(a-5) Prior to the conclusion of the transition period, the actuarial statements may be prepared utilizing the method for calculating the actuarially required contribution for the pension fund that was in effect prior to the effective date of this amendatory Act of the 101st General Assembly.
After the conclusion of the transition period, the actuarial statements shall be prepared by or under the supervision of a qualified actuary retained by the Consolidated Fund, and if a change occurs in an actuarial or investment assumption that increases or decreases the actuarially required contribution for the pension fund, that change shall be implemented in equal annual amounts over the 3-year period beginning in the fiscal year of the pension fund in which such change first occurs.
The actuarially required contribution as described in this subsection shall determine the annual required employer contribution.
(b) For the purposes of this Section, "qualified actuary" means (i) a
member of the American Academy of Actuaries, or (ii) an individual who has
demonstrated to the satisfaction of the Director that he or she has the
educational background necessary for the practice of actuarial science and has
at least 7 years of actuarial experience.
(Source: P.A. 101-610, eff. 1-1-20.)