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1 | AN ACT concerning public employee benefits.
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2 | Be it enacted by the People of the State of Illinois,
| ||||||||||||||||||||||||||||||||||||||||||||
3 | represented in the General Assembly:
| ||||||||||||||||||||||||||||||||||||||||||||
4 | Section 5. The Illinois Pension Code is amended by by | ||||||||||||||||||||||||||||||||||||||||||||
5 | adding Section 1-124 and by changing Sections 2-124, 2-134, | ||||||||||||||||||||||||||||||||||||||||||||
6 | 14-108.3, 14-131, 14-135.08, 15-155, 15-165, 16-158, 18-131, | ||||||||||||||||||||||||||||||||||||||||||||
7 | and 18-140 as follows:
| ||||||||||||||||||||||||||||||||||||||||||||
8 | (40 ILCS 5/1-124 new)
| ||||||||||||||||||||||||||||||||||||||||||||
9 | Sec. 1-124. Task force concerning Fiscal Year 2006 pension | ||||||||||||||||||||||||||||||||||||||||||||
10 | payment. There is created a 4-member task force, with one | ||||||||||||||||||||||||||||||||||||||||||||
11 | member appointed by each of the 4 legislative leaders and | ||||||||||||||||||||||||||||||||||||||||||||
12 | staffed by the Commission on Government Forecasting and | ||||||||||||||||||||||||||||||||||||||||||||
13 | Accountability, to study the issue of repayment of that portion | ||||||||||||||||||||||||||||||||||||||||||||
14 | of the required State contribution mandated by Public Act | ||||||||||||||||||||||||||||||||||||||||||||
15 | 88-593 that was reduced as a result of the passage of Public | ||||||||||||||||||||||||||||||||||||||||||||
16 | Act 94-4 and to make recommendations on the development of a | ||||||||||||||||||||||||||||||||||||||||||||
17 | way to repay the amount by which the contributions were reduced | ||||||||||||||||||||||||||||||||||||||||||||
18 | within a 10-year period. The task force must report its | ||||||||||||||||||||||||||||||||||||||||||||
19 | findings and recommendations to the General Assembly on or | ||||||||||||||||||||||||||||||||||||||||||||
20 | before January 1, 2007.
| ||||||||||||||||||||||||||||||||||||||||||||
21 | (40 ILCS 5/2-124) (from Ch. 108 1/2, par. 2-124)
| ||||||||||||||||||||||||||||||||||||||||||||
22 | Sec. 2-124. Contributions by State.
| ||||||||||||||||||||||||||||||||||||||||||||
23 | (a) The State shall make contributions to the System by
| ||||||||||||||||||||||||||||||||||||||||||||
24 | appropriations of amounts which, together with the | ||||||||||||||||||||||||||||||||||||||||||||
25 | contributions of
participants, interest earned on investments, | ||||||||||||||||||||||||||||||||||||||||||||
26 | and other income
will meet the cost of maintaining and | ||||||||||||||||||||||||||||||||||||||||||||
27 | administering the System on a 90%
funded basis in accordance | ||||||||||||||||||||||||||||||||||||||||||||
28 | with actuarial recommendations.
| ||||||||||||||||||||||||||||||||||||||||||||
29 | (b) The Board shall determine the amount of State
| ||||||||||||||||||||||||||||||||||||||||||||
30 | contributions required for each fiscal year on the basis of the
| ||||||||||||||||||||||||||||||||||||||||||||
31 | actuarial tables and other assumptions adopted by the Board and |
| |||||||
| |||||||
1 | the
prescribed rate of interest, using the formula in | ||||||
2 | subsection (c).
| ||||||
3 | (c) For State fiscal years 2011 through 2045, the minimum | ||||||
4 | contribution
to the System to be made by the State for each | ||||||
5 | fiscal year shall be an amount
determined by the System to be | ||||||
6 | sufficient to bring the total assets of the
System up to 90% of | ||||||
7 | the total actuarial liabilities of the System by the end of
| ||||||
8 | State fiscal year 2045. In making these determinations, the | ||||||
9 | required State
contribution shall be calculated each year as a | ||||||
10 | level percentage of payroll
over the years remaining to and | ||||||
11 | including fiscal year 2045 and shall be
determined under the | ||||||
12 | projected unit credit actuarial cost method.
| ||||||
13 | For State fiscal years 1996 through 2005, the State | ||||||
14 | contribution to
the System, as a percentage of the applicable | ||||||
15 | employee payroll, shall be
increased in equal annual increments | ||||||
16 | so that by State fiscal year 2011, the
State is contributing at | ||||||
17 | the rate required under this Section.
| ||||||
18 | Notwithstanding any other provision of this Article, the | ||||||
19 | total required State
contribution for State fiscal year 2006 is | ||||||
20 | $4,157,000.
| ||||||
21 | Notwithstanding any other provision of this Article, the | ||||||
22 | total required State
contribution for State fiscal year 2007 is | ||||||
23 | $5,220,300.
| ||||||
24 | For each of State fiscal years 2007
2008 through 2010, the | ||||||
25 | State contribution to
the System, as a percentage of the | ||||||
26 | applicable employee payroll, shall be
increased in equal annual | ||||||
27 | increments from the required State contribution for State | ||||||
28 | fiscal year 2005
2007 , so that by State fiscal year 2011, the
| ||||||
29 | State is contributing at the rate otherwise required under this | ||||||
30 | Section.
| ||||||
31 | Beginning in State fiscal year 2046, the minimum State | ||||||
32 | contribution for
each fiscal year shall be the amount needed to | ||||||
33 | maintain the total assets of
the System at 90% of the total | ||||||
34 | actuarial liabilities of the System.
| ||||||
35 | Notwithstanding any other provision of this Section, the | ||||||
36 | required State
contribution for State fiscal year 2005 and for |
| |||||||
| |||||||
1 | fiscal year 2007
2008 and each fiscal year thereafter, as
| ||||||
2 | calculated under this Section and
certified under Section | ||||||
3 | 2-134, shall not exceed an amount equal to (i) the
amount of | ||||||
4 | the required State contribution that would have been calculated | ||||||
5 | under
this Section for that fiscal year if the System had not | ||||||
6 | received any payments
under subsection (d) of Section 7.2 of | ||||||
7 | the General Obligation Bond Act, minus
(ii) the portion of the | ||||||
8 | State's total debt service payments for that fiscal
year on the | ||||||
9 | bonds issued for the purposes of that Section 7.2, as | ||||||
10 | determined
and certified by the Comptroller, that is the same | ||||||
11 | as the System's portion of
the total moneys distributed under | ||||||
12 | subsection (d) of Section 7.2 of the General
Obligation Bond | ||||||
13 | Act. In determining this maximum for State fiscal years 2008 | ||||||
14 | through 2010, however, the amount referred to in item (i) shall | ||||||
15 | be increased, as a percentage of the applicable employee | ||||||
16 | payroll, in equal increments calculated from the sum of the | ||||||
17 | required State contribution for State fiscal year 2007 plus the | ||||||
18 | applicable portion of the State's total debt service payments | ||||||
19 | for fiscal year 2007 on the bonds issued for the purposes of | ||||||
20 | Section 7.2 of the General
Obligation Bond Act, so that, by | ||||||
21 | State fiscal year 2011, the
State is contributing at the rate | ||||||
22 | otherwise required under this Section.
| ||||||
23 | (Source: P.A. 93-2, eff. 4-7-03; 94-4, eff. 6-1-05.)
| ||||||
24 | (40 ILCS 5/2-134)
(from Ch. 108 1/2, par. 2-134)
| ||||||
25 | Sec. 2-134. To certify required State contributions and | ||||||
26 | submit vouchers.
| ||||||
27 | (a) The Board shall certify to the Governor on or before | ||||||
28 | December 15 of each
year the amount of the required State | ||||||
29 | contribution to the System for the next
fiscal year. The | ||||||
30 | certification shall include a copy of the actuarial
| ||||||
31 | recommendations upon 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 | On or before July 1, 2005, the Board shall recalculate and | ||||||
4 | recertify
to the Governor the amount of the required State
| ||||||
5 | contribution to the System for State fiscal year 2006, taking | ||||||
6 | into account the changes in required State contributions made | ||||||
7 | by Public Act 94-4
this amendatory Act of the 94th General | ||||||
8 | Assembly .
| ||||||
9 | On or before July 1, 2006, the Board shall recalculate and | ||||||
10 | recertify
to the Governor the amount of the required State
| ||||||
11 | contribution to the System for State fiscal year 2007, taking | ||||||
12 | into account the changes in required State contributions made | ||||||
13 | by this amendatory Act of the 94th General Assembly.
| ||||||
14 | (b) Beginning in State fiscal year 1996, on or as soon as | ||||||
15 | possible after the
15th day of each month the Board shall | ||||||
16 | submit vouchers for payment of State
contributions to the | ||||||
17 | System, in a total monthly amount of one-twelfth of the
| ||||||
18 | required annual State contribution certified under subsection | ||||||
19 | (a).
From the effective date of this amendatory Act
of the 93rd | ||||||
20 | General Assembly through June 30, 2004, the Board shall not
| ||||||
21 | submit vouchers for the remainder of fiscal year 2004 in excess | ||||||
22 | of the
fiscal year 2004 certified contribution amount | ||||||
23 | determined
under this Section after taking into consideration | ||||||
24 | the transfer to the
System under subsection (d) of Section | ||||||
25 | 6z-61 of the State Finance Act.
