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1 | AN ACT in relation to pensions.
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2 | Be it enacted by the People of the State of Illinois, | ||||||
3 | represented in the General Assembly:
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4 | Section 5. The State Finance Act is amended by changing
| ||||||
5 | Sections 8.12, 8a, and 14.1 and adding Section 6z-61 as | ||||||
6 | follows:
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7 | (30 ILCS 105/6z-61 new)
| ||||||
8 | Sec. 6z-61. Transfers from Pension Contribution Fund.
| ||||||
9 | (a) As soon as practicable after the effective date of this
| ||||||
10 | amendatory Act of the 93rd General Assembly, the State | ||||||
11 | Comptroller shall
direct and the State Treasurer shall transfer | ||||||
12 | from the Pension
Contribution Fund to the Teachers' Retirement | ||||||
13 | System of Illinois
an amount equal to the unexpended balance of | ||||||
14 | the fiscal year 2004
appropriations to the System from the | ||||||
15 | General Revenue Fund, the
Education Assistance Fund, the Common | ||||||
16 | School Fund, and the State
Pensions Fund so that the amount | ||||||
17 | received by the System in fiscal year
2004 is equal to the | ||||||
18 | fiscal year 2004 certified contribution amount for
the System | ||||||
19 | as determined under Section 16-158 of the Illinois Pension | ||||||
20 | Code.
| ||||||
21 | (b) As soon as practicable after the effective date of this
| ||||||
22 | amendatory Act of the 93rd General Assembly, the State | ||||||
23 | Comptroller shall
direct and the State Treasurer shall transfer | ||||||
24 | from the Pension
Contribution Fund to the State Universities | ||||||
25 | Retirement System an amount
equal to the unexpended balance of | ||||||
26 | the fiscal year 2004 appropriations to
the System from the | ||||||
27 | General Revenue Fund, the Education Assistance Fund,
and the | ||||||
28 | State Pensions Fund so that the amount received by the System
| ||||||
29 | in fiscal year 2004 is equal to the fiscal year 2004 certified
| ||||||
30 | contribution amount for the System as determined under Section | ||||||
31 | 15-165 of the
Illinois Pension Code.
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32 | (c) As soon as practicable after the effective date of this
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1 | amendatory Act of the 93rd General Assembly, the State | ||||||
2 | Comptroller shall
direct and the State Treasurer shall transfer | ||||||
3 | from the Pension
Contribution Fund to the Judges Retirement | ||||||
4 | System of Illinois an amount
equal to the unexpended balance of | ||||||
5 | the fiscal year 2004 appropriations to
the System from the | ||||||
6 | General Revenue Fund and the State Pensions Fund so
that the | ||||||
7 | amount received by the System in fiscal year 2004 is equal to
| ||||||
8 | the fiscal year 2004 certified contribution amount for the | ||||||
9 | System as
determined under Section 18-140 of the Illinois | ||||||
10 | Pension Code.
| ||||||
11 | (d) As soon as practicable after the effective date of this
| ||||||
12 | amendatory Act of the 93rd General Assembly, the State | ||||||
13 | Comptroller shall
direct and the State Treasurer shall transfer | ||||||
14 | from the Pension
Contribution Fund to the General Assembly | ||||||
15 | Retirement System an amount
equal to the unexpended balance of | ||||||
16 | the fiscal year 2004 appropriations to
the System from the | ||||||
17 | General Revenue Fund and the State Pensions Fund so
that the | ||||||
18 | amount received by the System in fiscal year 2004 is equal to
| ||||||
19 | the fiscal year 2004 certified contribution amount for the | ||||||
20 | System as
determined under Section 2-134 of the Illinois | ||||||
21 | Pension Code.
| ||||||
22 | (e) As soon as practicable after the effective date of this
| ||||||
23 | amendatory Act of the 93rd General Assembly, and taking into
| ||||||
24 | consideration the transfers provided for by subsections (a), | ||||||
25 | (b), (c), and (d),
the State Comptroller shall direct and the | ||||||
26 | State Treasurer shall
transfer the remaining balance in the | ||||||
27 | Pension Contribution Fund to the
State Employees' Retirement | ||||||
28 | System of Illinois.
| ||||||
29 | (30 ILCS 105/8.12)
(from Ch. 127, par. 144.12)
| ||||||
30 | Sec. 8.12. State Pensions Fund.
| ||||||
31 | (a) The moneys in the State Pensions Fund shall be used | ||||||
32 | exclusively
for the administration of the Uniform Disposition | ||||||
33 | of Unclaimed Property Act and
for the payment of or repayment | ||||||
34 | to the General Revenue Fund a portion of
the required State | ||||||
35 | contributions to the
designated retirement systems.
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1 | "Designated retirement systems" means:
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2 | (1) the State Employees' Retirement System of | ||||||
3 | Illinois;
| ||||||
4 | (2) the Teachers' Retirement System of the State of | ||||||
5 | Illinois;
| ||||||
6 | (3) the State Universities Retirement System;
| ||||||
7 | (4) the Judges Retirement System of Illinois; and
| ||||||
8 | (5) the General Assembly Retirement System.
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9 | (b) Each year the General Assembly may make appropriations | ||||||
10 | from
the State Pensions Fund for the administration of the | ||||||
11 | Uniform Disposition of
Unclaimed Property Act.
| ||||||
12 | Each month, the Commissioner of the Office of Banks and | ||||||
13 | Real Estate shall
certify to the State Treasurer the actual | ||||||
14 | expenditures that the Office of
Banks and Real Estate incurred | ||||||
15 | conducting unclaimed property examinations under
the Uniform | ||||||
16 | Disposition of Unclaimed Property Act during the immediately
| ||||||
17 | preceding month. Within a reasonable
time following the | ||||||
18 | acceptance of such certification by the State Treasurer, the
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19 | State Treasurer shall pay from its appropriation from the State | ||||||
20 | Pensions Fund
to the Bank and Trust Company Fund and the | ||||||
21 | Savings and Residential Finance
Regulatory Fund an amount equal | ||||||
22 | to the expenditures incurred by each Fund for
that month.
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23 | Each month, the Director of Financial Institutions shall
| ||||||
24 | certify to the State Treasurer the actual expenditures that the | ||||||
25 | Department of
Financial Institutions incurred conducting | ||||||
26 | unclaimed property examinations
under the Uniform Disposition | ||||||
27 | of Unclaimed Property Act during the immediately
preceding | ||||||
28 | month. Within a reasonable time following the acceptance of | ||||||
29 | such
certification by the State Treasurer, the State Treasurer | ||||||
30 | shall pay from its
appropriation from the State Pensions Fund
| ||||||
31 | to the Financial Institutions Fund and the Credit Union Fund
an | ||||||
32 | amount equal to the expenditures incurred by each Fund for
that | ||||||
33 | month.
