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Public Act 093-0665 |
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AN ACT in relation to pensions.
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Be it enacted by the People of the State of Illinois, | ||||
represented in the General Assembly:
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Section 5. The State Finance Act is amended by changing
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Sections 8.12, 8a, and 14.1 and adding Section 6z-61 as | ||||
follows:
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(30 ILCS 105/6z-61 new)
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Sec. 6z-61. Transfers from Pension Contribution Fund.
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(a) As soon as practicable after the effective date of this
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amendatory Act of the 93rd General Assembly, the State | ||||
Comptroller shall
direct and the State Treasurer shall transfer | ||||
from the Pension
Contribution Fund to the Teachers' Retirement | ||||
System of Illinois
an amount equal to the unexpended balance of | ||||
the fiscal year 2004
appropriations to the System from the | ||||
General Revenue Fund, the
Education Assistance Fund, the Common | ||||
School Fund, and the State
Pensions Fund so that the amount | ||||
received by the System in fiscal year
2004 is equal to the | ||||
fiscal year 2004 certified contribution amount for
the System | ||||
as determined under Section 16-158 of the Illinois Pension | ||||
Code.
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(b) As soon as practicable after the effective date of this
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amendatory Act of the 93rd General Assembly, the State | ||||
Comptroller shall
direct and the State Treasurer shall transfer | ||||
from the Pension
Contribution Fund to the State Universities | ||||
Retirement System an amount
equal to the unexpended balance of | ||||
the fiscal year 2004 appropriations to
the System from the | ||||
General Revenue Fund, the Education Assistance Fund,
and the | ||||
State Pensions Fund so that the amount received by the System
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in fiscal year 2004 is equal to the fiscal year 2004 certified
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contribution amount for the System as determined under Section | ||||
15-165 of the
Illinois Pension Code.
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(c) As soon as practicable after the effective date of this
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amendatory Act of the 93rd General Assembly, the State | ||
Comptroller shall
direct and the State Treasurer shall transfer | ||
from the Pension
Contribution Fund to the Judges Retirement | ||
System of Illinois an amount
equal to the unexpended balance of | ||
the fiscal year 2004 appropriations to
the System from the | ||
General Revenue Fund and the State Pensions Fund so
that the | ||
amount received by the System in fiscal year 2004 is equal to
| ||
the fiscal year 2004 certified contribution amount for the | ||
System as
determined under Section 18-140 of the Illinois | ||
Pension Code.
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(d) As soon as practicable after the effective date of this
| ||
amendatory Act of the 93rd General Assembly, the State | ||
Comptroller shall
direct and the State Treasurer shall transfer | ||
from the Pension
Contribution Fund to the General Assembly | ||
Retirement System an amount
equal to the unexpended balance of | ||
the fiscal year 2004 appropriations to
the System from the | ||
General Revenue Fund and the State Pensions Fund so
that the | ||
amount received by the System in fiscal year 2004 is equal to
| ||
the fiscal year 2004 certified contribution amount for the | ||
System as
determined under Section 2-134 of the Illinois | ||
Pension Code.
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(e) As soon as practicable after the effective date of this
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amendatory Act of the 93rd General Assembly, and taking into
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consideration the transfers provided for by subsections (a), | ||
(b), (c), and (d),
the State Comptroller shall direct and the | ||
State Treasurer shall
transfer the remaining balance in the | ||
Pension Contribution Fund to the
State Employees' Retirement | ||
System of Illinois.
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(30 ILCS 105/8.12)
(from Ch. 127, par. 144.12)
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Sec. 8.12. State Pensions Fund.
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(a) The moneys in the State Pensions Fund shall be used | ||
exclusively
for the administration of the Uniform Disposition | ||
of Unclaimed Property Act and
for the payment of or repayment | ||
to the General Revenue Fund a portion of
the required State | ||
contributions to the
designated retirement systems.
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"Designated retirement systems" means:
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(1) the State Employees' Retirement System of | ||
Illinois;
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(2) the Teachers' Retirement System of the State of | ||
Illinois;
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(3) the State Universities Retirement System;
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(4) the Judges Retirement System of Illinois; and
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(5) the General Assembly Retirement System.
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(b) Each year the General Assembly may make appropriations | ||
from
the State Pensions Fund for the administration of the | ||
Uniform Disposition of
Unclaimed Property Act.
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Each month, the Commissioner of the Office of Banks and | ||
Real Estate shall
certify to the State Treasurer the actual | ||
expenditures that the Office of
Banks and Real Estate incurred | ||
conducting unclaimed property examinations under
the Uniform | ||
Disposition of Unclaimed Property Act during the immediately
| ||
preceding month. Within a reasonable
time following the | ||
acceptance of such certification by the State Treasurer, the
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State Treasurer shall pay from its appropriation from the State | ||
Pensions Fund
to the Bank and Trust Company Fund and the | ||
Savings and Residential Finance
Regulatory Fund an amount equal | ||
to the expenditures incurred by each Fund for
that month.
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Each month, the Director of Financial Institutions shall
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certify to the State Treasurer the actual expenditures that the | ||
Department of
Financial Institutions incurred conducting | ||
unclaimed property examinations
under the Uniform Disposition | ||
of Unclaimed Property Act during the immediately
preceding | ||
month. Within a reasonable time following the acceptance of | ||
such
certification by the State Treasurer, the State Treasurer | ||
shall pay from its
appropriation from the State Pensions Fund
| ||
to the Financial Institutions Fund and the Credit Union Fund
an | ||
amount equal to the expenditures incurred by each Fund for
that | ||
month.
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(c) Each year the General Assembly shall appropriate a | ||
total amount
equal to the balance in the State Pensions Fund at | ||
the close of business on
June 30 of the preceding fiscal year, |
less $5,000,000, as part of the required
State contributions to | ||
the designated retirement systems. The amount of the
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appropriation to each designated retirement system shall | ||
constitute a portion
of the total appropriation under this | ||
subsection for that fiscal year which is
the same as that | ||
retirement system's portion of the total actuarial reserve
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deficiency of the systems, as most recently determined by the
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Governor's Office of Management and Budget
Bureau of the
| ||
Budget .
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(d) The
Governor's Office of Management and Budget
Bureau | ||
of the Budget shall determine the individual and total
reserve | ||
deficiencies of the designated retirement systems. For this | ||
purpose,
the
Governor's Office of Management and Budget
Bureau | ||
of the Budget shall utilize the latest available audit and | ||
actuarial
reports of each of the retirement systems and the | ||
relevant reports and
statistics of the Public Employee Pension | ||
Fund Division of the Department of
Insurance.
