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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 Illinois Pension Code is amended by changing |
5 | | Sections 22-101 and 22-103 as follows:
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6 | | (40 ILCS 5/22-101) (from Ch. 108 1/2, par. 22-101)
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7 | | Sec. 22-101. Retirement Plan for Chicago Transit Authority |
8 | | Employees.
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9 | | (a) There shall be established and maintained by the |
10 | | Authority created by
the "Metropolitan Transit Authority Act", |
11 | | approved April 12, 1945, as
amended, (referred to in this |
12 | | Section as the "Authority") a financially sound pension and |
13 | | retirement system adequate to
provide for all payments when due |
14 | | under such established system or as
modified from time to time |
15 | | by ordinance of the Chicago Transit Board or collective |
16 | | bargaining agreement. For
this purpose, the Board must make |
17 | | contributions to the established system as required under this |
18 | | Section and may make any additional contributions provided for |
19 | | by Board ordinance or collective bargaining agreement. The |
20 | | participating employees shall make
such periodic payments to |
21 | | the established system as required under this Section and may |
22 | | make any additional contributions provided for
by
Board |
23 | | ordinance or collective bargaining agreement. |
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1 | | Provisions
shall be made by the Board for all officers and |
2 | | employees of
the Authority appointed pursuant to the |
3 | | "Metropolitan Transit Authority
Act" to become, subject to |
4 | | reasonable rules and regulations, participants
of the pension |
5 | | or retirement system with uniform rights,
privileges, |
6 | | obligations and status as to the class in which such officers
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7 | | and employees belong. The terms, conditions and provisions of |
8 | | any pension
or retirement system or of any amendment or |
9 | | modification thereof affecting
employees who are members of any |
10 | | labor organization may be established,
amended or modified by |
11 | | agreement with such labor organization, provided the terms, |
12 | | conditions and provisions must be consistent with this Act, the |
13 | | annual funding levels for the retirement system established by |
14 | | law must be met and the benefits paid to future participants in |
15 | | the system may not exceed the benefit ceilings set for future |
16 | | participants under this Act and the contribution levels |
17 | | required by the Authority and its employees may not be less |
18 | | than the contribution levels established under this Act.
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19 | | (b) The Board of Trustees shall consist of 11 members |
20 | | appointed as follows: (i) 5 trustees shall be appointed by the |
21 | | Chicago Transit Board; (ii) 3 trustees shall be appointed by an |
22 | | organization representing the highest number of Chicago |
23 | | Transit Authority participants; (iii) one trustee shall be |
24 | | appointed by an organization representing the second-highest |
25 | | number of Chicago Transit Authority participants; (iv) one |
26 | | trustee shall be appointed by the recognized coalition |
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1 | | representatives of participants who are not represented by an |
2 | | organization with the highest or second-highest number of |
3 | | Chicago Transit Authority participants; and (v) one trustee |
4 | | shall be selected by the Regional Transportation Authority |
5 | | Board of Directors, and the trustee shall be a professional |
6 | | fiduciary who has experience in the area of collectively |
7 | | bargained pension plans. Trustees shall serve until a successor |
8 | | has been appointed and qualified, or until resignation, death, |
9 | | incapacity, or disqualification. |
10 | | Any person appointed as a trustee of the board shall |
11 | | qualify by taking an oath of office that he or she will |
12 | | diligently and honestly administer the affairs of the system |
13 | | and will not knowingly violate or willfully permit the |
14 | | violation of any of the provisions of law applicable to the |
15 | | Plan, including Sections 1-109, 1-109.1, 1-109.2, 1-110, |
16 | | 1-111, 1-114, and 1-115 of the Illinois Pension Code. |
17 | | Each trustee shall cast individual votes, and a majority |
18 | | vote shall be final and binding upon all interested parties, |
19 | | provided that the Board of Trustees may require a supermajority |
20 | | vote with respect to the investment of the assets of the |
21 | | Retirement Plan, and may set forth that requirement in the |
22 | | Retirement Plan documents, by-laws, or rules of the Board of |
23 | | Trustees. Each trustee shall have the rights, privileges, |
24 | | authority, and obligations as are usual and customary for such |
25 | | fiduciaries. |
26 | | The Board of Trustees may cause amounts on deposit in the |
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1 | | Retirement Plan to be invested in those investments that are |
2 | | permitted investments for the investment of moneys held under |
3 | | any one or more of the pension or retirement systems of the |
4 | | State, any unit of local government or school district, or any |
5 | | agency or instrumentality thereof. The Board, by a vote of at |
6 | | least two-thirds of the trustees, may transfer investment |
7 | | management to the Illinois State Board of Investment, which is |
8 | | hereby authorized to manage these investments when so requested |
9 | | by the Board of Trustees.
