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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,
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3 | represented in the General Assembly:
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4 | Section 5. The State Finance Act is amended by changing | ||||||
5 | Section 8.12 as follows:
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6 | (30 ILCS 105/8.12)
(from Ch. 127, par. 144.12)
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7 | Sec. 8.12. State Pensions Fund.
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8 | (a) The moneys in the State Pensions Fund shall be used | ||||||
9 | exclusively
for the administration of the Uniform Disposition | ||||||
10 | of Unclaimed Property Act and
for the funding of the unfunded | ||||||
11 | liabilities of the designated retirement systems. Payments to | ||||||
12 | the designated retirement systems under this Section shall be | ||||||
13 | in addition to, and not in lieu of, any State contributions | ||||||
14 | required under the Illinois Pension Code payment of or | ||||||
15 | repayment to the General Revenue Fund a portion of
the required | ||||||
16 | State contributions to the
designated retirement systems .
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17 | "Designated retirement systems" means:
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18 | (1) the State Employees' Retirement System of | ||||||
19 | Illinois;
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20 | (2) the Teachers' Retirement System of the State of | ||||||
21 | Illinois;
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22 | (3) the State Universities Retirement System;
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23 | (4) the Judges Retirement System of Illinois; and
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1 | (5) the General Assembly Retirement System.
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2 | (b) Each year the General Assembly may make appropriations | ||||||
3 | from
the State Pensions Fund for the administration of the | ||||||
4 | Uniform Disposition of
Unclaimed Property Act.
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5 | Each month, the Commissioner of the Office of Banks and | ||||||
6 | Real Estate shall
certify to the State Treasurer the actual | ||||||
7 | expenditures that the Office of
Banks and Real Estate incurred | ||||||
8 | conducting unclaimed property examinations under
the Uniform | ||||||
9 | Disposition of Unclaimed Property Act during the immediately
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10 | preceding month. Within a reasonable
time following the | ||||||
11 | acceptance of such certification by the State Treasurer, the
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12 | State Treasurer shall pay from its appropriation from the State | ||||||
13 | Pensions Fund
to the Bank and Trust Company Fund and the | ||||||
14 | Savings and Residential Finance
Regulatory Fund an amount equal | ||||||
15 | to the expenditures incurred by each Fund for
that month.
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16 | Each month, the Director of Financial Institutions shall
| ||||||
17 | certify to the State Treasurer the actual expenditures that the | ||||||
18 | Department of
Financial Institutions incurred conducting | ||||||
19 | unclaimed property examinations
under the Uniform Disposition | ||||||
20 | of Unclaimed Property Act during the immediately
preceding | ||||||
21 | month. Within a reasonable time following the acceptance of | ||||||
22 | such
certification by the State Treasurer, the State Treasurer | ||||||
23 | shall pay from its
appropriation from the State Pensions Fund
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24 | to the Financial Institutions Fund and the Credit Union Fund
an | ||||||
25 | amount equal to the expenditures incurred by each Fund for
that | ||||||
26 | month.
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1 | (c) As soon as possible after the effective date of this | ||||||
2 | amendatory Act of the 93rd General Assembly, the General | ||||||
3 | Assembly shall appropriate from the State Pensions Fund (1) to | ||||||
4 | the State Universities Retirement System the amount certified | ||||||
5 | under Section 15-165 during the prior year, (2) to the Judges | ||||||
6 | Retirement System of Illinois the amount certified under | ||||||
7 | Section 18-140 during the prior year, and (3) to the General | ||||||
8 | Assembly Retirement System the amount certified under Section | ||||||
9 | 2-134 during the prior year as part of the required
State | ||||||
10 | contributions to each of those designated retirement systems; | ||||||
11 | except that amounts appropriated under this subsection (c) in | ||||||
12 | State fiscal year 2005 shall not reduce the amount in the State | ||||||
13 | Pensions Fund below $5,000,000. If the amount in the State | ||||||
14 | Pensions Fund does not exceed the sum of the amounts certified | ||||||
15 | in Sections 15-165, 18-140, and 2-134 by at least $5,000,000, | ||||||
16 | the amount paid to each designated retirement system under this | ||||||
17 | subsection shall be reduced in proportion to the amount | ||||||
18 | certified by each of those designated retirement systems.
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19 | (c-5) For fiscal years year 2006 and thereafter , 2007, | ||||||
20 | 2008, and 2009 the General Assembly shall appropriate from the | ||||||
21 | State Pensions Fund to the State Universities Retirement System | ||||||
22 | the amount estimated to be available during the fiscal year in | ||||||
23 | the State Pensions Fund; provided, however, that the amounts | ||||||
24 | appropriated under this subsection (c-5) shall not reduce the | ||||||
25 | amount in the State Pensions Fund below $5,000,000.
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26 | (c-6) For fiscal year 2010 and each fiscal year thereafter, |
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1 | as soon as may be practical after any money is deposited into | ||||||
2 | the State Pensions Fund from the Unclaimed Property Trust Fund, | ||||||
3 | the State Treasurer shall apportion the deposited amount among | ||||||
4 | the designated retirement systems as defined in subsection (a) | ||||||
5 | to reduce their actuarial reserve deficiencies. The State | ||||||
6 | Comptroller and State Treasurer shall pay the apportioned | ||||||
7 | amounts to the designated retirement systems to fund the | ||||||
8 | unfunded liabilities of the designated retirement systems. The | ||||||
9 | amount apportioned to each designated retirement system shall | ||||||
10 | constitute a portion of the amount estimated to be available | ||||||
11 | for appropriation from the State Pensions Fund that is the same | ||||||
12 | as that retirement system's portion of the total actual reserve | ||||||
13 | deficiency of the systems, as determined annually by the | ||||||
14 | Governor's Office of Management and Budget at the request of | ||||||
15 | the State Treasurer. The amounts apportioned under this | ||||||
16 | subsection shall not reduce the amount in the State Pensions | ||||||
17 | Fund below $5,000,000. | ||||||
18 | (d) The
Governor's Office of Management and Budget shall | ||||||
19 | determine the individual and total
reserve deficiencies of the | ||||||
20 | designated retirement systems. For this purpose,
the
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21 | Governor's Office of Management and Budget shall utilize the | ||||||
22 | latest available audit and actuarial
reports of each of the | ||||||
23 | retirement systems and the relevant reports and
statistics of | ||||||
24 | the Public Employee Pension Fund Division of the Department of
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25 | Insurance.
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26 | (d-1) As soon as practicable after the effective date of |
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1 | this
amendatory Act of the 93rd General Assembly, the | ||||||
2 | Comptroller shall
direct and the Treasurer shall transfer from | ||||||
3 | the State Pensions Fund to
the General Revenue Fund, as funds | ||||||
4 | become available, a sum equal to the
amounts that would have | ||||||
5 | been paid
from the State Pensions Fund to the Teachers' | ||||||
6 | Retirement System of the State
of Illinois,
the State | ||||||
7 | Universities Retirement System, the Judges Retirement
System | ||||||
8 | of Illinois, the
General Assembly Retirement System, and the | ||||||
9 | State Employees'
Retirement System
of Illinois
after the | ||||||
10 | effective date of this
amendatory Act during the remainder of | ||||||
11 | fiscal year 2004 to the
designated retirement systems from the | ||||||
12 | appropriations provided for in
this Section if the transfers | ||||||
13 | provided in Section 6z-61 had not
occurred. The transfers | ||||||
14 | described in this subsection (d-1) are to
partially repay the | ||||||
15 | General Revenue Fund for the costs associated with
the bonds | ||||||
16 | used to fund the moneys transferred to the designated
| ||||||
17 | retirement systems under Section 6z-61.
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18 | (e) The changes to this Section made by this amendatory Act | ||||||
19 | of 1994 shall
first apply to distributions from the Fund for | ||||||
20 | State fiscal year 1996.
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21 | (Source: P.A. 93-665, eff. 3-5-04; 93-839, eff. 7-30-04; 94-91, | ||||||
22 | eff. 7-1-05.)
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23 | Section 10. The Illinois Pension Code is amended by | ||||||
24 | changing Sections 2-124, 14-131, 15-155, 16-158, and 18-131 as | ||||||
25 | follows:
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1 | (40 ILCS 5/2-124) (from Ch. 108 1/2, par. 2-124)
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2 | Sec. 2-124. Contributions by State.
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3 | (a) The State shall make contributions to the System by
| ||||||
4 | appropriations of amounts which, together with the | ||||||
5 | contributions of
participants, interest earned on investments, | ||||||
6 | and other income
will meet the cost of maintaining and | ||||||
7 | administering the System on a 90%
funded basis in accordance | ||||||
8 | with actuarial recommendations.
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9 | (b) The Board shall determine the amount of State
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10 | contributions required for each fiscal year on the basis of the
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11 | actuarial tables and other assumptions adopted by the Board and | ||||||
12 | the
prescribed rate of interest, using the formula in | ||||||
13 | subsection (c).
