Full Text of SB2203 98th General Assembly
SB2203 98TH GENERAL ASSEMBLY |
| | 98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014 SB2203 Introduced 2/15/2013, by Sen. Kirk W. Dillard SYNOPSIS AS INTRODUCED: |
| 40 ILCS 5/1-103.3 | | 40 ILCS 5/2-124 | from Ch. 108 1/2, par. 2-124 | 40 ILCS 5/2-134 | from Ch. 108 1/2, par. 2-134 | 40 ILCS 5/14-131 | | 40 ILCS 5/14-135.08 | from Ch. 108 1/2, par. 14-135.08 | 40 ILCS 5/15-155 | from Ch. 108 1/2, par. 15-155 | 40 ILCS 5/15-165 | from Ch. 108 1/2, par. 15-165 | 40 ILCS 5/16-158 | from Ch. 108 1/2, par. 16-158 | 40 ILCS 5/18-131 | from Ch. 108 1/2, par. 18-131 | 40 ILCS 5/18-140 | from Ch. 108 1/2, par. 18-140 |
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Amends the Illinois Pension Code. For the 5 State-funded retirement systems, requires the Board to follow the State Actuary's recommendations when making the final certification of the annual required State contribution. Changes the funding formula to achieve 100% funding in 30 years. Also makes technical changes. Effective immediately.
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| | FISCAL NOTE ACT MAY APPLY | | PENSION IMPACT NOTE ACT MAY APPLY |
| | A BILL FOR |
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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 1-103.3, 2-124, 2-134, 14-131, 14-135.08, 15-155, | 6 | | 15-165, 16-158, 18-131, and 18-140 as follows:
| 7 | | (40 ILCS 5/1-103.3)
| 8 | | Sec. 1-103.3. Application of 1994 amendment; funding | 9 | | standard.
| 10 | | (a) The provisions of Public Act 88-593 this amendatory Act | 11 | | of 1994 that change the method of
calculating, certifying, and | 12 | | paying the required State contributions to the
retirement | 13 | | systems established under Articles 2, 14, 15, 16, and 18 shall
| 14 | | first apply to the State contributions required for State | 15 | | fiscal year 1996.
| 16 | | (b) (Blank) The General Assembly declares that a funding | 17 | | ratio (the ratio of a
retirement system's total assets to its | 18 | | total actuarial liabilities) of 90% is
an appropriate goal for | 19 | | State-funded retirement systems in Illinois, and it
finds that | 20 | | a funding ratio of 90% is now the generally-recognized norm
| 21 | | throughout the nation for public employee retirement systems | 22 | | that are
considered to be financially secure and funded in an | 23 | | appropriate and
responsible manner .
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| 1 | | (c) Every 5 years, beginning in 1999, the Commission on | 2 | | Government Forecasting and Accountability, in consultation | 3 | | with the affected retirement systems and the
Governor's Office | 4 | | of Management and Budget (formerly
Bureau
of the Budget), shall | 5 | | consider and determine whether the funding goals 90% funding | 6 | | ratio
adopted in Articles 2, 14, 15, 16, and 18 of this Code | 7 | | continue subsection (b) continues to represent an appropriate | 8 | | funding goals goal for
those State-funded retirement systems in | 9 | | Illinois , and it shall report its findings
and recommendations | 10 | | on this subject to the Governor and the General Assembly.
| 11 | | (Source: P.A. 93-1067, eff. 1-15-05.)
| 12 | | (40 ILCS 5/2-124) (from Ch. 108 1/2, par. 2-124)
| 13 | | Sec. 2-124. Contributions by State.
| 14 | | (a) The State shall make contributions to the System by
| 15 | | appropriations of amounts which, together with the | 16 | | contributions of
participants, interest earned on investments, | 17 | | and other income
will meet the cost of maintaining and | 18 | | administering the System on a 100% 90%
funded basis in | 19 | | accordance with actuarial recommendations by the end of State | 20 | | fiscal year 2043 .
| 21 | | (b) The Board shall determine the amount of State
| 22 | | contributions required for each fiscal year on the basis of the
| 23 | | actuarial tables and other assumptions adopted by the Board and | 24 | | the
prescribed rate of interest, using the formula in | 25 | | subsection (c).