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10 | | (c) All individuals who were previously participants in the |
11 | | Retirement Plan for Chicago Transit Authority Employees shall |
12 | | remain participants, and shall receive the same benefits |
13 | | established by the Retirement Plan for Chicago Transit |
14 | | Authority Employees, except as provided in this amendatory Act |
15 | | or by subsequent legislative enactment or amendment to the |
16 | | Retirement Plan. For Authority employees hired on or after the |
17 | | effective date of this amendatory Act of the 95th General |
18 | | Assembly, the Retirement Plan for Chicago Transit Authority |
19 | | Employees shall be the exclusive retirement plan and such |
20 | | employees shall not be eligible for any supplemental plan, |
21 | | except for a deferred compensation plan funded only by employee |
22 | | contributions. |
23 | | For all Authority employees who are first hired on or after |
24 | | the effective date of this amendatory Act of the 95th General |
25 | | Assembly and are participants in the Retirement Plan for |
26 | | Chicago Transit Authority Employees, the following terms, |
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1 | | conditions and provisions with respect to retirement shall be |
2 | | applicable: |
3 | | (1) Such participant shall be eligible for an unreduced |
4 | | retirement allowance for life upon the attainment of age 64 |
5 | | with 25 years of continuous service. |
6 | | (2) Such participant shall be eligible for a reduced |
7 | | retirement allowance for life upon the attainment of age 55 |
8 | | with 10 years of continuous service. |
9 | | (3) For the purpose of determining the retirement |
10 | | allowance to be paid to a retiring employee, the term |
11 | | "Continuous Service" as used in the Retirement Plan for |
12 | | Chicago Transit Authority Employees shall also be deemed to |
13 | | include all pension credit for service with any retirement |
14 | | system established under Article 8 or Article 11 of this |
15 | | Code, provided that the employee forfeits and relinquishes |
16 | | all pension credit under Article 8 or Article 11 of this |
17 | | Code, and the contribution required under this subsection |
18 | | is made by the employee. The Retirement Plan's actuary |
19 | | shall determine the contribution paid by the employee as an |
20 | | amount equal to the normal cost of the benefit accrued, had |
21 | | the service been rendered as an employee, plus interest per |
22 | | annum from the time such service was rendered until the |
23 | | date the payment is made. |
24 | | (d) From the effective date of this amendatory Act through |
25 | | December 31, 2008, all participating employees shall |
26 | | contribute to the Retirement Plan in an amount not less than 6% |
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1 | | of compensation, and the Authority shall contribute to the |
2 | | Retirement Plan in an amount not less than 12% of compensation.
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3 | | (e)(1) Beginning January 1, 2009 the Authority shall make |
4 | | contributions to the Retirement Plan in an amount equal to |
5 | | twelve percent (12%) of compensation and participating |
6 | | employees shall make contributions to the Retirement Plan in an |
7 | | amount equal to six percent (6%) of compensation. These |
8 | | contributions may be paid by the Authority and participating |
9 | | employees on a payroll or other periodic basis, but shall in |
10 | | any case be paid to the Retirement Plan at least monthly.