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14 | (c) For State fiscal years 2011 through 2045, the minimum | ||||||
15 | contribution
to the System to be made by the State for each | ||||||
16 | fiscal year shall be an amount
determined by the System to be | ||||||
17 | sufficient to bring the total assets of the
System up to 90% of | ||||||
18 | the total actuarial liabilities of the System by the end of
| ||||||
19 | State fiscal year 2045. In making these determinations, the | ||||||
20 | required State
contribution shall be calculated each year as a | ||||||
21 | level percentage of payroll
over the years remaining to and | ||||||
22 | including fiscal year 2045 and shall be
determined under the | ||||||
23 | projected unit credit actuarial cost method.
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24 | For State fiscal years 1996 through 2005, the State | ||||||
25 | contribution to
the System, as a percentage of the applicable |
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1 | employee payroll, shall be
increased in equal annual increments | ||||||
2 | so that by State fiscal year 2011, the
State is contributing at | ||||||
3 | the rate required under this Section.
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4 | Notwithstanding any other provision of this Article, the | ||||||
5 | total required State
contribution for State fiscal year 2006 is | ||||||
6 | $4,157,000.
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7 | Notwithstanding any other provision of this Article, the | ||||||
8 | total required State
contribution for State fiscal year 2007 is | ||||||
9 | $5,220,300.
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10 | For each of State fiscal years 2008 through 2010, the State | ||||||
11 | contribution to
the System, as a percentage of the applicable | ||||||
12 | employee payroll, shall be
increased in equal annual increments | ||||||
13 | from the required State contribution for State fiscal year | ||||||
14 | 2007, so that by State fiscal year 2011, the
State is | ||||||
15 | contributing at the rate otherwise required under this 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.
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20 | Amounts received by the System pursuant to Section 25 of | ||||||
21 | the Budget Stabilization Act or Section 8.12 of the State | ||||||
22 | Finance Act in any fiscal year do not reduce and do not | ||||||
23 | constitute payment of any portion of the minimum State | ||||||
24 | contribution required under this Article in that fiscal year. | ||||||
25 | Such amounts shall not reduce, and shall not be included in the | ||||||
26 | calculation of, the required State contributions under this |
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1 | Article in any future year until the System has reached a | ||||||
2 | funding ratio of at least 90%. A reference in this Article to | ||||||
3 | the "required State contribution" or any substantially similar | ||||||
4 | term does not include or apply to any amounts payable to the | ||||||
5 | System under Section 25 of the Budget Stabilization Act.
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6 | Notwithstanding any other provision of this Section, the | ||||||
7 | required State
contribution for State fiscal year 2005 and for | ||||||
8 | fiscal year 2008 and each fiscal year thereafter, as
calculated | ||||||
9 | under this Section and
certified under Section 2-134, shall not | ||||||
10 | exceed an amount equal to (i) the
amount of the required State | ||||||
11 | contribution that would have been calculated under
this Section | ||||||
12 | for that fiscal year if the System had not received any | ||||||
13 | payments
under subsection (d) of Section 7.2 of the General | ||||||
14 | Obligation Bond Act, minus
(ii) the portion of the State's | ||||||
15 | total debt service payments for that fiscal
year on the bonds | ||||||
16 | issued for the purposes of that Section 7.2, as determined
and | ||||||
17 | certified by the Comptroller, that is the same as the System's | ||||||
18 | portion of
the total moneys distributed under subsection (d) of | ||||||
19 | Section 7.2 of the General
Obligation Bond Act. In determining | ||||||
20 | this maximum for State fiscal years 2008 through 2010, however, | ||||||
21 | the amount referred to in item (i) shall be increased, as a | ||||||
22 | percentage of the applicable employee payroll, in equal | ||||||
23 | increments calculated from the sum of the required State | ||||||
24 | contribution for State fiscal year 2007 plus the applicable | ||||||
25 | portion of the State's total debt service payments for fiscal | ||||||
26 | year 2007 on the bonds issued for the purposes of Section 7.2 |
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| |||||||
1 | of the General
Obligation Bond Act, so that, by State fiscal | ||||||
2 | year 2011, the
State is contributing at the rate otherwise | ||||||
3 | required under this Section.
| ||||||
4 | (Source: P.A. 93-2, eff. 4-7-03; 94-4, eff. 6-1-05; 94-839, | ||||||
5 | eff. 6-6-06.)
| ||||||
6 | (40 ILCS 5/14-131)
(from Ch. 108 1/2, par. 14-131)
| ||||||
7 | Sec. 14-131. Contributions by State.
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8 | (a) The State shall make contributions to the System by | ||||||
9 | appropriations of
amounts which, together with other employer | ||||||
10 | contributions from trust, federal,
and other funds, employee | ||||||
11 | contributions, investment income, and other income,
will be | ||||||
12 | sufficient to meet the cost of maintaining and administering | ||||||
13 | the System
on a 90% funded basis in accordance with actuarial | ||||||
14 | recommendations.
| ||||||
15 | For the purposes of this Section and Section 14-135.08, | ||||||
16 | references to State
contributions refer only to employer | ||||||
17 | contributions and do not include employee
contributions that | ||||||
18 | are picked up or otherwise paid by the State or a
department on | ||||||
19 | behalf of the employee.
| ||||||
20 | (b) The Board shall determine the total amount of State | ||||||
21 | contributions
required for each fiscal year on the basis of the | ||||||
22 | actuarial tables and other
assumptions adopted by the Board, | ||||||
23 | using the formula in subsection (e).
| ||||||
24 | The Board shall also determine a State contribution rate | ||||||
25 | for each fiscal
year, expressed as a percentage of payroll, |
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| |||||||
1 | based on the total required State
contribution for that fiscal | ||||||
2 | year (less the amount received by the System from
| ||||||
3 | appropriations under Section 8.12 of the State Finance Act and | ||||||
4 | Section 1 of the
State Pension Funds Continuing Appropriation | ||||||
5 | Act, if any, for the fiscal year
ending on the June 30 | ||||||
6 | immediately preceding the applicable November 15
certification | ||||||
7 | deadline), the estimated payroll (including all forms of
| ||||||
8 | compensation) for personal services rendered by eligible | ||||||
9 | employees, and the
recommendations of the actuary.
| ||||||
10 | For the purposes of this Section and Section 14.1 of the | ||||||
11 | State Finance Act,
the term "eligible employees" includes | ||||||
12 | employees who participate in the System,
persons who may elect | ||||||
13 | to participate in the System but have not so elected,
persons | ||||||
14 | who are serving a qualifying period that is required for | ||||||
15 | participation,
and annuitants employed by a department as | ||||||
16 | described in subdivision (a)(1) or
(a)(2) of Section 14-111.
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17 | (c) Contributions shall be made by the several departments | ||||||
18 | for each pay
period by warrants drawn by the State Comptroller | ||||||
19 | against their respective
funds or appropriations based upon | ||||||
20 | vouchers stating the amount to be so
contributed. These amounts | ||||||
21 | shall be based on the full rate certified by the
Board under | ||||||
22 | Section 14-135.08 for that fiscal year.
From the effective date | ||||||
23 | of this amendatory Act of the 93rd General
Assembly through the | ||||||
24 | payment of the final payroll from fiscal year 2004
| ||||||
25 | appropriations, the several departments shall not make | ||||||
26 | contributions
for the remainder of fiscal year 2004 but shall |
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1 | instead make payments
as required under subsection (a-1) of | ||||||
2 | Section 14.1 of the State Finance Act.
The several departments | ||||||
3 | shall resume those contributions at the commencement of
fiscal | ||||||
4 | year 2005.
| ||||||
5 | (d) If an employee is paid from trust funds or federal | ||||||
6 | funds, the
department or other employer shall pay employer | ||||||
7 | contributions from those funds
to the System at the certified | ||||||
8 | rate, unless the terms of the trust or the
federal-State | ||||||
9 | agreement preclude the use of the funds for that purpose, in
| ||||||
10 | which case the required employer contributions shall be paid by | ||||||
11 | the State.
