Illinois Compiled Statutes 40 ILCS 5/3-143 – Report by pension board
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(a) The pension board shall report annually to the city council or board of trustees of the municipality on the condition of the pension fund at the end of its most recently completed fiscal year. The report shall be made prior to the council or board meeting held for the levying of taxes for the year for which the report is made.
The pension board shall certify and provide the following information to the city council or board of trustees of the municipality:
(1) the total assets of the fund in its custody at
The pension board shall certify and provide the following information to the city council or board of trustees of the municipality:
Terms Used In Illinois Compiled Statutes 40 ILCS 5/3-143
- 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.
(1) the total assets of the fund in its custody at
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the end of the fiscal year and the current market value of those assets;
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(2) the estimated receipts during the next succeeding
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fiscal year from deductions from the salaries of police officers, and from all other sources;
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(3) the estimated amount required during the next
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succeeding fiscal year to (a) pay all pensions and other obligations provided in this Article, and (b) meet the annual requirements of the fund as provided in Sections 3-125 and 3-127;
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(4) the total net income received from investment of
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assets along with the assumed investment return and actual investment return received by the fund during its most recently completed fiscal year compared to the total net income, assumed investment return, and actual investment return received during the preceding fiscal year;
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(5) the total number of active employees who are
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financially contributing to the fund;
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(6) the total amount that was disbursed in benefits
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during the fiscal year, including the number of and total amount disbursed to (i) annuitants in receipt of a regular retirement pension, (ii) recipients being paid a disability pension, and (iii) survivors and children in receipt of benefits;
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(7) the funded ratio of the fund;
(8) the unfunded liability carried by the fund, along
(8) the unfunded liability carried by the fund, along
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with an actuarial explanation of the unfunded liability; and
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(9) the investment policy of the pension board under
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the statutory investment restrictions imposed on the fund.
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Before the pension board makes its report, the municipality shall have the assets of the fund and their current market value verified by an independent certified public accountant of its choice.
(b) The municipality is authorized to publish the report submitted under this Section. This publication may be made, without limitation, by publication in a local newspaper of general circulation in the municipality or by publication on the municipality’s Internet website. If the municipality publishes the report, then that publication must include all of the information submitted by the pension board under subsection (a).
(b) The municipality is authorized to publish the report submitted under this Section. This publication may be made, without limitation, by publication in a local newspaper of general circulation in the municipality or by publication on the municipality’s Internet website. If the municipality publishes the report, then that publication must include all of the information submitted by the pension board under subsection (a).