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11 | | (2) For the period ending December 31, 2040, the amount |
12 | | paid by the Authority in any year with respect to debt service |
13 | | on bonds issued for the purposes of funding a contribution to |
14 | | the Retirement Plan under Section 12c of the Metropolitan |
15 | | Transit Authority Act, other than debt service paid with the |
16 | | proceeds of bonds or notes issued by the Authority for any year |
17 | | after calendar year 2008, shall be treated as a credit against |
18 | | the amount of required contribution to the Retirement Plan by |
19 | | the Authority under subsection (e)(1) for the following year up |
20 | | to an amount not to exceed 6% of compensation paid by the |
21 | | Authority in that following year.
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22 | | (3) By September 15 of each year beginning in 2009 and |
23 | | ending on December 31, 2039, on the basis of a report prepared |
24 | | by an enrolled actuary retained by the Plan, the Board of |
25 | | Trustees of the Retirement Plan shall determine the estimated |
26 | | funded ratio of the total assets of the Retirement Plan to its |
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1 | | total actuarially determined liabilities. A report containing |
2 | | that determination and the actuarial assumptions on which it is |
3 | | based shall be filed with the Authority, the representatives of |
4 | | its participating employees, the Auditor General of the State |
5 | | of Illinois, and the Regional Transportation Authority. If the |
6 | | funded ratio is projected to decline below 60% in any year |
7 | | before 2040, the Board of Trustees shall also determine the |
8 | | increased contribution required each year as a level percentage |
9 | | of payroll over the years remaining until 2040 using the |
10 | | projected unit credit actuarial cost method so the funded ratio |
11 | | does not decline below 60% and include that determination in |
12 | | its report. If the actual funded ratio declines below 60% in |
13 | | any year prior to 2040, the Board of Trustees shall also |
14 | | determine the increased contribution required each year as a |
15 | | level percentage of payroll during the years after the then |
16 | | current year using the projected unit credit actuarial cost |
17 | | method so the funded ratio is projected to reach at least 60% |
18 | | no later than 10 years after the then current year and include |
19 | | that determination in its report. Within 60 days after |
20 | | receiving the report, the Auditor General shall review the |
21 | | determination and the assumptions on which it is based, and if |
22 | | he finds that the determination and the assumptions on which it |
23 | | is based are unreasonable in the aggregate, he shall issue a |
24 | | new determination of the funded ratio, the assumptions on which |
25 | | it is based and the increased contribution required each year |
26 | | as a level percentage of payroll over the years remaining until |
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1 | | 2040 using the projected unit credit actuarial cost method so |
2 | | the funded ratio does not decline below 60%, or, in the event |
3 | | of an actual decline below 60%, so the funded ratio is |
4 | | projected to reach 60% by no later than 10 years after the then |
5 | | current year. If the Board of Trustees or the Auditor General |
6 | | determine that an increased contribution is required to meet |
7 | | the funded ratio required by the subsection, effective January |
8 | | 1 following the determination or 30 days after such |
9 | | determination, whichever is later, one-third of the increased |
10 | | contribution shall be paid by participating employees and |
11 | | two-thirds by the Authority, in addition to the contributions |
12 | | required by this subsection (1).