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(d-1) As soon as practicable after the effective date of | ||
this
amendatory Act of the 93rd General Assembly, the | ||
Comptroller shall
direct and the Treasurer shall transfer from | ||
the State Pensions Fund to
the General Revenue Fund, as funds | ||
become available, a sum equal to the
amounts that would have | ||
been paid
from the State Pensions Fund to the Teachers' | ||
Retirement System of the State
of Illinois,
the State | ||
Universities Retirement System, the Judges Retirement
System | ||
of Illinois, the
General Assembly Retirement System, and the | ||
State Employees'
Retirement System
of Illinois
after the | ||
effective date of this
amendatory Act during the remainder of | ||
fiscal year 2004 to the
designated retirement systems from the | ||
appropriations provided for in
this Section if the transfers | ||
provided in Section 6z-61 had not
occurred. The transfers | ||
described in this subsection (d-1) are to
partially repay the | ||
General Revenue Fund for the costs associated with
the bonds | ||
used to fund the moneys transferred to the designated
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retirement systems under Section 6z-61.
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(e) The changes to this Section made by this amendatory Act |
of 1994 shall
first apply to distributions from the Fund for | ||
State fiscal year 1996.
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(Source: P.A. 91-16, eff. 7-1-99; revised 8-23-03.)
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(30 ILCS 105/8a)
(from Ch. 127, par. 144a)
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Sec. 8a. Common School Fund; transfers to Common School | ||
Fund and Education
Assistance Fund.
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(a) Except as provided in subsection (b) of this
Section | ||
and except as otherwise provided in this subsection (a) with
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respect to amounts transferred from the General Revenue Fund to | ||
the Common
School Fund for distribution therefrom for the | ||
benefit of the Teachers'
Retirement System of the State of | ||
Illinois and the Public School Teachers'
Pension and Retirement | ||
Fund of Chicago:
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(1) With respect to all school districts, for each | ||
fiscal year other
than fiscal year 1994, on or before the | ||
eleventh and
twenty-first days of each of the months of | ||
August through the following July,
at a time or times | ||
designated by the Governor, the State Treasurer
and the | ||
State Comptroller shall transfer from the General Revenue
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Fund to the Common School Fund and Education Assistance | ||
Fund, as
appropriate, 1/24 or so much thereof as may be
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necessary of the amount appropriated to the State Board of | ||
Education for
distribution to all school districts from | ||
such Common School Fund and
Education Assistance Fund, for | ||
the
fiscal year, including interest on the School Fund | ||
proportionate for that
distribution for such year.
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(2) With respect to all school districts, but for | ||
fiscal year 1994 only,
on the 11th day of August, 1993 and | ||
on or before the 11th and
21st days of each of the months | ||
of October, 1993 through July, 1994 at a time
or times | ||
designated by the Governor, the State Treasurer and the | ||
State
Comptroller shall transfer from the General Revenue | ||
Fund to the Common School
Fund 1/24 or so much thereof as | ||
may be necessary of the amount appropriated to
the State | ||
Board of Education for distribution to all school districts |
from such
Common School Fund, for fiscal year 1994, | ||
including interest on the School Fund
proportionate for | ||
that distribution for such year; and on or before the 21st
| ||
day of August, 1993 at a time or times designated by the | ||
Governor, the State
Treasurer and the State Comptroller | ||
shall transfer from the General Revenue
Fund to the Common | ||
School Fund 3/24 or so much thereof as may be necessary of
| ||
the amount appropriated to the State Board of Education for | ||
distribution to all
school districts from the Common School | ||
Fund, for fiscal year 1994, including
interest | ||
proportionate for that distribution on the School Fund for | ||
such fiscal
year.
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The amounts of the payments made in July of each year: (i) | ||
shall be
considered an outstanding liability as of the 30th day | ||
of June immediately
preceding those July payments, within the | ||
meaning of Section 25 of this Act;
(ii) shall be payable from | ||
the appropriation for the fiscal year that ended on
that 30th | ||
day of June; and (iii) shall be considered payments for claims
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covering the school year that commenced during the immediately | ||
preceding
calendar year.
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Notwithstanding the foregoing provisions of this | ||
subsection, as soon
as may be after the 10th and 20th days of | ||
each of the months of August
through May, 1/24, and on or as | ||
soon as may be after the 10th and 20th days of June, 1/12 of the | ||
annual amount appropriated to the
State Board of Education for | ||
distribution and payment during that fiscal year
from the | ||
Common School Fund to and for the benefit of the Teachers' | ||
Retirement
System of the State of Illinois (until the end of | ||
State fiscal year 1995)
and the Public School Teachers' Pension | ||
and Retirement Fund of Chicago as
provided by the Illinois | ||
Pension Code and Section 18-7 of the School Code, or
so much | ||
thereof as may be necessary, shall be transferred by the State
| ||
Treasurer and the State Comptroller from the General Revenue | ||
Fund to the Common
School Fund to permit semi-monthly payments | ||
from the Common School Fund to and
for the benefit of such | ||
teacher retirement systems as required by Section 18-7
of the |
School Code.
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Notwithstanding the other provisions of this Section, on or | ||
as soon as
may be after the 15th day of each month, beginning | ||
in July of 1995, 1/12
of the annual amount appropriated for | ||
that fiscal year from the Common School
Fund to the Teachers' | ||
Retirement System of the State of Illinois (other than
amounts | ||
appropriated under Section 1.1 of the State Pension Funds | ||
Continuing
Appropriation Act), or so much thereof as may be | ||
necessary, shall be
transferred by the State Treasurer and the | ||
State Comptroller from the General
Revenue Fund to the Common | ||
School Fund to permit monthly payments from the
Common School | ||
Fund to that retirement system in accordance with Section | ||
16-158
of the Illinois Pension Code and Section 18-7 of the | ||
School Code , except that
such transfers in fiscal year 2004 | ||
from the General Revenue Fund
to the Common School Fund for the | ||
benefit of the Teachers' Retirement System of
the State of | ||
Illinois shall be reduced in the aggregate by the State
| ||
Comptroller and
State Treasurer to adjust for the amount | ||
transferred to the Teachers'
Retirement System of the State of | ||
Illinois pursuant to subsection (a) of
Section 6z-61 .