These
vouchers shall be paid by | ||||||
26 | the State Comptroller and Treasurer by warrants drawn
on the | ||||||
27 | funds appropriated to the System for that fiscal year. If in | ||||||
28 | any month
the amount remaining unexpended from all other | ||||||
29 | appropriations to the System for
the applicable fiscal year | ||||||
30 | (including the appropriations to the System under
Section 8.12 | ||||||
31 | of the State Finance Act and Section 1 of the State Pension | ||||||
32 | Funds
Continuing Appropriation Act) is less than the amount | ||||||
33 | lawfully vouchered under
this Section, the difference shall be | ||||||
34 | paid from the General Revenue Fund under
the continuing | ||||||
35 | appropriation authority provided in Section 1.1 of the State
| ||||||
36 | Pension Funds Continuing Appropriation Act.
|
| |||||||
| |||||||
1 | (c) The full amount of any annual appropriation for the | ||||||
2 | System for
State fiscal year 1995 shall be transferred and made | ||||||
3 | available to the System
at the beginning of that fiscal year at | ||||||
4 | the request of the Board.
Any excess funds remaining at the end | ||||||
5 | of any fiscal year from appropriations
shall be retained by the | ||||||
6 | System as a general reserve to meet the System's
accrued | ||||||
7 | liabilities.
| ||||||
8 | (Source: P.A. 93-2, eff. 4-7-03; 93-665, eff. 3-5-04; 94-4, | ||||||
9 | eff. 6-1-05; 94-536, eff. 8-10-05; revised 8-19-05.)
| ||||||
10 | (40 ILCS 5/14-108.3)
| ||||||
11 | Sec. 14-108.3. Early retirement incentives.
| ||||||
12 | (a) To be eligible for the benefits provided in this | ||||||
13 | Section, a person
must:
| ||||||
14 | (1) be a member of this System who, on any day during | ||||||
15 | June, 2002, is
(i) in active payroll status in a position | ||||||
16 | of employment with a department
and an active contributor | ||||||
17 | to this System with respect to that employment,
and | ||||||
18 | terminates that employment before the retirement annuity | ||||||
19 | under this
Article begins, or (ii) on layoff status from | ||||||
20 | such a position with a right of
re-employment or recall to | ||||||
21 | service, or (iii) receiving benefits under Section
14-123, | ||||||
22 | 14-123.1 or 14-124, but only if the member has not been | ||||||
23 | receiving
those benefits for a continuous period of more | ||||||
24 | than 2 years as of the date
of application;
| ||||||
25 | (2) not have received any retirement annuity under this | ||||||
26 | Article
beginning earlier than August 1, 2002;
| ||||||
27 | (3) file with the Board on or before December 31, 2002 | ||||||
28 | a written
application requesting the benefits provided in | ||||||
29 | this Section;
| ||||||
30 | (4) terminate employment under this Article no later | ||||||
31 | than December 31,
2002 (or the date established under | ||||||
32 | subsection (d), if applicable);
| ||||||
33 | (5) by the date of termination of service, have at | ||||||
34 | least 8 years of
creditable service under this Article, | ||||||
35 | without the use of any creditable
service established under |
| |||||||
| |||||||
1 | this Section;
| ||||||
2 | (6) by the date of termination of service, have at | ||||||
3 | least 5 years
of membership service earned while an | ||||||
4 | employee under this Article, which may
include military | ||||||
5 | service for which credit is established under Section
| ||||||
6 | 14-105(b), service during the qualifying period for which | ||||||
7 | credit is
established under Section 14-104(a), and service | ||||||
8 | for which credit has been
established by repaying a refund | ||||||
9 | under Section 14-130, but shall not include
service for | ||||||
10 | which any other optional service credit has been | ||||||
11 | established; and
| ||||||
12 | (7) not receive any early retirement benefit under | ||||||
13 | Section 16-133.3 of
this Code.
| ||||||
14 | (b)
An eligible person may establish up to 5 years of | ||||||
15 | creditable service
under this Article, in increments of one | ||||||
16 | month, by making the contributions
specified in subsection (c). | ||||||
17 | In addition, for each month of creditable
service established | ||||||
18 | under this Section, a person's age at retirement shall
be | ||||||
19 | deemed to be one month older than it actually is.
| ||||||
20 | The creditable service established under this Section may | ||||||
21 | be used for
all purposes under this Article and the Retirement | ||||||
22 | Systems Reciprocal Act,
except for the computation of final | ||||||
23 | average compensation under Section
14-103.12 or the | ||||||
24 | determination of compensation under this or any other
Article | ||||||
25 | of this Code.
| ||||||
26 | The age enhancement established under this Section may not | ||||||
27 | be used to
enable any person to begin receiving a retirement | ||||||
28 | annuity calculated under
Section 14-110 before actually | ||||||
29 | attaining age 50 (without any age enhancement
under this | ||||||
30 | Section). The age enhancement established under this Section | ||||||
31 | may
be used for all other purposes under this Article | ||||||
32 | (including calculation of
a proportionate annuity payable by | ||||||
33 | this System under the Retirement Systems
Reciprocal Act), | ||||||
34 | except for purposes of the level income option in Section
| ||||||
35 | 14-112, the reversionary annuity under Section 14-113, and the | ||||||
36 | required
distributions under Section 14-121.1.
|
| |||||||
| |||||||
1 | The age enhancement established under this Section may be | ||||||
2 | used in
determining benefits payable under Article 16 of this | ||||||
3 | Code under the
Retirement Systems Reciprocal Act, if the person | ||||||
4 | has at least 5 years of
service credit in the Article 16 system | ||||||
5 | that was earned while participating
in that system as a teacher | ||||||
6 | (as defined in Section 16-106) employed by a
department (as | ||||||
7 | defined in Section 14-103.04).
Age enhancement established | ||||||
8 | under this Section shall not otherwise be used
in determining | ||||||
9 | benefits payable under other Articles of this Code under the
| ||||||
10 | Retirement Systems Reciprocal Act.
| ||||||
11 | (c) For all creditable service established under this | ||||||
12 | Section, a person
must pay to the System an employee | ||||||
13 | contribution to be determined by the
System, based on the | ||||||
14 | member's rate of compensation on June 1, 2002 (or
the last date | ||||||
15 | before June 1, 2002 for which a rate can be determined) and
the | ||||||
16 | retirement contribution rate in effect on June 1, 2002 for the | ||||||
17 | member
(or for members with the same social security and | ||||||
18 | alternative formula status
as the member).
| ||||||
19 | If the member receives a lump sum payment for accumulated | ||||||
20 | vacation, sick
leave and personal leave upon withdrawal from | ||||||
21 | service, and the net amount of
that lump sum payment is at | ||||||
22 | least as great as the amount of the contribution
required under | ||||||
23 | this Section, the entire contribution must be paid by the
| ||||||
24 | employee by payroll deduction. If there is no such lump sum | ||||||
25 | payment, or if
it is less than the contribution required under | ||||||
26 | this Section, the member shall
make an initial payment by | ||||||
27 | payroll deduction, equal to the net amount of the
lump sum | ||||||
28 | payment for accumulated vacation, sick leave, and personal | ||||||
29 | leave,
and have the remaining amount due treated as a reduction | ||||||
30 | from the retirement
annuity in 24 equal monthly installments | ||||||
31 | beginning in the month in which the
retirement annuity takes | ||||||
32 | effect. The required contribution may be paid as a
pre-tax | ||||||
33 | deduction from earnings. For federal and Illinois tax purposes, | ||||||
34 | the
monthly amount by which the annuitant's benefit is reduced | ||||||
35 | shall not be
treated as a contribution by the annuitant, but | ||||||
36 | rather as a reduction of the
annuitant's monthly benefit.
|
| |||||||
| |||||||
1 | (c-5) The reduction in retirement annuity provided in | ||||||
2 | subsection (c) of
Section 14-108 does not apply to the annuity | ||||||
3 | of a person who retires under this
Section. A person who has | ||||||
4 | received any age enhancement or creditable service
under this | ||||||
5 | Section may begin to receive an unreduced retirement annuity | ||||||
6 | upon
attainment of age 55 with at least 25 years of creditable | ||||||
7 | service (including
any age enhancement and creditable service | ||||||
8 | established under this Section).
| ||||||
9 | (d) In order to ensure that the efficient operation of | ||||||
10 | State government
is not jeopardized by the simultaneous | ||||||
11 | retirement of large numbers of key
personnel, the director or | ||||||
12 | other head of a department may, for key employees
of that | ||||||
13 | department, extend the December 31, 2002 deadline for | ||||||
14 | terminating
employment under this Article established in | ||||||
15 | subdivision (a)(4) of this
Section to a date not later than | ||||||
16 | April 30, 2003 by so notifying the System
in writing by | ||||||
17 | December 31, 2002.
| ||||||
18 | (e) Notwithstanding Section 14-111, a person who has | ||||||
19 | received any
age enhancement or creditable service under this | ||||||
20 | Section and who reenters
service under this Article (or as an | ||||||
21 | employee of a department under Article
16) other than as a | ||||||
22 | temporary employee thereby forfeits that age enhancement
and | ||||||
23 | creditable service and is entitled to a refund of the | ||||||
24 | contributions
made pursuant to this Section.
