IL HB5390

Changes the fiscal year for the Park Employees' and Retirement Board Employees' Annuity and Benefit Fund from July 1 to June 30 to January 1 to December 31, effective January 1, 2013.

Creates a transition fiscal year from July 1, 2012 to December 31, 2012 to bridge the change in fiscal year periods.

Updates provisions in Sections 12-167, 12-168, and 12-169 to reference "the last day of each fiscal year" instead of the specific date of June 30 for annual reports, audits, and actuarial statements.

Modifies Section 12-183 to require a general actuarial investigation beginning January 1, 2013 and every 5 years thereafter, replacing the previous requirement that began July 1, 1973.

Effective immediately upon becoming law.