Amounts
| ||
appropriated to the Teachers' Retirement System of the State of | ||
Illinois under
Section 1.1 of the State Pension Funds | ||
Continuing Appropriation Act shall be
transferred by the State | ||
Treasurer and the State Comptroller from the General
Revenue | ||
Fund to the Common School Fund as necessary to provide for the | ||
payment
of vouchers drawn against those appropriations.
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The Governor may notify the State Treasurer and the State | ||
Comptroller to
transfer, at a time designated by the Governor, | ||
such additional amount as
may be necessary to effect advance | ||
distribution to school districts of amounts
that otherwise | ||
would be payable in the next month pursuant to Sections 18-8
| ||
through 18-10 of the School Code. The State Treasurer and the | ||
State Comptroller
shall thereupon transfer such additional | ||
amount. The aggregate amount
transferred from the General | ||
Revenue Fund to the Common School Fund in the
eleven months | ||
beginning August 1 of any fiscal year shall not be in excess
of |
the amount necessary for payment of claims certified by the | ||
State
Superintendent of Education pursuant to the | ||
appropriation of the Common
School Fund for that fiscal year. | ||
Notwithstanding the provisions of the
first paragraph in this | ||
section, no transfer to effect an advance
distribution shall be | ||
made in any month except on notification, as provided
above, by | ||
the Governor.
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The State Comptroller and State Treasurer shall transfer | ||
from the General
Revenue Fund to the Common School Fund and the | ||
Education Assistance Fund
such amounts as may be required to
| ||
honor the vouchers presented by the State Board of Education | ||
pursuant to
Sections 18-3, 18-4.3, 18-5, 18-6 and 18-7 of the | ||
School Code.
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The State Comptroller shall report all transfers provided | ||
for in this Act
to the President of the Senate, Minority Leader | ||
of the Senate, Speaker of
the House, and Minority Leader of the | ||
House.
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(b) On or before the 11th and 21st days of each of the | ||
months of June,
1982 through July, 1983, at a time or times | ||
designated by the Governor,
the State Treasurer and the State | ||
Comptroller shall transfer from the General
Revenue Fund to the | ||
Common School Fund 1/24 or so much thereof as may be
necessary | ||
of the amount appropriated to the State Board of Education for
| ||
distribution from such Common School Fund, for that same fiscal | ||
year, including
interest on the School Fund for such year. The | ||
amounts of the payments
in the months of July, 1982 and July, | ||
1983 shall be considered an outstanding
liability as of the | ||
30th day of June immediately preceding such July payment,
| ||
within the meaning of Section 25 of this Act, and shall be | ||
payable from
the appropriation for the fiscal year which ended | ||
on such 30th day of June,
and such July payments shall be | ||
considered payments for claims covering
school years 1981-1982 | ||
and 1982-1983 respectively.
| ||
In the event the Governor makes notification to effect | ||
advanced distribution
under the provisions of subsection (a) of | ||
this Section, the aggregate amount
transferred from the General |
Revenue Fund to the Common School Fund in the
12 months | ||
beginning August 1, 1981 or the 12 months beginning August 1,
| ||
1982 shall not be in excess of the amount necessary for payment | ||
of claims
certified by the State Superintendent of Education | ||
pursuant to the
appropriation of the Common School Fund for the | ||
fiscal years commencing on
the first of July of the years 1981 | ||
and 1982.
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(Source: P.A. 90-372, eff. 7-1-98; 90-587, eff. 7-1-98; 91-96, | ||
eff. 7-9-99.)
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(30 ILCS 105/14.1)
(from Ch. 127, par. 150.1)
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Sec. 14.1. Appropriations for State contributions to the | ||
State
Employees' Retirement System; payroll requirements.
| ||
(a) Appropriations for State contributions to the State
| ||
Employees' Retirement System of Illinois shall be expended in | ||
the manner
provided in this Section.
Except as otherwise | ||
provided in subsection (a-1),
at the time of each payment of | ||
salary to an
employee under the personal services line item, | ||
payment shall be made to
the State Employees' Retirement | ||
System, from the amount appropriated for
State contributions to | ||
the State Employees' Retirement System, of an amount
calculated | ||
at the rate certified for the applicable fiscal year by the
| ||
Board of Trustees of the State Employees' Retirement System | ||
under Section
14-135.08 of the Illinois Pension Code. If a line | ||
item appropriation to an
employer for this purpose is | ||
unavailable or exhausted, the amounts shall be
paid under the | ||
continuing appropriation for this purpose contained in the | ||
State
Pension Funds Continuing Appropriation Act.
| ||
(a-1) Beginning on the effective date of this amendatory | ||
Act of the 93rd
General Assembly through the payment of the | ||
final payroll from fiscal
year 2004 appropriations, | ||
appropriations for State contributions to the
State Employees' | ||
Retirement System of Illinois shall be expended in the
manner | ||
provided in this subsection (a-1). At the time of each payment | ||
of
salary to an employee under the personal services line item | ||
from a fund
other than the General Revenue Fund, payment shall |
be made for deposit
into the General Revenue Fund from the | ||
amount appropriated for State
contributions to the State | ||
Employees' Retirement System of an amount
calculated at the | ||
rate certified for fiscal year 2004 by the Board of
Trustees of | ||
the State Employees' Retirement System under Section
14-135.08 | ||
of the Illinois Pension Code. This payment shall be made to
the | ||
extent that a line item appropriation to an employer for this | ||
purpose is
available or unexhausted. No payment from | ||
appropriations for State
contributions shall be made in | ||
conjunction with payment of salary to an
employee under the | ||
personal services line item from the General Revenue
Fund.
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(b) Except during the period beginning on the effective | ||
date of this
amendatory
Act of the 93rd General Assembly and | ||
ending at the time of the payment of the
final payroll from | ||
fiscal year 2004 appropriations, the State Comptroller
shall | ||
not approve for payment any payroll
voucher that (1) includes | ||
payments of salary to eligible employees in the
State | ||
Employees' Retirement System of Illinois and (2) does not | ||
include the
corresponding payment of State contributions to | ||
that retirement system at the
full rate certified under Section | ||
14-135.08 for that fiscal year for eligible
employees, unless | ||
the balance in the fund on which the payroll voucher is drawn
| ||
is insufficient to pay the total payroll voucher. If the State | ||
Comptroller
approves a payroll voucher under this Section for | ||
which the fund balance is
insufficient to pay the full amount | ||
of the required State contribution to the
State Employees' | ||
Retirement System, the Comptroller shall promptly so notify
the | ||
Retirement System.
| ||
(Source: P.A. 88-593, eff. 8-22-94; 89-136, eff. 7-14-95.)
| ||
Section 10. The General Obligation Bond Act is amended by | ||
changing
Section 7.2 as follows:
| ||
(30 ILCS 330/7.2)
| ||
Sec. 7.2. State pension funding.
| ||
(a) The amount of $10,000,000,000 is authorized to be used |
for the
purpose of making contributions to the designated | ||
retirement systems.
