IL HB3178

Requires the State Actuary to conduct a full-scope audit of each of the 5 State-funded retirement systems at least once every 5 years.

The audit must fully replicate the actuarial valuation used to report the financial condition of each system, using the same census data, assumptions, and actuarial methods.

The full-scope audit shall examine methods and assumptions used in the actuarial valuation for reasonableness and internal consistency.

Amends the Illinois State Auditing Act (30 ILCS 5/2-8.1) to add these audit requirements to the State Actuary's duties.

Takes effect immediately upon becoming law.