From the effective date of this amendatory
Act of | ||||||
12 | the 93rd General Assembly through the payment of the final
| ||||||
13 | payroll from fiscal year 2004 appropriations, the department or | ||||||
14 | other
employer shall not pay contributions for the remainder of | ||||||
15 | fiscal year
2004 but shall instead make payments as required | ||||||
16 | under subsection (a-1) of
Section 14.1 of the State Finance | ||||||
17 | Act. The department or other employer shall
resume payment of
| ||||||
18 | contributions at the commencement of fiscal year 2005.
| ||||||
19 | (e) For State fiscal years 2011 through 2045, the minimum | ||||||
20 | contribution
to the System to be made by the State for each | ||||||
21 | fiscal year shall be an amount
determined by the System to be | ||||||
22 | sufficient to bring the total assets of the
System up to 90% of | ||||||
23 | the total actuarial liabilities of the System by the end
of | ||||||
24 | State fiscal year 2045. In making these determinations, the | ||||||
25 | required State
contribution shall be calculated each year as a | ||||||
26 | level percentage of payroll
over the years remaining to and |
| |||||||
| |||||||
1 | including fiscal year 2045 and shall be
determined under the | ||||||
2 | projected unit credit actuarial cost method.
| ||||||
3 | For State fiscal years 1996 through 2005, the State | ||||||
4 | contribution to
the System, as a percentage of the applicable | ||||||
5 | employee payroll, shall be
increased in equal annual increments | ||||||
6 | so that by State fiscal year 2011, the
State is contributing at | ||||||
7 | the rate required under this Section; except that
(i) for State | ||||||
8 | fiscal year 1998, for all purposes of this Code and any other
| ||||||
9 | law of this State, the certified percentage of the applicable | ||||||
10 | employee payroll
shall be 5.052% for employees earning eligible | ||||||
11 | creditable service under Section
14-110 and 6.500% for all | ||||||
12 | other employees, notwithstanding any contrary
certification | ||||||
13 | made under Section 14-135.08 before the effective date of this
| ||||||
14 | amendatory Act of 1997, and (ii)
in the following specified | ||||||
15 | State fiscal years, the State contribution to
the System shall | ||||||
16 | not be less than the following indicated percentages of the
| ||||||
17 | applicable employee payroll, even if the indicated percentage | ||||||
18 | will produce a
State contribution in excess of the amount | ||||||
19 | otherwise required under this
subsection and subsection (a):
| ||||||
20 | 9.8% in FY 1999;
10.0% in FY 2000;
10.2% in FY 2001;
10.4% in FY | ||||||
21 | 2002;
10.6% in FY 2003; and
10.8% in FY 2004.
| ||||||
22 | Notwithstanding any other provision of this Article, the | ||||||
23 | total required State
contribution to the System for State | ||||||
24 | fiscal year 2006 is $203,783,900.
| ||||||
25 | Notwithstanding any other provision of this Article, the | ||||||
26 | total required State
contribution to the System for State |
| |||||||
| |||||||
1 | fiscal year 2007 is $344,164,400.
| ||||||
2 | For each of State fiscal years 2008 through 2010, the State | ||||||
3 | contribution to
the System, as a percentage of the applicable | ||||||
4 | employee payroll, shall be
increased in equal annual increments | ||||||
5 | from the required State contribution for State fiscal year | ||||||
6 | 2007, so that by State fiscal year 2011, the
State is | ||||||
7 | contributing at the rate otherwise required under this Section.
| ||||||
8 | Beginning in State fiscal year 2046, the minimum State | ||||||
9 | contribution for
each fiscal year shall be the amount needed to | ||||||
10 | maintain the total assets of
the System at 90% of the total | ||||||
11 | actuarial liabilities of the System.
| ||||||
12 | Amounts received by the System pursuant to Section 25 of | ||||||
13 | the Budget Stabilization Act or Section 8.12 of the State | ||||||
14 | Finance Act in any fiscal year do not reduce and do not | ||||||
15 | constitute payment of any portion of the minimum State | ||||||
16 | contribution required under this Article in that fiscal year. | ||||||
17 | Such amounts shall not reduce, and shall not be included in the | ||||||
18 | calculation of, the required State contributions under this | ||||||
19 | Article in any future year until the System has reached a | ||||||
20 | funding ratio of at least 90%. A reference in this Article to | ||||||
21 | the "required State contribution" or any substantially similar | ||||||
22 | term does not include or apply to any amounts payable to the | ||||||
23 | System under Section 25 of the Budget Stabilization Act.
| ||||||
24 | Notwithstanding any other provision of this Section, the | ||||||
25 | required State
contribution for State fiscal year 2005 and for | ||||||
26 | fiscal year 2008 and each fiscal year thereafter, as
calculated |
| |||||||
| |||||||
1 | under this Section and
certified under Section 14-135.08, shall | ||||||
2 | not exceed an amount equal to (i) the
amount of the required | ||||||
3 | State contribution that would have been calculated under
this | ||||||
4 | Section for that fiscal year if the System had not received any | ||||||
5 | payments
under subsection (d) of Section 7.2 of the General | ||||||
6 | Obligation Bond Act, minus
(ii) the portion of the State's | ||||||
7 | total debt service payments for that fiscal
year on the bonds | ||||||
8 | issued for the purposes of that Section 7.2, as determined
and | ||||||
9 | certified by the Comptroller, that is the same as the System's | ||||||
10 | portion of
the total moneys distributed under subsection (d) of | ||||||
11 | Section 7.2 of the General
Obligation Bond Act. In determining | ||||||
12 | this maximum for State fiscal years 2008 through 2010, however, | ||||||
13 | the amount referred to in item (i) shall be increased, as a | ||||||
14 | percentage of the applicable employee payroll, in equal | ||||||
15 | increments calculated from the sum of the required State | ||||||
16 | contribution for State fiscal year 2007 plus the applicable | ||||||
17 | portion of the State's total debt service payments for fiscal | ||||||
18 | year 2007 on the bonds issued for the purposes of Section 7.2 | ||||||
19 | of the General
Obligation Bond Act, so that, by State fiscal | ||||||
20 | year 2011, the
State is contributing at the rate otherwise | ||||||
21 | required under this Section.
| ||||||
22 | (f) After the submission of all payments for eligible | ||||||
23 | employees
from personal services line items in fiscal year 2004 | ||||||
24 | have been made,
the Comptroller shall provide to the System a | ||||||
25 | certification of the sum
of all fiscal year 2004 expenditures | ||||||
26 | for personal services that would
have been covered by payments |
| |||||||
| |||||||
1 | to the System under this Section if the
provisions of this | ||||||
2 | amendatory Act of the 93rd General Assembly had not been
| ||||||
3 | enacted. Upon
receipt of the certification, the System shall | ||||||
4 | determine the amount
due to the System based on the full rate | ||||||
5 | certified by the Board under
Section 14-135.08 for fiscal year | ||||||
6 | 2004 in order to meet the State's
obligation under this | ||||||
7 | Section. The System shall compare this amount
due to the amount | ||||||
8 | received by the System in fiscal year 2004 through
payments | ||||||
9 | under this Section and under Section 6z-61 of the State Finance | ||||||
10 | Act.
If the amount
due is more than the amount received, the | ||||||
11 | difference shall be termed the
"Fiscal Year 2004 Shortfall" for | ||||||
12 | purposes of this Section, and the
Fiscal Year 2004 Shortfall | ||||||
13 | shall be satisfied under Section 1.2 of the State
Pension Funds | ||||||
14 | Continuing Appropriation Act. If the amount due is less than | ||||||
15 | the
amount received, the
difference shall be termed the "Fiscal | ||||||
16 | Year 2004 Overpayment" for purposes of
this Section, and the | ||||||
17 | Fiscal Year 2004 Overpayment shall be repaid by
the System to | ||||||
18 | the Pension Contribution Fund as soon as practicable
after the | ||||||
19 | certification.
| ||||||
20 | (Source: P.A. 93-2, eff. 4-7-03; 93-665, eff. 3-5-04; 94-4, | ||||||
21 | eff. 6-1-05; 94-839, eff. 6-6-06.)
| ||||||
22 | (40 ILCS 5/15-155) (from Ch. 108 1/2, par. 15-155)
| ||||||
23 | Sec. 15-155. Employer contributions.
| ||||||
24 | (a) The State of Illinois shall make contributions by | ||||||
25 | appropriations of
amounts which, together with the other |
| |||||||
| |||||||
1 | employer contributions from trust,
federal, and other funds, | ||||||
2 | employee contributions, income from investments,
and other | ||||||
3 | income of this System, will be sufficient to meet the cost of
| ||||||
4 | maintaining and administering the System on a 90% funded basis | ||||||
5 | in accordance
with actuarial recommendations.
| ||||||
6 | The Board shall determine the amount of State contributions | ||||||
7 | required for
each fiscal year on the basis of the actuarial | ||||||
8 | tables and other assumptions
adopted by the Board and the | ||||||
9 | recommendations of the actuary, using the formula
in subsection | ||||||
10 | (a-1).
| ||||||
11 | (a-1) 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.
| ||||||
26 | Notwithstanding any other provision of this Article, the |
| |||||||
| |||||||
1 | total required State
contribution for State fiscal year 2006 is | ||||||
2 | $166,641,900.
| ||||||
3 | Notwithstanding any other provision of this Article, the | ||||||
4 | total required State
contribution for State fiscal year 2007 is | ||||||
5 | $252,064,100.
| ||||||
6 | For each of State fiscal years 2008 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 | from the required State contribution for State fiscal year | ||||||
10 | 2007, so that by State fiscal year 2011, the
State is | ||||||
11 | contributing at the rate otherwise required under this Section.
