0032- 2 -LRB097 17525 EFG 62729 e

1actuarial practices of the State-funded retirement systems and
2may mandate changes to those practices to ensure that all
3actuarial assumptions are sound and based on the best
4information available. The Actuary General shall make
5additional investigations and reports as directed by the
6General Assembly. The Actuary General shall report his or her
7findings and recommendations to the General Assembly and to the
8Governor.
 
9
SCHEDULE
10    This Constitutional Amendment takes effect upon being
11declared adopted in accordance with Section 7 of the Illinois
12Constitutional Amendment Act.