Annual Actuarial Valuation determines the amount of contributions during a members career combined with investment return, sufficient to pay pension at retirement. IL Pension Code requires a calculation of annual contribution which funds below level of the standard. Actuarial Valuation determines funding progress under the Pension Code's funding standard; determines contributions under standard public sector actuarial practices; explore why results of the current valuation differ from the results of the previous; & satisfy regulatory & accounting requirements.
This report, submitted in compliance with 105 ILCS 5/1A-4E, provides a discussion of the overall condition of education in Illinois. Information is included concerning student and teacher demographics; data on teacher and administrator certification; federal, state and local resources; and other data about Illinois education.