| ||||||
12 | Beginning in State fiscal year 2046, the minimum State | ||||||
13 | contribution for
each fiscal year shall be the amount needed to | ||||||
14 | maintain the total assets of
the System at 90% of the total | ||||||
15 | actuarial liabilities of the System.
| ||||||
16 | Amounts received by the System pursuant to Section 25 of | ||||||
17 | the Budget Stabilization Act or Section 8.12 of the State | ||||||
18 | Finance Act in any fiscal year do not reduce and do not | ||||||
19 | constitute payment of any portion of the minimum State | ||||||
20 | contribution required under this Article in that fiscal year. | ||||||
21 | Such amounts shall not reduce, and shall not be included in the | ||||||
22 | calculation of, the required State contributions under this | ||||||
23 | Article in any future year until the System has reached a | ||||||
24 | funding ratio of at least 90%. A reference in this Article to | ||||||
25 | the "required State contribution" or any substantially similar | ||||||
26 | term does not include or apply to any amounts payable to the |
| |||||||
| |||||||
1 | System under Section 25 of the Budget Stabilization Act. | ||||||
2 | Notwithstanding any other provision of this Section, the | ||||||
3 | required State
contribution for State fiscal year 2005 and for | ||||||
4 | fiscal year 2008 and each fiscal year thereafter, as
calculated | ||||||
5 | under this Section and
certified under Section 15-165, shall | ||||||
6 | not exceed an amount equal to (i) the
amount of the required | ||||||
7 | State contribution that would have been calculated under
this | ||||||
8 | Section for that fiscal year if the System had not received any | ||||||
9 | payments
under subsection (d) of Section 7.2 of the General | ||||||
10 | Obligation Bond Act, minus
(ii) the portion of the State's | ||||||
11 | total debt service payments for that fiscal
year on the bonds | ||||||
12 | issued for the purposes of that Section 7.2, as determined
and | ||||||
13 | certified by the Comptroller, that is the same as the System's | ||||||
14 | portion of
the total moneys distributed under subsection (d) of | ||||||
15 | Section 7.2 of the General
Obligation Bond Act. In determining | ||||||
16 | this maximum for State fiscal years 2008 through 2010, however, | ||||||
17 | the amount referred to in item (i) shall be increased, as a | ||||||
18 | percentage of the applicable employee payroll, in equal | ||||||
19 | increments calculated from the sum of the required State | ||||||
20 | contribution for State fiscal year 2007 plus the applicable | ||||||
21 | portion of the State's total debt service payments for fiscal | ||||||
22 | year 2007 on the bonds issued for the purposes of Section 7.2 | ||||||
23 | of the General
Obligation Bond Act, so that, by State fiscal | ||||||
24 | year 2011, the
State is contributing at the rate otherwise | ||||||
25 | required under this Section.
| ||||||
26 | (b) If an employee is paid from trust or federal funds, the |
| |||||||
| |||||||
1 | employer
shall pay to the Board contributions from those funds | ||||||
2 | which are
sufficient to cover the accruing normal costs on | ||||||
3 | behalf of the employee.
However, universities having employees | ||||||
4 | who are compensated out of local
auxiliary funds, income funds, | ||||||
5 | or service enterprise funds are not required
to pay such | ||||||
6 | contributions on behalf of those employees. The local auxiliary
| ||||||
7 | funds, income funds, and service enterprise funds of | ||||||
8 | universities shall not be
considered trust funds for the | ||||||
9 | purpose of this Article, but funds of alumni
associations, | ||||||
10 | foundations, and athletic associations which are affiliated | ||||||
11 | with
the universities included as employers under this Article | ||||||
12 | and other employers
which do not receive State appropriations | ||||||
13 | are considered to be trust funds for
the purpose of this | ||||||
14 | Article.
| ||||||
15 | (b-1) The City of Urbana and the City of Champaign shall | ||||||
16 | each make
employer contributions to this System for their | ||||||
17 | respective firefighter
employees who participate in this | ||||||
18 | System pursuant to subsection (h) of Section
15-107. The rate | ||||||
19 | of contributions to be made by those municipalities shall
be | ||||||
20 | determined annually by the Board on the basis of the actuarial | ||||||
21 | assumptions
adopted by the Board and the recommendations of the | ||||||
22 | actuary, and shall be
expressed as a percentage of salary for | ||||||
23 | each such employee. The Board shall
certify the rate to the | ||||||
24 | affected municipalities as soon as may be practical.
The | ||||||
25 | employer contributions required under this subsection shall be | ||||||
26 | remitted by
the municipality to the System at the same time and |
| |||||||
| |||||||
1 | in the same manner as
employee contributions.
| ||||||
2 | (c) Through State fiscal year 1995: The total employer | ||||||
3 | contribution shall
be apportioned among the various funds of | ||||||
4 | the State and other employers,
whether trust, federal, or other | ||||||
5 | funds, in accordance with actuarial procedures
approved by the | ||||||
6 | Board. State of Illinois contributions for employers receiving
| ||||||
7 | State appropriations for personal services shall be payable | ||||||
8 | from appropriations
made to the employers or to the System. The | ||||||
9 | contributions for Class I
community colleges covering earnings | ||||||
10 | other than those paid from trust and
federal funds, shall be | ||||||
11 | payable solely from appropriations to the Illinois
Community | ||||||
12 | College Board or the System for employer contributions.
| ||||||
13 | (d) Beginning in State fiscal year 1996, the required State | ||||||
14 | contributions
to the System shall be appropriated directly to | ||||||
15 | the System and shall be payable
through vouchers issued in | ||||||
16 | accordance with subsection (c) of Section 15-165, except as | ||||||
17 | provided in subsection (g).
| ||||||
18 | (e) The State Comptroller shall draw warrants payable to | ||||||
19 | the System upon
proper certification by the System or by the | ||||||
20 | employer in accordance with the
appropriation laws and this | ||||||
21 | Code.
| ||||||
22 | (f) Normal costs under this Section means liability for
| ||||||
23 | pensions and other benefits which accrues to the System because | ||||||
24 | of the
credits earned for service rendered by the participants | ||||||
25 | during the
fiscal year and expenses of administering the | ||||||
26 | System, but shall not
include the principal of or any |
| |||||||
| |||||||
1 | redemption premium or interest on any bonds
issued by the Board | ||||||
2 | or any expenses incurred or deposits required in
connection | ||||||
3 | therewith.
| ||||||
4 | (g) If the amount of a participant's earnings for any | ||||||
5 | academic year used to determine the final rate of earnings, | ||||||
6 | determined on a full-time equivalent basis, exceeds the amount | ||||||
7 | of his or her earnings with the same employer for the previous | ||||||
8 | academic year, determined on a full-time equivalent basis, by | ||||||
9 | more than 6%, the participant's employer shall pay to the | ||||||
10 | System, in addition to all other payments required under this | ||||||
11 | Section and in accordance with guidelines established by the | ||||||
12 | System, the present value of the increase in benefits resulting | ||||||
13 | from the portion of the increase in earnings that is in excess | ||||||
14 | of 6%. This present value shall be computed by the System on | ||||||
15 | the basis of the actuarial assumptions and tables used in the | ||||||
16 | most recent actuarial valuation of the System that is available | ||||||
17 | at the time of the computation. The System may require the | ||||||
18 | employer to provide any pertinent information or | ||||||
19 | documentation. | ||||||
20 | Whenever it determines that a payment is or may be required | ||||||
21 | under this subsection (g), the System shall calculate the | ||||||
22 | amount of the payment and bill the employer for that amount. | ||||||
23 | The bill shall specify the calculations used to determine the | ||||||
24 | amount due. If the employer disputes the amount of the bill, it | ||||||
25 | may, within 30 days after receipt of the bill, apply to the | ||||||
26 | System in writing for a recalculation. The application must |
| |||||||
| |||||||
1 | specify in detail the grounds of the dispute and, if the | ||||||
2 | employer asserts that the calculation is subject to subsection | ||||||
3 | (h) or (i) of this Section, must include an affidavit setting | ||||||
4 | forth and attesting to all facts within the employer's | ||||||
5 | knowledge that are pertinent to the applicability of subsection | ||||||
6 | (h) or (i). Upon receiving a timely application for | ||||||
7 | recalculation, the System shall review the application and, if | ||||||
8 | appropriate, recalculate the amount due.
| ||||||
9 | The employer contributions required under this subsection | ||||||
10 | (f) may be paid in the form of a lump sum within 90 days after | ||||||
11 | receipt of the bill. If the employer contributions are not paid | ||||||
12 | within 90 days after receipt of the bill, then interest will be | ||||||
13 | charged at a rate equal to the System's annual actuarially | ||||||
14 | assumed rate of return on investment compounded annually from | ||||||
15 | the 91st day after receipt of the bill. Payments must be | ||||||
16 | concluded within 3 years after the employer's receipt of the | ||||||
17 | bill. | ||||||
18 | (h) This subsection (h) applies only to payments made or | ||||||
19 | salary increases given on or after June 1, 2005 but before July | ||||||
20 | 1, 2011. The changes made by Public Act 94-1057 shall not | ||||||
21 | require the System to refund any payments received before July | ||||||
22 | 31, 2006 (the effective date of Public Act 94-1057). | ||||||
23 | When assessing payment for any amount due under subsection | ||||||
24 | (g), the System shall exclude earnings increases paid to | ||||||
25 | participants under contracts or collective bargaining | ||||||
26 | agreements entered into, amended, or renewed before June 1, |
| |||||||
| |||||||
1 | 2005.
