HC0032 97TH GENERAL ASSEMBLY

LRB097 17525 EFG 62729 e

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.

HOUSE JOINT RESOLUTION

CONSTITUTIONAL AMENDMENT

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

ARTICLE VIII

FINANCE

(ILCON Art. VIII, Sec. 5 new) SECTION 5. ACTUARY GENERAL

(a) 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.

(b) The General Assembly, by a vote of three-fifths of the members elected to each house, shall appoint an Actuary General and may remove him or her for cause by a similar vote. The Actuary General shall serve for a term of ten years. His or her compensation shall be established by law and shall not be diminished during his or her term.

(c) 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. The Actuary General shall make additional investigations and reports as directed by the General Assembly. The Actuary General shall report his or her findings and recommendations to the General Assembly and to the Governor.

SCHEDULE

This Constitutional Amendment takes effect upon being declared adopted in accordance with Section 7 of the Illinois Constitutional Amendment Act.