IL HB5791

Changes actuary investigation frequency from every 5 years to every 3 years in Illinois Pension Code Section 2-146 for the State Employees' Retirement System.

Updates Section 14-138 to require actuary general investigations at least once every 3 years instead of the previous 7-year and 5-year schedule, covering mortality, retirement, disability, employment, turnover, interest, and compensation.

Modifies Section 15-173 to mandate general actuarial investigations at least once every 3 years instead of every 5 years for the Teachers' Retirement System.

Revises Section 16-176 to require actuary investigations at least once every 3 years, replacing the previous 5-year schedule, and removes the requirement to report on early retirement without discount option funding sufficiency beginning in 2012.

Amends Section 18-152 to require actuary general investigations at least once every 3 years instead of every 5 years for the Judges' Retirement System.