| ||||||
2 | When assessing payment for any amount due under subsection | ||||||
3 | (g), the System shall exclude earnings increases paid to a | ||||||
4 | participant at a time when the participant is 10 or more years | ||||||
5 | from retirement eligibility under Section 15-135.
| ||||||
6 | When assessing payment for any amount due under subsection | ||||||
7 | (g), the System shall exclude earnings increases resulting from | ||||||
8 | overload work, including a contract for summer teaching, or | ||||||
9 | overtime when the employer has certified to the System, and the | ||||||
10 | System has approved the certification, that: (i) in the case of | ||||||
11 | overloads (A) the overload work is for the sole purpose of | ||||||
12 | academic instruction in excess of the standard number of | ||||||
13 | instruction hours for a full-time employee occurring during the | ||||||
14 | academic year that the overload is paid and (B) the earnings | ||||||
15 | increases are equal to or less than the rate of pay for | ||||||
16 | academic instruction computed using the participant's current | ||||||
17 | salary rate and work schedule; and (ii) in the case of | ||||||
18 | overtime, the overtime was necessary for the educational | ||||||
19 | mission. | ||||||
20 | When assessing payment for any amount due under subsection | ||||||
21 | (g), the System shall exclude any earnings increase resulting | ||||||
22 | from (i) a promotion for which the employee moves from one | ||||||
23 | classification to a higher classification under the State | ||||||
24 | Universities Civil Service System, (ii) a promotion in academic | ||||||
25 | rank for a tenured or tenure-track faculty position, or (iii) a | ||||||
26 | promotion that the Illinois Community College Board has |
| |||||||
| |||||||
1 | recommended in accordance with subsection (k) of this Section. | ||||||
2 | These earnings increases shall be excluded only if the | ||||||
3 | promotion is to a position that has existed and been filled by | ||||||
4 | a member for no less than one complete academic year and the | ||||||
5 | earnings increase as a result of the promotion is an increase | ||||||
6 | that results in an amount no greater than the average salary | ||||||
7 | paid for other similar positions. | ||||||
8 | (i) When assessing payment for any amount due under | ||||||
9 | subsection (g), the System shall exclude any salary increase | ||||||
10 | described in subsection (h) of this Section given on or after | ||||||
11 | July 1, 2011 but before July 1, 2014 under a contract or | ||||||
12 | collective bargaining agreement entered into, amended, or | ||||||
13 | renewed on or after June 1, 2005 but before July 1, 2011. | ||||||
14 | Notwithstanding any other provision of this Section, any | ||||||
15 | payments made or salary increases given after June 30, 2014 | ||||||
16 | shall be used in assessing payment for any amount due under | ||||||
17 | subsection (g) of this Section.
| ||||||
18 | (j) The System shall prepare a report and file copies of | ||||||
19 | the report with the Governor and the General Assembly by | ||||||
20 | January 1, 2007 that contains all of the following information: | ||||||
21 | (1) The number of recalculations required by the | ||||||
22 | changes made to this Section by Public Act 94-1057 for each | ||||||
23 | employer. | ||||||
24 | (2) The dollar amount by which each employer's | ||||||
25 | contribution to the System was changed due to | ||||||
26 | recalculations required by Public Act 94-1057. |
| |||||||
| |||||||
1 | (3) The total amount the System received from each | ||||||
2 | employer as a result of the changes made to this Section by | ||||||
3 | Public Act 94-4. | ||||||
4 | (4) The increase in the required State contribution | ||||||
5 | resulting from the changes made to this Section by Public | ||||||
6 | Act 94-1057. | ||||||
7 | (k) The Illinois Community College Board shall adopt rules | ||||||
8 | for recommending lists of promotional positions submitted to | ||||||
9 | the Board by community colleges and for reviewing the | ||||||
10 | promotional lists on an annual basis. When recommending | ||||||
11 | promotional lists, the Board shall consider the similarity of | ||||||
12 | the positions submitted to those positions recognized for State | ||||||
13 | universities by the State Universities Civil Service System. | ||||||
14 | The Illinois Community College Board shall file a copy of its | ||||||
15 | findings with the System. The System shall consider the | ||||||
16 | findings of the Illinois Community College Board when making | ||||||
17 | determinations under this Section. The System shall not exclude | ||||||
18 | any earnings increases resulting from a promotion when the | ||||||
19 | promotion was not submitted by a community college. Nothing in | ||||||
20 | this subsection (k) shall require any community college to | ||||||
21 | submit any information to the Community College Board.
| ||||||
22 | (Source: P.A. 94-4, eff. 6-1-05; 94-839, eff. 6-6-06; 94-1057, | ||||||
23 | eff. 7-31-06; 95-331, eff. 8-21-07.)
| ||||||
24 | (40 ILCS 5/16-158)
(from Ch. 108 1/2, par. 16-158)
| ||||||
25 | Sec. 16-158. Contributions by State and other employing |
| |||||||
| |||||||
1 | units.
| ||||||
2 | (a) The State shall make contributions to the System by | ||||||
3 | means of
appropriations from the Common School Fund and other | ||||||
4 | State funds of amounts
which, together with other employer | ||||||
5 | contributions, employee contributions,
investment income, and | ||||||
6 | other income, will be sufficient to meet the cost of
| ||||||
7 | maintaining and administering the System on a 90% funded basis | ||||||
8 | in accordance
with actuarial recommendations.
| ||||||
9 | The Board shall determine the amount of State contributions | ||||||
10 | required for
each fiscal year on the basis of the actuarial | ||||||
11 | tables and other assumptions
adopted by the Board and the | ||||||
12 | recommendations of the actuary, using the formula
in subsection | ||||||
13 | (b-3).
| ||||||
14 | (a-1) Annually, on or before November 15, the Board shall | ||||||
15 | certify to the
Governor the amount of the required State | ||||||
16 | contribution for the coming fiscal
year. The certification | ||||||
17 | shall include a copy of the actuarial recommendations
upon | ||||||
18 | which it is based.
| ||||||
19 | On or before May 1, 2004, the Board shall recalculate and | ||||||
20 | recertify to
the Governor the amount of the required State | ||||||
21 | contribution to the System for
State fiscal year 2005, taking | ||||||
22 | into account the amounts appropriated to and
received by the | ||||||
23 | System under subsection (d) of Section 7.2 of the General
| ||||||
24 | Obligation Bond Act.
| ||||||
25 | On or before July 1, 2005, the Board shall recalculate and | ||||||
26 | recertify
to the Governor the amount of the required State
|
| |||||||
| |||||||
1 | contribution to the System for State fiscal year 2006, taking | ||||||
2 | into account the changes in required State contributions made | ||||||
3 | by this amendatory Act of the 94th General Assembly.
| ||||||
4 | (b) Through State fiscal year 1995, the State contributions | ||||||
5 | shall be
paid to the System in accordance with Section 18-7 of | ||||||
6 | the School Code.
| ||||||
7 | (b-1) Beginning in State fiscal year 1996, on the 15th day | ||||||
8 | of each month,
or as soon thereafter as may be practicable, the | ||||||
9 | Board shall submit vouchers
for payment of State contributions | ||||||
10 | to the System, in a total monthly amount of
one-twelfth of the | ||||||
11 | required annual State contribution certified under
subsection | ||||||
12 | (a-1).
