(40 ILCS 5/16-176)
(from Ch. 108 1/2, par. 16-176)
To adopt actuarial assumptions.
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.
Beginning with the 5-year period ending June 30, 2012 and every 5 years thereafter, 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. If the General Assembly fails to adjust the member and employer contributions under Section 16-133.2 in response to the Commission's recommendations, then the early retirement without discount option under Section 16-133.2 is terminated and shall cease to be available at the end of the fiscal year in which the Commission made its recommendation to the General Assembly.
(Source: P.A. 94-4, eff. 6-1-05.)