Illinois Compiled Statutes 40 ILCS 5/1A-111 – Actuarial statements by pension funds established under Article 3 or 4
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(a) For each pension fund established under Article 3 or 4 of this Code, a complete actuarial statement applicable to its plan year shall be included as part of its annual statement in accordance with the following:
(1) Prior to the conclusion of the transition period,
(1) Prior to the conclusion of the transition period,
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if the actuarial statement is prepared by a person other than the Department, it shall be filed with the Division within 9 months after the close of the fiscal year of the pension fund. Any pension fund that fails to file within that time shall be subject to the penalty provisions of Section 1A-113. The statement shall be prepared by or under the supervision of a qualified actuary, signed by the qualified actuary, and contain such information as the Division may by rule require.
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(2) After the conclusion of the transition period,
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each actuarial statement shall be prepared by or under the supervision of a qualified actuary retained by the Consolidated Fund and signed by the qualified actuary and shall contain such information as the Division may by rule require. The actuarial statement shall be filed with the Division within 9 months after the close of the fiscal year of the pension fund.
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(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.
Terms Used In Illinois Compiled Statutes 40 ILCS 5/1A-111
- Consolidated Fund: means : (i) with respect to the pension funds established under Article 3 of this Code, the Police Officers' Pension Investment Fund established under Article 22B of this Code; and (ii) with respect to the pension funds established under Article 4 of this Code, the Firefighters' Pension Investment Fund established under Article 22C of this Code. See Illinois Compiled Statutes 40 ILCS 5/1A-102
- Department: means the Department of Insurance of the State of Illinois. See Illinois Compiled Statutes 40 ILCS 5/1A-102
- Director: means the Director of the Department of Insurance. See Illinois Compiled Statutes 40 ILCS 5/1A-102
- Division: means the Public Pension Division of the Department of Insurance. See Illinois Compiled Statutes 40 ILCS 5/1A-102
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- individual: shall include every infant member of the species homo sapiens who is born alive at any stage of development. See Illinois Compiled Statutes 5 ILCS 70/1.36
- Pension fund: means any public pension fund, annuity and benefit fund, or retirement system established under this Code. See Illinois Compiled Statutes 40 ILCS 5/1A-102
- Plan year: means the calendar or fiscal year on which the records of a given plan are kept. See Illinois Compiled Statutes 40 ILCS 5/1A-102
- Transition period: means the period described in Section 22B-120 with respect to the pension funds established under Article 3 of this Code and the period described in Section 22C-120 with respect to the pension funds established under Article 4 of this Code. See Illinois Compiled Statutes 40 ILCS 5/1A-102
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.