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| 1 | | (c) For State fiscal years 2014 through 2043, the minimum | 2 | | contribution
to the System to be made by the State for each | 3 | | fiscal year shall be an amount
determined by the System to be | 4 | | equal to the sum of (1) the State's portion of the projected | 5 | | normal cost for that fiscal year, plus (2) an amount sufficient | 6 | | to bring the total assets of the
System up to 100% of the total | 7 | | actuarial liabilities of the System by the end of
State fiscal | 8 | | year 2043. In making these determinations, the required State
| 9 | | contribution shall be calculated each year as a level | 10 | | percentage of payroll
over the years remaining to and including | 11 | | fiscal year 2043 and shall be
determined under the projected | 12 | | unit credit actuarial cost method. | 13 | | For State fiscal years 2012 and 2013 through 2045 , the | 14 | | minimum contribution
to the System to be made by the State for | 15 | | each fiscal year shall be an amount
determined by the System to | 16 | | be sufficient to bring the total assets of the
System up to 90% | 17 | | of the total actuarial liabilities of the System by the end of
| 18 | | State fiscal year 2045. In making these determinations, the | 19 | | required State
contribution shall be calculated each year as a | 20 | | level percentage of payroll
over the years remaining to and | 21 | | including fiscal year 2045 and shall be
determined under the | 22 | | projected unit credit actuarial cost method.
| 23 | | For State fiscal years 1996 through 2005, the State | 24 | | contribution to
the System, as a percentage of the applicable | 25 | | employee payroll, shall be
increased in equal annual increments | 26 | | so that by State fiscal year 2011, the
State is contributing at |
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| 1 | | the rate required under this Section.
| 2 | | Notwithstanding any other provision of this Article, the | 3 | | total required State
contribution for State fiscal year 2006 is | 4 | | $4,157,000.
| 5 | | Notwithstanding any other provision of this Article, the | 6 | | total required State
contribution for State fiscal year 2007 is | 7 | | $5,220,300.
| 8 | | For each of State fiscal years 2008 through 2009, the State | 9 | | contribution to
the System, as a percentage of the applicable | 10 | | employee payroll, shall be
increased in equal annual increments | 11 | | from the required State contribution for State fiscal year | 12 | | 2007, so that by State fiscal year 2011, the
State is | 13 | | contributing at the rate otherwise required under this Section.
| 14 | | Notwithstanding any other provision of this Article, the | 15 | | total required State contribution for State fiscal year 2010 is | 16 | | $10,454,000 and shall be made from the proceeds of bonds sold | 17 | | in fiscal year 2010 pursuant to Section 7.2 of the General | 18 | | Obligation Bond Act, less (i) the pro rata share of bond sale | 19 | | expenses determined by the System's share of total bond | 20 | | proceeds, (ii) any amounts received from the General Revenue | 21 | | Fund in fiscal year 2010, and (iii) any reduction in bond | 22 | | proceeds due to the issuance of discounted bonds, if | 23 | | applicable. | 24 | | Notwithstanding any other provision of this Article, the
| 25 | | total required State contribution for State fiscal year 2011 is
| 26 | | the amount recertified by the System on or before April 1, 2011 |
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| 1 | | pursuant to Section 2-134 and shall be made from the proceeds | 2 | | of bonds sold
in fiscal year 2011 pursuant to Section 7.2 of | 3 | | the General
Obligation Bond Act, less (i) the pro rata share of | 4 | | bond sale
expenses determined by the System's share of total | 5 | | bond
proceeds, (ii) any amounts received from the General | 6 | | Revenue
Fund in fiscal year 2011, and (iii) any reduction in | 7 | | bond
proceeds due to the issuance of discounted bonds, if
| 8 | | applicable. | 9 | | Beginning in State fiscal year 2044, the minimum State | 10 | | contribution for each fiscal year shall be the amount needed to | 11 | | maintain the total assets of the System at 100% of the total | 12 | | actuarial liabilities of the System. | 13 | | Beginning in State fiscal year 2046, the minimum State | 14 | | contribution for
each fiscal year shall be the amount needed to | 15 | | maintain the total assets of
the System at 90% of the total | 16 | | actuarial liabilities of the System.