For the purposes of this Section, | ||
"designated retirement systems" means
the State Employees' | ||
Retirement System of Illinois;
the Teachers' Retirement System | ||
of the State of Illinois;
the State Universities Retirement | ||
System;
the Judges Retirement System of Illinois; and
the | ||
General Assembly Retirement System.
| ||
(b) The Pension Contribution Fund is created as a special | ||
fund in the
State Treasury.
| ||
The proceeds of the additional $10,000,000,000 of Bonds | ||
authorized by this
amendatory Act of the 93rd General Assembly, | ||
less the amounts authorized in the
Bond Sale Order to be | ||
deposited directly into the capitalized interest account
of the | ||
General Obligation Bond Retirement and Interest Fund or | ||
otherwise
directly paid out for bond sale expenses under | ||
Section 8, shall be deposited
into the Pension Contribution | ||
Fund and used as provided in this Section.
| ||
(c) Of the amount of Bond proceeds first deposited into the | ||
Pension
Contribution Fund, there shall be reserved for | ||
transfers under this subsection
the sum of $300,000,000, | ||
representing the required State contributions to the
| ||
designated retirement systems for the last quarter of State | ||
fiscal year 2003,
plus the sum of $1,860,000,000, representing | ||
the required State contributions
to the designated retirement | ||
systems for State fiscal year 2004.
| ||
Upon the deposit of sufficient moneys into the Pension | ||
Contribution
Fund, the Comptroller and Treasurer shall | ||
immediately transfer the sum of
$300,000,000 from the Pension | ||
Contribution Fund to the General Revenue Fund.
| ||
Whenever any payment of required State contributions for | ||
State fiscal year
2004 is made to one of the designated | ||
retirement systems, the Comptroller and
Treasurer shall, as | ||
soon as practicable, transfer from the Pension Contribution
| ||
Fund to the General Revenue Fund an amount equal to the amount | ||
of that payment
to the designated retirement system.
Beginning | ||
on the effective date of this amendatory Act of the 93rd
|
General Assembly, the transfers from the Pension Contribution | ||
Fund to
the General Revenue Fund shall be suspended until June | ||
30, 2004, and
the remaining balance in the Pension Contribution | ||
Fund shall be
transferred directly to the designated retirement | ||
systems as provided
in Section 6z-61 of the State Finance Act. | ||
On and after July 1, 2004, in the
event that
any amount is on | ||
deposit in the Pension Contribution Fund from time to
time
If | ||
the amount reserved for these
transfers exceeds the total | ||
amount of fiscal year 2004 payments of required
State | ||
contributions to the designated retirement systems , the | ||
Comptroller and
Treasurer shall continue to make such transfers | ||
based on fiscal year 2005
payments until the entire amount on | ||
deposit
reserved has been
transferred.
| ||
(d) All amounts deposited into the Pension Contribution | ||
Fund, other
than the amounts reserved for the transfers under | ||
subsection (c), shall be
appropriated to the designated | ||
retirement systems to reduce their actuarial
reserve | ||
deficiencies. The amount of the appropriation to each | ||
designated
retirement system shall constitute a portion of the | ||
total appropriation under
this subsection that is the same as | ||
that retirement system's portion of the
total actuarial reserve | ||
deficiency of the systems, as most recently determined
by the
| ||
Governor's Office of Management and Budget
Bureau of the Budget | ||
under Section 8.12 of the State Finance Act.
| ||
Within 15 days after any Bond proceeds in excess of the | ||
amounts initially
reserved under subsection (c) are deposited | ||
into the Pension Contribution
Fund, the
Governor's Office of | ||
Management and Budget
Bureau of the Budget shall (i) allocate | ||
those proceeds among the
designated retirement systems in | ||
proportion to their respective actuarial
reserve deficiencies, | ||
as most recently determined under Section 8.12 of the
State | ||
Finance Act, and (ii) certify those allocations to the | ||
designated
retirement systems and the Comptroller.
| ||
Upon receiving certification of an allocation under this | ||
subsection, a
designated retirement system shall submit to the | ||
Comptroller a voucher for
the amount of its allocation. The |
voucher shall be paid out of the amount
appropriated to that | ||
designated retirement system from the Pension Contribution
| ||
Fund pursuant to this subsection.
| ||
(Source: P.A. 93-2, eff. 4-7-03; revised 8-23-03.)
| ||
Section 15. The Illinois Pension Code is amended by | ||
changing
Sections 2-134, 14-131, 16-158, 15-165, and 18-140 as | ||
follows:
| ||
(40 ILCS 5/2-134)
(from Ch. 108 1/2, par. 2-134)
| ||
Sec. 2-134. To certify required State contributions and | ||
submit vouchers.
| ||
(a) The Board shall certify to the Governor on or before | ||
November 15 of each
year the amount of the required State | ||
contribution to the System for the next
fiscal year. The | ||
certification shall include a copy of the actuarial
| ||
recommendations upon which it is based.
| ||
On or before May 1, 2004, the Board shall recalculate and | ||
recertify to
the Governor the amount of the required State | ||
contribution to the System for
State fiscal year 2005, taking | ||
into account the amounts appropriated to and
received by the | ||
System under subsection (d) of Section 7.2 of the General
| ||
Obligation Bond Act.
| ||
(b) Beginning in State fiscal year 1996, on or as soon as | ||
possible after the
15th day of each month the Board shall | ||
submit vouchers for payment of State
contributions to the | ||
System, in a total monthly amount of one-twelfth of the
| ||
required annual State contribution certified under subsection | ||
(a).
From the effective date of this amendatory Act
of the 93rd | ||
General Assembly through June 30, 2004, the Board shall not
| ||
submit vouchers for the remainder of fiscal year 2004 in excess | ||
of the
fiscal year 2004 certified contribution amount | ||
determined
under this Section after taking into consideration | ||
the transfer to the
System under subsection (d) of Section | ||
6z-61 of the State Finance Act.