From the
effective date of this amendatory Act of the | ||||||
13 | 93rd General Assembly
through June 30, 2004, the Board shall | ||||||
14 | not submit vouchers for the
remainder of fiscal year 2004 in | ||||||
15 | excess 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 (a) 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 subsection, the |
| |||||||
| |||||||
1 | difference shall be paid from the
Common School Fund under the | ||||||
2 | continuing appropriation authority provided in
Section 1.1 of | ||||||
3 | the State Pension Funds Continuing Appropriation Act.
| ||||||
4 | (b-2) Allocations from the Common School Fund apportioned | ||||||
5 | to school
districts not coming under this System shall not be | ||||||
6 | diminished or affected by
the provisions of this Article.
| ||||||
7 | (b-3) 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 in the
| ||||||
22 | following specified State fiscal years, the State contribution | ||||||
23 | to the System
shall not be less than the following indicated | ||||||
24 | percentages of the applicable
employee payroll, even if the | ||||||
25 | indicated percentage will produce a State
contribution in | ||||||
26 | excess of the amount otherwise required under this subsection
|
| |||||||
| |||||||
1 | and subsection (a), and notwithstanding any contrary | ||||||
2 | certification made under
subsection (a-1) before the effective | ||||||
3 | date of this amendatory Act of 1998:
10.02% in FY 1999;
10.77% | ||||||
4 | in FY 2000;
11.47% in FY 2001;
12.16% in FY 2002;
12.86% in FY | ||||||
5 | 2003; and
13.56% in FY 2004.
| ||||||
6 | Notwithstanding any other provision of this Article, the | ||||||
7 | total required State
contribution for State fiscal year 2006 is | ||||||
8 | $534,627,700.
| ||||||
9 | Notwithstanding any other provision of this Article, the | ||||||
10 | total required State
contribution for State fiscal year 2007 is | ||||||
11 | $738,014,500.
| ||||||
12 | For each of State fiscal years 2008 through 2010, the State | ||||||
13 | contribution to
the System, as a percentage of the applicable | ||||||
14 | employee payroll, shall be
increased in equal annual increments | ||||||
15 | from the required State contribution for State fiscal year | ||||||
16 | 2007, so that by State fiscal year 2011, the
State is | ||||||
17 | contributing at the rate otherwise required under this Section.
| ||||||
18 | Beginning in State fiscal year 2046, the minimum State | ||||||
19 | contribution for
each fiscal year shall be the amount needed to | ||||||
20 | maintain the total assets of
the System at 90% of the total | ||||||
21 | actuarial liabilities of the System.
| ||||||
22 | Amounts received by the System pursuant to Section 25 of | ||||||
23 | the Budget Stabilization Act or Section 8.12 of the State | ||||||
24 | Finance Act in any fiscal year do not reduce and do not | ||||||
25 | constitute payment of any portion of the minimum State | ||||||
26 | contribution required under this Article in that fiscal year. |
| |||||||
| |||||||
1 | Such amounts shall not reduce, and shall not be included in the | ||||||
2 | calculation of, the required State contributions under this | ||||||
3 | Article in any future year until the System has reached a | ||||||
4 | funding ratio of at least 90%. A reference in this Article to | ||||||
5 | the "required State contribution" or any substantially similar | ||||||
6 | term does not include or apply to any amounts payable to the | ||||||
7 | System under Section 25 of the Budget Stabilization Act. | ||||||
8 | Notwithstanding any other provision of this Section, the | ||||||
9 | required State
contribution for State fiscal year 2005 and for | ||||||
10 | fiscal year 2008 and each fiscal year thereafter, as
calculated | ||||||
11 | under this Section and
certified under subsection (a-1), shall | ||||||
12 | not exceed an amount equal to (i) the
amount of the required | ||||||
13 | State contribution that would have been calculated under
this | ||||||
14 | Section for that fiscal year if the System had not received any | ||||||
15 | payments
under subsection (d) of Section 7.2 of the General | ||||||
16 | Obligation Bond Act, minus
(ii) the portion of the State's | ||||||
17 | total debt service payments for that fiscal
year on the bonds | ||||||
18 | issued for the purposes of that Section 7.2, as determined
and | ||||||
19 | certified by the Comptroller, that is the same as the System's | ||||||
20 | portion of
the total moneys distributed under subsection (d) of | ||||||
21 | Section 7.2 of the General
Obligation Bond Act. In determining | ||||||
22 | this maximum for State fiscal years 2008 through 2010, however, | ||||||
23 | the amount referred to in item (i) shall be increased, as a | ||||||
24 | percentage of the applicable employee payroll, in equal | ||||||
25 | increments calculated from the sum of the required State | ||||||
26 | contribution for State fiscal year 2007 plus the applicable |
| |||||||
| |||||||
1 | portion of the State's total debt service payments for fiscal | ||||||
2 | year 2007 on the bonds issued for the purposes of Section 7.2 | ||||||
3 | of the General
Obligation Bond Act, so that, by State fiscal | ||||||
4 | year 2011, the
State is contributing at the rate otherwise | ||||||
5 | required under this Section.
| ||||||
6 | (c) Payment of the required State contributions and of all | ||||||
7 | pensions,
retirement annuities, death benefits, refunds, and | ||||||
8 | other benefits granted
under or assumed by this System, and all | ||||||
9 | expenses in connection with the
administration and operation | ||||||
10 | thereof, are obligations of the State.
| ||||||
11 | If members are paid from special trust or federal funds | ||||||
12 | which are
administered by the employing unit, whether school | ||||||
13 | district or other
unit, the employing unit shall pay to the | ||||||
14 | System from such
funds the full accruing retirement costs based | ||||||
15 | upon that
service, as determined by the System. Employer | ||||||
16 | contributions, based on
salary paid to members from federal | ||||||
17 | funds, may be forwarded by the distributing
agency of the State | ||||||
18 | of Illinois to the System prior to allocation, in an
amount | ||||||
19 | determined in accordance with guidelines established by such
| ||||||
20 | agency and the System.
| ||||||
21 | (d) Effective July 1, 1986, any employer of a teacher as | ||||||
22 | defined in
paragraph (8) of Section 16-106 shall pay the | ||||||
23 | employer's normal cost
of benefits based upon the teacher's | ||||||
24 | service, in addition to
employee contributions, as determined | ||||||
25 | by the System. Such employer
contributions shall be forwarded | ||||||
26 | monthly in accordance with guidelines
established by the |
| |||||||
| |||||||
1 | System.
| ||||||
2 | However, with respect to benefits granted under Section | ||||||
3 | 16-133.4 or
16-133.5 to a teacher as defined in paragraph (8) | ||||||
4 | of Section 16-106, the
employer's contribution shall be 12% | ||||||
5 | (rather than 20%) of the member's
highest annual salary rate | ||||||
6 | for each year of creditable service granted, and
the employer | ||||||
7 | shall also pay the required employee contribution on behalf of
| ||||||
8 | the teacher. For the purposes of Sections 16-133.4 and | ||||||
9 | 16-133.5, a teacher
as defined in paragraph (8) of Section | ||||||
10 | 16-106 who is serving in that capacity
while on leave of | ||||||
11 | absence from another employer under this Article shall not
be | ||||||
12 | considered an employee of the employer from which the teacher | ||||||
13 | is on leave.
| ||||||
14 | (e) Beginning July 1, 1998, every employer of a teacher
| ||||||
15 | shall pay to the System an employer contribution computed as | ||||||
16 | follows:
| ||||||
17 | (1) Beginning July 1, 1998 through June 30, 1999, the | ||||||
18 | employer
contribution shall be equal to 0.3% of each | ||||||
19 | teacher's salary.
| ||||||
20 | (2) Beginning July 1, 1999 and thereafter, the employer
| ||||||
21 | contribution shall be equal to 0.58% of each teacher's | ||||||
22 | salary.
| ||||||
23 | The school district or other employing unit may pay these | ||||||
24 | employer
contributions out of any source of funding available | ||||||
25 | for that purpose and
shall forward the contributions to the | ||||||
26 | System on the schedule established
for the payment of member |
| |||||||
| |||||||
1 | contributions.
| ||||||
2 | These employer contributions are intended to offset a | ||||||
3 | portion of the cost
to the System of the increases in | ||||||
4 | retirement benefits resulting from this
amendatory Act of 1998.
| ||||||
5 | Each employer of teachers is entitled to a credit against | ||||||
6 | the contributions
required under this subsection (e) with | ||||||
7 | respect to salaries paid to teachers
for the period January 1, | ||||||
8 | 2002 through June 30, 2003, equal to the amount paid
by that | ||||||
9 | employer under subsection (a-5) of Section 6.6 of the State | ||||||
10 | Employees
Group Insurance Act of 1971 with respect to salaries | ||||||
11 | paid to teachers for that
period.
| ||||||
12 | The additional 1% employee contribution required under | ||||||
13 | Section 16-152 by
this amendatory Act of 1998 is the | ||||||
14 | responsibility of the teacher and not the
teacher's employer, | ||||||
15 | unless the employer agrees, through collective bargaining
or | ||||||
16 | otherwise, to make the contribution on behalf of the teacher.
| ||||||
17 | If an employer is required by a contract in effect on May | ||||||
18 | 1, 1998 between the
employer and an employee organization to | ||||||
19 | pay, on behalf of all its full-time
employees
covered by this | ||||||
20 | Article, all mandatory employee contributions required under
| ||||||
21 | this Article, then the employer shall be excused from paying | ||||||
22 | the employer
contribution required under this subsection (e) | ||||||
23 | for the balance of the term
of that contract. The employer and | ||||||
24 | the employee organization shall jointly
certify to the System | ||||||
25 | the existence of the contractual requirement, in such
form as | ||||||
26 | the System may prescribe. This exclusion shall cease upon the
|
| |||||||
| |||||||
1 | termination, extension, or renewal of the contract at any time | ||||||
2 | after May 1,
1998.
| ||||||
3 | (f) If the amount of a teacher's salary for any school year | ||||||
4 | used to determine final average salary exceeds the member's | ||||||
5 | annual full-time salary rate with the same employer for the | ||||||
6 | previous school year by more than 6%, the teacher's employer | ||||||
7 | shall pay to the System, in addition to all other payments | ||||||
8 | required under this Section and in accordance with guidelines | ||||||
9 | established by the System, the present value of the increase in | ||||||
10 | benefits resulting from the portion of the increase in salary | ||||||
11 | that is in excess of 6%. This present value shall be computed | ||||||
12 | by the System on the basis of the actuarial assumptions and | ||||||
13 | tables used in the most recent actuarial valuation of the | ||||||
14 | System that is available at the time of the computation. If a | ||||||
15 | teacher's salary for the 2005-2006 school year is used to | ||||||
16 | determine final average salary under this subsection (f), then | ||||||
17 | the changes made to this subsection (f) by Public Act 94-1057 | ||||||
18 | shall apply in calculating whether the increase in his or her | ||||||
19 | salary is in excess of 6%. For the purposes of this Section, | ||||||
20 | change in employment under Section 10-21.12 of the School Code | ||||||
21 | on or after June 1, 2005 shall constitute a change in employer. | ||||||
22 | The System may require the employer to provide any pertinent | ||||||
23 | information or documentation.