| 17 | | Amounts received by the System pursuant to Section 25 of | 18 | | the Budget Stabilization Act or Section 8.12 of the State | 19 | | Finance Act in any fiscal year do not reduce and do not | 20 | | constitute payment of any portion of the minimum State | 21 | | contribution required under this Article in that fiscal year. | 22 | | Such amounts shall not reduce, and shall not be included in the | 23 | | calculation of, the required State contributions under this | 24 | | Article in any future year until the System has reached a | 25 | | funding ratio of at least 100% 90% . A reference in this Article | 26 | | to the "required State contribution" or any substantially |
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| 1 | | similar term does not include or apply to any amounts payable | 2 | | to the System under Section 25 of the Budget Stabilization Act.
| 3 | | Notwithstanding any other provision of this Section, the | 4 | | required State
contribution for State fiscal year 2005 and for | 5 | | fiscal year 2008 and each fiscal year thereafter, as
calculated | 6 | | under this Section and
certified under Section 2-134, shall not | 7 | | exceed an amount equal to (i) the
amount of the required State | 8 | | contribution that would have been calculated under
this Section | 9 | | for that fiscal year if the System had not received any | 10 | | payments
under subsection (d) of Section 7.2 of the General | 11 | | Obligation Bond Act, minus
(ii) the portion of the State's | 12 | | total debt service payments for that fiscal
year on the bonds | 13 | | issued in fiscal year 2003 for the purposes of that Section | 14 | | 7.2, as determined
and certified by the Comptroller, that is | 15 | | the same as the System's portion of
the total moneys | 16 | | distributed under subsection (d) of Section 7.2 of the General
| 17 | | Obligation Bond Act. In determining this maximum for State | 18 | | fiscal years 2008 through 2010, however, the amount referred to | 19 | | in item (i) shall be increased, as a percentage of the | 20 | | applicable employee payroll, in equal increments calculated | 21 | | from the sum of the required State contribution for State | 22 | | fiscal year 2007 plus the applicable portion of the State's | 23 | | total debt service payments for fiscal year 2007 on the bonds | 24 | | issued in fiscal year 2003 for the purposes of Section 7.2 of | 25 | | the General
Obligation Bond Act, so that, by State fiscal year | 26 | | 2011, the
State is contributing at the rate otherwise required |
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| 1 | | under this Section.
| 2 | | (d) For purposes of determining the required State | 3 | | contribution to the System, the value of the System's assets | 4 | | shall be equal to the actuarial value of the System's assets, | 5 | | which shall be calculated as follows: | 6 | | As of June 30, 2008, the actuarial value of the System's | 7 | | assets shall be equal to the market value of the assets as of | 8 | | that date. In determining the actuarial value of the System's | 9 | | assets for fiscal years after June 30, 2008, any actuarial | 10 | | gains or losses from investment return incurred in a fiscal | 11 | | year shall be recognized in equal annual amounts over the | 12 | | 5-year period following that fiscal year. | 13 | | (e) For purposes of determining the required State | 14 | | contribution to the system for a particular year, the actuarial | 15 | | value of assets shall be assumed to earn a rate of return equal | 16 | | to the system's actuarially assumed rate of return. | 17 | | (Source: P.A. 96-43, eff. 7-15-09; 96-1497, eff. 1-14-11; | 18 | | 96-1511, eff. 1-27-11; 96-1554, eff. 3-18-11; 97-813, eff. | 19 | | 7-13-12.)