These
vouchers shall be paid by | ||
the State Comptroller and Treasurer by warrants drawn
on the |
funds appropriated to the System for that fiscal year. If in | ||
any month
the amount remaining unexpended from all other | ||
appropriations to the System for
the applicable fiscal year | ||
(including the appropriations to the System under
Section 8.12 | ||
of the State Finance Act and Section 1 of the State Pension | ||
Funds
Continuing Appropriation Act) is less than the amount | ||
lawfully vouchered under
this Section, the difference shall be | ||
paid from the General Revenue Fund under
the continuing | ||
appropriation authority provided in Section 1.1 of the State
| ||
Pension Funds Continuing Appropriation Act.
| ||
(c) The full amount of any annual appropriation for the | ||
System for
State fiscal year 1995 shall be transferred and made | ||
available to the System
at the beginning of that fiscal year at | ||
the request of the Board.
Any excess funds remaining at the end | ||
of any fiscal year from appropriations
shall be retained by the | ||
System as a general reserve to meet the System's
accrued | ||
liabilities.
| ||
(Source: P.A. 93-2, eff. 4-7-03.)
| ||
(40 ILCS 5/14-131)
(from Ch. 108 1/2, par. 14-131)
| ||
Sec. 14-131. Contributions by State.
| ||
(a) The State shall make contributions to the System by | ||
appropriations of
amounts which, together with other employer | ||
contributions from trust, federal,
and other funds, employee | ||
contributions, investment income, and other income,
will be | ||
sufficient to meet the cost of maintaining and administering | ||
the System
on a 90% funded basis in accordance with actuarial | ||
recommendations.
| ||
For the purposes of this Section and Section 14-135.08, | ||
references to State
contributions refer only to employer | ||
contributions and do not include employee
contributions that | ||
are picked up or otherwise paid by the State or a
department on | ||
behalf of the employee.
| ||
(b) The Board shall determine the total amount of State | ||
contributions
required for each fiscal year on the basis of the | ||
actuarial tables and other
assumptions adopted by the Board, |
using the formula in subsection (e).
| ||
The Board shall also determine a State contribution rate | ||
for each fiscal
year, expressed as a percentage of payroll, | ||
based on the total required State
contribution for that fiscal | ||
year (less the amount received by the System from
| ||
appropriations under Section 8.12 of the State Finance Act and | ||
Section 1 of the
State Pension Funds Continuing Appropriation | ||
Act, if any, for the fiscal year
ending on the June 30 | ||
immediately preceding the applicable November 15
certification | ||
deadline), the estimated payroll (including all forms of
| ||
compensation) for personal services rendered by eligible | ||
employees, and the
recommendations of the actuary.
| ||
For the purposes of this Section and Section 14.1 of the | ||
State Finance Act,
the term "eligible employees" includes | ||
employees who participate in the System,
persons who may elect | ||
to participate in the System but have not so elected,
persons | ||
who are serving a qualifying period that is required for | ||
participation,
and annuitants employed by a department as | ||
described in subdivision (a)(1) or
(a)(2) of Section 14-111.
| ||
(c) Contributions shall be made by the several departments | ||
for each pay
period by warrants drawn by the State Comptroller | ||
against their respective
funds or appropriations based upon | ||
vouchers stating the amount to be so
contributed. These amounts | ||
shall be based on the full rate certified by the
Board under | ||
Section 14-135.08 for that fiscal year.
From the effective date | ||
of this amendatory Act of the 93rd General
Assembly through the | ||
payment of the final payroll from fiscal year 2004
| ||
appropriations, the several departments shall not make | ||
contributions
for the remainder of fiscal year 2004 but shall | ||
instead make payments
as required under subsection (a-1) of | ||
Section 14.1 of the State Finance Act.
The several departments | ||
shall resume those contributions at the commencement of
fiscal | ||
year 2005.
| ||
(d) If an employee is paid from trust funds or federal | ||
funds, the
department or other employer shall pay employer | ||
contributions from those funds
to the System at the certified |
rate, unless the terms of the trust or the
federal-State | ||
agreement preclude the use of the funds for that purpose, in
| ||
which case the required employer contributions shall be paid by | ||
the State.
From the effective date of this amendatory
Act of | ||
the 93rd General Assembly through the payment of the final
| ||
payroll from fiscal year 2004 appropriations, the department or | ||
other
employer shall not pay contributions for the remainder of | ||
fiscal year
2004 but shall instead make payments as required | ||
under subsection (a-1) of
Section 14.1 of the State Finance | ||
Act. The department or other employer shall
resume payment of
| ||
contributions at the commencement of fiscal year 2005.
| ||
(e) For State fiscal years 2011 through 2045, the minimum | ||
contribution
to the System to be made by the State for each | ||
fiscal year shall be an amount
determined by the System to be | ||
sufficient to bring the total assets of the
System up to 90% of | ||
the total actuarial liabilities of the System by the end
of | ||
State fiscal year 2045. In making these determinations, the | ||
required State
contribution shall be calculated each year as a | ||
level percentage of payroll
over the years remaining to and | ||
including fiscal year 2045 and shall be
determined under the | ||
projected unit credit actuarial cost method.
| ||
For State fiscal years 1996 through 2010, the State | ||
contribution to
the System, as a percentage of the applicable | ||
employee payroll, shall be
increased in equal annual increments | ||
so that by State fiscal year 2011, the
State is contributing at | ||
the rate required under this Section; except that
(i) for State | ||
fiscal year 1998, for all purposes of this Code and any other
| ||
law of this State, the certified percentage of the applicable | ||
employee payroll
shall be 5.052% for employees earning eligible | ||
creditable service under Section
14-110 and 6.500% for all | ||
other employees, notwithstanding any contrary
certification | ||
made under Section 14-135.08 before the effective date of this
| ||
amendatory Act of 1997, and (ii)
in the following specified | ||
State fiscal years, the State contribution to
the System shall | ||
not be less than the following indicated percentages of the
| ||
applicable employee payroll, even if the indicated percentage |
will produce a
State contribution in excess of the amount | ||
otherwise required under this
subsection and subsection (a):
| ||
9.8% in FY 1999;
10.0% in FY 2000;
10.2% in FY 2001;
10.4% in FY | ||
2002;
10.6% in FY 2003; and
10.8% in FY 2004.
| ||
Beginning in State fiscal year 2046, the minimum State | ||
contribution for
each fiscal year shall be the amount needed to | ||
maintain the total assets of
the System at 90% of the total | ||
actuarial liabilities of the System.
