Sec. 16-176. To adopt actuarial assumptions.
215 words·~1 min read·
/il/chapter-40/act-5/16-176A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 16-176. To adopt actuarial assumptions. At least once every 3 years, the actuary, as technical advisor, shall make an actuarial investigation into the mortality, service and compensation experience of the members, annuitants, and beneficiaries of the retirement system. Based upon the result of that investigation, the board shall adopt such actuarial assumptions as it deems appropriate.
The actuarial investigation required under this Section shall include the System's experience under the early retirement without discount option established in Section 16-133.2, including consideration of the sufficiency of the member and employer contributions under Section 16-133.2 and the active member contribution under Section 16-152 to adequately fund the early retirement without discount option. The Board shall promptly communicate the results of the actuarial investigation to the Commission on Government Forecasting and Accountability.
Based on the actuarial investigation, the Commission on Government Forecasting and Accountability shall, no later than February 1 of the next year, recommend to the General Assembly any proportional adjustment in the amounts of the member and employer contributions under Section 16-133.2 that it deems necessary.
The early retirement without discount option under subsection
(c)of Section 16-133.2 is extended as provided in subsection
(d)of that Section. The early retirement without discount option under subsection
(d)of Section 16-133.2 terminates on July 1, 2016.