| 20 | | (40 ILCS 5/2-134)
(from Ch. 108 1/2, par. 2-134)
| 21 | | Sec. 2-134. To certify required State contributions and | 22 | | submit vouchers.
| 23 | | (a) The Board shall certify to the Governor on or before | 24 | | December 15 of each
year until December 15, 2011 the amount of | 25 | | the required State contribution to the System for the next
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| 1 | | fiscal year and shall specifically identify the System's | 2 | | projected State normal cost for that fiscal year. The | 3 | | certification shall include a copy of the actuarial
| 4 | | recommendations upon which it is based and shall specifically | 5 | | identify the System's projected State normal cost for that | 6 | | fiscal year.
| 7 | | On or before November 1 of each year, beginning November 1, | 8 | | 2012, the Board shall submit to the State Actuary, the | 9 | | Governor, and the General Assembly a proposed certification of | 10 | | the amount of the required State contribution to the System for | 11 | | the next fiscal year, along with all of the actuarial | 12 | | assumptions, calculations, and data upon which that proposed | 13 | | certification is based. On or before January 1 of each year | 14 | | beginning January 1, 2013, the State Actuary shall issue a | 15 | | preliminary report concerning the proposed certification and | 16 | | identifying, if necessary, recommended changes in actuarial | 17 | | assumptions that the Board must consider before finalizing its | 18 | | certification of the required State contributions. On or before | 19 | | January 15, 2013 and every January 15 thereafter, the Board | 20 | | shall certify to the Governor and the General Assembly the | 21 | | amount of the required State contribution for the next fiscal | 22 | | year. The Board's certification must incorporate and follow | 23 | | note any deviations from the State Actuary's recommended | 24 | | changes , the reason or reasons for not following the State | 25 | | Actuary's recommended changes, and the fiscal impact of not | 26 | | following the State Actuary's recommended changes on the |
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| 1 | | required State contribution . | 2 | | On or before May 1, 2004, the Board shall recalculate and | 3 | | recertify to
the Governor the amount of the required State | 4 | | contribution to the System for
State fiscal year 2005, taking | 5 | | into account the amounts appropriated to and
received by the | 6 | | System under subsection (d) of Section 7.2 of the General
| 7 | | Obligation Bond Act.
| 8 | | On or before July 1, 2005, the Board shall recalculate and | 9 | | recertify
to the Governor the amount of the required State
| 10 | | contribution to the System for State fiscal year 2006, taking | 11 | | into account the changes in required State contributions made | 12 | | by this amendatory Act of the 94th General Assembly.
| 13 | | On or before April 1, 2011, the Board shall recalculate and | 14 | | recertify to the Governor the amount of the required State | 15 | | contribution to the System for State fiscal year 2011, applying | 16 | | the changes made by Public Act 96-889 to the System's assets | 17 | | and liabilities as of June 30, 2009 as though Public Act 96-889 | 18 | | was approved on that date. | 19 | | (b) Beginning in State fiscal year 1996, on or as soon as | 20 | | possible after the
15th day of each month the Board shall | 21 | | submit vouchers for payment of State
contributions to the | 22 | | System, in a total monthly amount of one-twelfth of the
| 23 | | required annual State contribution certified under subsection | 24 | | (a).
From the effective date of this amendatory Act
of the 93rd | 25 | | General Assembly through June 30, 2004, the Board shall not
| 26 | | submit vouchers for the remainder of fiscal year 2004 in excess |
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| 1 | | of the
fiscal year 2004 certified contribution amount | 2 | | determined
under this Section after taking into consideration | 3 | | the transfer to the
System under subsection (d) of Section | 4 | | 6z-61 of the State Finance Act.