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34 | (c) Each year the General Assembly shall appropriate a | ||||||
35 | total amount
equal to the balance in the State Pensions Fund at | ||||||
36 | the close of business on
June 30 of the preceding fiscal year, |
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1 | less $5,000,000, as part of the required
State contributions to | ||||||
2 | the designated retirement systems. The amount of the
| ||||||
3 | appropriation to each designated retirement system shall | ||||||
4 | constitute a portion
of the total appropriation under this | ||||||
5 | subsection for that fiscal year which is
the same as that | ||||||
6 | retirement system's portion of the total actuarial reserve
| ||||||
7 | deficiency of the systems, as most recently determined by the
| ||||||
8 | Governor's Office of Management and Budget
Bureau of the
| ||||||
9 | Budget .
| ||||||
10 | (d) The
Governor's Office of Management and Budget
Bureau | ||||||
11 | of the Budget shall determine the individual and total
reserve | ||||||
12 | deficiencies of the designated retirement systems. For this | ||||||
13 | purpose,
the
Governor's Office of Management and Budget
Bureau | ||||||
14 | of the Budget shall utilize the latest available audit and | ||||||
15 | actuarial
reports of each of the retirement systems and the | ||||||
16 | relevant reports and
statistics of the Public Employee Pension | ||||||
17 | Fund Division of the Department of
Insurance.
| ||||||
18 | (d-1) As soon as practicable after the effective date of | ||||||
19 | this
amendatory Act of the 93rd General Assembly, the | ||||||
20 | Comptroller shall
direct and the Treasurer shall transfer from | ||||||
21 | the State Pensions Fund to
the General Revenue Fund, as funds | ||||||
22 | become available, a sum equal to the
amounts that would have | ||||||
23 | been paid
from the State Pensions Fund to the Teachers' | ||||||
24 | Retirement System of the State
of Illinois,
the State | ||||||
25 | Universities Retirement System, the Judges Retirement
System | ||||||
26 | of Illinois, the
General Assembly Retirement System, and the | ||||||
27 | State Employees'
Retirement System
of Illinois
after the | ||||||
28 | effective date of this
amendatory Act during the remainder of | ||||||
29 | fiscal year 2004 to the
designated retirement systems from the | ||||||
30 | appropriations provided for in
this Section if the transfers | ||||||
31 | provided in Section 6z-61 had not
occurred. The transfers | ||||||
32 | described in this subsection (d-1) are to
partially repay the | ||||||
33 | General Revenue Fund for the costs associated with
the bonds | ||||||
34 | used to fund the moneys transferred to the designated
| ||||||
35 | retirement systems under Section 6z-61.
| ||||||
36 | (e) The changes to this Section made by this amendatory Act |
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1 | of 1994 shall
first apply to distributions from the Fund for | ||||||
2 | State fiscal year 1996.
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3 | (Source: P.A. 91-16, eff. 7-1-99; revised 8-23-03.)
| ||||||
4 | (30 ILCS 105/8a)
(from Ch. 127, par. 144a)
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5 | Sec. 8a. Common School Fund; transfers to Common School | ||||||
6 | Fund and Education
Assistance Fund.
| ||||||
7 | (a) Except as provided in subsection (b) of this
Section | ||||||
8 | and except as otherwise provided in this subsection (a) with
| ||||||
9 | respect to amounts transferred from the General Revenue Fund to | ||||||
10 | the Common
School Fund for distribution therefrom for the | ||||||
11 | benefit of the Teachers'
Retirement System of the State of | ||||||
12 | Illinois and the Public School Teachers'
Pension and Retirement | ||||||
13 | Fund of Chicago:
| ||||||
14 | (1) With respect to all school districts, for each | ||||||
15 | fiscal year other
than fiscal year 1994, on or before the | ||||||
16 | eleventh and
twenty-first days of each of the months of | ||||||
17 | August through the following July,
at a time or times | ||||||
18 | designated by the Governor, the State Treasurer
and the | ||||||
19 | State Comptroller shall transfer from the General Revenue
| ||||||
20 | Fund to the Common School Fund and Education Assistance | ||||||
21 | Fund, as
appropriate, 1/24 or so much thereof as may be
| ||||||
22 | necessary of the amount appropriated to the State Board of | ||||||
23 | Education for
distribution to all school districts from | ||||||
24 | such Common School Fund and
Education Assistance Fund, for | ||||||
25 | the
fiscal year, including interest on the School Fund | ||||||
26 | proportionate for that
distribution for such year.
| ||||||
27 | (2) With respect to all school districts, but for | ||||||
28 | fiscal year 1994 only,
on the 11th day of August, 1993 and | ||||||
29 | on or before the 11th and
21st days of each of the months | ||||||
30 | of October, 1993 through July, 1994 at a time
or times | ||||||
31 | designated by the Governor, the State Treasurer and the | ||||||
32 | State
Comptroller shall transfer from the General Revenue | ||||||
33 | Fund to the Common School
Fund 1/24 or so much thereof as | ||||||
34 | may be necessary of the amount appropriated to
the State | ||||||
35 | Board of Education for distribution to all school districts |
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1 | from such
Common School Fund, for fiscal year 1994, | ||||||
2 | including interest on the School Fund
proportionate for | ||||||
3 | that distribution for such year; and on or before the 21st
| ||||||
4 | day of August, 1993 at a time or times designated by the | ||||||
5 | Governor, the State
Treasurer and the State Comptroller | ||||||
6 | shall transfer from the General Revenue
Fund to the Common | ||||||
7 | School Fund 3/24 or so much thereof as may be necessary of
| ||||||
8 | the amount appropriated to the State Board of Education for | ||||||
9 | distribution to all
school districts from the Common School | ||||||
10 | Fund, for fiscal year 1994, including
interest | ||||||
11 | proportionate for that distribution on the School Fund for | ||||||
12 | such fiscal
year.
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13 | The amounts of the payments made in July of each year: (i) | ||||||
14 | shall be
considered an outstanding liability as of the 30th day | ||||||
15 | of June immediately
preceding those July payments, within the | ||||||
16 | meaning of Section 25 of this Act;
(ii) shall be payable from | ||||||
17 | the appropriation for the fiscal year that ended on
that 30th | ||||||
18 | day of June; and (iii) shall be considered payments for claims
| ||||||
19 | covering the school year that commenced during the immediately | ||||||
20 | preceding
calendar year.
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21 | Notwithstanding the foregoing provisions of this | ||||||
22 | subsection, as soon
as may be after the 10th and 20th days of | ||||||
23 | each of the months of August
through May, 1/24, and on or as | ||||||
24 | soon as may be after the 10th and 20th days of June, 1/12 of the | ||||||
25 | annual amount appropriated to the
State Board of Education for | ||||||
26 | distribution and payment during that fiscal year
from the | ||||||
27 | Common School Fund to and for the benefit of the Teachers' | ||||||
28 | Retirement
System of the State of Illinois (until the end of | ||||||
29 | State fiscal year 1995)
and the Public School Teachers' Pension | ||||||
30 | and Retirement Fund of Chicago as
provided by the Illinois | ||||||
31 | Pension Code and Section 18-7 of the School Code, or
so much | ||||||
32 | thereof as may be necessary, shall be transferred by the State
| ||||||
33 | Treasurer and the State Comptroller from the General Revenue | ||||||
34 | Fund to the Common
School Fund to permit semi-monthly payments | ||||||
35 | from the Common School Fund to and
for the benefit of such | ||||||
36 | teacher retirement systems as required by Section 18-7
of the |
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1 | School Code.
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2 | Notwithstanding the other provisions of this Section, on or | ||||||
3 | as soon as
may be after the 15th day of each month, beginning | ||||||
4 | in July of 1995, 1/12
of the annual amount appropriated for | ||||||
5 | that fiscal year from the Common School
Fund to the Teachers' | ||||||
6 | Retirement System of the State of Illinois (other than
amounts | ||||||
7 | appropriated under Section 1.1 of the State Pension Funds | ||||||
8 | Continuing
Appropriation Act), or so much thereof as may be | ||||||
9 | necessary, shall be
transferred by the State Treasurer and the | ||||||
10 | State Comptroller from the General
Revenue Fund to the Common | ||||||
11 | School Fund to permit monthly payments from the
Common School | ||||||
12 | Fund to that retirement system in accordance with Section | ||||||
13 | 16-158
of the Illinois Pension Code and Section 18-7 of the | ||||||
14 | School Code , except that
such transfers in fiscal year 2004 | ||||||
15 | from the General Revenue Fund
to the Common School Fund for the | ||||||
16 | benefit of the Teachers' Retirement System of
the State of | ||||||
17 | Illinois shall be reduced in the aggregate by the State
| ||||||
18 | Comptroller and
State Treasurer to adjust for the amount | ||||||
19 | transferred to the Teachers'
Retirement System of the State of | ||||||
20 | Illinois pursuant to subsection (a) of
Section 6z-61 .
