Actuarial Statements

Actuarial Statement Requirements

FPIF is required to prepare actuarial statements for pension funds created under Article 4 of the Illinois Pension Code. FPIF will prepare the annual actuarial statement for all Article 4 pension funds beginning with fiscal years that end on or after January 1, 2022.

FPIF actuarial statements are determined in accordance with Section 4-118 of the Illinois Pension Code. The section provides for the calculation a minimum required contribution. If desired, a pension fund, municipality or fire protection district may consult with its own actuary to provide funding in excess of the minimum required contribution.

Actuarial Assumptions

• The actuarial assumptions used to prepare the actuarial statements were adopted as part of the 2021 Actuarial Experience Study.
• A separate investment return assumption was adopted for pension funds without investment assets, i.e., cash-only funds.