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13 | | (4) For the period beginning 2040, the minimum contribution |
14 | | to the Retirement Plan for each fiscal year shall be an amount |
15 | | determined by the Board of Trustees of the Retirement Plan to |
16 | | be sufficient to bring the total assets of the Retirement Plan |
17 | | up to 90% of its total actuarial liabilities by the end of |
18 | | 2059. Participating employees shall be responsible for |
19 | | one-third of the required contribution and the Authority shall |
20 | | be responsible for two-thirds of the required contribution. In |
21 | | making these determinations, the Board of Trustees shall |
22 | | calculate the required contribution each year as a level |
23 | | percentage of payroll over the years remaining to and including |
24 | | fiscal year 2059 using the projected unit credit actuarial cost |
25 | | method. A report containing that determination and the |
26 | | actuarial assumptions on which it is based shall be filed by |
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1 | | September 15 of each year with the Authority, the |
2 | | representatives of its participating employees, the Auditor |
3 | | General of the State of Illinois and the Regional |
4 | | Transportation Authority. If the funded ratio is projected to |
5 | | fail to reach 90% by December 31, 2059, the Board of Trustees |
6 | | shall also determine the increased contribution required each |
7 | | year as a level percentage of payroll over the years remaining |
8 | | until December 31, 2059 using the projected unit credit |
9 | | actuarial cost method so the funded ratio will meet 90% by |
10 | | December 31, 2059 and include that determination in its report. |
11 | | Within 60 days after receiving the report, the Auditor General |
12 | | shall review the determination and the assumptions on which it |
13 | | is based and if he finds that the determination and the |
14 | | assumptions on which it is based are unreasonable in the |
15 | | aggregate, he shall issue a new determination of the funded |
16 | | ratio, the assumptions on which it is based and the increased |
17 | | contribution required each year as a level percentage of |
18 | | payroll over the years remaining until December 31, 2059 using |
19 | | the projected unit credit actuarial cost method so the funded |
20 | | ratio reaches no less than 90% by December 31, 2059. If the |
21 | | Board of Trustees or the Auditor General determine that an |
22 | | increased contribution is required to meet the funded ratio |
23 | | required by this subsection, effective January 1 following the |
24 | | determination or 30 days after such determination, whichever is |
25 | | later, one-third of the increased contribution shall be paid by |
26 | | participating employees and two-thirds by the Authority, in |
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1 | | addition to the contributions required by subsection (e)(1).
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2 | | (5) Beginning in 2060, the minimum contribution for each |
3 | | year shall be the amount needed to maintain the total assets of |
4 | | the Retirement Plan at 90% of the total actuarial liabilities |
5 | | of the Plan, and the contribution shall be funded two-thirds by |
6 | | the Authority and one-third by the participating employees in |
7 | | accordance with this subsection.
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8 | | (f) The Authority shall take the steps necessary to comply |
9 | | with Section 414(h)(2) of the Internal Revenue Code of 1986, as |
10 | | amended, to permit the pick-up of employee contributions under |
11 | | subsections (d) and (e) on a tax-deferred basis.
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12 | | (g) The Board of Trustees shall certify to the Governor, |
13 | | the General Assembly, the Auditor General, the Board of the |
14 | | Regional Transportation Authority, and the Authority at least |
15 | | 90 days prior to the end of each fiscal year the amount of the |
16 | | required contributions to the retirement system for the next |
17 | | retirement system fiscal year under this Section. The |
18 | | certification shall include a copy of the actuarial |
19 | | recommendations upon which it is based. In addition, copies of |
20 | | the certification shall be sent to the Commission on Government |
21 | | Forecasting and Accountability and the Mayor of Chicago.
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22 | | (h)(1) As to an employee who first becomes entitled to a |
23 | | retirement
allowance commencing on or after November 30, 1989, |
24 | | the
retirement allowance shall be the amount determined in
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25 | | accordance with the following formula: |
26 | | (A) One percent (1%) of his "Average Annual |
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1 | | Compensation
in the highest four (4) completed Plan Years" |
2 | | for each
full year of continuous service from the date of |
3 | | original
employment to the effective date of the Plan; plus |
4 | | (B) One and seventy-five hundredths percent (1.75%) of |
5 | | his
"Average Annual Compensation in the highest four (4)
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6 | | completed Plan Years" for each year (including fractions
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7 | | thereof to completed calendar months) of continuous
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8 | | service as provided for in the Retirement Plan for Chicago |
9 | | Transit Authority Employees. |
10 | | Provided, however that: |