Amounts
| ||||||
21 | appropriated to the Teachers' Retirement System of the State of | ||||||
22 | Illinois under
Section 1.1 of the State Pension Funds | ||||||
23 | Continuing Appropriation Act shall be
transferred by the State | ||||||
24 | Treasurer and the State Comptroller from the General
Revenue | ||||||
25 | Fund to the Common School Fund as necessary to provide for the | ||||||
26 | payment
of vouchers drawn against those appropriations.
| ||||||
27 | The Governor may notify the State Treasurer and the State | ||||||
28 | Comptroller to
transfer, at a time designated by the Governor, | ||||||
29 | such additional amount as
may be necessary to effect advance | ||||||
30 | distribution to school districts of amounts
that otherwise | ||||||
31 | would be payable in the next month pursuant to Sections 18-8
| ||||||
32 | through 18-10 of the School Code. The State Treasurer and the | ||||||
33 | State Comptroller
shall thereupon transfer such additional | ||||||
34 | amount. The aggregate amount
transferred from the General | ||||||
35 | Revenue Fund to the Common School Fund in the
eleven months | ||||||
36 | beginning August 1 of any fiscal year shall not be in excess
of |
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| |||||||
1 | the amount necessary for payment of claims certified by the | ||||||
2 | State
Superintendent of Education pursuant to the | ||||||
3 | appropriation of the Common
School Fund for that fiscal year. | ||||||
4 | Notwithstanding the provisions of the
first paragraph in this | ||||||
5 | section, no transfer to effect an advance
distribution shall be | ||||||
6 | made in any month except on notification, as provided
above, by | ||||||
7 | the Governor.
| ||||||
8 | The State Comptroller and State Treasurer shall transfer | ||||||
9 | from the General
Revenue Fund to the Common School Fund and the | ||||||
10 | Education Assistance Fund
such amounts as may be required to
| ||||||
11 | honor the vouchers presented by the State Board of Education | ||||||
12 | pursuant to
Sections 18-3, 18-4.3, 18-5, 18-6 and 18-7 of the | ||||||
13 | School Code.
| ||||||
14 | The State Comptroller shall report all transfers provided | ||||||
15 | for in this Act
to the President of the Senate, Minority Leader | ||||||
16 | of the Senate, Speaker of
the House, and Minority Leader of the | ||||||
17 | House.
| ||||||
18 | (b) On or before the 11th and 21st days of each of the | ||||||
19 | months of June,
1982 through July, 1983, at a time or times | ||||||
20 | designated by the Governor,
the State Treasurer and the State | ||||||
21 | Comptroller shall transfer from the General
Revenue Fund to the | ||||||
22 | Common School Fund 1/24 or so much thereof as may be
necessary | ||||||
23 | of the amount appropriated to the State Board of Education for
| ||||||
24 | distribution from such Common School Fund, for that same fiscal | ||||||
25 | year, including
interest on the School Fund for such year. The | ||||||
26 | amounts of the payments
in the months of July, 1982 and July, | ||||||
27 | 1983 shall be considered an outstanding
liability as of the | ||||||
28 | 30th day of June immediately preceding such July payment,
| ||||||
29 | within the meaning of Section 25 of this Act, and shall be | ||||||
30 | payable from
the appropriation for the fiscal year which ended | ||||||
31 | on such 30th day of June,
and such July payments shall be | ||||||
32 | considered payments for claims covering
school years 1981-1982 | ||||||
33 | and 1982-1983 respectively.
| ||||||
34 | In the event the Governor makes notification to effect | ||||||
35 | advanced distribution
under the provisions of subsection (a) of | ||||||
36 | this Section, the aggregate amount
transferred from the General |
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| |||||||
1 | Revenue Fund to the Common School Fund in the
12 months | ||||||
2 | beginning August 1, 1981 or the 12 months beginning August 1,
| ||||||
3 | 1982 shall not be in excess of the amount necessary for payment | ||||||
4 | of claims
certified by the State Superintendent of Education | ||||||
5 | pursuant to the
appropriation of the Common School Fund for the | ||||||
6 | fiscal years commencing on
the first of July of the years 1981 | ||||||
7 | and 1982.
| ||||||
8 | (Source: P.A. 90-372, eff. 7-1-98; 90-587, eff. 7-1-98; 91-96, | ||||||
9 | eff. 7-9-99.)
| ||||||
10 | (30 ILCS 105/14.1)
(from Ch. 127, par. 150.1)
| ||||||
11 | Sec. 14.1. Appropriations for State contributions to the | ||||||
12 | State
Employees' Retirement System; payroll requirements.
| ||||||
13 | (a) Appropriations for State contributions to the State
| ||||||
14 | Employees' Retirement System of Illinois shall be expended in | ||||||
15 | the manner
provided in this Section.
Except as otherwise | ||||||
16 | provided in subsection (a-1),
at the time of each payment of | ||||||
17 | salary to an
employee under the personal services line item, | ||||||
18 | payment shall be made to
the State Employees' Retirement | ||||||
19 | System, from the amount appropriated for
State contributions to | ||||||
20 | the State Employees' Retirement System, of an amount
calculated | ||||||
21 | at the rate certified for the applicable fiscal year by the
| ||||||
22 | Board of Trustees of the State Employees' Retirement System | ||||||
23 | under Section
14-135.08 of the Illinois Pension Code. If a line | ||||||
24 | item appropriation to an
employer for this purpose is | ||||||
25 | unavailable or exhausted, the amounts shall be
paid under the | ||||||
26 | continuing appropriation for this purpose contained in the | ||||||
27 | State
Pension Funds Continuing Appropriation Act.
| ||||||
28 | (a-1) Beginning on the effective date of this amendatory | ||||||
29 | Act of the 93rd
General Assembly through the payment of the | ||||||
30 | final payroll from fiscal
year 2004 appropriations, | ||||||
31 | appropriations for State contributions to the
State Employees' | ||||||
32 | Retirement System of Illinois shall be expended in the
manner | ||||||
33 | provided in this subsection (a-1). At the time of each payment | ||||||
34 | of
salary to an employee under the personal services line item | ||||||
35 | from a fund
other than the General Revenue Fund, payment shall |
| |||||||
| |||||||
1 | be made for deposit
into the General Revenue Fund from the | ||||||
2 | amount appropriated for State
contributions to the State | ||||||
3 | Employees' Retirement System of an amount
calculated at the | ||||||
4 | rate certified for fiscal year 2004 by the Board of
Trustees of | ||||||
5 | the State Employees' Retirement System under Section
14-135.08 | ||||||
6 | of the Illinois Pension Code. This payment shall be made to
the | ||||||
7 | extent that a line item appropriation to an employer for this | ||||||
8 | purpose is
available or unexhausted. No payment from | ||||||
9 | appropriations for State
contributions shall be made in | ||||||
10 | conjunction with payment of salary to an
employee under the | ||||||
11 | personal services line item from the General Revenue
Fund.
| ||||||
12 | (b) Except during the period beginning on the effective | ||||||
13 | date of this
amendatory
Act of the 93rd General Assembly and | ||||||
14 | ending at the time of the payment of the
final payroll from | ||||||
15 | fiscal year 2004 appropriations, the State Comptroller
shall | ||||||
16 | not approve for payment any payroll
voucher that (1) includes | ||||||
17 | payments of salary to eligible employees in the
State | ||||||
18 | Employees' Retirement System of Illinois and (2) does not | ||||||
19 | include the
corresponding payment of State contributions to | ||||||
20 | that retirement system at the
full rate certified under Section | ||||||
21 | 14-135.08 for that fiscal year for eligible
employees, unless | ||||||
22 | the balance in the fund on which the payroll voucher is drawn
| ||||||
23 | is insufficient to pay the total payroll voucher. If the State | ||||||
24 | Comptroller
approves a payroll voucher under this Section for | ||||||
25 | which the fund balance is
insufficient to pay the full amount | ||||||
26 | of the required State contribution to the
State Employees' | ||||||
27 | Retirement System, the Comptroller shall promptly so notify
the | ||||||
28 | Retirement System.
| ||||||
29 | (Source: P.A. 88-593, eff. 8-22-94; 89-136, eff. 7-14-95.)
| ||||||
30 | Section 10. The General Obligation Bond Act is amended by | ||||||
31 | changing
Section 7.2 as follows:
| ||||||
32 | (30 ILCS 330/7.2)
| ||||||
33 | Sec. 7.2. State pension funding.
| ||||||
34 | (a) The amount of $10,000,000,000 is authorized to be used |
| |||||||
| |||||||
1 | for the
purpose of making contributions to the designated | ||||||
2 | retirement systems.
