IL HB1283

Amends the Illinois Pension Code to reduce the frequency of actuarial investigations from every 5 years to every 3 years across five pension system sections (2-146, 14-138, 15-173, 16-176, and 18-152).

Requires actuaries to investigate mortality, retirement, disability, separation, interest, and compensation rates more frequently to provide updated recommendations for actuarial tables used in pension calculations.

Mandates annual valuations of pension system liabilities, reserves, and required state contributions with certification to pension boards.

Requires the Board to communicate actuarial investigation results to the Commission on Government Forecasting and Accountability, which must recommend any adjustments to member and employer contributions by February 1 of the following year.

Terminates the early retirement without discount option if the General Assembly fails to implement recommended contribution adjustments following actuarial review.