Full Text of HB3591 97th General Assembly
HB3591eng 97TH GENERAL ASSEMBLY |
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| 1 | | AN ACT concerning public employee benefits.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The Illinois Pension Code is amended by changing | 5 | | Sections 22-101 and 22-103 as follows:
| 6 | | (40 ILCS 5/22-101) (from Ch. 108 1/2, par. 22-101)
| 7 | | Sec. 22-101. Retirement Plan for Chicago Transit Authority | 8 | | Employees.
| 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
| 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.
| 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.
| 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.
| 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.
| 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.
| 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).
| 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).
| 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.
| 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.
| 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.
| 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
| 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)
| 6 | | completed Plan Years" for each year (including fractions
| 7 | | thereof to completed calendar months) of continuous
| 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
| 20 | | "Average Annual Compensation in the highest four (4)
| 21 | | completed Plan Years" for each year (including fractions
| 22 | | thereof to completed calendar months) of continuous
| 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)
| 10 | | completed Plan Years" for each year (including fractions
| 11 | | thereof to completed calendar months) of continuous
| 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
| 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
| 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
| 13 | | "Average Annual Compensation in the highest four (4)
| 14 | | completed Plan Years" for each year (including fractions
| 15 | | thereof to completed calendar months) of continuous
| 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.
| 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.
| 17 | | (2) For the purposes of this Section, the
Funded Ratio | 18 | | shall be the Adjusted Assets divided by the Actuarial
| 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.)
| 13 | | (40 ILCS 5/22-103)
| 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.
| 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.
| 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%.
| 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%.
| 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.
| 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.
| 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.)
| 18 | | Section 99. Effective date. This Act takes effect upon | 19 | | becoming law.
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