For the purposes of this Section, | ||||||
3 | "designated retirement systems" means
the State Employees' | ||||||
4 | Retirement System of Illinois;
the Teachers' Retirement System | ||||||
5 | of the State of Illinois;
the State Universities Retirement | ||||||
6 | System;
the Judges Retirement System of Illinois; and
the | ||||||
7 | General Assembly Retirement System.
| ||||||
8 | (b) The Pension Contribution Fund is created as a special | ||||||
9 | fund in the
State Treasury.
| ||||||
10 | The proceeds of the additional $10,000,000,000 of Bonds | ||||||
11 | authorized by this
amendatory Act of the 93rd General Assembly, | ||||||
12 | less the amounts authorized in the
Bond Sale Order to be | ||||||
13 | deposited directly into the capitalized interest account
of the | ||||||
14 | General Obligation Bond Retirement and Interest Fund or | ||||||
15 | otherwise
directly paid out for bond sale expenses under | ||||||
16 | Section 8, shall be deposited
into the Pension Contribution | ||||||
17 | Fund and used as provided in this Section.
| ||||||
18 | (c) Of the amount of Bond proceeds first deposited into the | ||||||
19 | Pension
Contribution Fund, there shall be reserved for | ||||||
20 | transfers under this subsection
the sum of $300,000,000, | ||||||
21 | representing the required State contributions to the
| ||||||
22 | designated retirement systems for the last quarter of State | ||||||
23 | fiscal year 2003,
plus the sum of $1,860,000,000, representing | ||||||
24 | the required State contributions
to the designated retirement | ||||||
25 | systems for State fiscal year 2004.
| ||||||
26 | Upon the deposit of sufficient moneys into the Pension | ||||||
27 | Contribution
Fund, the Comptroller and Treasurer shall | ||||||
28 | immediately transfer the sum of
$300,000,000 from the Pension | ||||||
29 | Contribution Fund to the General Revenue Fund.
| ||||||
30 | Whenever any payment of required State contributions for | ||||||
31 | State fiscal year
2004 is made to one of the designated | ||||||
32 | retirement systems, the Comptroller and
Treasurer shall, as | ||||||
33 | soon as practicable, transfer from the Pension Contribution
| ||||||
34 | Fund to the General Revenue Fund an amount equal to the amount | ||||||
35 | of that payment
to the designated retirement system.
Beginning | ||||||
36 | on the effective date of this amendatory Act of the 93rd
|
| |||||||
| |||||||
1 | General Assembly, the transfers from the Pension Contribution | ||||||
2 | Fund to
the General Revenue Fund shall be suspended until June | ||||||
3 | 30, 2004, and
the remaining balance in the Pension Contribution | ||||||
4 | Fund shall be
transferred directly to the designated retirement | ||||||
5 | systems as provided
in Section 6z-61 of the State Finance Act. | ||||||
6 | On and after July 1, 2004, in the
event that
any amount is on | ||||||
7 | deposit in the Pension Contribution Fund from time to
time
If | ||||||
8 | the amount reserved for these
transfers exceeds the total | ||||||
9 | amount of fiscal year 2004 payments of required
State | ||||||
10 | contributions to the designated retirement systems , the | ||||||
11 | Comptroller and
Treasurer shall continue to make such transfers | ||||||
12 | based on fiscal year 2005
payments until the entire amount on | ||||||
13 | deposit
reserved has been
transferred.
| ||||||
14 | (d) All amounts deposited into the Pension Contribution | ||||||
15 | Fund, other
than the amounts reserved for the transfers under | ||||||
16 | subsection (c), shall be
appropriated to the designated | ||||||
17 | retirement systems to reduce their actuarial
reserve | ||||||
18 | deficiencies. The amount of the appropriation to each | ||||||
19 | designated
retirement system shall constitute a portion of the | ||||||
20 | total appropriation under
this subsection that is the same as | ||||||
21 | that retirement system's portion of the
total actuarial reserve | ||||||
22 | deficiency of the systems, as most recently determined
by the
| ||||||
23 | Governor's Office of Management and Budget
Bureau of the Budget | ||||||
24 | under Section 8.12 of the State Finance Act.
| ||||||
25 | Within 15 days after any Bond proceeds in excess of the | ||||||
26 | amounts initially
reserved under subsection (c) are deposited | ||||||
27 | into the Pension Contribution
Fund, the
Governor's Office of | ||||||
28 | Management and Budget
Bureau of the Budget shall (i) allocate | ||||||
29 | those proceeds among the
designated retirement systems in | ||||||
30 | proportion to their respective actuarial
reserve deficiencies, | ||||||
31 | as most recently determined under Section 8.12 of the
State | ||||||
32 | Finance Act, and (ii) certify those allocations to the | ||||||
33 | designated
retirement systems and the Comptroller.
| ||||||
34 | Upon receiving certification of an allocation under this | ||||||
35 | subsection, a
designated retirement system shall submit to the | ||||||
36 | Comptroller a voucher for
the amount of its allocation. The |
| |||||||
| |||||||
1 | voucher shall be paid out of the amount
appropriated to that | ||||||
2 | designated retirement system from the Pension Contribution
| ||||||
3 | Fund pursuant to this subsection.
| ||||||
4 | (Source: P.A. 93-2, eff. 4-7-03; revised 8-23-03.)
| ||||||
5 | Section 15. The Illinois Pension Code is amended by | ||||||
6 | changing
Sections 2-134, 14-131, 16-158, 15-165, and 18-140 as | ||||||
7 | follows:
| ||||||
8 | (40 ILCS 5/2-134)
(from Ch. 108 1/2, par. 2-134)
| ||||||
9 | Sec. 2-134. To certify required State contributions and | ||||||
10 | submit vouchers.
| ||||||
11 | (a) The Board shall certify to the Governor on or before | ||||||
12 | November 15 of each
year the amount of the required State | ||||||
13 | contribution to the System for the next
fiscal year. The | ||||||
14 | certification shall include a copy of the actuarial
| ||||||
15 | recommendations upon which it is based.
| ||||||
16 | On or before May 1, 2004, the Board shall recalculate and | ||||||
17 | recertify to
the Governor the amount of the required State | ||||||
18 | contribution to the System for
State fiscal year 2005, taking | ||||||
19 | into account the amounts appropriated to and
received by the | ||||||
20 | System under subsection (d) of Section 7.2 of the General
| ||||||
21 | Obligation Bond Act.
| ||||||
22 | (b) Beginning in State fiscal year 1996, on or as soon as | ||||||
23 | possible after the
15th day of each month the Board shall | ||||||
24 | submit vouchers for payment of State
contributions to the | ||||||
25 | System, in a total monthly amount of one-twelfth of the
| ||||||
26 | required annual State contribution certified under subsection | ||||||
27 | (a).
From the effective date of this amendatory Act
of the 93rd | ||||||
28 | General Assembly through June 30, 2004, the Board shall not
| ||||||
29 | submit vouchers for the remainder of fiscal year 2004 in excess | ||||||
30 | of the
fiscal year 2004 certified contribution amount | ||||||
31 | determined
under this Section after taking into consideration | ||||||
32 | the transfer to the
System under subsection (d) of Section | ||||||
33 | 6z-61 of the State Finance Act.
