Sec. 7-213. Actuary.

177 words·~1 min read·/il/chapter-40/act-5/7-213

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

The actuary shall be the technical advisor of the board and in addition to general advice shall specifically be responsible for and shall:

1. Make a general investigation, at least once every 3 years, of the experience of the participating municipalities and participating instrumentalities as to mortality, disability, retirement, separation, marital status of employees, marriage of surviving spouses, interest and employee earnings rates and to make recommendations as a result of any such investigation as to:

a. The actuarial tables to be used for computing annuities and benefits and for determining the premiums for disability and death benefit purposes;

b. The tables to be used in any regular actuarial valuations; and

c. The prescribed rate of interest.

2. Make the computations of municipality obligations, contribution rates including annual valuations of the liabilities and reserves for present and prospective annuities and benefits, and certify to the correctness thereof;

3. Recommend the effective rate of interest to be applicable to each year;

4. Advise the board on any matters of an actuarial nature affecting the fund.