| ||||||
25 | (f) The System shall determine the amount of the increase | ||||||
26 | in the present value of future benefits resulting from the | ||||||
27 | granting of early retirement incentives
under this Section and | ||||||
28 | shall report that amount to the Governor and the Commission on | ||||||
29 | Government Forecasting and Accountability
on or after the | ||||||
30 | effective date of this amendatory Act of the 93rd General | ||||||
31 | Assembly and on or before November 15,
2004. Except in State | ||||||
32 | fiscal year 2006
Beginning with State fiscal year 2008 , the | ||||||
33 | increase
reported under this subsection (f) shall not be | ||||||
34 | included in the
calculation of the required State contribution | ||||||
35 | under Section 14-131.
| ||||||
36 | (g) In addition to the contributions otherwise required |
| |||||||
| |||||||
1 | under this Article,
the State shall appropriate and pay to the | ||||||
2 | System (i) an amount equal to
$70,000,000 in State fiscal years | ||||||
3 | 2004 and 2005 and (2) in each of State fiscal years 2007 | ||||||
4 | through 2015, a level dollar payment based upon the increase in | ||||||
5 | the percent value of future benefits provided by the early | ||||||
6 | retirement incentives provided under this Section amortized at | ||||||
7 | 8.5% interest .
| ||||||
8 | (h) The Commission on Government Forecasting and | ||||||
9 | Accountability (i) shall hold one or more hearings on or before | ||||||
10 | the last session day during the fall veto session of 2004 to | ||||||
11 | review recommendations relating to funding of early retirement | ||||||
12 | incentives under this Section and (ii) shall file its report | ||||||
13 | with the General Assembly on or before December 31, 2004 making | ||||||
14 | its recommendations relating to funding of early retirement | ||||||
15 | incentives under this Section; the Commission's report may | ||||||
16 | contain both majority recommendations and minority | ||||||
17 | recommendations. The System shall recalculate and recertify to | ||||||
18 | the Governor by January 31, 2005 the amount of the required | ||||||
19 | State contribution to the System for State fiscal year 2005 | ||||||
20 | with respect to those incentives. The Pension Laws Commission | ||||||
21 | (or its successor, the
Commission on Government Forecasting and | ||||||
22 | Accountability) shall determine
and report to the General
| ||||||
23 | Assembly, on or before January 1, 2004 and annually thereafter | ||||||
24 | through the year
2013, its estimate of (1) the annual amount of | ||||||
25 | payroll savings likely to be
realized by the State as a result | ||||||
26 | of the early retirement of persons receiving
early retirement | ||||||
27 | incentives under this Section and (2) the net annual savings
or | ||||||
28 | cost to the State from the program of early retirement | ||||||
29 | incentives created
under this Section.
| ||||||
30 | The System, the Department of Central Management Services, | ||||||
31 | the
Governor's Office of Management and Budget (formerly
Bureau | ||||||
32 | of
the Budget), and all other departments shall provide to the | ||||||
33 | Commission any
assistance that the Commission may request with | ||||||
34 | respect to its reports under
this Section. The Commission may | ||||||
35 | require departments to provide it with any
information that it | ||||||
36 | deems necessary or useful with respect to its reports under
|
| |||||||
| |||||||
1 | this Section, including without limitation information about | ||||||
2 | (1) the final
earnings of former department employees who | ||||||
3 | elected to receive benefits under
this Section, (2) the | ||||||
4 | earnings of current department employees holding the
positions | ||||||
5 | vacated by persons who elected to receive benefits under this
| ||||||
6 | Section, and (3) positions vacated by persons who elected to | ||||||
7 | receive benefits
under this Section that have not yet been | ||||||
8 | refilled.
| ||||||
9 | (i) The changes made to this Section by this amendatory Act | ||||||
10 | of the 92nd
General Assembly do not apply to persons who | ||||||
11 | retired under this Section on or
before May 1, 1992.
| ||||||
12 | (Source: P.A. 93-632, eff. 2-1-04; 93-839, eff. 7-30-04; | ||||||
13 | 93-1067, eff. 1-15-05; 94-4, eff. 6-1-05.)
| ||||||
14 | (40 ILCS 5/14-131)
(from Ch. 108 1/2, par. 14-131)
| ||||||
15 | Sec. 14-131. Contributions by State.
| ||||||
16 | (a) The State shall make contributions to the System by | ||||||
17 | appropriations of
amounts which, together with other employer | ||||||
18 | contributions from trust, federal,
and other funds, employee | ||||||
19 | contributions, investment income, and other income,
will be | ||||||
20 | sufficient to meet the cost of maintaining and administering | ||||||
21 | the System
on a 90% funded basis in accordance with actuarial | ||||||
22 | recommendations.
| ||||||
23 | For the purposes of this Section and Section 14-135.08, | ||||||
24 | references to State
contributions refer only to employer | ||||||
25 | contributions and do not include employee
contributions that | ||||||
26 | are picked up or otherwise paid by the State or a
department on | ||||||
27 | behalf of the employee.
| ||||||
28 | (b) The Board shall determine the total amount of State | ||||||
29 | contributions
required for each fiscal year on the basis of the | ||||||
30 | actuarial tables and other
assumptions adopted by the Board, | ||||||
31 | using the formula in subsection (e).
| ||||||
32 | The Board shall also determine a State contribution rate | ||||||
33 | for each fiscal
year, expressed as a percentage of payroll, | ||||||
34 | based on the total required State
contribution for that fiscal | ||||||
35 | year (less the amount received by the System from
|
| |||||||
| |||||||
1 | appropriations under Section 8.12 of the State Finance Act and | ||||||
2 | Section 1 of the
State Pension Funds Continuing Appropriation | ||||||
3 | Act, if any, for the fiscal year
ending on the June 30 | ||||||
4 | immediately preceding the applicable November 15
certification | ||||||
5 | deadline), the estimated payroll (including all forms of
| ||||||
6 | compensation) for personal services rendered by eligible | ||||||
7 | employees, and the
recommendations of the actuary.
| ||||||
8 | For the purposes of this Section and Section 14.1 of the | ||||||
9 | State Finance Act,
the term "eligible employees" includes | ||||||
10 | employees who participate in the System,
persons who may elect | ||||||
11 | to participate in the System but have not so elected,
persons | ||||||
12 | who are serving a qualifying period that is required for | ||||||
13 | participation,
and annuitants employed by a department as | ||||||
14 | described in subdivision (a)(1) or
(a)(2) of Section 14-111.
| ||||||
15 | (c) Contributions shall be made by the several departments | ||||||
16 | for each pay
period by warrants drawn by the State Comptroller | ||||||
17 | against their respective
funds or appropriations based upon | ||||||
18 | vouchers stating the amount to be so
contributed. These amounts | ||||||
19 | shall be based on the full rate certified by the
Board under | ||||||
20 | Section 14-135.08 for that fiscal year.
From the effective date | ||||||
21 | of this amendatory Act of the 93rd General
Assembly through the | ||||||
22 | payment of the final payroll from fiscal year 2004
| ||||||
23 | appropriations, the several departments shall not make | ||||||
24 | contributions
for the remainder of fiscal year 2004 but shall | ||||||
25 | instead make payments
as required under subsection (a-1) of | ||||||
26 | Section 14.1 of the State Finance Act.
The several departments | ||||||
27 | shall resume those contributions at the commencement of
fiscal | ||||||
28 | year 2005.
| ||||||
29 | (d) If an employee is paid from trust funds or federal | ||||||
30 | funds, the
department or other employer shall pay employer | ||||||
31 | contributions from those funds
to the System at the certified | ||||||
32 | rate, unless the terms of the trust or the
federal-State | ||||||
33 | agreement preclude the use of the funds for that purpose, in
| ||||||
34 | which case the required employer contributions shall be paid by | ||||||
35 | the State.
From the effective date of this amendatory
Act of | ||||||
36 | the 93rd General Assembly through the payment of the final
|
| |||||||
| |||||||
1 | payroll from fiscal year 2004 appropriations, the department or | ||||||
2 | other
employer shall not pay contributions for the remainder of | ||||||
3 | fiscal year
2004 but shall instead make payments as required | ||||||
4 | under subsection (a-1) of
Section 14.1 of the State Finance | ||||||
5 | Act. The department or other employer shall
resume payment of
| ||||||
6 | contributions at the commencement of fiscal year 2005.
| ||||||
7 | (e) For State fiscal years 2011 through 2045, the minimum | ||||||
8 | contribution
to the System to be made by the State for each | ||||||
9 | fiscal year shall be an amount
determined by the System to be | ||||||
10 | sufficient to bring the total assets of the
System up to 90% of | ||||||
11 | the total actuarial liabilities of the System by the end
of | ||||||
12 | State fiscal year 2045. In making these determinations, the | ||||||
13 | required State
contribution shall be calculated each year as a | ||||||
14 | level percentage of payroll
over the years remaining to and | ||||||
15 | including fiscal year 2045 and shall be
determined under the | ||||||
16 | projected unit credit actuarial cost method.