11 | | (2) As to an employee who first becomes entitled to a |
12 | | retirement
allowance commencing on or after January 1, 1993, |
13 | | the retirement
allowance shall be the amount determined in |
14 | | accordance with the
following formula: |
15 | | (A) One percent (1%) of his "Average Annual |
16 | | Compensation
in the highest four (4) completed Plan Years" |
17 | | for each
full year of continuous service from the date of |
18 | | original
employment to the effective date of the Plan; plus |
19 | | (B) One and eighty hundredths percent (1.80%) of his
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20 | | "Average Annual Compensation in the highest four (4)
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21 | | completed Plan Years" for each year (including fractions
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22 | | thereof to completed calendar months) of continuous
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23 | | service as provided for in the Retirement Plan for Chicago |
24 | | Transit Authority Employees. |
25 | | Provided, however that: |
26 | | (3) As to an employee who first becomes entitled to a |
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1 | | retirement
allowance commencing on or after January 1, 1994, |
2 | | the retirement
allowance shall be the amount determined in |
3 | | accordance with the
following formula: |
4 | | (A) One percent (1%) of his "Average Annual |
5 | | Compensation
in the highest four (4) completed Plan Years" |
6 | | for each
full year of continuous service from the date of |
7 | | original
employment to the effective date of the Plan; plus |
8 | | (B) One and eighty-five hundredths percent (1.85%) of |
9 | | his
"Average Annual Compensation in the highest four (4)
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10 | | completed Plan Years" for each year (including fractions
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11 | | thereof to completed calendar months) of continuous
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12 | | service as provided for in the Retirement Plan for Chicago |
13 | | Transit Authority Employees. |
14 | | Provided, however that: |
15 | | (4) As to an employee who first becomes entitled to a |
16 | | retirement
allowance commencing on or after January 1, 2000, |
17 | | the retirement
allowance shall be the amount determined in |
18 | | accordance with the
following formula: |
19 | | (A) One percent (1%) of his "Average Annual |
20 | | Compensation
in the highest four (4) completed Plan Years" |
21 | | for each
full year of continuous service from the date of |
22 | | original
employment to the effective date of the Plan; plus |
23 | | (B) Two percent (2%) of his "Average Annual
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24 | | Compensation in the highest four (4) completed Plan
Years" |
25 | | for each year (including fractions thereof to
completed |
26 | | calendar months) of continuous service as provided for in |
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1 | | the Retirement Plan for Chicago Transit Authority |
2 | | Employees. |
3 | | Provided, however that: |
4 | | (5) As to an employee who first becomes entitled to a |
5 | | retirement
allowance commencing on or after January 1, 2001, |
6 | | the
retirement allowance shall be the amount determined in
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7 | | accordance with the following formula: |
8 | | (A) One percent (1%) of his "Average Annual |
9 | | Compensation
in the highest four (4) completed Plan Years" |
10 | | for each
full year of continuous service from the date of |
11 | | original
employment to the effective date of the Plan; plus |
12 | | (B) Two and fifteen hundredths percent (2.15%) of his
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13 | | "Average Annual Compensation in the highest four (4)
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14 | | completed Plan Years" for each year (including fractions
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15 | | thereof to completed calendar months) of continuous
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16 | | service as provided for in the Retirement Plan for Chicago |
17 | | Transit Authority Employees. |
18 | | The changes made by this amendatory Act of the 95th General |
19 | | Assembly, to the extent that they affect the rights or |
20 | | privileges of Authority employees that are currently the |
21 | | subject of collective bargaining, have been agreed to between |
22 | | the authorized representatives of these employees and of the |
23 | | Authority prior to enactment of this amendatory Act, as |
24 | | evidenced by a Memorandum of Understanding between these |
25 | | representatives that will be filed with the Secretary of State |
26 | | Index Department and designated as "95-GA-C05". The General |
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1 | | Assembly finds and declares that those changes are consistent |
2 | | with 49 U.S.C. 5333(b) (also known as Section 13(c) of the |
3 | | Federal Transit Act) because of this agreement between |
4 | | authorized representatives of these employees and of the |
5 | | Authority, and that any future amendments to the provisions of |
6 | | this amendatory Act of the 95th General Assembly, to the extent |
7 | | those amendments would affect the rights and privileges of |
8 | | Authority employees that are currently the subject of |
9 | | collective bargaining, would be consistent with 49 U.S.C. |
10 | | 5333(b) if and only if those amendments were agreed to between |
11 | | these authorized representatives prior to enactment. |
12 | | (i) Early retirement incentive plan; funded ratio.