| ||
Notwithstanding any other provision of this Section, the | ||
required State
contribution for State fiscal year 2005 and each | ||
fiscal year thereafter, as
calculated under this Section and
| ||
certified under Section 14-135.08, shall not exceed an amount | ||
equal to (i) the
amount of the required State contribution that | ||
would have been calculated under
this Section for that fiscal | ||
year if the System had not received any payments
under | ||
subsection (d) of Section 7.2 of the General Obligation Bond | ||
Act, minus
(ii) the portion of the State's total debt service | ||
payments for that fiscal
year on the bonds issued for the | ||
purposes of that Section 7.2, as determined
and certified by | ||
the Comptroller, that is the same as the System's portion of
| ||
the total moneys distributed under subsection (d) of Section | ||
7.2 of the General
Obligation Bond Act.
| ||
(f) After the submission of all payments for eligible | ||
employees
from personal services line items in fiscal year 2004 | ||
have been made,
the Comptroller shall provide to the System a | ||
certification of the sum
of all fiscal year 2004 expenditures | ||
for personal services that would
have been covered by payments | ||
to the System under this Section if the
provisions of this | ||
amendatory Act of the 93rd General Assembly had not been
| ||
enacted. Upon
receipt of the certification, the System shall | ||
determine the amount
due to the System based on the full rate | ||
certified by the Board under
Section 14-135.08 for fiscal year | ||
2004 in order to meet the State's
obligation under this | ||
Section. The System shall compare this amount
due to the amount | ||
received by the System in fiscal year 2004 through
payments | ||
under this Section and under Section 6z-61 of the State Finance |
Act.
If the amount
due is more than the amount received, the | ||
difference shall be termed the
"Fiscal Year 2004 Shortfall" for | ||
purposes of this Section, and the
Fiscal Year 2004 Shortfall | ||
shall be satisfied under Section 1.2 of the State
Pension Funds | ||
Continuing Appropriation Act. If the amount due is less than | ||
the
amount received, the
difference shall be termed the "Fiscal | ||
Year 2004 Overpayment" for purposes of
this Section, and the | ||
Fiscal Year 2004 Overpayment shall be repaid by
the System to | ||
the Pension Contribution Fund as soon as practicable
after the | ||
certification.
| ||
(Source: P.A. 93-2, eff. 4-7-03.)
| ||
(40 ILCS 5/16-158)
(from Ch. 108 1/2, par. 16-158)
| ||
Sec. 16-158. Contributions by State and other employing | ||
units.
| ||
(a) The State shall make contributions to the System by | ||
means of
appropriations from the Common School Fund and other | ||
State funds of amounts
which, together with other employer | ||
contributions, employee contributions,
investment income, and | ||
other income, will be sufficient to meet the cost of
| ||
maintaining and administering the System on a 90% funded basis | ||
in accordance
with actuarial recommendations.
| ||
The Board shall determine the amount of State contributions | ||
required for
each fiscal year on the basis of the actuarial | ||
tables and other assumptions
adopted by the Board and the | ||
recommendations of the actuary, using the formula
in subsection | ||
(b-3).
| ||
(a-1) Annually, on or before November 15, the Board shall | ||
certify to the
Governor the amount of the required State | ||
contribution for the coming fiscal
year. The certification | ||
shall include a copy of the actuarial recommendations
upon | ||
which it is based.
| ||
On or before May 1, 2004, the Board shall recalculate and | ||
recertify to
the Governor the amount of the required State | ||
contribution to the System for
State fiscal year 2005, taking | ||
into account the amounts appropriated to and
received by the |
System under subsection (d) of Section 7.2 of the General
| ||
Obligation Bond Act.
| ||
(b) Through State fiscal year 1995, the State contributions | ||
shall be
paid to the System in accordance with Section 18-7 of | ||
the School Code.
| ||
(b-1) Beginning in State fiscal year 1996, on the 15th day | ||
of each month,
or as soon thereafter as may be practicable, the | ||
Board shall submit vouchers
for payment of State contributions | ||
to the System, in a total monthly amount of
one-twelfth of the | ||
required annual State contribution certified under
subsection | ||
(a-1).
From the
effective date of this amendatory Act of the | ||
93rd General Assembly
through June 30, 2004, the Board shall | ||
not submit vouchers for the
remainder of fiscal year 2004 in | ||
excess of the fiscal year 2004
certified contribution amount | ||
determined under this Section
after taking into consideration | ||
the transfer to the System
under subsection (a) of Section | ||
6z-61 of the State Finance Act.
These vouchers shall be paid by | ||
the State Comptroller and
Treasurer by warrants drawn on the | ||
funds appropriated to the System for that
fiscal year.
| ||
If in any month the amount remaining unexpended from all | ||
other appropriations
to the System for the applicable fiscal | ||
year (including the appropriations to
the System under Section | ||
8.12 of the State Finance Act and Section 1 of the
State | ||
Pension Funds Continuing Appropriation Act) is less than the | ||
amount
lawfully vouchered under this subsection, the | ||
difference shall be paid from the
Common School Fund under the | ||
continuing appropriation authority provided in
Section 1.1 of | ||
the State Pension Funds Continuing Appropriation Act.
| ||
(b-2) Allocations from the Common School Fund apportioned | ||
to school
districts not coming under this System shall not be | ||
diminished or affected by
the provisions of this Article.
| ||
(b-3) For State fiscal years 2011 through 2045, the minimum | ||
contribution
to the System to be made by the State for each | ||
fiscal year shall be an amount
determined by the System to be | ||
sufficient to bring the total assets of the
System up to 90% of | ||
the total actuarial liabilities of the System by the end of
|
State fiscal year 2045. In making these determinations, the | ||
required State
contribution shall be calculated each year as a | ||
level percentage of payroll
over the years remaining to and | ||
including fiscal year 2045 and shall be
determined under the | ||
projected unit credit actuarial cost method.
| ||
For State fiscal years 1996 through 2010, the State | ||
contribution to the
System, as a percentage of the applicable | ||
employee payroll, shall be increased
in equal annual increments | ||
so that by State fiscal year 2011, the State is
contributing at | ||
the rate required under this Section; except that in the
| ||
following specified State fiscal years, the State contribution | ||
to the System
shall not be less than the following indicated | ||
percentages of the applicable
employee payroll, even if the | ||
indicated percentage will produce a State
contribution in | ||
excess of the amount otherwise required under this subsection
| ||
and subsection (a), and notwithstanding any contrary | ||
certification made under
subsection (a-1) before the effective | ||
date of this amendatory Act of 1998:
10.02% in FY 1999;
10.77% | ||
in FY 2000;
11.47% in FY 2001;
12.16% in FY 2002;
12.86% in FY | ||
2003; and
13.56% in FY 2004.