These
vouchers shall be paid by | 5 | | the State Comptroller and Treasurer by warrants drawn
on the | 6 | | funds appropriated to the System for that fiscal year. If in | 7 | | any month
the amount remaining unexpended from all other | 8 | | appropriations to the System for
the applicable fiscal year | 9 | | (including the appropriations to the System under
Section 8.12 | 10 | | of the State Finance Act and Section 1 of the State Pension | 11 | | Funds
Continuing Appropriation Act) is less than the amount | 12 | | lawfully vouchered under
this Section, the difference shall be | 13 | | paid from the General Revenue Fund under
the continuing | 14 | | appropriation authority provided in Section 1.1 of the State
| 15 | | Pension Funds Continuing Appropriation Act.
| 16 | | (c) The full amount of any annual appropriation for the | 17 | | System for
State fiscal year 1995 shall be transferred and made | 18 | | available to the System
at the beginning of that fiscal year at | 19 | | the request of the Board.
Any excess funds remaining at the end | 20 | | of any fiscal year from appropriations
shall be retained by the | 21 | | System as a general reserve to meet the System's
accrued | 22 | | liabilities.
| 23 | | (Source: P.A. 96-1497, eff. 1-14-11; 96-1511, eff. 1-27-11; | 24 | | 97-694, eff. 6-18-12.)
| 25 | | (40 ILCS 5/14-131)
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| 1 | | Sec. 14-131. Contributions by State.
| 2 | | (a) The State shall make contributions to the System by | 3 | | appropriations of
amounts which, together with other employer | 4 | | contributions from trust, federal,
and other funds, employee | 5 | | contributions, investment income, and other income,
will be | 6 | | sufficient to meet the cost of maintaining and administering | 7 | | the System
on a 100% 90% funded basis in accordance with | 8 | | actuarial recommendations by the end of State fiscal year 2043 .
| 9 | | For the purposes of this Section and Section 14-135.08, | 10 | | references to State
contributions refer only to employer | 11 | | contributions and do not include employee
contributions that | 12 | | are picked up or otherwise paid by the State or a
department on | 13 | | behalf of the employee.
| 14 | | (b) The Board shall determine the total amount of State | 15 | | contributions
required for each fiscal year on the basis of the | 16 | | actuarial tables and other
assumptions adopted by the Board, | 17 | | using the formula in subsection (e).
| 18 | | The Board shall also determine a State contribution rate | 19 | | for each fiscal
year, expressed as a percentage of payroll, | 20 | | based on the total required State
contribution for that fiscal | 21 | | year (less the amount received by the System from
| 22 | | appropriations under Section 8.12 of the State Finance Act and | 23 | | Section 1 of the
State Pension Funds Continuing Appropriation | 24 | | Act, if any, for the fiscal year
ending on the June 30 | 25 | | immediately preceding the applicable November 15
certification | 26 | | deadline), the estimated payroll (including all forms of
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| 1 | | compensation) for personal services rendered by eligible | 2 | | employees, and the
recommendations of the actuary.
| 3 | | For the purposes of this Section and Section 14.1 of the | 4 | | State Finance Act,
the term "eligible employees" includes | 5 | | employees who participate in the System,
persons who may elect | 6 | | to participate in the System but have not so elected,
persons | 7 | | who are serving a qualifying period that is required for | 8 | | participation,
and annuitants employed by a department as | 9 | | described in subdivision (a)(1) or
(a)(2) of Section 14-111.
| 10 | | (c) Contributions shall be made by the several departments | 11 | | for each pay
period by warrants drawn by the State Comptroller | 12 | | against their respective
funds or appropriations based upon | 13 | | vouchers stating the amount to be so
contributed. These amounts | 14 | | shall be based on the full rate certified by the
Board under | 15 | | Section 14-135.08 for that fiscal year.
From the effective date | 16 | | of this amendatory Act of the 93rd General
Assembly through the | 17 | | payment of the final payroll from fiscal year 2004
| 18 | | appropriations, the several departments shall not make | 19 | | contributions
for the remainder of fiscal year 2004 but shall | 20 | | instead make payments
as required under subsection (a-1) of | 21 | | Section 14.1 of the State Finance Act.