These
vouchers shall be paid by | ||||||
34 | the State Comptroller and Treasurer by warrants drawn
on the |
| |||||||
| |||||||
1 | funds appropriated to the System for that fiscal year. If in | ||||||
2 | any month
the amount remaining unexpended from all other | ||||||
3 | appropriations to the System for
the applicable fiscal year | ||||||
4 | (including the appropriations to the System under
Section 8.12 | ||||||
5 | of the State Finance Act and Section 1 of the State Pension | ||||||
6 | Funds
Continuing Appropriation Act) is less than the amount | ||||||
7 | lawfully vouchered under
this Section, the difference shall be | ||||||
8 | paid from the General Revenue Fund under
the continuing | ||||||
9 | appropriation authority provided in Section 1.1 of the State
| ||||||
10 | Pension Funds Continuing Appropriation Act.
| ||||||
11 | (c) The full amount of any annual appropriation for the | ||||||
12 | System for
State fiscal year 1995 shall be transferred and made | ||||||
13 | available to the System
at the beginning of that fiscal year at | ||||||
14 | the request of the Board.
Any excess funds remaining at the end | ||||||
15 | of any fiscal year from appropriations
shall be retained by the | ||||||
16 | System as a general reserve to meet the System's
accrued | ||||||
17 | liabilities.
| ||||||
18 | (Source: P.A. 93-2, eff. 4-7-03.)
| ||||||
19 | (40 ILCS 5/14-131)
(from Ch. 108 1/2, par. 14-131)
| ||||||
20 | Sec. 14-131. Contributions by State.
| ||||||
21 | (a) The State shall make contributions to the System by | ||||||
22 | appropriations of
amounts which, together with other employer | ||||||
23 | contributions from trust, federal,
and other funds, employee | ||||||
24 | contributions, investment income, and other income,
will be | ||||||
25 | sufficient to meet the cost of maintaining and administering | ||||||
26 | the System
on a 90% funded basis in accordance with actuarial | ||||||
27 | recommendations.
| ||||||
28 | For the purposes of this Section and Section 14-135.08, | ||||||
29 | references to State
contributions refer only to employer | ||||||
30 | contributions and do not include employee
contributions that | ||||||
31 | are picked up or otherwise paid by the State or a
department on | ||||||
32 | behalf of the employee.
| ||||||
33 | (b) The Board shall determine the total amount of State | ||||||
34 | contributions
required for each fiscal year on the basis of the | ||||||
35 | actuarial tables and other
assumptions adopted by the Board, |
| |||||||
| |||||||
1 | using the formula in subsection (e).
| ||||||
2 | The Board shall also determine a State contribution rate | ||||||
3 | for each fiscal
year, expressed as a percentage of payroll, | ||||||
4 | based on the total required State
contribution for that fiscal | ||||||
5 | year (less the amount received by the System from
| ||||||
6 | appropriations under Section 8.12 of the State Finance Act and | ||||||
7 | Section 1 of the
State Pension Funds Continuing Appropriation | ||||||
8 | Act, if any, for the fiscal year
ending on the June 30 | ||||||
9 | immediately preceding the applicable November 15
certification | ||||||
10 | deadline), the estimated payroll (including all forms of
| ||||||
11 | compensation) for personal services rendered by eligible | ||||||
12 | employees, and the
recommendations of the actuary.
| ||||||
13 | For the purposes of this Section and Section 14.1 of the | ||||||
14 | State Finance Act,
the term "eligible employees" includes | ||||||
15 | employees who participate in the System,
persons who may elect | ||||||
16 | to participate in the System but have not so elected,
persons | ||||||
17 | who are serving a qualifying period that is required for | ||||||
18 | participation,
and annuitants employed by a department as | ||||||
19 | described in subdivision (a)(1) or
(a)(2) of Section 14-111.
| ||||||
20 | (c) Contributions shall be made by the several departments | ||||||
21 | for each pay
period by warrants drawn by the State Comptroller | ||||||
22 | against their respective
funds or appropriations based upon | ||||||
23 | vouchers stating the amount to be so
contributed. These amounts | ||||||
24 | shall be based on the full rate certified by the
Board under | ||||||
25 | Section 14-135.08 for that fiscal year.
From the effective date | ||||||
26 | of this amendatory Act of the 93rd General
Assembly through the | ||||||
27 | payment of the final payroll from fiscal year 2004
| ||||||
28 | appropriations, the several departments shall not make | ||||||
29 | contributions
for the remainder of fiscal year 2004 but shall | ||||||
30 | instead make payments
as required under subsection (a-1) of | ||||||
31 | Section 14.1 of the State Finance Act.
The several departments | ||||||
32 | shall resume those contributions at the commencement of
fiscal | ||||||
33 | year 2005.
| ||||||
34 | (d) If an employee is paid from trust funds or federal | ||||||
35 | funds, the
department or other employer shall pay employer | ||||||
36 | contributions from those funds
to the System at the certified |
| |||||||
| |||||||
1 | rate, unless the terms of the trust or the
federal-State | ||||||
2 | agreement preclude the use of the funds for that purpose, in
| ||||||
3 | which case the required employer contributions shall be paid by | ||||||
4 | the State.
From the effective date of this amendatory
Act of | ||||||
5 | the 93rd General Assembly through the payment of the final
| ||||||
6 | payroll from fiscal year 2004 appropriations, the department or | ||||||
7 | other
employer shall not pay contributions for the remainder of | ||||||
8 | fiscal year
2004 but shall instead make payments as required | ||||||
9 | under subsection (a-1) of
Section 14.1 of the State Finance | ||||||
10 | Act. The department or other employer shall
resume payment of
| ||||||
11 | contributions at the commencement of fiscal year 2005.
| ||||||
12 | (e) For State fiscal years 2011 through 2045, the minimum | ||||||
13 | contribution
to the System to be made by the State for each | ||||||
14 | fiscal year shall be an amount
determined by the System to be | ||||||
15 | sufficient to bring the total assets of the
System up to 90% of | ||||||
16 | the total actuarial liabilities of the System by the end
of | ||||||
17 | State fiscal year 2045. In making these determinations, the | ||||||
18 | required State
contribution shall be calculated each year as a | ||||||
19 | level percentage of payroll
over the years remaining to and | ||||||
20 | including fiscal year 2045 and shall be
determined under the | ||||||
21 | projected unit credit actuarial cost method.
| ||||||
22 | For State fiscal years 1996 through 2010, the State | ||||||
23 | contribution to
the System, as a percentage of the applicable | ||||||
24 | employee payroll, shall be
increased in equal annual increments | ||||||
25 | so that by State fiscal year 2011, the
State is contributing at | ||||||
26 | the rate required under this Section; except that
(i) for State | ||||||
27 | fiscal year 1998, for all purposes of this Code and any other
| ||||||
28 | law of this State, the certified percentage of the applicable | ||||||
29 | employee payroll
shall be 5.052% for employees earning eligible | ||||||
30 | creditable service under Section
14-110 and 6.500% for all | ||||||
31 | other employees, notwithstanding any contrary
certification | ||||||
32 | made under Section 14-135.08 before the effective date of this
| ||||||
33 | amendatory Act of 1997, and (ii)
in the following specified | ||||||
34 | State fiscal years, the State contribution to
the System shall | ||||||
35 | not be less than the following indicated percentages of the
| ||||||
36 | applicable employee payroll, even if the indicated percentage |
| |||||||
| |||||||
1 | will produce a
State contribution in excess of the amount | ||||||
2 | otherwise required under this
subsection and subsection (a):
| ||||||
3 | 9.8% in FY 1999;
10.0% in FY 2000;
10.2% in FY 2001;
10.4% in FY | ||||||
4 | 2002;
10.6% in FY 2003; and
10.8% in FY 2004.
| ||||||
5 | Beginning in State fiscal year 2046, the minimum State | ||||||
6 | contribution for
each fiscal year shall be the amount needed to | ||||||
7 | maintain the total assets of
the System at 90% of the total | ||||||
8 | actuarial liabilities of the System.