| ||
Beginning in State fiscal year 2046, the minimum State | ||
contribution for
each fiscal year shall be the amount needed to | ||
maintain the total assets of
the System at 90% of the total | ||
actuarial liabilities of the System.
| ||
Notwithstanding any other provision of this Section, the | ||
required State
contribution for State fiscal year 2005 and each | ||
fiscal year thereafter, as
calculated under this Section and
| ||
certified under subsection (a-1), shall not exceed an amount | ||
equal to (i) the
amount of the required State contribution that | ||
would have been calculated under
this Section for that fiscal | ||
year if the System had not received any payments
under | ||
subsection (d) of Section 7.2 of the General Obligation Bond | ||
Act, minus
(ii) the portion of the State's total debt service | ||
payments for that fiscal
year on the bonds issued for the | ||
purposes of that Section 7.2, as determined
and certified by | ||
the Comptroller, that is the same as the System's portion of
|
the total moneys distributed under subsection (d) of Section | ||
7.2 of the General
Obligation Bond Act.
| ||
(c) Payment of the required State contributions and of all | ||
pensions,
retirement annuities, death benefits, refunds, and | ||
other benefits granted
under or assumed by this System, and all | ||
expenses in connection with the
administration and operation | ||
thereof, are obligations of the State.
| ||
If members are paid from special trust or federal funds | ||
which are
administered by the employing unit, whether school | ||
district or other
unit, the employing unit shall pay to the | ||
System from such
funds the full accruing retirement costs based | ||
upon that
service, as determined by the System. Employer | ||
contributions, based on
salary paid to members from federal | ||
funds, may be forwarded by the distributing
agency of the State | ||
of Illinois to the System prior to allocation, in an
amount | ||
determined in accordance with guidelines established by such
| ||
agency and the System.
| ||
(d) Effective July 1, 1986, any employer of a teacher as | ||
defined in
paragraph (8) of Section 16-106 shall pay the | ||
employer's normal cost
of benefits based upon the teacher's | ||
service, in addition to
employee contributions, as determined | ||
by the System. Such employer
contributions shall be forwarded | ||
monthly in accordance with guidelines
established by the | ||
System.
| ||
However, with respect to benefits granted under Section | ||
16-133.4 or
16-133.5 to a teacher as defined in paragraph (8) | ||
of Section 16-106, the
employer's contribution shall be 12% | ||
(rather than 20%) of the member's
highest annual salary rate | ||
for each year of creditable service granted, and
the employer | ||
shall also pay the required employee contribution on behalf of
| ||
the teacher. For the purposes of Sections 16-133.4 and | ||
16-133.5, a teacher
as defined in paragraph (8) of Section | ||
16-106 who is serving in that capacity
while on leave of | ||
absence from another employer under this Article shall not
be | ||
considered an employee of the employer from which the teacher | ||
is on leave.
|
(e) Beginning July 1, 1998, every employer of a teacher
| ||
shall pay to the System an employer contribution computed as | ||
follows:
| ||
(1) Beginning July 1, 1998 through June 30, 1999, the | ||
employer
contribution shall be equal to 0.3% of each | ||
teacher's salary.
| ||
(2) Beginning July 1, 1999 and thereafter, the employer
| ||
contribution shall be equal to 0.58% of each teacher's | ||
salary.
| ||
The school district or other employing unit may pay these | ||
employer
contributions out of any source of funding available | ||
for that purpose and
shall forward the contributions to the | ||
System on the schedule established
for the payment of member | ||
contributions.
| ||
These employer contributions are intended to offset a | ||
portion of the cost
to the System of the increases in | ||
retirement benefits resulting from this
amendatory Act of 1998.
| ||
Each employer of teachers is entitled to a credit against | ||
the contributions
required under this subsection (e) with | ||
respect to salaries paid to teachers
for the period January 1, | ||
2002 through June 30, 2003, equal to the amount paid
by that | ||
employer under subsection (a-5) of Section 6.6 of the State | ||
Employees
Group Insurance Act of 1971 with respect to salaries | ||
paid to teachers for that
period.
| ||
The additional 1% employee contribution required under | ||
Section 16-152 by
this amendatory Act of 1998 is the | ||
responsibility of the teacher and not the
teacher's employer, | ||
unless the employer agrees, through collective bargaining
or | ||
otherwise, to make the contribution on behalf of the teacher.
| ||
If an employer is required by a contract in effect on May | ||
1, 1998 between the
employer and an employee organization to | ||
pay, on behalf of all its full-time
employees
covered by this | ||
Article, all mandatory employee contributions required under
| ||
this Article, then the employer shall be excused from paying | ||
the employer
contribution required under this subsection (e) | ||
for the balance of the term
of that contract. The employer and |
the employee organization shall jointly
certify to the System | ||
the existence of the contractual requirement, in such
form as | ||
the System may prescribe. This exclusion shall cease upon the
| ||
termination, extension, or renewal of the contract at any time | ||
after May 1,
1998.
| ||
(Source: P.A. 92-505, eff. 12-20-01; 93-2, eff. 4-7-03.)
| ||
(40 ILCS 5/15-165)
(from Ch. 108 1/2, par. 15-165)
| ||
Sec. 15-165. To certify amounts and submit vouchers.
| ||
(a) The Board shall certify to the Governor on or before | ||
November 15 of each
year the appropriation required from State | ||
funds for the purposes of this
System for the following fiscal | ||
year. The certification shall include a copy
of the actuarial | ||
recommendations upon which it is based.
| ||
On or before May 1, 2004, the Board shall recalculate and | ||
recertify to
the Governor the amount of the required State | ||
contribution to the System for
State fiscal year 2005, taking | ||
into account the amounts appropriated to and
received by the | ||
System under subsection (d) of Section 7.2 of the General
| ||
Obligation Bond Act.
| ||
(b) The Board shall certify to the State Comptroller or | ||
employer, as the
case may be, from time to time, by its | ||
president and secretary, with its seal
attached, the amounts | ||
payable to the System from the various funds.
| ||
(c) Beginning in State fiscal year 1996, on or as soon as | ||
possible after the
15th day of each month the Board shall | ||
submit vouchers for payment of State
contributions to the | ||
System, in a total monthly amount of one-twelfth of the
| ||
required annual State contribution certified under subsection | ||
(a).