| ||||||
17 | For State fiscal years 1996 through 2005, the State | ||||||
18 | contribution to
the System, as a percentage of the applicable | ||||||
19 | employee payroll, shall be
increased in equal annual increments | ||||||
20 | so that by State fiscal year 2011, the
State is contributing at | ||||||
21 | the rate required under this Section; except that
(i) for State | ||||||
22 | fiscal year 1998, for all purposes of this Code and any other
| ||||||
23 | law of this State, the certified percentage of the applicable | ||||||
24 | employee payroll
shall be 5.052% for employees earning eligible | ||||||
25 | creditable service under Section
14-110 and 6.500% for all | ||||||
26 | other employees, notwithstanding any contrary
certification | ||||||
27 | made under Section 14-135.08 before the effective date of this
| ||||||
28 | amendatory Act of 1997, and (ii)
in the following specified | ||||||
29 | State fiscal years, the State contribution to
the System shall | ||||||
30 | not be less than the following indicated percentages of the
| ||||||
31 | applicable employee payroll, even if the indicated percentage | ||||||
32 | will produce a
State contribution in excess of the amount | ||||||
33 | otherwise required under this
subsection and subsection (a):
| ||||||
34 | 9.8% in FY 1999;
10.0% in FY 2000;
10.2% in FY 2001;
10.4% in FY | ||||||
35 | 2002;
10.6% in FY 2003; and
10.8% in FY 2004.
| ||||||
36 | Notwithstanding any other provision of this Article, the |
| |||||||
| |||||||
1 | total required State
contribution to the System for State | ||||||
2 | fiscal year 2006 is $203,783,900.
| ||||||
3 | Notwithstanding any other provision of this Article, the | ||||||
4 | total required State
contribution to the System for State | ||||||
5 | fiscal year 2007 is $344,164,400.
| ||||||
6 | For each of State fiscal years 2007
2008 through 2010, the | ||||||
7 | State contribution to
the System, as a percentage of the | ||||||
8 | applicable employee payroll, shall be
increased in equal annual | ||||||
9 | increments from the required State contribution for State | ||||||
10 | fiscal year 2005
2007 , so that by State fiscal year 2011, the
| ||||||
11 | State is contributing at the rate otherwise required under this | ||||||
12 | Section.
| ||||||
13 | Beginning in State fiscal year 2046, the minimum State | ||||||
14 | contribution for
each fiscal year shall be the amount needed to | ||||||
15 | maintain the total assets of
the System at 90% of the total | ||||||
16 | actuarial liabilities of the System.
| ||||||
17 | Notwithstanding any other provision of this Section, the | ||||||
18 | required State
contribution for State fiscal year 2005 and for | ||||||
19 | fiscal year 2007
2008 and each fiscal year thereafter, as
| ||||||
20 | calculated under this Section and
certified under Section | ||||||
21 | 14-135.08, shall not exceed an amount equal to (i) the
amount | ||||||
22 | of the required State contribution that would have been | ||||||
23 | calculated under
this Section for that fiscal year if the | ||||||
24 | System had not received any payments
under subsection (d) of | ||||||
25 | Section 7.2 of the General Obligation Bond Act, minus
(ii) the | ||||||
26 | portion of the State's total debt service payments for that | ||||||
27 | fiscal
year on the bonds issued for the purposes of that | ||||||
28 | Section 7.2, as determined
and certified by the Comptroller, | ||||||
29 | that is the same as the System's portion of
the total moneys | ||||||
30 | distributed under subsection (d) of Section 7.2 of the General
| ||||||
31 | Obligation Bond Act. In determining this maximum for State | ||||||
32 | fiscal years 2008 through 2010, however, the amount referred to | ||||||
33 | in item (i) shall be increased, as a percentage of the | ||||||
34 | applicable employee payroll, in equal increments calculated | ||||||
35 | from the sum of the required State contribution for State | ||||||
36 | fiscal year 2007 plus the applicable portion of the State's |
| |||||||
| |||||||
1 | total debt service payments for fiscal year 2007 on the bonds | ||||||
2 | issued for the purposes of Section 7.2 of the General
| ||||||
3 | Obligation Bond Act, so that, by State fiscal year 2011, the
| ||||||
4 | State is contributing at the rate otherwise required under this | ||||||
5 | Section.
| ||||||
6 | (f) After the submission of all payments for eligible | ||||||
7 | employees
from personal services line items in fiscal year 2004 | ||||||
8 | have been made,
the Comptroller shall provide to the System a | ||||||
9 | certification of the sum
of all fiscal year 2004 expenditures | ||||||
10 | for personal services that would
have been covered by payments | ||||||
11 | to the System under this Section if the
provisions of this | ||||||
12 | amendatory Act of the 93rd General Assembly had not been
| ||||||
13 | enacted. Upon
receipt of the certification, the System shall | ||||||
14 | determine the amount
due to the System based on the full rate | ||||||
15 | certified by the Board under
Section 14-135.08 for fiscal year | ||||||
16 | 2004 in order to meet the State's
obligation under this | ||||||
17 | Section. The System shall compare this amount
due to the amount | ||||||
18 | received by the System in fiscal year 2004 through
payments | ||||||
19 | under this Section and under Section 6z-61 of the State Finance | ||||||
20 | Act.
If the amount
due is more than the amount received, the | ||||||
21 | difference shall be termed the
"Fiscal Year 2004 Shortfall" for | ||||||
22 | purposes of this Section, and the
Fiscal Year 2004 Shortfall | ||||||
23 | shall be satisfied under Section 1.2 of the State
Pension Funds | ||||||
24 | Continuing Appropriation Act. If the amount due is less than | ||||||
25 | the
amount received, the
difference shall be termed the "Fiscal | ||||||
26 | Year 2004 Overpayment" for purposes of
this Section, and the | ||||||
27 | Fiscal Year 2004 Overpayment shall be repaid by
the System to | ||||||
28 | the Pension Contribution Fund as soon as practicable
after the | ||||||
29 | certification.
| ||||||
30 | (Source: P.A. 93-2, eff. 4-7-03; 93-665, eff. 3-5-04; 94-4, | ||||||
31 | eff. 6-1-05.)
| ||||||
32 | (40 ILCS 5/14-135.08) (from Ch. 108 1/2, par. 14-135.08)
| ||||||
33 | Sec. 14-135.08. To certify required State contributions. | ||||||
34 | (a)
To certify to the Governor and to each department, on | ||||||
35 | or before
November 15 of each year, the required rate for State |
| |||||||
| |||||||
1 | contributions to the
System for the next State fiscal year, as | ||||||
2 | determined under subsection (b) of
Section 14-131. The | ||||||
3 | certification to the Governor shall include a copy of the
| ||||||
4 | actuarial recommendations upon which the rate is based.
| ||||||
5 | (b) The certification shall include an additional amount | ||||||
6 | necessary to pay all principal of and interest on those general | ||||||
7 | obligation bonds due the next fiscal year authorized by Section | ||||||
8 | 7.2(a) of the General Obligation Bond Act and issued to provide | ||||||
9 | the proceeds deposited by the State with the System in July | ||||||
10 | 2003, representing deposits other than amounts reserved under | ||||||
11 | Section 7.2(c) of the General Obligation Bond Act. For State | ||||||
12 | fiscal year 2005, the Board shall make a supplemental | ||||||
13 | certification of the additional amount necessary to pay all | ||||||
14 | principal of and interest on those general obligation bonds due | ||||||
15 | in State fiscal years 2004 and 2005 authorized by Section | ||||||
16 | 7.2(a) of the General Obligation Bond Act and issued to provide | ||||||
17 | the proceeds deposited by the State with the System in July | ||||||
18 | 2003, representing deposits other than amounts reserved under | ||||||
19 | Section 7.2(c) of the General Obligation Bond Act, as soon as | ||||||
20 | practical after the effective date of this amendatory Act of | ||||||
21 | the 93rd General Assembly.
| ||||||
22 | On or before May 1, 2004, the Board shall recalculate and | ||||||
23 | recertify
to the Governor and to each department the amount of | ||||||
24 | the required State
contribution to the System and the required | ||||||
25 | rates for State contributions
to the System for State fiscal | ||||||
26 | year 2005, taking into account the amounts
appropriated to and | ||||||
27 | received by the System under subsection (d) of Section
7.2 of | ||||||
28 | the General Obligation Bond Act.
| ||||||
29 | On or before July 1, 2005, the Board shall recalculate and | ||||||
30 | recertify
to the Governor and to each department the amount of | ||||||
31 | the required State
contribution to the System and the required | ||||||
32 | rates for State contributions
to the System for State fiscal | ||||||
33 | year 2006, taking into account the changes in required State | ||||||
34 | contributions made by Public Act 94-4
this amendatory Act of | ||||||
35 | the 94th General Assembly .
| ||||||
36 | On or before July 1, 2006, the Board shall recalculate and |
| |||||||
| |||||||
1 | recertify
to the Governor and to each department the amount of | ||||||
2 | the required State
contribution to the System and the required | ||||||
3 | rates for State contributions
to the System for State fiscal | ||||||
4 | year 2007, taking into account the changes in required State | ||||||
5 | contributions made by this amendatory Act of the 94th General | ||||||
6 | Assembly.
| ||||||
7 | (Source: P.A. 93-2, eff. 4-7-03; 93-839, eff. 7-30-04; 94-4, | ||||||
8 | eff. 6-1-05.)
| ||||||
9 | (40 ILCS 5/15-155) (from Ch. 108 1/2, par. 15-155)
| ||||||
10 | Sec. 15-155. Employer contributions.
| ||||||
11 | (a) The State of Illinois shall make contributions by | ||||||
12 | appropriations of
amounts which, together with the other | ||||||
13 | employer contributions from trust,
federal, and other funds, | ||||||
14 | employee contributions, income from investments,
and other | ||||||
15 | income of this System, will be sufficient to meet the cost of
| ||||||
16 | maintaining and administering the System on a 90% funded basis | ||||||
17 | in accordance
with actuarial recommendations.