The changes made to this | ||||||
24 | subsection (f) by this amendatory Act of the 94th General | ||||||
25 | Assembly apply without regard to whether the teacher was in | ||||||
26 | service on or after its effective date.
|
| |||||||
| |||||||
1 | Whenever it determines that a payment is or may be required | ||||||
2 | under this subsection, the System shall calculate the amount of | ||||||
3 | the payment and bill the employer for that amount. The bill | ||||||
4 | shall specify the calculations used to determine the amount | ||||||
5 | due. If the employer disputes the amount of the bill, it may, | ||||||
6 | within 30 days after receipt of the bill, apply to the System | ||||||
7 | in writing for a recalculation. The application must specify in | ||||||
8 | detail the grounds of the dispute and, if the employer asserts | ||||||
9 | that the calculation is subject to subsection (g) or (h) of | ||||||
10 | this Section, must include an affidavit setting forth and | ||||||
11 | attesting to all facts within the employer's knowledge that are | ||||||
12 | pertinent to the applicability of that subsection. Upon | ||||||
13 | receiving a timely application for recalculation, the System | ||||||
14 | shall review the application and, if appropriate, recalculate | ||||||
15 | the amount due.
| ||||||
16 | The employer contributions required under this subsection | ||||||
17 | (f) may be paid in the form of a lump sum within 90 days after | ||||||
18 | receipt of the bill. If the employer contributions are not paid | ||||||
19 | within 90 days after receipt of the bill, then interest will be | ||||||
20 | charged at a rate equal to the System's annual actuarially | ||||||
21 | assumed rate of return on investment compounded annually from | ||||||
22 | the 91st day after receipt of the bill. Payments must be | ||||||
23 | concluded within 3 years after the employer's receipt of the | ||||||
24 | bill.
| ||||||
25 | (g) This subsection (g) applies only to payments made or | ||||||
26 | salary increases given on or after June 1, 2005 but before July |
| |||||||
| |||||||
1 | 1, 2011. The changes made by Public Act 94-1057 shall not | ||||||
2 | require the System to refund any payments received before
July | ||||||
3 | 31, 2006 (the effective date of Public Act 94-1057). | ||||||
4 | When assessing payment for any amount due under subsection | ||||||
5 | (f), the System shall exclude salary increases paid to teachers | ||||||
6 | under contracts or collective bargaining agreements entered | ||||||
7 | into, amended, or renewed before June 1, 2005.
| ||||||
8 | When assessing payment for any amount due under subsection | ||||||
9 | (f), the System shall exclude salary increases paid to a | ||||||
10 | teacher at a time when the teacher is 10 or more years from | ||||||
11 | retirement eligibility under Section 16-132 or 16-133.2.
| ||||||
12 | When assessing payment for any amount due under subsection | ||||||
13 | (f), the System shall exclude salary increases resulting from | ||||||
14 | overload work, including summer school, when the school | ||||||
15 | district has certified to the System, and the System has | ||||||
16 | approved the certification, that (i) the overload work is for | ||||||
17 | the sole purpose of classroom instruction in excess of the | ||||||
18 | standard number of classes for a full-time teacher in a school | ||||||
19 | district during a school year and (ii) the salary increases are | ||||||
20 | equal to or less than the rate of pay for classroom instruction | ||||||
21 | computed on the teacher's current salary and work schedule.
| ||||||
22 | When assessing payment for any amount due under subsection | ||||||
23 | (f), the System shall exclude a salary increase resulting from | ||||||
24 | a promotion (i) for which the employee is required to hold a | ||||||
25 | certificate or supervisory endorsement issued by the State | ||||||
26 | Teacher Certification Board that is a different certification |
| |||||||
| |||||||
1 | or supervisory endorsement than is required for the teacher's | ||||||
2 | previous position and (ii) to a position that has existed and | ||||||
3 | been filled by a member for no less than one complete academic | ||||||
4 | year and the salary increase from the promotion is an increase | ||||||
5 | that results in an amount no greater than the lesser of the | ||||||
6 | average salary paid for other similar positions in the district | ||||||
7 | requiring the same certification or the amount stipulated in | ||||||
8 | the collective bargaining agreement for a similar position | ||||||
9 | requiring the same certification.
| ||||||
10 | When assessing payment for any amount due under subsection | ||||||
11 | (f), the System shall exclude any payment to the teacher from | ||||||
12 | the State of Illinois or the State Board of Education over | ||||||
13 | which the employer does not have discretion, notwithstanding | ||||||
14 | that the payment is included in the computation of final | ||||||
15 | average salary.
| ||||||
16 | (h) When assessing payment for any amount due under | ||||||
17 | subsection (f), the System shall exclude any salary increase | ||||||
18 | described in subsection (g) of this Section given on or after | ||||||
19 | July 1, 2011 but before July 1, 2014 under a contract or | ||||||
20 | collective bargaining agreement entered into, amended, or | ||||||
21 | renewed on or after June 1, 2005 but before July 1, 2011. | ||||||
22 | Notwithstanding any other provision of this Section, any | ||||||
23 | payments made or salary increases given after June 30, 2014 | ||||||
24 | shall be used in assessing payment for any amount due under | ||||||
25 | subsection (f) of this Section.
| ||||||
26 | (i) The System shall prepare a report and file copies of |
| |||||||
| |||||||
1 | the report with the Governor and the General Assembly by | ||||||
2 | January 1, 2007 that contains all of the following information: | ||||||
3 | (1) The number of recalculations required by the | ||||||
4 | changes made to this Section by Public Act 94-1057 for each | ||||||
5 | employer. | ||||||
6 | (2) The dollar amount by which each employer's | ||||||
7 | contribution to the System was changed due to | ||||||
8 | recalculations required by Public Act 94-1057. | ||||||
9 | (3) The total amount the System received from each | ||||||
10 | employer as a result of the changes made to this Section by | ||||||
11 | Public Act 94-4. | ||||||
12 | (4) The increase in the required State contribution | ||||||
13 | resulting from the changes made to this Section by Public | ||||||
14 | Act 94-1057.
| ||||||
15 | (Source: P.A. 94-4, eff. 6-1-05; 94-839, eff. 6-6-06; 94-1057, | ||||||
16 | eff. 7-31-06; 94-1111, eff. 2-27-07; 95-331, eff. 8-21-07.)
| ||||||
17 | (40 ILCS 5/18-131) (from Ch. 108 1/2, par. 18-131)
| ||||||
18 | Sec. 18-131. Financing; employer contributions.
| ||||||
19 | (a) The State of Illinois shall make contributions to this | ||||||
20 | System by
appropriations of the amounts which, together with | ||||||
21 | the contributions of
participants, net earnings on | ||||||
22 | investments, and other income, will meet the
costs of | ||||||
23 | maintaining and administering this System on a 90% funded basis | ||||||
24 | in
accordance with actuarial recommendations.
| ||||||
25 | (b) The Board shall determine the amount of State |
| |||||||
| |||||||
1 | contributions
required for each fiscal year on the basis of the | ||||||
2 | actuarial tables and other
assumptions adopted by the Board and | ||||||
3 | the prescribed rate of interest, using
the formula in | ||||||
4 | subsection (c).
| ||||||
5 | (c) For State fiscal years 2011 through 2045, the minimum | ||||||
6 | contribution
to the System to be made by the State for each | ||||||
7 | fiscal year shall be an amount
determined by the System to be | ||||||
8 | sufficient to bring the total assets of the
System up to 90% of | ||||||
9 | the total actuarial liabilities of the System by the end of
| ||||||
10 | State fiscal year 2045. In making these determinations, the | ||||||
11 | required State
contribution shall be calculated each year as a | ||||||
12 | level percentage of payroll
over the years remaining to and | ||||||
13 | including fiscal year 2045 and shall be
determined under the | ||||||
14 | projected unit credit actuarial cost method.