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13 | | (1) Beginning on the effective date of this Section, no |
14 | | early retirement incentive shall be offered to |
15 | | participants of the Plan unless the Funded Ratio of the |
16 | | Plan is at least 80% or more.
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17 | | (2) For the purposes of this Section, the
Funded Ratio |
18 | | shall be the Adjusted Assets divided by the Actuarial
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19 | | Accrued Liability developed in accordance with Statement |
20 | | #25
promulgated by the Government Accounting Standards |
21 | | Board and the
actuarial assumptions described in the Plan. |
22 | | The Adjusted Assets shall be
calculated based on the |
23 | | methodology described in the Plan. |
24 | | (j) Nothing in this amendatory Act of the 95th General |
25 | | Assembly shall impair the rights or privileges of Authority |
26 | | employees under any other law.
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1 | | (k) Any individual who, on or after the effective date of |
2 | | this amendatory Act of the 97th General Assembly, first becomes |
3 | | a participant of the Retirement Plan shall not be paid any of |
4 | | the benefits provided under this Code if he or she is convicted |
5 | | of a felony relating to, arising out of, or in connection with |
6 | | his or her service as a participant. |
7 | | This subsection (k) shall not operate to impair any |
8 | | contract or vested right acquired before the effective date of |
9 | | this amendatory Act of the 97th General Assembly under any law |
10 | | or laws continued in this Code, and it shall not preclude the |
11 | | right to refund. |
12 | | (Source: P.A. 94-839, eff. 6-6-06; 95-708, eff. 1-18-08.)
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13 | | (40 ILCS 5/22-103)
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14 | | Sec. 22-103. Regional Transportation Authority and related |
15 | | pension plans. |
16 | | (a) As used in this Section: |
17 | | "Affected pension plan" means a defined-benefit pension |
18 | | plan supported in whole or in part by employer contributions |
19 | | and maintained by the Regional Transportation Authority, the |
20 | | Suburban Bus Division, or the Commuter Rail Division, or any |
21 | | combination thereof, under the general authority of the |
22 | | Regional Transportation Authority Act, including but not |
23 | | limited to any such plan that has been established under or is |
24 | | subject to a collective bargaining agreement or is limited to |
25 | | employees covered by a collective bargaining agreement. |
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1 | | "Affected pension plan" does not include any pension fund or |
2 | | retirement system subject to Section 22-101 of this Section. |
3 | | "Authority" means the Regional Transportation Authority |
4 | | created under
the Regional Transportation Authority Act.
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5 | | "Contributing employer" means an employer that is required |
6 | | to make contributions to an affected pension plan under the |
7 | | terms of that plan. |
8 | | "Funding ratio" means the ratio of an affected pension |
9 | | plan's assets to the present value of its actuarial |
10 | | liabilities, as determined at its latest actuarial valuation in |
11 | | accordance with applicable actuarial assumptions and |
12 | | recommendations.
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13 | | "Under-funded pension plan" or "under-funded" means an |
14 | | affected pension plan that, at the time of its last actuarial |
15 | | valuation, has a funding ratio of less than 90%.