| ||||||
18 | The Board shall determine the amount of State contributions | ||||||
19 | required for
each fiscal year on the basis of the actuarial | ||||||
20 | tables and other assumptions
adopted by the Board and the | ||||||
21 | recommendations of the actuary, using the formula
in subsection | ||||||
22 | (a-1).
| ||||||
23 | (a-1) For State fiscal years 2011 through 2045, the minimum | ||||||
24 | contribution
to the System to be made by the State for each | ||||||
25 | fiscal year shall be an amount
determined by the System to be | ||||||
26 | sufficient to bring the total assets of the
System up to 90% of | ||||||
27 | the total actuarial liabilities of the System by the end of
| ||||||
28 | State fiscal year 2045. In making these determinations, the | ||||||
29 | required State
contribution shall be calculated each year as a | ||||||
30 | level percentage of payroll
over the years remaining to and | ||||||
31 | including fiscal year 2045 and shall be
determined under the | ||||||
32 | projected unit credit actuarial cost method.
| ||||||
33 | For State fiscal years 1996 through 2005, the State | ||||||
34 | contribution to
the System, as a percentage of the applicable | ||||||
35 | employee payroll, shall be
increased in equal annual increments |
| |||||||
| |||||||
1 | so that by State fiscal year 2011, the
State is contributing at | ||||||
2 | the rate required under this Section.
| ||||||
3 | Notwithstanding any other provision of this Article, the | ||||||
4 | total required State
contribution for State fiscal year 2006 is | ||||||
5 | $166,641,900.
| ||||||
6 | Notwithstanding any other provision of this Article, the | ||||||
7 | total required State
contribution for State fiscal year 2007 is | ||||||
8 | $252,064,100.
| ||||||
9 | For each of State fiscal years 2007
2008 through 2010, the | ||||||
10 | State contribution to
the System, as a percentage of the | ||||||
11 | applicable employee payroll, shall be
increased in equal annual | ||||||
12 | increments from the required State contribution for State | ||||||
13 | fiscal year 2005
2007 , so that by State fiscal year 2011, the
| ||||||
14 | State is contributing at the rate otherwise required under this | ||||||
15 | Section.
| ||||||
16 | Beginning in State fiscal year 2046, the minimum State | ||||||
17 | contribution for
each fiscal year shall be the amount needed to | ||||||
18 | maintain the total assets of
the System at 90% of the total | ||||||
19 | actuarial liabilities of the System.
| ||||||
20 | Notwithstanding any other provision of this Section, the | ||||||
21 | required State
contribution for State fiscal year 2005 and for | ||||||
22 | fiscal year 2007
2008 and each fiscal year thereafter, as
| ||||||
23 | calculated under this Section and
certified under Section | ||||||
24 | 15-165, shall not exceed an amount equal to (i) the
amount of | ||||||
25 | the required State contribution that would have been calculated | ||||||
26 | under
this Section for that fiscal year if the System had not | ||||||
27 | received any payments
under subsection (d) of Section 7.2 of | ||||||
28 | the General Obligation Bond Act, minus
(ii) the portion of the | ||||||
29 | State's total debt service payments for that fiscal
year on the | ||||||
30 | bonds issued for the purposes of that Section 7.2, as | ||||||
31 | determined
and certified by the Comptroller, that is the same | ||||||
32 | as the System's portion of
the total moneys distributed under | ||||||
33 | subsection (d) of Section 7.2 of the General
Obligation Bond | ||||||
34 | Act. In determining this maximum for State fiscal years 2008 | ||||||
35 | through 2010, however, the amount referred to in item (i) shall | ||||||
36 | be increased, as a percentage of the applicable employee |
| |||||||
| |||||||
1 | payroll, in equal increments calculated from the sum of the | ||||||
2 | required State contribution for State fiscal year 2007 plus the | ||||||
3 | applicable portion of the State's total debt service payments | ||||||
4 | for fiscal year 2007 on the bonds issued for the purposes of | ||||||
5 | Section 7.2 of the General
Obligation Bond Act, so that, by | ||||||
6 | State fiscal year 2011, the
State is contributing at the rate | ||||||
7 | otherwise required under this Section.
| ||||||
8 | (b) If an employee is paid from trust or federal funds, the | ||||||
9 | employer
shall pay to the Board contributions from those funds | ||||||
10 | which are
sufficient to cover the accruing normal costs on | ||||||
11 | behalf of the employee.
However, universities having employees | ||||||
12 | who are compensated out of local
auxiliary funds, income funds, | ||||||
13 | or service enterprise funds are not required
to pay such | ||||||
14 | contributions on behalf of those employees. The local auxiliary
| ||||||
15 | funds, income funds, and service enterprise funds of | ||||||
16 | universities shall not be
considered trust funds for the | ||||||
17 | purpose of this Article, but funds of alumni
associations, | ||||||
18 | foundations, and athletic associations which are affiliated | ||||||
19 | with
the universities included as employers under this Article | ||||||
20 | and other employers
which do not receive State appropriations | ||||||
21 | are considered to be trust funds for
the purpose of this | ||||||
22 | Article.
| ||||||
23 | (b-1) The City of Urbana and the City of Champaign shall | ||||||
24 | each make
employer contributions to this System for their | ||||||
25 | respective firefighter
employees who participate in this | ||||||
26 | System pursuant to subsection (h) of Section
15-107. The rate | ||||||
27 | of contributions to be made by those municipalities shall
be | ||||||
28 | determined annually by the Board on the basis of the actuarial | ||||||
29 | assumptions
adopted by the Board and the recommendations of the | ||||||
30 | actuary, and shall be
expressed as a percentage of salary for | ||||||
31 | each such employee. The Board shall
certify the rate to the | ||||||
32 | affected municipalities as soon as may be practical.
The | ||||||
33 | employer contributions required under this subsection shall be | ||||||
34 | remitted by
the municipality to the System at the same time and | ||||||
35 | in the same manner as
employee contributions.
| ||||||
36 | (c) Through State fiscal year 1995: The total employer |
| |||||||
| |||||||
1 | contribution shall
be apportioned among the various funds of | ||||||
2 | the State and other employers,
whether trust, federal, or other | ||||||
3 | funds, in accordance with actuarial procedures
approved by the | ||||||
4 | Board. State of Illinois contributions for employers receiving
| ||||||
5 | State appropriations for personal services shall be payable | ||||||
6 | from appropriations
made to the employers or to the System. The | ||||||
7 | contributions for Class I
community colleges covering earnings | ||||||
8 | other than those paid from trust and
federal funds, shall be | ||||||
9 | payable solely from appropriations to the Illinois
Community | ||||||
10 | College Board or the System for employer contributions.
| ||||||
11 | (d) Beginning in State fiscal year 1996, the required State | ||||||
12 | contributions
to the System shall be appropriated directly to | ||||||
13 | the System and shall be payable
through vouchers issued in | ||||||
14 | accordance with subsection (c) of Section 15-165, except as | ||||||
15 | provided in subsection (g).
| ||||||
16 | (e) The State Comptroller shall draw warrants payable to | ||||||
17 | the System upon
proper certification by the System or by the | ||||||
18 | employer in accordance with the
appropriation laws and this | ||||||
19 | Code.
| ||||||
20 | (f) Normal costs under this Section means liability for
| ||||||
21 | pensions and other benefits which accrues to the System because | ||||||
22 | of the
credits earned for service rendered by the participants | ||||||
23 | during the
fiscal year and expenses of administering the | ||||||
24 | System, but shall not
include the principal of or any | ||||||
25 | redemption premium or interest on any bonds
issued by the Board | ||||||
26 | or any expenses incurred or deposits required in
connection | ||||||
27 | therewith.
| ||||||
28 | (g) If the amount of a participant's earnings for any | ||||||
29 | academic year used to determine the final rate of earnings | ||||||
30 | exceeds the amount of his or her earnings with the same | ||||||
31 | employer for the previous academic year by more than 6%, the | ||||||
32 | participant's employer shall pay to the System, in addition to | ||||||
33 | all other payments required under this Section and in | ||||||
34 | accordance with guidelines established by the System, the | ||||||
35 | present value of the increase in benefits resulting from the | ||||||
36 | portion of the increase in earnings that is in excess of 6%. |
| |||||||
| |||||||
1 | This present value shall be computed by the System on the basis | ||||||
2 | of the actuarial assumptions and tables used in the most recent | ||||||
3 | actuarial valuation of the System that is available at the time | ||||||
4 | of the computation. The employer contributions required under | ||||||
5 | this subsection (g) shall be paid in the form of a lump sum | ||||||
6 | within 30 days after receipt of the bill after the participant | ||||||
7 | begins receiving benefits under this Article.
| ||||||
8 | The provisions of this subsection (g) do not apply to | ||||||
9 | earnings increases paid to participants under contracts or | ||||||
10 | collective bargaining agreements entered into, amended, or | ||||||
11 | renewed before the effective date of this amendatory Act of the | ||||||
12 | 94th General Assembly.
| ||||||
13 | (Source: P.A. 93-2, eff. 4-7-03; 94-4, eff. 6-1-05.)
| ||||||
14 | (40 ILCS 5/15-165)
(from Ch. 108 1/2, par. 15-165)
| ||||||
15 | Sec. 15-165. To certify amounts and submit vouchers.
| ||||||
16 | (a) The Board shall certify to the Governor on or before | ||||||
17 | November 15 of each
year the appropriation required from State | ||||||
18 | funds for the purposes of this
System for the following fiscal | ||||||
19 | year. The certification shall include a copy
of the actuarial | ||||||
20 | recommendations upon which it is based.