The several departments | 22 | | shall resume those contributions at the commencement of
fiscal | 23 | | year 2005.
| 24 | | (c-1) Notwithstanding subsection (c) of this Section, for | 25 | | fiscal years 2010, 2012, and 2013 only, contributions by the | 26 | | several departments are not required to be made for General |
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| 1 | | Revenue Funds payrolls processed by the Comptroller. Payrolls | 2 | | paid by the several departments from all other State funds must | 3 | | continue to be processed pursuant to subsection (c) of this | 4 | | Section. | 5 | | (c-2) For State fiscal years 2010, 2012, and 2013 only, on | 6 | | or as soon as possible after the 15th day of each month, the | 7 | | Board shall submit vouchers for payment of State contributions | 8 | | to the System, in a total monthly amount of one-twelfth of the | 9 | | fiscal year General Revenue Fund contribution as certified by | 10 | | the System pursuant to Section 14-135.08 of the Illinois | 11 | | Pension Code. | 12 | | (d) If an employee is paid from trust funds or federal | 13 | | funds, the
department or other employer shall pay employer | 14 | | contributions from those funds
to the System at the certified | 15 | | rate, unless the terms of the trust or the
federal-State | 16 | | agreement preclude the use of the funds for that purpose, in
| 17 | | which case the required employer contributions shall be paid by | 18 | | the State.
From the effective date of this amendatory
Act of | 19 | | the 93rd General Assembly through the payment of the final
| 20 | | payroll from fiscal year 2004 appropriations, the department or | 21 | | other
employer shall not pay contributions for the remainder of | 22 | | fiscal year
2004 but shall instead make payments as required | 23 | | under subsection (a-1) of
Section 14.1 of the State Finance | 24 | | Act. The department or other employer shall
resume payment of
| 25 | | contributions at the commencement of fiscal year 2005.
| 26 | | (e) For State fiscal years 2014 through 2043, the minimum |
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| 1 | | contribution
to the System to be made by the State for each | 2 | | fiscal year shall be an amount
determined by the System to be | 3 | | equal to the sum of (1) the State's portion of the projected | 4 | | normal cost for that fiscal year, plus (2) an amount sufficient | 5 | | to bring the total assets of the
System up to 100% of the total | 6 | | actuarial liabilities of the System by the end of
State fiscal | 7 | | year 2043. In making these determinations, the required State
| 8 | | contribution shall be calculated each year as a level | 9 | | percentage of payroll
over the years remaining to and including | 10 | | fiscal year 2043 and shall be
determined under the projected | 11 | | unit credit actuarial cost method. | 12 | | For State fiscal years 2012 and 2013 through 2045 , the minimum | 13 | | contribution
to the System to be made by the State for each | 14 | | fiscal year shall be an amount
determined by the System to be | 15 | | sufficient to bring the total assets of the
System up to 90% of | 16 | | the total actuarial liabilities of the System by the end
of | 17 | | State fiscal year 2045. In making these determinations, the | 18 | | required State
contribution shall be calculated each year as a | 19 | | level percentage of payroll
over the years remaining to and | 20 | | including fiscal year 2045 and shall be
determined under the | 21 | | projected unit credit actuarial cost method.
| 22 | | For State fiscal years 1996 through 2005, the State | 23 | | contribution to
the System, as a percentage of the applicable | 24 | | employee payroll, shall be
increased in equal annual increments | 25 | | so that by State fiscal year 2011, the
State is contributing at | 26 | | the rate required under this Section; except that
(i) for State |
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| 1 | | fiscal year 1998, for all purposes of this Code and any other
| 2 | | law of this State, the certified percentage of the applicable | 3 | | employee payroll
shall be 5.052% for employees earning eligible | 4 | | creditable service under Section
14-110 and 6.500% for all | 5 | | other employees, notwithstanding any contrary
certification | 6 | | made under Section 14-135.08 before the effective date of this
| 7 | | amendatory Act of 1997, and (ii)
in the following specified | 8 | | State fiscal years, the State contribution to
the System shall | 9 | | not be less than the following indicated percentages of the
| 10 | | applicable employee payroll, even if the indicated percentage | 11 | | will produce a
State contribution in excess of the amount | 12 | | otherwise required under this
subsection and subsection (a):
| 13 | | 9.8% in FY 1999;
10.0% in FY 2000;
10.2% in FY 2001;
10.4% in FY | 14 | | 2002;
10.6% in FY 2003; and
10.8% in FY 2004.
