Repository: UIHistories Project: Board of Trustees Minutes - 1942 [PAGE 439]

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43 6

BOARD OF TRUSTEES

[August 5

Sec. 2.28 Fiscal Year: The period beginning on September I, in any year and ending on August 31, of the succeeding year.

ARTICLE 3. PARTICIPATION

Sec. 3.1 Employer: Each Employer as defined in Section 2.3 shall participate in and be subject to the provisions of this System beginning upon the Effective Date. Sec. 3.2 Employee: Each person who is an Eligible Employee on September I, 1941, and who then has attained age thirty (30) shall become a Participant in and be subject to the provisions of this System beginning on such date. Each person who is an Eligible Employee on September I, 1041, and who then has not attained age thirty (30) shall become a Participant in and be subject to the provisions of this System beginning on the first day of September immediately following the date upon which age thirty (30) is attained, unless prior to such date such person files with the Board a notice of election to participate, in which event participation shall begin on the first day of the payroll period immediately following receipt of such application. Each person who becomes an Eligible Employee after September 1, 1941, who is then not a Participant, and who upon so becoming an Eligible Employee has attained age thirty (30) shall as a condition of employment become a Participant in and be subject to the provisions of this System beginning on the date such person becomes an Eligible Employee. Each person who becomes an Eligible Employee after September I, 1041, who is then not a Participant, and who upon so becoming an Eligible Employee has not attained age thirty (30), shall as a condition of employment become a Participant in and be subject to the provisions of this System beginning on the first day of September immediately following the date upon which age thirty (30) is attained, unless prior to such date such person files with the Board a notice of election to participate, in which event participation shall begin on the first day of the payroll period immediately following receipt of such application. Participation of each such Eligible Employee shall continue until the date upon which such person becomes an Annuitant, dies, or accepts a Separation Benefit.

ARTICLE 4. REVENUE

Sec. 4.1 Employer Contributions: It is the intention of this Act that the State of Illinois will make contributions to this System by means of biennial appropriations of the amounts which together with the other contributions of Employers out of trust, federal, and other funds under their control, the Contributions of the Participating Employees, income from investments and other income of this System will be necessary to meet the costs of maintaining and administering this System in accordance with the provisions hereof: (1) T h e total amount of the Employers Contribution for any fiscal year shall be the sum of the amounts estimated to be required, on the basis of the Actuarial Tables adopted by the Board and the Prescribed Rate of Interest to meet the Supplemental Annuities, Disability Benefits, Additional Death Benefits, and Expenses of Administration expected to be paid during the year and to result in the accumulation of assets at the end of the year equal to the sum of the following: ( a ) the liability for all Normal, Current, Additional, Reversionary, and Beneficiary Annuities expected to be paid to the then Annuitants, (b) the liability for all Accumulated Additional and Normal Contributions of the then Participants, (c) the single premium reserve required for all Current Annuities which have then accrued because of previous Earnings of the then Participants, ( d ) additional reserves which may reasonably be required because of variations in mortality, interest, and turnover experience, (e) an amount estimated to be necessary to meet the payments of Supplemental Annuities, Current Annuities, Disability Benefits, Additional Death Benefits, and Benefits in lieu thereof, and expenses for the succeeding year. (2) T h e total Employer Contribution shall be apportioned among the various funds of the State and other Employers, whether trust, federal, or other funds, in accordance with actuarial procedures approved by the Board.