| ||||||
21 | On or before May 1, 2004, the Board shall recalculate and | ||||||
22 | recertify to
the Governor the amount of the required State | ||||||
23 | contribution to the System for
State fiscal year 2005, taking | ||||||
24 | into account the amounts appropriated to and
received by the | ||||||
25 | System under subsection (d) of Section 7.2 of the General
| ||||||
26 | Obligation Bond Act.
| ||||||
27 | On or before July 1, 2005, the Board shall recalculate and | ||||||
28 | recertify
to the Governor the amount of the required State
| ||||||
29 | contribution to the System for State fiscal year 2006, taking | ||||||
30 | into account the changes in required State contributions made | ||||||
31 | by Public Act 94-4
this amendatory Act of the 94th General | ||||||
32 | Assembly .
| ||||||
33 | On or before July 1, 2006, the Board shall recalculate and | ||||||
34 | recertify
to the Governor the amount of the required State
| ||||||
35 | contribution to the System for State fiscal year 2007, taking |
| |||||||
| |||||||
1 | into account the changes in required State contributions made | ||||||
2 | by this amendatory Act of the 94th General Assembly.
| ||||||
3 | (b) The Board shall certify to the State Comptroller or | ||||||
4 | employer, as the
case may be, from time to time, by its | ||||||
5 | president and secretary, with its seal
attached, the amounts | ||||||
6 | payable to the System from the various funds.
| ||||||
7 | (c) Beginning in State fiscal year 1996, on or as soon as | ||||||
8 | possible after the
15th day of each month the Board shall | ||||||
9 | submit vouchers for payment of State
contributions to the | ||||||
10 | System, in a total monthly amount of one-twelfth of the
| ||||||
11 | required annual State contribution certified under subsection | ||||||
12 | (a).
From the effective date of this amendatory Act
of the 93rd | ||||||
13 | General Assembly through June 30, 2004, the Board shall not
| ||||||
14 | submit vouchers for the remainder of fiscal year 2004 in excess | ||||||
15 | of the
fiscal year 2004 certified contribution amount | ||||||
16 | determined
under this Section after taking into consideration | ||||||
17 | the transfer to the
System under subsection (b) of Section | ||||||
18 | 6z-61 of the State Finance Act.
These
vouchers shall be paid by | ||||||
19 | the State Comptroller and Treasurer by warrants drawn
on the | ||||||
20 | funds appropriated to the System for that fiscal year.
| ||||||
21 | If in any month the amount remaining unexpended from all | ||||||
22 | other
appropriations to the System for the applicable fiscal | ||||||
23 | year (including the
appropriations to the System under Section | ||||||
24 | 8.12 of the State Finance Act and
Section 1 of the State | ||||||
25 | Pension Funds Continuing Appropriation Act) is less than
the | ||||||
26 | amount lawfully vouchered under this Section, the difference | ||||||
27 | shall be paid
from the General Revenue Fund under the | ||||||
28 | continuing appropriation authority
provided in Section 1.1 of | ||||||
29 | the State Pension Funds Continuing Appropriation
Act.
| ||||||
30 | (d) So long as the payments received are the full amount | ||||||
31 | lawfully
vouchered under this Section, payments received by the | ||||||
32 | System under this
Section shall be applied first toward the | ||||||
33 | employer contribution to the
self-managed plan established | ||||||
34 | under Section 15-158.2. Payments shall be
applied second toward | ||||||
35 | the employer's portion of the normal costs of the System,
as | ||||||
36 | defined in subsection (f) of Section 15-155. The balance shall |
| |||||||
| |||||||
1 | be applied
toward the unfunded actuarial liabilities of the | ||||||
2 | System.
| ||||||
3 | (e) In the event that the System does not receive, as a | ||||||
4 | result of
legislative enactment or otherwise, payments | ||||||
5 | sufficient to
fully fund the employer contribution to the | ||||||
6 | self-managed plan
established under Section 15-158.2 and to | ||||||
7 | fully fund that portion of the
employer's portion of the normal | ||||||
8 | costs of the System, as calculated in
accordance with Section | ||||||
9 | 15-155(a-1), then any payments received shall be
applied | ||||||
10 | proportionately to the optional retirement program established | ||||||
11 | under
Section 15-158.2 and to the employer's portion of the | ||||||
12 | normal costs of the
System, as calculated in accordance with | ||||||
13 | Section 15-155(a-1).
| ||||||
14 | (Source: P.A. 93-2, eff. 4-7-03; 93-665, eff. 3-5-04; 94-4, | ||||||
15 | eff. 6-1-05.)
| ||||||
16 | (40 ILCS 5/16-158)
(from Ch. 108 1/2, par. 16-158)
| ||||||
17 | Sec. 16-158. Contributions by State and other employing | ||||||
18 | units.
| ||||||
19 | (a) The State shall make contributions to the System by | ||||||
20 | means of
appropriations from the Common School Fund and other | ||||||
21 | State funds of amounts
which, together with other employer | ||||||
22 | contributions, employee contributions,
investment income, and | ||||||
23 | other income, will be sufficient to meet the cost of
| ||||||
24 | maintaining and administering the System on a 90% funded basis | ||||||
25 | in accordance
with actuarial recommendations.
| ||||||
26 | The Board shall determine the amount of State contributions | ||||||
27 | required for
each fiscal year on the basis of the actuarial | ||||||
28 | tables and other assumptions
adopted by the Board and the | ||||||
29 | recommendations of the actuary, using the formula
in subsection | ||||||
30 | (b-3).
| ||||||
31 | (a-1) Annually, on or before November 15, the Board shall | ||||||
32 | certify to the
Governor the amount of the required State | ||||||
33 | contribution for the coming fiscal
year. The certification | ||||||
34 | shall include a copy of the actuarial recommendations
upon | ||||||
35 | which it is based.
|
| |||||||
| |||||||
1 | On or before May 1, 2004, the Board shall recalculate and | ||||||
2 | recertify to
the Governor the amount of the required State | ||||||
3 | contribution to the System for
State fiscal year 2005, taking | ||||||
4 | into account the amounts appropriated to and
received by the | ||||||
5 | System under subsection (d) of Section 7.2 of the General
| ||||||
6 | Obligation Bond Act.
| ||||||
7 | On or before July 1, 2005, the Board shall recalculate and | ||||||
8 | recertify
to the Governor the amount of the required State
| ||||||
9 | contribution to the System for State fiscal year 2006, taking | ||||||
10 | into account the changes in required State contributions made | ||||||
11 | by Public Act 94-4
this amendatory Act of the 94th General | ||||||
12 | Assembly .
| ||||||
13 | On or before July 1, 2006, the Board shall recalculate and | ||||||
14 | recertify
to the Governor the amount of the required State
| ||||||
15 | contribution to the System for State fiscal year 2007, taking | ||||||
16 | into account the changes in required State contributions made | ||||||
17 | by this amendatory Act of the 94th General Assembly.
| ||||||
18 | (b) Through State fiscal year 1995, the State contributions | ||||||
19 | shall be
paid to the System in accordance with Section 18-7 of | ||||||
20 | the School Code.
| ||||||
21 | (b-1) Beginning in State fiscal year 1996, on the 15th day | ||||||
22 | of each month,
or as soon thereafter as may be practicable, the | ||||||
23 | Board shall submit vouchers
for payment of State contributions | ||||||
24 | to the System, in a total monthly amount of
one-twelfth of the | ||||||
25 | required annual State contribution certified under
subsection | ||||||
26 | (a-1).
From the
effective date of this amendatory Act of the | ||||||
27 | 93rd General Assembly
through June 30, 2004, the Board shall | ||||||
28 | not submit vouchers for the
remainder of fiscal year 2004 in | ||||||
29 | excess of the fiscal year 2004
certified contribution amount | ||||||
30 | determined under this Section
after taking into consideration | ||||||
31 | the transfer to the System
under subsection (a) of Section | ||||||
32 | 6z-61 of the State Finance Act.
