IL HB0422

Amends the Illinois Pension Code to require actuarial investigations every 3 years instead of every 5 years across multiple pension systems.

Changes apply to Sections 2-146, 14-138, 15-173, 16-176, and 18-152 of the Illinois Pension Code affecting state employee pension systems.

Actuaries must conduct general investigations of mortality, retirement, disability, separation, interest rates, and compensation experience at the increased 3-year frequency.

Maintains annual valuation requirements for pension system liabilities, reserves, and determination of required state contributions.

Effective upon becoming law.