Repository: UIHistories Project: Board of Trustees Minutes - 1942 [PAGE 445]

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442

BOARD OF TRUSTEES

[August 5

Officer of the State of Illinois, a separate account for each individual Participant and Annuitant, adequate accounting records which shall at all times reflect the financial condition of the system, and such additional data as shall be necessary for required calculations and valuations. (i) Receive all payments made to the System, make a record thereof, and cause them to be deposited immediately with the treasurer of the System. ( j ) Provide for certification on its behalf by its President and Secretary of all warrants upon its treasurer in accordance with actions of the Board authorizing payments for benefits, expenses, and investments out of funds belonging to this System. ( k ) Cause a general investigation to be made by a competent actuary during the first year of operation of the System, and at least once every three (3) years thereafter, of the retirement, disability, separation, mortality, interest, and employee earnings r a t e s ; recommend, as a result of each such investigation, the tables to be adopted for all required actuarial calculations; and cause an annual determination to be made by a competent actuary of the liabilities and reserves of the System and an annual determination of the amount and distribution of the required Employer Contributions. (1) Cause an audit of the affairs of the System to be made annually by an independent Certified Public Accountant, and submit a copy thereof to the Governor of the State as soon as possible after the end of each fiscal year. ( m ) Make available to the Participants and Annuitants a financial statement including a summary of the report of the Certified Public Accountant, and submit an individual statement indicating the amount of accumulations to the credit, as of the latest date practicable, of any Participant so requesting. (n) Accept any gift, grant, or bequest of any money or securities for the purposes designated by the grantor, if such purpose is specified as providing cash benefits for some or all of the Participants or Annuitants of the System, or il no such purpose is designated, for the purpose of reducing the costs of the State. (o) Establish by-laws, fix the number necessary for a quorum, set up an Executive Committee of its own members which shall have all the powers of the Board except as limited by the Board, establish such rules and regulations, not inconsistent with the provisions of this Act, as are deemed necessary and advisable for the efficient administration of the System, and generally carry on any other reasonable activities which are deemed necessary to accomplish ihe intent of this System in accordance with the provisions of this Act. Sec. 6.3 Duties of the State Auditor of Public Accounts: T h e Auditor of Public Accounts in drawing warrants for items of salary on payroll vouchers certified after September I, 10,41, by Employers included in this Act shall draw such warrants to Participating Employees for the amount of salary or wages specified for the period less the Employee Contribution to be deducted therefrom as set forth in such payroll vouchers and shall draw a warrant for the total of the Employee Contributions so withheld from the Participating E m ployees on each such payroll voucher to this System. In lieu of one warrant for the total of the Employee Contributions to this System, the Auditor of Public Accounts may draw a separate warrant payable to each Employee for the amount of the required contribution of such Employee so that each Employee will receive the total salary or wages specified in the payroll voucher in two warrants, one for the total salary or wages less the required contribution and one for the amount of the required contribution. All warrants covering contributions to this System, together with the additional copy of the payroll supplied by the Employer shall be transmitted immediately to the Board. T h e Auditor of Public Accounts of the State of Illinois is authorized and directed to draw warrants upon the State Treasurer payable from funds appropriated for the purposes specified in this Act upon the presentation of vouchers approved by the Board. Sec. 6.4 Duties of Director of Finance: T h e Director of Finance, in considering all payroll vouchers which are required under the provisions of "An Act in relation to State Finance," approved June 10, 1919, as amended, to be approved by the Department of Finance before warrants are drawn by the Auditor of Public Accounts, shall not approve such payroll vouchers if they