These vouchers shall be paid by | ||||||
33 | the State Comptroller and
Treasurer by warrants drawn on the | ||||||
34 | funds appropriated to the System for that
fiscal year.
| ||||||
35 | If in any month the amount remaining unexpended from all | ||||||
36 | other appropriations
to the System for the applicable fiscal |
| |||||||
| |||||||
1 | year (including the appropriations to
the System under Section | ||||||
2 | 8.12 of the State Finance Act and Section 1 of the
State | ||||||
3 | Pension Funds Continuing Appropriation Act) is less than the | ||||||
4 | amount
lawfully vouchered under this subsection, the | ||||||
5 | difference shall be paid from the
Common School Fund under the | ||||||
6 | continuing appropriation authority provided in
Section 1.1 of | ||||||
7 | the State Pension Funds Continuing Appropriation Act.
| ||||||
8 | (b-2) Allocations from the Common School Fund apportioned | ||||||
9 | to school
districts not coming under this System shall not be | ||||||
10 | diminished or affected by
the provisions of this Article.
| ||||||
11 | (b-3) For State fiscal years 2011 through 2045, the minimum | ||||||
12 | contribution
to the System to be made by the State for each | ||||||
13 | fiscal year shall be an amount
determined by the System to be | ||||||
14 | sufficient to bring the total assets of the
System up to 90% of | ||||||
15 | the total actuarial liabilities of the System by the end of
| ||||||
16 | State fiscal year 2045. In making these determinations, the | ||||||
17 | required State
contribution shall be calculated each year as a | ||||||
18 | level percentage of payroll
over the years remaining to and | ||||||
19 | including fiscal year 2045 and shall be
determined under the | ||||||
20 | projected unit credit actuarial cost method.
| ||||||
21 | For State fiscal years 1996 through 2005, the State | ||||||
22 | contribution to the
System, as a percentage of the applicable | ||||||
23 | employee payroll, shall be increased
in equal annual increments | ||||||
24 | so that by State fiscal year 2011, the State is
contributing at | ||||||
25 | the rate required under this Section; except that in the
| ||||||
26 | following specified State fiscal years, the State contribution | ||||||
27 | to the System
shall not be less than the following indicated | ||||||
28 | percentages of the applicable
employee payroll, even if the | ||||||
29 | indicated percentage will produce a State
contribution in | ||||||
30 | excess of the amount otherwise required under this subsection
| ||||||
31 | and subsection (a), and notwithstanding any contrary | ||||||
32 | certification made under
subsection (a-1) before the effective | ||||||
33 | date of this amendatory Act of 1998:
10.02% in FY 1999;
10.77% | ||||||
34 | in FY 2000;
11.47% in FY 2001;
12.16% in FY 2002;
12.86% in FY | ||||||
35 | 2003; and
13.56% in FY 2004.
| ||||||
36 | Notwithstanding any other provision of this Article, the |
| |||||||
| |||||||
1 | total required State
contribution for State fiscal year 2006 is | ||||||
2 | $534,627,700.
| ||||||
3 | Notwithstanding any other provision of this Article, the | ||||||
4 | total required State
contribution for State fiscal year 2007 is | ||||||
5 | $738,014,500.
| ||||||
6 | For each of State fiscal years 2007
2008 through 2010, the | ||||||
7 | State contribution to
the System, as a percentage of the | ||||||
8 | applicable employee payroll, shall be
increased in equal annual | ||||||
9 | increments from the required State contribution for State | ||||||
10 | fiscal year 2005
2007 , so that by State fiscal year 2011, the
| ||||||
11 | State is contributing at the rate otherwise required under this | ||||||
12 | Section.
| ||||||
13 | Beginning in State fiscal year 2046, the minimum State | ||||||
14 | contribution for
each fiscal year shall be the amount needed to | ||||||
15 | maintain the total assets of
the System at 90% of the total | ||||||
16 | actuarial liabilities of the System.
| ||||||
17 | Notwithstanding any other provision of this Section, the | ||||||
18 | required State
contribution for State fiscal year 2005 and for | ||||||
19 | fiscal year 2007
2008 and each fiscal year thereafter, as
| ||||||
20 | calculated under this Section and
certified under subsection | ||||||
21 | (a-1), shall not exceed an amount equal to (i) the
amount of | ||||||
22 | the required State contribution that would have been calculated | ||||||
23 | under
this Section for that fiscal year if the System had not | ||||||
24 | received any payments
under subsection (d) of Section 7.2 of | ||||||
25 | the General Obligation Bond Act, minus
(ii) the portion of the | ||||||
26 | State's total debt service payments for that fiscal
year on the | ||||||
27 | bonds issued for the purposes of that Section 7.2, as | ||||||
28 | determined
and certified by the Comptroller, that is the same | ||||||
29 | as the System's portion of
the total moneys distributed under | ||||||
30 | subsection (d) of Section 7.2 of the General
Obligation Bond | ||||||
31 | Act. In determining this maximum for State fiscal years 2008 | ||||||
32 | through 2010, however, the amount referred to in item (i) shall | ||||||
33 | be increased, as a percentage of the applicable employee | ||||||
34 | payroll, in equal increments calculated from the sum of the | ||||||
35 | required State contribution for State fiscal year 2007 plus the | ||||||
36 | applicable portion of the State's total debt service payments |
| |||||||
| |||||||
1 | for fiscal year 2007 on the bonds issued for the purposes of | ||||||
2 | Section 7.2 of the General
Obligation Bond Act, so that, by | ||||||
3 | State fiscal year 2011, the
State is contributing at the rate | ||||||
4 | otherwise required under this Section.
| ||||||
5 | (c) Payment of the required State contributions and of all | ||||||
6 | pensions,
retirement annuities, death benefits, refunds, and | ||||||
7 | other benefits granted
under or assumed by this System, and all | ||||||
8 | expenses in connection with the
administration and operation | ||||||
9 | thereof, are obligations of the State.
| ||||||
10 | If members are paid from special trust or federal funds | ||||||
11 | which are
administered by the employing unit, whether school | ||||||
12 | district or other
unit, the employing unit shall pay to the | ||||||
13 | System from such
funds the full accruing retirement costs based | ||||||
14 | upon that
service, as determined by the System. Employer | ||||||
15 | contributions, based on
salary paid to members from federal | ||||||
16 | funds, may be forwarded by the distributing
agency of the State | ||||||
17 | of Illinois to the System prior to allocation, in an
amount | ||||||
18 | determined in accordance with guidelines established by such
| ||||||
19 | agency and the System.
| ||||||
20 | (d) Effective July 1, 1986, any employer of a teacher as | ||||||
21 | defined in
paragraph (8) of Section 16-106 shall pay the | ||||||
22 | employer's normal cost
of benefits based upon the teacher's | ||||||
23 | service, in addition to
employee contributions, as determined | ||||||
24 | by the System. Such employer
contributions shall be forwarded | ||||||
25 | monthly in accordance with guidelines
established by the | ||||||
26 | System.
| ||||||
27 | However, with respect to benefits granted under Section | ||||||
28 | 16-133.4 or
16-133.5 to a teacher as defined in paragraph (8) | ||||||
29 | of Section 16-106, the
employer's contribution shall be 12% | ||||||
30 | (rather than 20%) of the member's
highest annual salary rate | ||||||
31 | for each year of creditable service granted, and
the employer | ||||||
32 | shall also pay the required employee contribution on behalf of
| ||||||
33 | the teacher. For the purposes of Sections 16-133.4 and | ||||||
34 | 16-133.5, a teacher
as defined in paragraph (8) of Section | ||||||
35 | 16-106 who is serving in that capacity
while on leave of | ||||||
36 | absence from another employer under this Article shall not
be |
| |||||||
| |||||||
1 | considered an employee of the employer from which the teacher | ||||||
2 | is on leave.
| ||||||
3 | (e) Beginning July 1, 1998, every employer of a teacher
| ||||||
4 | shall pay to the System an employer contribution computed as | ||||||
5 | follows:
| ||||||
6 | (1) Beginning July 1, 1998 through June 30, 1999, the | ||||||
7 | employer
contribution shall be equal to 0.3% of each | ||||||
8 | teacher's salary.
| ||||||
9 | (2) Beginning July 1, 1999 and thereafter, the employer
| ||||||
10 | contribution shall be equal to 0.58% of each teacher's | ||||||
11 | salary.
| ||||||
12 | The school district or other employing unit may pay these | ||||||
13 | employer
contributions out of any source of funding available | ||||||
14 | for that purpose and
shall forward the contributions to the | ||||||
15 | System on the schedule established
for the payment of member | ||||||
16 | contributions.
| ||||||
17 | These employer contributions are intended to offset a | ||||||
18 | portion of the cost
to the System of the increases in | ||||||
19 | retirement benefits resulting from this
amendatory Act of 1998.
| ||||||
20 | Each employer of teachers is entitled to a credit against | ||||||
21 | the contributions
required under this subsection (e) with | ||||||
22 | respect to salaries paid to teachers
for the period January 1, | ||||||
23 | 2002 through June 30, 2003, equal to the amount paid
by that | ||||||
24 | employer under subsection (a-5) of Section 6.6 of the State | ||||||
25 | Employees
Group Insurance Act of 1971 with respect to salaries | ||||||
26 | paid to teachers for that
period.
| ||||||
27 | The additional 1% employee contribution required under | ||||||
28 | Section 16-152 by
this amendatory Act of 1998 is the | ||||||
29 | responsibility of the teacher and not the
teacher's employer, | ||||||
30 | unless the employer agrees, through collective bargaining
or | ||||||
31 | otherwise, to make the contribution on behalf of the teacher.
| ||||||
32 | If an employer is required by a contract in effect on May | ||||||
33 | 1, 1998 between the
employer and an employee organization to | ||||||
34 | pay, on behalf of all its full-time
employees
covered by this | ||||||
35 | Article, all mandatory employee contributions required under
| ||||||
36 | this Article, then the employer shall be excused from paying |
| |||||||
| |||||||
1 | the employer
contribution required under this subsection (e) | ||||||
2 | for the balance of the term
of that contract. The employer and | ||||||
3 | the employee organization shall jointly
certify to the System | ||||||
4 | the existence of the contractual requirement, in such
form as | ||||||
5 | the System may prescribe. This exclusion shall cease upon the
| ||||||
6 | termination, extension, or renewal of the contract at any time | ||||||
7 | after May 1,
1998.
