Illinois General Assembly - Illinois Compiled Statutes

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40 ILCS 5/22-1003

(40 ILCS 5/22-1003) (from Ch. 108 1/2, par. 22-1003)

Sec. 22-1003.

The Commission on Government Forecasting and Accountability shall receive the information specified in Section 22-1001
and Section 22-1002 of this Act.  Commission staff shall examine the
information and submit a report of the analysis thereof to the General
Assembly.  The report shall also include either an analysis of the effect of
the different economic assumptions used by the 5 systems, or supplemental
valuations using the same economic assumptions for all 5 systems.  The
Commission shall compare (1) each system's required actuarial funding computed
using the projected unit credit actuarial cost method, and (2) the
required State contribution levels established by Public Act 88-593.  The report shall also identify the amount
of the required funding for each system expected to come from (i) budgeted
annual appropriations and (ii) continuing appropriations under the State
Pension Funds Continuing Appropriation Act.

The Commission shall also compute multiple year projections showing the
effect on system liabilities and the State's annual cost (1) if the systems
were to be funded according to actuarial recommendations that
the Commission deems reasonable, (2) if each system were to be funded
according to recommendations made by the system's actuary, and (3) if the
systems were to be funded according to the required State contribution levels
established by Public Act 88-593;
including (i) comparisons of State costs with projected benefit payments,
payroll, and the general funds budget, and (ii) comparisons of unfunded
liabilities, funded ratios, solvency tests, and projected reserves.  The
Commission may conduct additional analyses and projections as it deems useful.

(Source: P.A. 93-632, eff. 2-1-04; 93-1067, eff. 1-15-05.)