Actuarial Valuation Report Benefits, June 30, 2014
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.