| ||||||
15 | For State fiscal years 1996 through 2005, the State | ||||||
16 | contribution to
the System, as a percentage of the applicable | ||||||
17 | employee payroll, shall be
increased in equal annual increments | ||||||
18 | so that by State fiscal year 2011, the
State is contributing at | ||||||
19 | the rate required under this Section.
| ||||||
20 | Notwithstanding any other provision of this Article, the | ||||||
21 | total required State
contribution for State fiscal year 2006 is | ||||||
22 | $29,189,400.
| ||||||
23 | Notwithstanding any other provision of this Article, the | ||||||
24 | total required State
contribution for State fiscal year 2007 is | ||||||
25 | $35,236,800.
| ||||||
26 | For each of State fiscal years 2008 through 2010, the State |
| |||||||
| |||||||
1 | contribution to
the System, as a percentage of the applicable | ||||||
2 | employee payroll, shall be
increased in equal annual increments | ||||||
3 | from the required State contribution for State fiscal year | ||||||
4 | 2007, so that by State fiscal year 2011, the
State is | ||||||
5 | contributing at the rate otherwise required under this Section.
| ||||||
6 | Beginning in State fiscal year 2046, the minimum State | ||||||
7 | contribution for
each fiscal year shall be the amount needed to | ||||||
8 | maintain the total assets of
the System at 90% of the total | ||||||
9 | actuarial liabilities of the System.
| ||||||
10 | Amounts received by the System pursuant to Section 25 of | ||||||
11 | the Budget Stabilization Act or Section 8.12 of the State | ||||||
12 | Finance Act in any fiscal year do not reduce and do not | ||||||
13 | constitute payment of any portion of the minimum State | ||||||
14 | contribution required under this Article in that fiscal year. | ||||||
15 | Such amounts shall not reduce, and shall not be included in the | ||||||
16 | calculation of, the required State contributions under this | ||||||
17 | Article in any future year until the System has reached a | ||||||
18 | funding ratio of at least 90%. A reference in this Article to | ||||||
19 | the "required State contribution" or any substantially similar | ||||||
20 | term does not include or apply to any amounts payable to the | ||||||
21 | System under Section 25 of the Budget Stabilization Act.
| ||||||
22 | Notwithstanding any other provision of this Section, the | ||||||
23 | required State
contribution for State fiscal year 2005 and for | ||||||
24 | fiscal year 2008 and each fiscal year thereafter, as
calculated | ||||||
25 | under this Section and
certified under Section 18-140, shall | ||||||
26 | not exceed an amount equal to (i) the
amount of the required |
| |||||||
| |||||||
1 | State contribution that would have been calculated under
this | ||||||
2 | Section for that fiscal year if the System had not received any | ||||||
3 | payments
under subsection (d) of Section 7.2 of the General | ||||||
4 | Obligation Bond Act, minus
(ii) the portion of the State's | ||||||
5 | total debt service payments for that fiscal
year on the bonds | ||||||
6 | issued for the purposes of that Section 7.2, as determined
and | ||||||
7 | certified by the Comptroller, that is the same as the System's | ||||||
8 | portion of
the total moneys distributed under subsection (d) of | ||||||
9 | Section 7.2 of the General
Obligation Bond Act. In determining | ||||||
10 | this maximum for State fiscal years 2008 through 2010, however, | ||||||
11 | the amount referred to in item (i) shall be increased, as a | ||||||
12 | percentage of the applicable employee payroll, in equal | ||||||
13 | increments calculated from the sum of the required State | ||||||
14 | contribution for State fiscal year 2007 plus the applicable | ||||||
15 | portion of the State's total debt service payments for fiscal | ||||||
16 | year 2007 on the bonds issued for the purposes of Section 7.2 | ||||||
17 | of the General
Obligation Bond Act, so that, by State fiscal | ||||||
18 | year 2011, the
State is contributing at the rate otherwise | ||||||
19 | required under this Section.
| ||||||
20 | (Source: P.A. 93-2, eff. 4-7-03; 94-4, eff. 6-1-05; 94-839, | ||||||
21 | eff. 6-6-06.)
| ||||||
22 | Section 15. The State Pension Funds Continuing | ||||||
23 | Appropriation Act is amended by changing Section 1 as follows:
| ||||||
24 | (40 ILCS 15/1)
|
| |||||||
| |||||||
1 | Sec. 1. Appropriations from State Pensions Fund. For the | ||||||
2 | purpose of making
up any deficiency in the appropriations to | ||||||
3 | the designated retirement systems
that are required to be made | ||||||
4 | under Section 8.12 of the State Finance Act, there
is hereby | ||||||
5 | appropriated, on a continuing annual basis in each fiscal year, | ||||||
6 | from
the State Pensions Fund to each designated retirement | ||||||
7 | system, the amount, if
any, by which the total appropriation to | ||||||
8 | that system from the State Pensions
Fund for that fiscal year | ||||||
9 | is less than the amount required to be appropriated
to that | ||||||
10 | retirement system under Section 8.12 of the State Finance Act.
| ||||||
11 | The annual appropriation under this Section to each | ||||||
12 | designated retirement
system shall take effect on July 1 for | ||||||
13 | the State fiscal year beginning on that
date.
| ||||||
14 | The amount of any continuing appropriation used by a | ||||||
15 | retirement system
under this Section for a given fiscal year | ||||||
16 | shall be charged against the
unexpended amount of any | ||||||
17 | appropriation to that retirement system for
that fiscal year | ||||||
18 | under Section 8.12 of the State Finance Act that subsequently
| ||||||
19 | becomes available, subject to Section 8.3 of the State Finance | ||||||
20 | Act.
| ||||||
21 | "Designated retirement systems" means the State Employees' | ||||||
22 | Retirement
System of Illinois, the Teachers' Retirement System | ||||||
23 | of the State of
Illinois, the State Universities Retirement | ||||||
24 | System, the Judges Retirement
System of Illinois, and the | ||||||
25 | General Assembly Retirement System.
| ||||||
26 | The appropriations made in this Section are appropriated to |
| |||||||
| |||||||
1 | the designated
retirement systems for the funding of the | ||||||
2 | unfunded liabilities of the designated retirement systems and | ||||||
3 | are in addition to, and not in lieu of, any State contributions | ||||||
4 | required under the Illinois Pension Code. as a part of the | ||||||
5 | annual State contribution required by the
laws providing for | ||||||
6 | the funding of those systems.
| ||||||
7 | (Source: P.A. 93-1067, eff. 1-15-05.)
| ||||||
8 | Section 20. The Uniform Disposition of Unclaimed Property | ||||||
9 | Act is amended by changing Section 18 as follows:
| ||||||
10 | (765 ILCS 1025/18) (from Ch. 141, par. 118)
| ||||||
11 | Sec. 18. Deposit of funds received under the Act.
| ||||||
12 | (a) The State Treasurer shall retain all funds received | ||||||
13 | under this Act,
including the proceeds from
the sale of | ||||||
14 | abandoned property under Section 17, in a trust fund . The State | ||||||
15 | Treasurer may deposit any amount in the Trust Fund into the | ||||||
16 | State Pensions Fund during the fiscal year at his or her | ||||||
17 | discretion; however, he or she and shall,
on April 15 and | ||||||
18 | October 15 of each year, deposit any amount in the trust fund
| ||||||
19 | exceeding $2,500,000 into the State Pensions Fund. All amounts | ||||||
20 | in excess of $2,500,000 that are deposited into the State | ||||||
21 | Pension Fund from the unclaimed Property Trust Fund shall be | ||||||
22 | apportioned to the designated retirement systems as provided in | ||||||
23 | subsection (c-6) of Section 8.12 of the state Finance Act to | ||||||
24 | reduce their actuarial reserve deficiencies. He or she shall |
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 | make prompt payment of claims he or she
duly allows as provided | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2 | for in this Act for the trust fund.
Before making the deposit | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3 | the State Treasurer
shall record the name and last known | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4 | address of each person appearing from the
holders' reports to | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5 | be entitled to the abandoned property. The record shall be
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6 | available for public inspection during reasonable business
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
7 | hours.
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
8 | (b) Before making any deposit to the credit of the State | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
9 | Pensions Fund,
the State Treasurer may deduct: (1) any costs in | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10 | connection with sale of
abandoned property, (2) any costs of | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11 | mailing and publication in connection with
any abandoned | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12 | property, and (3) any costs in connection with the maintenance | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
13 | of
records or disposition of claims made pursuant to this Act. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
14 | The State
Treasurer shall semiannually file an itemized report | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
15 | of all such expenses with
the Legislative Audit Commission.
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
16 | (Source: P.A. 93-531, eff. 8-14-03.)
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
17 | Section 99. Effective date. This Act takes effect upon | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
18 | becoming law.
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||