IL SB3629

Changes the fiscal year for Chicago park district pension fund from July 1-June 30 to January 1-December 31, effective January 1, 2013, with a transitional 6-month fiscal year from July 1, 2012 through December 31, 2012.

Limits service credit earned during the 6-month transitional fiscal year (July 1, 2012 - December 31, 2012) to a maximum of 1/2 year for both general service computation and fixed benefit annuity calculations.

Adjusts employer contribution calculations for tax levy purposes in 2014 and 2015 to reference the 12-month fiscal years ending June 30, 2012 and December 31, 2013 respectively, instead of the standard 2-year lookback formula.

Updates annual actuarial valuation requirements to commence January 1, 2013 instead of July 1, 1973, with quinquennial investigations to follow.

Changes reporting requirements from June 30 to the last day of each fiscal year for fund audits, financial statements, and actuarial valuations.