| ||||||
9 | Notwithstanding any other provision of this Section, the | ||||||
10 | required State
contribution for State fiscal year 2005 and each | ||||||
11 | fiscal year thereafter, as
calculated under this Section and
| ||||||
12 | certified under Section 14-135.08, shall not exceed an amount | ||||||
13 | equal to (i) the
amount of the required State contribution that | ||||||
14 | would have been calculated under
this Section for that fiscal | ||||||
15 | year if the System had not received any payments
under | ||||||
16 | subsection (d) of Section 7.2 of the General Obligation Bond | ||||||
17 | Act, minus
(ii) the portion of the State's total debt service | ||||||
18 | payments for that fiscal
year on the bonds issued for the | ||||||
19 | purposes of that Section 7.2, as determined
and certified by | ||||||
20 | the Comptroller, that is the same as the System's portion of
| ||||||
21 | the total moneys distributed under subsection (d) of Section | ||||||
22 | 7.2 of the General
Obligation Bond Act.
| ||||||
23 | (f) After the submission of all payments for eligible | ||||||
24 | employees
from personal services line items in fiscal year 2004 | ||||||
25 | have been made,
the Comptroller shall provide to the System a | ||||||
26 | certification of the sum
of all fiscal year 2004 expenditures | ||||||
27 | for personal services that would
have been covered by payments | ||||||
28 | to the System under this Section if the
provisions of this | ||||||
29 | amendatory Act of the 93rd General Assembly had not been
| ||||||
30 | enacted. Upon
receipt of the certification, the System shall | ||||||
31 | determine the amount
due to the System based on the full rate | ||||||
32 | certified by the Board under
Section 14-135.08 for fiscal year | ||||||
33 | 2004 in order to meet the State's
obligation under this | ||||||
34 | Section. The System shall compare this amount
due to the amount | ||||||
35 | received by the System in fiscal year 2004 through
payments | ||||||
36 | under this Section and under Section 6z-61 of the State Finance |
| |||||||
| |||||||
1 | Act.
If the amount
due is more than the amount received, the | ||||||
2 | difference shall be termed the
"Fiscal Year 2004 Shortfall" for | ||||||
3 | purposes of this Section, and the
Fiscal Year 2004 Shortfall | ||||||
4 | shall be satisfied under Section 1.2 of the State
Pension Funds | ||||||
5 | Continuing Appropriation Act. If the amount due is less than | ||||||
6 | the
amount received, the
difference shall be termed the "Fiscal | ||||||
7 | Year 2004 Overpayment" for purposes of
this Section, and the | ||||||
8 | Fiscal Year 2004 Overpayment shall be repaid by
the System to | ||||||
9 | the Pension Contribution Fund as soon as practicable
after the | ||||||
10 | certification.
| ||||||
11 | (Source: P.A. 93-2, eff. 4-7-03.)
| ||||||
12 | (40 ILCS 5/16-158)
(from Ch. 108 1/2, par. 16-158)
| ||||||
13 | Sec. 16-158. Contributions by State and other employing | ||||||
14 | units.
| ||||||
15 | (a) The State shall make contributions to the System by | ||||||
16 | means of
appropriations from the Common School Fund and other | ||||||
17 | State funds of amounts
which, together with other employer | ||||||
18 | contributions, employee contributions,
investment income, and | ||||||
19 | other income, will be sufficient to meet the cost of
| ||||||
20 | maintaining and administering the System on a 90% funded basis | ||||||
21 | in accordance
with actuarial recommendations.
| ||||||
22 | The Board shall determine the amount of State contributions | ||||||
23 | required for
each fiscal year on the basis of the actuarial | ||||||
24 | tables and other assumptions
adopted by the Board and the | ||||||
25 | recommendations of the actuary, using the formula
in subsection | ||||||
26 | (b-3).
| ||||||
27 | (a-1) Annually, on or before November 15, the Board shall | ||||||
28 | certify to the
Governor the amount of the required State | ||||||
29 | contribution for the coming fiscal
year. The certification | ||||||
30 | shall include a copy of the actuarial recommendations
upon | ||||||
31 | which it is based.
| ||||||
32 | On or before May 1, 2004, the Board shall recalculate and | ||||||
33 | recertify to
the Governor the amount of the required State | ||||||
34 | contribution to the System for
State fiscal year 2005, taking | ||||||
35 | into account the amounts appropriated to and
received by the |
| |||||||
| |||||||
1 | System under subsection (d) of Section 7.2 of the General
| ||||||
2 | Obligation Bond Act.
| ||||||
3 | (b) Through State fiscal year 1995, the State contributions | ||||||
4 | shall be
paid to the System in accordance with Section 18-7 of | ||||||
5 | the School Code.
| ||||||
6 | (b-1) Beginning in State fiscal year 1996, on the 15th day | ||||||
7 | of each month,
or as soon thereafter as may be practicable, the | ||||||
8 | Board shall submit vouchers
for payment of State contributions | ||||||
9 | to the System, in a total monthly amount of
one-twelfth of the | ||||||
10 | required annual State contribution certified under
subsection | ||||||
11 | (a-1).
From the
effective date of this amendatory Act of the | ||||||
12 | 93rd General Assembly
through June 30, 2004, the Board shall | ||||||
13 | not submit vouchers for the
remainder of fiscal year 2004 in | ||||||
14 | excess of the fiscal year 2004
certified contribution amount | ||||||
15 | determined under this Section
after taking into consideration | ||||||
16 | the transfer to the System
under subsection (a) of Section | ||||||
17 | 6z-61 of the State Finance Act.
These vouchers shall be paid by | ||||||
18 | the State Comptroller and
Treasurer by warrants drawn on the | ||||||
19 | funds appropriated to the System for that
fiscal year.
| ||||||
20 | If in any month the amount remaining unexpended from all | ||||||
21 | other appropriations
to the System for the applicable fiscal | ||||||
22 | year (including the appropriations to
the System under Section | ||||||
23 | 8.12 of the State Finance Act and Section 1 of the
State | ||||||
24 | Pension Funds Continuing Appropriation Act) is less than the | ||||||
25 | amount
lawfully vouchered under this subsection, the | ||||||
26 | difference shall be paid from the
Common School Fund under the | ||||||
27 | continuing appropriation authority provided in
Section 1.1 of | ||||||
28 | the State Pension Funds Continuing Appropriation Act.
| ||||||
29 | (b-2) Allocations from the Common School Fund apportioned | ||||||
30 | to school
districts not coming under this System shall not be | ||||||
31 | diminished or affected by
the provisions of this Article.
| ||||||
32 | (b-3) For State fiscal years 2011 through 2045, the minimum | ||||||
33 | contribution
to the System to be made by the State for each | ||||||
34 | fiscal year shall be an amount
determined by the System to be | ||||||
35 | sufficient to bring the total assets of the
System up to 90% of | ||||||
36 | the total actuarial liabilities of the System by the end of
|
| |||||||
| |||||||
1 | State fiscal year 2045. In making these determinations, the | ||||||
2 | required State
contribution shall be calculated each year as a | ||||||
3 | level percentage of payroll
over the years remaining to and | ||||||
4 | including fiscal year 2045 and shall be
determined under the | ||||||
5 | projected unit credit actuarial cost method.
| ||||||
6 | For State fiscal years 1996 through 2010, the State | ||||||
7 | contribution to the
System, as a percentage of the applicable | ||||||
8 | employee payroll, shall be increased
in equal annual increments | ||||||
9 | so that by State fiscal year 2011, the State is
contributing at | ||||||
10 | the rate required under this Section; except that in the
| ||||||
11 | following specified State fiscal years, the State contribution | ||||||
12 | to the System
shall not be less than the following indicated | ||||||
13 | percentages of the applicable
employee payroll, even if the | ||||||
14 | indicated percentage will produce a State
contribution in | ||||||
15 | excess of the amount otherwise required under this subsection
| ||||||
16 | and subsection (a), and notwithstanding any contrary | ||||||
17 | certification made under
subsection (a-1) before the effective | ||||||
18 | date of this amendatory Act of 1998:
10.02% in FY 1999;
10.77% | ||||||
19 | in FY 2000;
11.47% in FY 2001;
12.16% in FY 2002;
12.86% in FY | ||||||
20 | 2003; and
13.56% in FY 2004.