| 15 | | Notwithstanding any other provision of this Article, the | 16 | | total required State
contribution to the System for State | 17 | | fiscal year 2006 is $203,783,900.
| 18 | | Notwithstanding any other provision of this Article, the | 19 | | total required State
contribution to the System for State | 20 | | fiscal year 2007 is $344,164,400.
| 21 | | For each of State fiscal years 2008 through 2009, the State | 22 | | contribution to
the System, as a percentage of the applicable | 23 | | employee payroll, shall be
increased in equal annual increments | 24 | | from the required State contribution for State fiscal year | 25 | | 2007, so that by State fiscal year 2011, the
State is | 26 | | contributing at the rate otherwise required under this Section.
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| 1 | | Notwithstanding any other provision of this Article, the | 2 | | total required State General Revenue Fund contribution for | 3 | | State fiscal year 2010 is $723,703,100 and shall be made from | 4 | | the proceeds of bonds sold in fiscal year 2010 pursuant to | 5 | | Section 7.2 of the General Obligation Bond Act, less (i) the | 6 | | pro rata share of bond sale expenses determined by the System's | 7 | | share of total bond proceeds, (ii) any amounts received from | 8 | | the General Revenue Fund in fiscal year 2010, and (iii) any | 9 | | reduction in bond proceeds due to the issuance of discounted | 10 | | bonds, if applicable. | 11 | | Notwithstanding any other provision of this Article, the
| 12 | | total required State General Revenue Fund contribution for
| 13 | | State fiscal year 2011 is the amount recertified by the System | 14 | | on or before April 1, 2011 pursuant to Section 14-135.08 and | 15 | | shall be made from
the proceeds of bonds sold in fiscal year | 16 | | 2011 pursuant to
Section 7.2 of the General Obligation Bond | 17 | | Act, less (i) the
pro rata share of bond sale expenses | 18 | | determined by the System's
share of total bond proceeds, (ii) | 19 | | any amounts received from
the General Revenue Fund in fiscal | 20 | | year 2011, and (iii) any
reduction in bond proceeds due to the | 21 | | issuance of discounted
bonds, if applicable. | 22 | | Beginning in State fiscal year 2044, the minimum State | 23 | | contribution for each fiscal year shall be the amount needed to | 24 | | maintain the total assets of the System at 100% of the total | 25 | | actuarial liabilities of the System. | 26 | | Beginning in State fiscal year 2046, the minimum State |
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| 1 | | contribution for
each fiscal year shall be the amount needed to | 2 | | maintain the total assets of
the System at 90% of the total | 3 | | actuarial liabilities of the System.
| 4 | | Amounts received by the System pursuant to Section 25 of | 5 | | the Budget Stabilization Act or Section 8.12 of the State | 6 | | Finance Act in any fiscal year do not reduce and do not | 7 | | constitute payment of any portion of the minimum State | 8 | | contribution required under this Article in that fiscal year. | 9 | | Such amounts shall not reduce, and shall not be included in the | 10 | | calculation of, the required State contributions under this | 11 | | Article in any future year until the System has reached a | 12 | | funding ratio of at least 100% 90% . A reference in this Article | 13 | | to the "required State contribution" or any substantially | 14 | | similar term does not include or apply to any amounts payable | 15 | | to the System under Section 25 of the Budget Stabilization Act.
