Rep. Morrison’s bill to increase frequency of pension system actuarial studies signed into law
HB422, now known as Public Act 99-0232, amends the Teachers’ Retirement System, State Universities’ Retirement System, State Employees’ Retirement System, Judges’ Retirement System and the General Assembly Retirement System by requiring that the actuary of each system conduct an investigation of the system every three years rather than five years as was previously written in the statutes. Each review will examine the mortality, retirement, disability, separation, interest, and salary rate assumptions used by the system for accuracy. The bill was approved unanimously in the House in March and unanimously in the Senate in May. Read more.