| ||||||
21 | Beginning in State fiscal year 2046, the minimum State | ||||||
22 | contribution for
each fiscal year shall be the amount needed to | ||||||
23 | maintain the total assets of
the System at 90% of the total | ||||||
24 | actuarial liabilities of the System.
| ||||||
25 | Notwithstanding any other provision of this Section, the | ||||||
26 | required State
contribution for State fiscal year 2005 and each | ||||||
27 | fiscal year thereafter, as
calculated under this Section and
| ||||||
28 | certified under subsection (a-1), shall not exceed an amount | ||||||
29 | equal to (i) the
amount of the required State contribution that | ||||||
30 | would have been calculated under
this Section for that fiscal | ||||||
31 | year if the System had not received any payments
under | ||||||
32 | subsection (d) of Section 7.2 of the General Obligation Bond | ||||||
33 | Act, minus
(ii) the portion of the State's total debt service | ||||||
34 | payments for that fiscal
year on the bonds issued for the | ||||||
35 | purposes of that Section 7.2, as determined
and certified by | ||||||
36 | the Comptroller, that is the same as the System's portion of
|
| |||||||
| |||||||
1 | the total moneys distributed under subsection (d) of Section | ||||||
2 | 7.2 of the General
Obligation Bond Act.
| ||||||
3 | (c) Payment of the required State contributions and of all | ||||||
4 | pensions,
retirement annuities, death benefits, refunds, and | ||||||
5 | other benefits granted
under or assumed by this System, and all | ||||||
6 | expenses in connection with the
administration and operation | ||||||
7 | thereof, are obligations of the State.
| ||||||
8 | If members are paid from special trust or federal funds | ||||||
9 | which are
administered by the employing unit, whether school | ||||||
10 | district or other
unit, the employing unit shall pay to the | ||||||
11 | System from such
funds the full accruing retirement costs based | ||||||
12 | upon that
service, as determined by the System. Employer | ||||||
13 | contributions, based on
salary paid to members from federal | ||||||
14 | funds, may be forwarded by the distributing
agency of the State | ||||||
15 | of Illinois to the System prior to allocation, in an
amount | ||||||
16 | determined in accordance with guidelines established by such
| ||||||
17 | agency and the System.
| ||||||
18 | (d) Effective July 1, 1986, any employer of a teacher as | ||||||
19 | defined in
paragraph (8) of Section 16-106 shall pay the | ||||||
20 | employer's normal cost
of benefits based upon the teacher's | ||||||
21 | service, in addition to
employee contributions, as determined | ||||||
22 | by the System. Such employer
contributions shall be forwarded | ||||||
23 | monthly in accordance with guidelines
established by the | ||||||
24 | System.
| ||||||
25 | However, with respect to benefits granted under Section | ||||||
26 | 16-133.4 or
16-133.5 to a teacher as defined in paragraph (8) | ||||||
27 | of Section 16-106, the
employer's contribution shall be 12% | ||||||
28 | (rather than 20%) of the member's
highest annual salary rate | ||||||
29 | for each year of creditable service granted, and
the employer | ||||||
30 | shall also pay the required employee contribution on behalf of
| ||||||
31 | the teacher. For the purposes of Sections 16-133.4 and | ||||||
32 | 16-133.5, a teacher
as defined in paragraph (8) of Section | ||||||
33 | 16-106 who is serving in that capacity
while on leave of | ||||||
34 | absence from another employer under this Article shall not
be | ||||||
35 | considered an employee of the employer from which the teacher | ||||||
36 | is on leave.
|
| |||||||
| |||||||
1 | (e) Beginning July 1, 1998, every employer of a teacher
| ||||||
2 | shall pay to the System an employer contribution computed as | ||||||
3 | follows:
| ||||||
4 | (1) Beginning July 1, 1998 through June 30, 1999, the | ||||||
5 | employer
contribution shall be equal to 0.3% of each | ||||||
6 | teacher's salary.
| ||||||
7 | (2) Beginning July 1, 1999 and thereafter, the employer
| ||||||
8 | contribution shall be equal to 0.58% of each teacher's | ||||||
9 | salary.
| ||||||
10 | The school district or other employing unit may pay these | ||||||
11 | employer
contributions out of any source of funding available | ||||||
12 | for that purpose and
shall forward the contributions to the | ||||||
13 | System on the schedule established
for the payment of member | ||||||
14 | contributions.
| ||||||
15 | These employer contributions are intended to offset a | ||||||
16 | portion of the cost
to the System of the increases in | ||||||
17 | retirement benefits resulting from this
amendatory Act of 1998.
| ||||||
18 | Each employer of teachers is entitled to a credit against | ||||||
19 | the contributions
required under this subsection (e) with | ||||||
20 | respect to salaries paid to teachers
for the period January 1, | ||||||
21 | 2002 through June 30, 2003, equal to the amount paid
by that | ||||||
22 | employer under subsection (a-5) of Section 6.6 of the State | ||||||
23 | Employees
Group Insurance Act of 1971 with respect to salaries | ||||||
24 | paid to teachers for that
period.
| ||||||
25 | The additional 1% employee contribution required under | ||||||
26 | Section 16-152 by
this amendatory Act of 1998 is the | ||||||
27 | responsibility of the teacher and not the
teacher's employer, | ||||||
28 | unless the employer agrees, through collective bargaining
or | ||||||
29 | otherwise, to make the contribution on behalf of the teacher.
| ||||||
30 | If an employer is required by a contract in effect on May | ||||||
31 | 1, 1998 between the
employer and an employee organization to | ||||||
32 | pay, on behalf of all its full-time
employees
covered by this | ||||||
33 | Article, all mandatory employee contributions required under
| ||||||
34 | this Article, then the employer shall be excused from paying | ||||||
35 | the employer
contribution required under this subsection (e) | ||||||
36 | for the balance of the term
of that contract. The employer and |
| |||||||
| |||||||
1 | the employee organization shall jointly
certify to the System | ||||||
2 | the existence of the contractual requirement, in such
form as | ||||||
3 | the System may prescribe. This exclusion shall cease upon the
| ||||||
4 | termination, extension, or renewal of the contract at any time | ||||||
5 | after May 1,
1998.
| ||||||
6 | (Source: P.A. 92-505, eff. 12-20-01; 93-2, eff. 4-7-03.)
| ||||||
7 | (40 ILCS 5/15-165)
(from Ch. 108 1/2, par. 15-165)
| ||||||
8 | Sec. 15-165. To certify amounts and submit vouchers.
| ||||||
9 | (a) The Board shall certify to the Governor on or before | ||||||
10 | November 15 of each
year the appropriation required from State | ||||||
11 | funds for the purposes of this
System for the following fiscal | ||||||
12 | year. The certification shall include a copy
of the actuarial | ||||||
13 | recommendations upon which it is based.
| ||||||
14 | On or before May 1, 2004, the Board shall recalculate and | ||||||
15 | recertify to
the Governor the amount of the required State | ||||||
16 | contribution to the System for
State fiscal year 2005, taking | ||||||
17 | into account the amounts appropriated to and
received by the | ||||||
18 | System under subsection (d) of Section 7.2 of the General
| ||||||
19 | Obligation Bond Act.
| ||||||
20 | (b) The Board shall certify to the State Comptroller or | ||||||
21 | employer, as the
case may be, from time to time, by its | ||||||
22 | president and secretary, with its seal
attached, the amounts | ||||||
23 | payable to the System from the various funds.
| ||||||
24 | (c) Beginning in State fiscal year 1996, on or as soon as | ||||||
25 | possible after the
15th day of each month the Board shall | ||||||
26 | submit vouchers for payment of State
contributions to the | ||||||
27 | System, in a total monthly amount of one-twelfth of the
| ||||||
28 | required annual State contribution certified under subsection | ||||||
29 | (a).
