Full Text of SB3629 97th General Assembly
SB3629eng 97TH GENERAL ASSEMBLY |
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| 1 | | AN ACT concerning public employee benefits.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The Illinois Pension Code is amended by changing | 5 | | Sections 12-116, 12-167, 12-168, 12-169, and 12-183 as follows:
| 6 | | (40 ILCS 5/12-116) (from Ch. 108 1/2, par. 12-116)
| 7 | | Sec. 12-116. Fiscal year.
| 8 | | "Fiscal year": For periods prior to July 1, 2012, the The | 9 | | year commencing with July 1st and ending with June
30th next | 10 | | following. Beginning January 1, 2013, the year commencing | 11 | | January 1 and ending December 31. The fiscal year which begins | 12 | | July 1, 2012 shall end December 31, 2012.
| 13 | | (Source: Laws 1963, p. 161.)
| 14 | | (40 ILCS 5/12-167) (from Ch. 108 1/2, par. 12-167)
| 15 | | Sec. 12-167. To keep records, books and prepare reports.
| 16 | | To keep a record of all its proceedings which shall be open | 17 | | to
inspection by the public; to keep such books and records as | 18 | | are necessary
for the transaction of its business; and to | 19 | | prepare a report, as of the last day June 30
of each fiscal | 20 | | year, setting forth the income and disbursements of the fund | 21 | | for
the year, and the amount of its assets and liabilities at | 22 | | the close of the
year. Such statement shall include, among |
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| 1 | | other things, the following
information:
| 2 | | (a) the total of the reserves on all annuities being paid | 3 | | and to be paid
from the fund to employees and widows whose | 4 | | annuities are determined but
not entered upon, calculating such | 5 | | reserves as if the annuities were
actually entered upon;
| 6 | | (b) the total of the liabilities of the employer for prior | 7 | | service
annuities and widow's prior service annuities, | 8 | | including the present values
of such annuities that are entered | 9 | | upon.
| 10 | | (Source: Laws 1963, p. 161.)
| 11 | | (40 ILCS 5/12-168) (from Ch. 108 1/2, par. 12-168)
| 12 | | Sec. 12-168. To have an audit.
| 13 | | To have an annual audit of the books, records and reserves | 14 | | of the fund
as of the last day of each fiscal June 30th, in each | 15 | | year, by a certified public accountant. A copy of
the report of | 16 | | such audit shall be filed with the board of park
commissioners, | 17 | | and a synopsis thereof shall be prepared for public
| 18 | | distribution.
| 19 | | (Source: Laws 1963, p. 161.)
| 20 | | (40 ILCS 5/12-169) (from Ch. 108 1/2, par. 12-169)
| 21 | | Sec. 12-169. To appoint employees.
| 22 | | To appoint such actuarial, legal, medical, clerical and | 23 | | other employees
as may be necessary in the administration of | 24 | | the fund and fix their
compensation.
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| 1 | | One or more actuaries shall be employed with duty to | 2 | | determine the
amount of money necessary to be provided under | 3 | | this Article, and to assist
the board in preparing the annual | 4 | | statement as of the last day June 30 of each fiscal year, and
| 5 | | to certify to the correctness thereof.
| 6 | | (Source: Laws 1963, p. 161.)
| 7 | | (40 ILCS 5/12-183) (from Ch. 108 1/2, par. 12-183)
| 8 | | Sec. 12-183. Annual actuarial valuation.
| 9 | | An actuarial valuation shall be made annually of the | 10 | | liabilities and
reserves for present and prospective annuities | 11 | | and benefits, and beginning January 1, 2013
July 1, 1973 a | 12 | | general investigation shall be made and shall be completed
| 13 | | every 5 years thereafter of the operating experience of the | 14 | | fund as to
mortality, disability, retirement, marital status of | 15 | | employees, withdrawal
from service without right to annuity, | 16 | | investment earnings and other
factors of actuarial criteria.
| 17 | | Upon the basis of the annual actuarial valuation and | 18 | | quinquennial
actuarial investigations, the actuary shall | 19 | | recommend the tables to be used
in the annual valuations and in | 20 | | current operations including the prescribed
rate of interest, | 21 | | and shall advise the board on any matters of actuarial
| 22 | | character affecting the financial condition of the fund and its | 23 | | operations.
| 24 | | (Source: P.A. 78-266.)
| 25 | | Section 99. Effective date. This Act takes effect upon |
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| 1 | | becoming law.
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