From the effective date of this amendatory Act
of the 93rd | ||
General Assembly through June 30, 2004, the Board shall not
| ||
submit vouchers for the remainder of fiscal year 2004 in excess | ||
of the
fiscal year 2004 certified contribution amount | ||
determined
under this Section after taking into consideration | ||
the transfer to the
System under subsection (b) of Section | ||
6z-61 of the State Finance Act.
These
vouchers shall be paid by |
the State Comptroller and Treasurer by warrants drawn
on the | ||
funds appropriated to the System for that fiscal year.
| ||
If in any month the amount remaining unexpended from all | ||
other
appropriations to the System for the applicable fiscal | ||
year (including the
appropriations to the System under Section | ||
8.12 of the State Finance Act and
Section 1 of the State | ||
Pension Funds Continuing Appropriation Act) is less than
the | ||
amount lawfully vouchered under this Section, the difference | ||
shall be paid
from the General Revenue Fund under the | ||
continuing appropriation authority
provided in Section 1.1 of | ||
the State Pension Funds Continuing Appropriation
Act.
| ||
(d) So long as the payments received are the full amount | ||
lawfully
vouchered under this Section, payments received by the | ||
System under this
Section shall be applied first toward the | ||
employer contribution to the
self-managed plan established | ||
under Section 15-158.2. Payments shall be
applied second toward | ||
the employer's portion of the normal costs of the System,
as | ||
defined in subsection (f) of Section 15-155. The balance shall | ||
be applied
toward the unfunded actuarial liabilities of the | ||
System.
| ||
(e) In the event that the System does not receive, as a | ||
result of
legislative enactment or otherwise, payments | ||
sufficient to
fully fund the employer contribution to the | ||
self-managed plan
established under Section 15-158.2 and to | ||
fully fund that portion of the
employer's portion of the normal | ||
costs of the System, as calculated in
accordance with Section | ||
15-155(a-1), then any payments received shall be
applied | ||
proportionately to the optional retirement program established | ||
under
Section 15-158.2 and to the employer's portion of the | ||
normal costs of the
System, as calculated in accordance with | ||
Section 15-155(a-1).
| ||
(Source: P.A. 93-2, eff. 4-7-03.)
| ||
(40 ILCS 5/18-140)
(from Ch. 108 1/2, par. 18-140)
| ||
Sec. 18-140. To certify required State contributions and | ||
submit vouchers.
|
(a) The Board shall certify to the Governor, on or before | ||
November 15 of
each year, the amount of the required State | ||
contribution to the System for the
following fiscal year. The | ||
certification shall include a copy of the actuarial
| ||
recommendations upon which it is based.
| ||
On or before May 1, 2004, the Board shall recalculate and | ||
recertify to
the Governor the amount of the required State | ||
contribution to the System for
State fiscal year 2005, taking | ||
into account the amounts appropriated to and
received by the | ||
System under subsection (d) of Section 7.2 of the General
| ||
Obligation Bond Act.
| ||
(b) Beginning in State fiscal year 1996, on or as soon as | ||
possible after
the 15th day of each month the Board shall | ||
submit vouchers for payment of State
contributions to the | ||
System, in a total monthly amount of one-twelfth of the
| ||
required annual State contribution certified under subsection | ||
(a).
From the effective date of this amendatory Act
of the 93rd | ||
General Assembly through June 30, 2004, the Board shall not
| ||
submit vouchers for the remainder of fiscal year 2004 in excess | ||
of the
fiscal year 2004 certified contribution amount | ||
determined
under this Section after taking into consideration | ||
the transfer to the
System under subsection (c) of Section | ||
6z-61 of the State Finance Act.
These
vouchers shall be paid by | ||
the State Comptroller and Treasurer by warrants drawn
on the | ||
funds appropriated to the System for that fiscal year.
| ||
If in any month the amount remaining unexpended from all | ||
other
appropriations to the System for the applicable fiscal | ||
year (including the
appropriations to the System under Section | ||
8.12 of the State Finance Act and
Section 1 of the State | ||
Pension Funds Continuing Appropriation Act) is less than
the | ||
amount lawfully vouchered under this Section, the difference | ||
shall be paid
from the General Revenue Fund under the | ||
continuing appropriation authority
provided in Section 1.1 of | ||
the State Pension Funds Continuing Appropriation
Act.
| ||
(Source: P.A. 93-2, eff. 4-7-03.)
|
Section 20. The State Pension Funds Continuing | ||
Appropriation Act is amended
by changing
Section 1.2 as | ||
follows:
| ||
(40 ILCS 15/1.2)
| ||
Sec. 1.2. Appropriations for the State Employees' | ||
Retirement System.
| ||
(a) From each fund from which an amount is appropriated for | ||
personal
services to a department or other employer under | ||
Article 14 of the Illinois
Pension Code, there is hereby | ||
appropriated to that department or other
employer, on a | ||
continuing annual basis for each State fiscal year, an
| ||
additional amount equal to the amount, if any, by which (1) an | ||
amount equal
to the percentage of the personal services line | ||
item for that department or
employer from that fund for that | ||
fiscal year that the Board of Trustees of
the State Employees' | ||
Retirement System of Illinois has certified under Section
| ||
14-135.08 of the Illinois Pension Code to be necessary to meet | ||
the State's
obligation under Section 14-131 of the Illinois | ||
Pension Code for that fiscal
year, exceeds (2) the amounts | ||
otherwise appropriated to that department or
employer from that | ||
fund for State contributions to the State Employees'
Retirement | ||
System for that fiscal year.
From the effective
date of this | ||
amendatory Act of the 93rd General Assembly
through the final | ||
payment from a department or employer's
personal services line | ||
item for fiscal year 2004, payments to
the State Employees' | ||
Retirement System that otherwise would
have been made under | ||
this subsection (a) shall be governed by
the provisions in | ||
subsection (a-1).
| ||
(a-1) If a Fiscal Year 2004 Shortfall is certified under | ||
subsection (f) of
Section 14-131 of the Illinois Pension Code, | ||
there is hereby appropriated
to the State Employees' Retirement | ||
System of Illinois on a
continuing basis from the General | ||
Revenue Fund an additional
aggregate amount equal to the Fiscal | ||
Year 2004 Shortfall.
| ||
(b) The continuing appropriations provided for by this |
Section shall first
be available in State fiscal year 1996.
| ||
(Source: P.A. 88-593, eff. 8-22-94.)
| ||
Section 99. Effective date. This Act takes effect upon | ||
becoming law.
|