From the effective date of this amendatory Act
of the 93rd | ||||||
30 | General Assembly through June 30, 2004, the Board shall not
| ||||||
31 | submit vouchers for the remainder of fiscal year 2004 in excess | ||||||
32 | of the
fiscal year 2004 certified contribution amount | ||||||
33 | determined
under this Section after taking into consideration | ||||||
34 | the transfer to the
System under subsection (b) of Section | ||||||
35 | 6z-61 of the State Finance Act.
These
vouchers shall be paid by |
| |||||||
| |||||||
1 | the State Comptroller and Treasurer by warrants drawn
on the | ||||||
2 | funds appropriated to the System for that fiscal year.
| ||||||
3 | If in any month the amount remaining unexpended from all | ||||||
4 | other
appropriations to the System for the applicable fiscal | ||||||
5 | year (including the
appropriations to the System under Section | ||||||
6 | 8.12 of the State Finance Act and
Section 1 of the State | ||||||
7 | Pension Funds Continuing Appropriation Act) is less than
the | ||||||
8 | amount lawfully vouchered under this Section, the difference | ||||||
9 | shall be paid
from the General Revenue Fund under the | ||||||
10 | continuing appropriation authority
provided in Section 1.1 of | ||||||
11 | the State Pension Funds Continuing Appropriation
Act.
| ||||||
12 | (d) So long as the payments received are the full amount | ||||||
13 | lawfully
vouchered under this Section, payments received by the | ||||||
14 | System under this
Section shall be applied first toward the | ||||||
15 | employer contribution to the
self-managed plan established | ||||||
16 | under Section 15-158.2. Payments shall be
applied second toward | ||||||
17 | the employer's portion of the normal costs of the System,
as | ||||||
18 | defined in subsection (f) of Section 15-155. The balance shall | ||||||
19 | be applied
toward the unfunded actuarial liabilities of the | ||||||
20 | System.
| ||||||
21 | (e) In the event that the System does not receive, as a | ||||||
22 | result of
legislative enactment or otherwise, payments | ||||||
23 | sufficient to
fully fund the employer contribution to the | ||||||
24 | self-managed plan
established under Section 15-158.2 and to | ||||||
25 | fully fund that portion of the
employer's portion of the normal | ||||||
26 | costs of the System, as calculated in
accordance with Section | ||||||
27 | 15-155(a-1), then any payments received shall be
applied | ||||||
28 | proportionately to the optional retirement program established | ||||||
29 | under
Section 15-158.2 and to the employer's portion of the | ||||||
30 | normal costs of the
System, as calculated in accordance with | ||||||
31 | Section 15-155(a-1).
| ||||||
32 | (Source: P.A. 93-2, eff. 4-7-03.)
| ||||||
33 | (40 ILCS 5/18-140)
(from Ch. 108 1/2, par. 18-140)
| ||||||
34 | Sec. 18-140. To certify required State contributions and | ||||||
35 | submit vouchers.
|
| |||||||
| |||||||
1 | (a) The Board shall certify to the Governor, on or before | ||||||
2 | November 15 of
each year, the amount of the required State | ||||||
3 | contribution to the System for the
following fiscal year. The | ||||||
4 | certification shall include a copy of the actuarial
| ||||||
5 | recommendations upon which it is based.
| ||||||
6 | On or before May 1, 2004, the Board shall recalculate and | ||||||
7 | recertify to
the Governor the amount of the required State | ||||||
8 | contribution to the System for
State fiscal year 2005, taking | ||||||
9 | into account the amounts appropriated to and
received by the | ||||||
10 | System under subsection (d) of Section 7.2 of the General
| ||||||
11 | Obligation Bond Act.
| ||||||
12 | (b) Beginning in State fiscal year 1996, on or as soon as | ||||||
13 | possible after
the 15th day of each month the Board shall | ||||||
14 | submit vouchers for payment of State
contributions to the | ||||||
15 | System, in a total monthly amount of one-twelfth of the
| ||||||
16 | required annual State contribution certified under subsection | ||||||
17 | (a).
From the effective date of this amendatory Act
of the 93rd | ||||||
18 | General Assembly through June 30, 2004, the Board shall not
| ||||||
19 | submit vouchers for the remainder of fiscal year 2004 in excess | ||||||
20 | of the
fiscal year 2004 certified contribution amount | ||||||
21 | determined
under this Section after taking into consideration | ||||||
22 | the transfer to the
System under subsection (c) of Section | ||||||
23 | 6z-61 of the State Finance Act.
These
vouchers shall be paid by | ||||||
24 | the State Comptroller and Treasurer by warrants drawn
on the | ||||||
25 | funds appropriated to the System for that fiscal year.
| ||||||
26 | If in any month the amount remaining unexpended from all | ||||||
27 | other
appropriations to the System for the applicable fiscal | ||||||
28 | year (including the
appropriations to the System under Section | ||||||
29 | 8.12 of the State Finance Act and
Section 1 of the State | ||||||
30 | Pension Funds Continuing Appropriation Act) is less than
the | ||||||
31 | amount lawfully vouchered under this Section, the difference | ||||||
32 | shall be paid
from the General Revenue Fund under the | ||||||
33 | continuing appropriation authority
provided in Section 1.1 of | ||||||
34 | the State Pension Funds Continuing Appropriation
Act.
| ||||||
35 | (Source: P.A. 93-2, eff. 4-7-03.)
|
| |||||||
| |||||||
1 | Section 20. The State Pension Funds Continuing | ||||||
2 | Appropriation Act is amended
by changing
Section 1.2 as | ||||||
3 | follows:
| ||||||
4 | (40 ILCS 15/1.2)
| ||||||
5 | Sec. 1.2. Appropriations for the State Employees' | ||||||
6 | Retirement System.
| ||||||
7 | (a) From each fund from which an amount is appropriated for | ||||||
8 | personal
services to a department or other employer under | ||||||
9 | Article 14 of the Illinois
Pension Code, there is hereby | ||||||
10 | appropriated to that department or other
employer, on a | ||||||
11 | continuing annual basis for each State fiscal year, an
| ||||||
12 | additional amount equal to the amount, if any, by which (1) an | ||||||
13 | amount equal
to the percentage of the personal services line | ||||||
14 | item for that department or
employer from that fund for that | ||||||
15 | fiscal year that the Board of Trustees of
the State Employees' | ||||||
16 | Retirement System of Illinois has certified under Section
| ||||||
17 | 14-135.08 of the Illinois Pension Code to be necessary to meet | ||||||
18 | the State's
obligation under Section 14-131 of the Illinois | ||||||
19 | Pension Code for that fiscal
year, exceeds (2) the amounts | ||||||
20 | otherwise appropriated to that department or
employer from that | ||||||
21 | fund for State contributions to the State Employees'
Retirement | ||||||
22 | System for that fiscal year.
From the effective
date of this | ||||||
23 | amendatory Act of the 93rd General Assembly
through the final | ||||||
24 | payment from a department or employer's
personal services line | ||||||
25 | item for fiscal year 2004, payments to
the State Employees' | ||||||
26 | Retirement System that otherwise would
have been made under | ||||||
27 | this subsection (a) shall be governed by
the provisions in | ||||||
28 | subsection (a-1).
| ||||||
29 | (a-1) If a Fiscal Year 2004 Shortfall is certified under | ||||||
30 | subsection (f) of
Section 14-131 of the Illinois Pension Code, | ||||||
31 | there is hereby appropriated
to the State Employees' Retirement | ||||||
32 | System of Illinois on a
continuing basis from the General | ||||||
33 | Revenue Fund an additional
aggregate amount equal to the Fiscal | ||||||
34 | Year 2004 Shortfall.
| ||||||
35 | (b) The continuing appropriations provided for by this |
| |||||||
| |||||||
1 | Section shall first
be available in State fiscal year 1996.
| ||||||
2 | (Source: P.A. 88-593, eff. 8-22-94.)
| ||||||
3 | Section 99. Effective date. This Act takes effect upon | ||||||
4 | becoming law.
|