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16 | | (b) The contributing employers of each affected pension |
17 | | plan have a general duty to make the required employer |
18 | | contributions to the affected pension plan in a timely manner |
19 | | in accordance with the terms of the plan. A contributing |
20 | | employer must make contributions to the affected pension plan |
21 | | as required under this subsection and, if applicable, |
22 | | subsection (c); a contributing employer may make any additional |
23 | | contributions provided for by the board of the employer or |
24 | | collective bargaining agreement. |
25 | | (c) In the case of an affected pension plan that is |
26 | | under-funded on January 1, 2009 or becomes under-funded at any |
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1 | | time after that date, the contributing employers shall |
2 | | contribute to the affected pension plan, in addition to all |
3 | | amounts otherwise required, amounts sufficient to bring the |
4 | | funding ratio of the affected pension plan up to 90% in |
5 | | accordance with an amortization schedule adopted jointly by the |
6 | | contributing employers and the trustee of the affected pension |
7 | | plan. The amortization schedule may extend for any period up to |
8 | | a maximum of 50 years and shall provide for additional employer |
9 | | contributions in substantially equal annual amounts over the |
10 | | selected period. If the contributing employers and the trustee |
11 | | of the affected pension plan do not agree on an appropriate |
12 | | period for the amortization schedule within 6 months of the |
13 | | date of determination that the plan is under-funded, then the |
14 | | amortization schedule shall be based on a period of 50 years. |
15 | | In the case of an affected pension plan that has more than |
16 | | one contributing employer, each contributing employer's share |
17 | | of the total additional employer contributions required under |
18 | | this subsection shall be determined: (i) in proportion to the |
19 | | amounts, if any, by which the respective contributing employers |
20 | | have failed to meet their contribution obligations under the |
21 | | terms of the affected pension plan; or (ii) if all of the |
22 | | contributing employers have met their contribution obligations |
23 | | under the terms of the affected pension plan, then in the same |
24 | | proportion as they are required to contribute under the terms |
25 | | of that plan. In the case of an affected pension plan that has |
26 | | only one contributing employer, that contributing employer is |
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1 | | responsible for all of the additional employer contributions |
2 | | required under this subsection. |
3 | | If an under-funded pension plan is determined to have |
4 | | achieved a funding ratio of at least 90% during the period when |
5 | | an amortization schedule is in force under this Section, the |
6 | | contributing employers and the trustee of the affected pension |
7 | | plan, acting jointly, may cancel the amortization schedule and |
8 | | the contributing employers may cease making additional |
9 | | contributions under this subsection for as long as the affected |
10 | | pension plan retains a funding ratio of at least 90%.
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11 | | (d) Beginning January 1, 2009, if the Authority fails to |
12 | | pay to an affected pension fund within 30 days after it is due |
13 | | (i) any employer contribution that it is required to make as a |
14 | | contributing employer, (ii) any additional employer |
15 | | contribution that it is required to pay under subsection (c), |
16 | | or (iii) any payment that it is required to make under Section |
17 | | 4.02a or 4.02b of the Regional Transportation Authority Act, |
18 | | the trustee of the affected pension fund shall promptly so |
19 | | notify the Commission on Government Forecasting and |
20 | | Accountability, the Mayor of Chicago, the Governor, and the |
21 | | General Assembly. |
22 | | (e) For purposes of determining employer contributions, |
23 | | assets, and actuarial liabilities under this subsection, |
24 | | contributions, assets, and liabilities relating to health care |
25 | | benefits shall not be included.
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26 | | (f) This amendatory Act of the 94th General Assembly does |
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1 | | not affect or impair the right of any contributing employer or |
2 | | its employees to collectively bargain the amount or level of |
3 | | employee contributions to an affected pension plan, to the |
4 | | extent that the plan includes employees subject to collective |
5 | | bargaining.
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6 | | (g) Any individual who, on or after the effective date of |
7 | | this amendatory Act of the 97th General Assembly, first becomes |
8 | | a participant of an affected pension plan shall not be paid any |
9 | | of the benefits provided under this Code if he or she is |
10 | | convicted of a felony relating to, arising out of, or in |
11 | | connection with his or her service as a participant. |
12 | | This subsection shall not operate to impair any contract or |
13 | | vested right acquired before the effective date of this |
14 | | amendatory Act of the 97th General Assembly under any law or |
15 | | laws continued in this Code, and it shall not preclude the |
16 | | right to refund. |
17 | | (Source: P.A. 94-839, eff. 6-6-06.)
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18 | | Section 99. Effective date. This Act takes effect upon |
19 | | becoming law.
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