SB0763 Engrossed

LRB094 04424 AMC 34453 b






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    AN ACT concerning public employee benefits.

 
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    Be it enacted by the People of the State of Illinois, 
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represented in the General Assembly: 

 
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    Section 5. The Illinois Pension Code is amended  by changing 
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Section 2-134 as follows:
 



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    (40 ILCS 5/2-134)
  (from Ch. 108 1/2, par. 2-134)



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    Sec. 2-134. To certify required State contributions and 
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submit vouchers. 

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    (a) The Board shall certify to the Governor on or before 
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December
November 15 of each
year the amount of the required 
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State contribution to the System for the next
fiscal year.  The 
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certification shall include a copy of the actuarial

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recommendations upon which it is based.

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    On or before May 1, 2004, the Board shall recalculate and 
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recertify to
the Governor the amount of the required State 
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contribution to the System for
State fiscal year 2005, taking 
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into account the amounts appropriated to and
received by the 
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System under subsection (d) of Section 7.2 of the General

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Obligation Bond Act.

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    (b) Beginning in State fiscal year 1996, on or as soon as 
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possible after the
15th day of each month the Board shall 
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submit vouchers for payment of State
contributions to the 
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System, in a total monthly amount of one-twelfth of the

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required annual State contribution certified under subsection 
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(a).
From the effective date of this amendatory Act
of the 93rd 
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General Assembly through June 30, 2004, the Board shall not

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submit vouchers for the remainder of fiscal year 2004 in excess 
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of the
fiscal year 2004 certified contribution amount 
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determined
under this Section after taking into consideration 
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the transfer to the
System under subsection (d) of Section 
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6z-61 of the State Finance Act.
These
vouchers shall be paid by 
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the State Comptroller and Treasurer by warrants drawn
on the 
 


 






SB0763 Engrossed
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LRB094 04424 AMC 34453 b




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funds appropriated to the System for that fiscal year.  If in 
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any month
the amount remaining unexpended from all other 
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appropriations to the System for
the applicable fiscal year 
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(including the appropriations to the System under
Section 8.12 
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of the State Finance Act and Section 1 of the State Pension 
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Funds
Continuing Appropriation Act) is less than the amount 
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lawfully vouchered under
this Section, the difference shall be 
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paid from the General Revenue Fund under
the continuing 
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appropriation authority provided in Section 1.1 of the State

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Pension Funds Continuing Appropriation Act.

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    (c) The full amount of any annual appropriation for the 
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System for
State fiscal year 1995 shall be transferred and made 
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available to the System
at the beginning of that fiscal year at 
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the request of the Board.
Any excess funds remaining at the end 
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of any fiscal year from appropriations
shall be retained by the 
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System as a general reserve to meet the System's
accrued 
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liabilities.

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(Source: P.A. 93-2, eff. 4-7-03; 93-665, eff. 3-5-04.)

 

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    Section 99. Effective date. This Act takes effect upon 
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becoming law.