(40 ILCS 5/12-183) (from Ch. 108 1/2, par. 12-183)
Sec. 12-183. Annual actuarial valuation.
An actuarial valuation shall be made annually of the liabilities and
reserves for present and prospective annuities and benefits, and beginning January 1, 2013
a general investigation shall be made and shall be completed
every 5 years thereafter of the operating experience of the fund as to
mortality, disability, retirement, marital status of employees, withdrawal
from service without right to annuity, investment earnings and other
factors of actuarial criteria.
Upon the basis of the annual actuarial valuation and quinquennial
actuarial investigations, the actuary shall recommend the tables to be used
in the annual valuations and in current operations including the prescribed
rate of interest, and shall advise the board on any matters of actuarial
character affecting the financial condition of the fund and its operations.
(Source: P.A. 97-973, eff. 8-16-12.)
|