(40 ILCS 5/13-504)
(from Ch. 108 1/2, par. 13-504)
Mortality tables and interest rates.
All reserves and
liabilities for annuities under this Article shall be computed according to
actuarial tables adopted by the Board.
At least once every 5 years a valuation shall be made by the actuary of
the liabilities and reserves of the Fund, including a general investigation
of the mortality, retirement, employment turnover, interest, and earnable
compensation experience of the Fund, and a report thereon shall be made to
the Board. The actuary shall recommend to the Board such actuarial tables
and rates of interest as are required in the operation of the Fund.
For computing retirement and surviving spouse's annuities, all employee
contributions in the form of salary deductions or otherwise, and all
concurrent contributions by the District shall be improved in an amount
equal to 3% per annum from the date contributions become due or have
accrued to the date an annuity is applied for and becomes payable.
(Source: P.A. 87-794.)