§ 22-1001 — Submission of information

Illinois § 22-1001

• Jurisdiction: Illinois
• Topic: GOVERNMENT
• Ch. 40: PENSIONS
• Act 40 ILCS 5/: Illinois Pension Code.
• Art.: Article 22 - Miscellaneous Collateral Provisions

Text

By March 1 of each year, the retirement systems created under Articles 2, 14, 15, 16 and 18 of this Code shall each submit the following information to the Commission on Government Forecasting and Accountability: (1) the most recent actuarial valuation computed using the projected unit credit actuarial cost method for retirement and ancillary benefits. (2) a full disclosure of the provisions of the plan; economic, mortality, termination, and demographic assumptions used for the valuation; methods used to determine the actuarial values; the impact of significant changes in the actuarial assumptions and methods; the most recent experience review; and other information affecting the plan's actuarial status. (3) the State's share of the amount necessary to fund the normal cost plus interest on the unfunded accrued liability for the next fiscal year as determined by the projected unit credit computations. (4) a five-year history of the system's liabilities, assets (valued at cost), and unfunded liabilities. (5) the July 1 market value of system assets and a five-year history of annual and annualized investment returns of the system's total portfolio and each segment of the portfolio; and (6) measures of financial status, including ten-year trends of: unfunded liabilities, funded ratios, quick liability ratios, current reserves, and other solvency tests requested by the Commission. For plan years ending prior to December 31, 1984, the historical data submitted by the retirement systems pursuant to items (4) and (6) above may be based on a cost method other than the projected unit credit actuarial cost method. In submitting the data, the retirement systems shall specify the method used.

Legislative History

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