| ||||||
8 | (f) If the amount of a teacher's salary for any school year | ||||||
9 | used to determine final average salary exceeds the amount of | ||||||
10 | his or her salary with the same employer for the previous | ||||||
11 | school year by more than 6%, the teacher's employer shall pay | ||||||
12 | to the System, in addition to all other payments required under | ||||||
13 | this Section and in accordance with guidelines established by | ||||||
14 | the System, the present value of the increase in benefits | ||||||
15 | resulting from the portion of the increase in salary that is in | ||||||
16 | excess of 6%. This present value shall be computed by the | ||||||
17 | System on the basis of the actuarial assumptions and tables | ||||||
18 | used in the most recent actuarial valuation of the System that | ||||||
19 | is available at the time of the computation. The employer | ||||||
20 | contributions required under this subsection (f) shall be paid | ||||||
21 | in the form of a lump sum within 30 days after receipt of the | ||||||
22 | bill after the teacher begins receiving benefits under this | ||||||
23 | Article.
| ||||||
24 | The provisions of this subsection (f) do not apply to | ||||||
25 | salary increases paid to teachers under contracts or collective | ||||||
26 | bargaining agreements entered into, amended, or renewed before | ||||||
27 | the effective date of this amendatory Act of the 94th General | ||||||
28 | Assembly.
| ||||||
29 | (Source: P.A. 93-2, eff. 4-7-03; 93-665, eff. 3-5-04; 94-4, | ||||||
30 | eff. 6-1-05.)
| ||||||
31 | (40 ILCS 5/18-131) (from Ch. 108 1/2, par. 18-131)
| ||||||
32 | Sec. 18-131. Financing; employer contributions.
| ||||||
33 | (a) The State of Illinois shall make contributions to this | ||||||
34 | System by
appropriations of the amounts which, together with | ||||||
35 | the contributions of
participants, net earnings on |
| |||||||
| |||||||
1 | investments, and other income, will meet the
costs of | ||||||
2 | maintaining and administering this System on a 90% funded basis | ||||||
3 | in
accordance with actuarial recommendations.
| ||||||
4 | (b) The Board shall determine the amount of State | ||||||
5 | contributions
required for each fiscal year on the basis of the | ||||||
6 | actuarial tables and other
assumptions adopted by the Board and | ||||||
7 | the prescribed rate of interest, using
the formula in | ||||||
8 | subsection (c).
| ||||||
9 | (c) For State fiscal years 2011 through 2045, the minimum | ||||||
10 | contribution
to the System to be made by the State for each | ||||||
11 | fiscal year shall be an amount
determined by the System to be | ||||||
12 | sufficient to bring the total assets of the
System up to 90% of | ||||||
13 | the total actuarial liabilities of the System by the end of
| ||||||
14 | State fiscal year 2045. In making these determinations, the | ||||||
15 | required State
contribution shall be calculated each year as a | ||||||
16 | level percentage of payroll
over the years remaining to and | ||||||
17 | including fiscal year 2045 and shall be
determined under the | ||||||
18 | projected unit credit actuarial cost method.
| ||||||
19 | For State fiscal years 1996 through 2005, the State | ||||||
20 | contribution to
the System, as a percentage of the applicable | ||||||
21 | employee payroll, shall be
increased in equal annual increments | ||||||
22 | so that by State fiscal year 2011, the
State is contributing at | ||||||
23 | the rate required under this Section.
| ||||||
24 | Notwithstanding any other provision of this Article, the | ||||||
25 | total required State
contribution for State fiscal year 2006 is | ||||||
26 | $29,189,400.
| ||||||
27 | Notwithstanding any other provision of this Article, the | ||||||
28 | total required State
contribution for State fiscal year 2007 is | ||||||
29 | $35,236,800.
| ||||||
30 | For each of State fiscal years 2007
2008 through 2010, the | ||||||
31 | State contribution to
the System, as a percentage of the | ||||||
32 | applicable employee payroll, shall be
increased in equal annual | ||||||
33 | increments from the required State contribution for State | ||||||
34 | fiscal year 2005
2007 , so that by State fiscal year 2011, the
| ||||||
35 | State is contributing at the rate otherwise required under this | ||||||
36 | Section.
|
| |||||||
| |||||||
1 | Beginning in State fiscal year 2046, the minimum State | ||||||
2 | contribution for
each fiscal year shall be the amount needed to | ||||||
3 | maintain the total assets of
the System at 90% of the total | ||||||
4 | actuarial liabilities of the System.
| ||||||
5 | Notwithstanding any other provision of this Section, the | ||||||
6 | required State
contribution for State fiscal year 2005 and for | ||||||
7 | fiscal year 2007
2008 and each fiscal year thereafter, as
| ||||||
8 | calculated under this Section and
certified under Section | ||||||
9 | 18-140, shall not exceed an amount equal to (i) the
amount of | ||||||
10 | the required State contribution that would have been calculated | ||||||
11 | under
this Section for that fiscal year if the System had not | ||||||
12 | received any payments
under subsection (d) of Section 7.2 of | ||||||
13 | the General Obligation Bond Act, minus
(ii) the portion of the | ||||||
14 | State's total debt service payments for that fiscal
year on the | ||||||
15 | bonds issued for the purposes of that Section 7.2, as | ||||||
16 | determined
and certified by the Comptroller, that is the same | ||||||
17 | as the System's portion of
the total moneys distributed under | ||||||
18 | subsection (d) of Section 7.2 of the General
Obligation Bond | ||||||
19 | Act. In determining this maximum for State fiscal years 2008 | ||||||
20 | through 2010, however, the amount referred to in item (i) shall | ||||||
21 | be increased, as a percentage of the applicable employee | ||||||
22 | payroll, in equal increments calculated from the sum of the | ||||||
23 | required State contribution for State fiscal year 2007 plus the | ||||||
24 | applicable portion of the State's total debt service payments | ||||||
25 | for fiscal year 2007 on the bonds issued for the purposes of | ||||||
26 | Section 7.2 of the General
Obligation Bond Act, so that, by | ||||||
27 | State fiscal year 2011, the
State is contributing at the rate | ||||||
28 | otherwise required under this Section.
| ||||||
29 | (Source: P.A. 93-2, eff. 4-7-03; 94-4, eff. 6-1-05.)
| ||||||
30 | (40 ILCS 5/18-140)
(from Ch. 108 1/2, par. 18-140)
| ||||||
31 | Sec. 18-140. To certify required State contributions and | ||||||
32 | submit vouchers.
| ||||||
33 | (a) The Board shall certify to the Governor, on or before | ||||||
34 | November 15 of
each year, the amount of the required State | ||||||
35 | contribution to the System for the
following fiscal year. The |
| |||||||
| |||||||
1 | certification shall include a copy of the actuarial
| ||||||
2 | recommendations upon which it is based.
| ||||||
3 | On or before May 1, 2004, the Board shall recalculate and | ||||||
4 | recertify to
the Governor the amount of the required State | ||||||
5 | contribution to the System for
State fiscal year 2005, taking | ||||||
6 | into account the amounts appropriated to and
received by the | ||||||
7 | System under subsection (d) of Section 7.2 of the General
| ||||||
8 | Obligation Bond Act.
| ||||||
9 | On or before July 1, 2005, the Board shall recalculate and | ||||||
10 | recertify
to the Governor the amount of the required State
| ||||||
11 | contribution to the System for State fiscal year 2006, taking | ||||||
12 | into account the changes in required State contributions made | ||||||
13 | by Public Act 94-4
this amendatory Act of the 94th General | ||||||
14 | Assembly .
| ||||||
15 | On or before July 1, 2006, the Board shall recalculate and | ||||||
16 | recertify
to the Governor the amount of the required State
| ||||||
17 | contribution to the System for State fiscal year 2007, taking | ||||||
18 | into account the changes in required State contributions made | ||||||
19 | by this amendatory Act of the 94th General Assembly.
| ||||||
20 | (b) Beginning in State fiscal year 1996, on or as soon as | ||||||
21 | possible after
the 15th day of each month the Board shall | ||||||
22 | submit vouchers for payment of State
contributions to the | ||||||
23 | System, in a total monthly amount of one-twelfth of the
| ||||||
24 | required annual State contribution certified under subsection | ||||||
25 | (a).
From the effective date of this amendatory Act
of the 93rd | ||||||
26 | General Assembly through June 30, 2004, the Board shall not
| ||||||
27 | submit vouchers for the remainder of fiscal year 2004 in excess | ||||||
28 | of the
fiscal year 2004 certified contribution amount | ||||||
29 | determined
under this Section after taking into consideration | ||||||
30 | the transfer to the
System under subsection (c) of Section | ||||||
31 | 6z-61 of the State Finance Act.
These
vouchers shall be paid by | ||||||
32 | the State Comptroller and Treasurer by warrants drawn
on the | ||||||
33 | funds appropriated to the System for that fiscal year.
| ||||||
34 | If in any month the amount remaining unexpended from all | ||||||
35 | other
appropriations to the System for the applicable fiscal | ||||||
36 | year (including the
appropriations to the System under Section |
| |||||||
| |||||||
1 | 8.12 of the State Finance Act and
Section 1 of the State | ||||||
2 | Pension Funds Continuing Appropriation Act) is less than
the | ||||||
3 | amount lawfully vouchered under this Section, the difference | ||||||
4 | shall be paid
from the General Revenue Fund under the | ||||||
5 | continuing appropriation authority
provided in Section 1.1 of | ||||||
6 | the State Pension Funds Continuing Appropriation
Act.
| ||||||
7 | (Source: P.A. 93-2, eff. 4-7-03; 93-665, eff. 3-5-04; 94-4, | ||||||
8 | eff. 6-1-05.)
| ||||||
9 | Section 99. Effective date. This Act takes effect upon | ||||||
10 | becoming law.
|