Illinois Compiled Statutes 40 ILCS 5/22-1001 – Submission of information
Current as of: 2024 | Check for updates
|
Other versions
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
(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.
Terms Used In Illinois Compiled Statutes 40 ILCS 5/22-1001
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14