| 16 | | Notwithstanding any other provision of this Section, the | 17 | | required State
contribution for State fiscal year 2005 and for | 18 | | fiscal year 2008 and each fiscal year thereafter, as
calculated | 19 | | under this Section and
certified under Section 14-135.08, shall | 20 | | not exceed an amount equal to (i) the
amount of the required | 21 | | State contribution that would have been calculated under
this | 22 | | Section for that fiscal year if the System had not received any | 23 | | payments
under subsection (d) of Section 7.2 of the General | 24 | | Obligation Bond Act, minus
(ii) the portion of the State's | 25 | | total debt service payments for that fiscal
year on the bonds | 26 | | issued in fiscal year 2003 for the purposes of that Section |
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| 1 | | 7.2, as determined
and certified by the Comptroller, that is | 2 | | the same as the System's portion of
the total moneys | 3 | | distributed under subsection (d) of Section 7.2 of the General
| 4 | | Obligation Bond Act. In determining this maximum for State | 5 | | fiscal years 2008 through 2010, however, the amount referred to | 6 | | in item (i) shall be increased, as a percentage of the | 7 | | applicable employee payroll, in equal increments calculated | 8 | | from the sum of the required State contribution for State | 9 | | fiscal year 2007 plus the applicable portion of the State's | 10 | | total debt service payments for fiscal year 2007 on the bonds | 11 | | issued in fiscal year 2003 for the purposes of Section 7.2 of | 12 | | the General
Obligation Bond Act, so that, by State fiscal year | 13 | | 2011, the
State is contributing at the rate otherwise required | 14 | | under this Section.
| 15 | | (f) After the submission of all payments for eligible | 16 | | employees
from personal services line items in fiscal year 2004 | 17 | | have been made,
the Comptroller shall provide to the System a | 18 | | certification of the sum
of all fiscal year 2004 expenditures | 19 | | for personal services that would
have been covered by payments | 20 | | to the System under this Section if the
provisions of this | 21 | | amendatory Act of the 93rd General Assembly had not been
| 22 | | enacted. Upon
receipt of the certification, the System shall | 23 | | determine the amount
due to the System based on the full rate | 24 | | certified by the Board under
Section 14-135.08 for fiscal year | 25 | | 2004 in order to meet the State's
obligation under this | 26 | | Section. The System shall compare this amount
due to the amount |
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| 1 | | received by the System in fiscal year 2004 through
payments | 2 | | under this Section and under Section 6z-61 of the State Finance | 3 | | Act.
If the amount
due is more than the amount received, the | 4 | | difference shall be termed the
"Fiscal Year 2004 Shortfall" for | 5 | | purposes of this Section, and the
Fiscal Year 2004 Shortfall | 6 | | shall be satisfied under Section 1.2 of the State
Pension Funds | 7 | | Continuing Appropriation Act. If the amount due is less than | 8 | | the
amount received, the
difference shall be termed the "Fiscal | 9 | | Year 2004 Overpayment" for purposes of
this Section, and the | 10 | | Fiscal Year 2004 Overpayment shall be repaid by
the System to | 11 | | the Pension Contribution Fund as soon as practicable
after the | 12 | | certification.
| 13 | | (g) For purposes of determining the required State | 14 | | contribution to the System, the value of the System's assets | 15 | | shall be equal to the actuarial value of the System's assets, | 16 | | which shall be calculated as follows: | 17 | | As of June 30, 2008, the actuarial value of the System's | 18 | | assets shall be equal to the market value of the assets as of | 19 | | that date. In determining the actuarial value of the System's | 20 | | assets for fiscal years after June 30, 2008, any actuarial | 21 | | gains or losses from investment return incurred in a fiscal | 22 | | year shall be recognized in equal annual amounts over the | 23 | | 5-year period following that fiscal year. | 24 | | (h) For purposes of determining the required State | 25 | | contribution to the System for a particular year, the actuarial | 26 | | value of assets shall be assumed to earn a rate of return equal |
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| 1 | | to the System's actuarially assumed rate of return. | 2 | | (i) After the submission of all payments for eligible | 3 | | employees from personal services line items paid from the | 4 | | General Revenue Fund in fiscal year 2010 have been made, the | 5 | | Comptroller shall provide to the System a certification of the | 6 | | sum of all fiscal year 2010 expenditures for personal services | 7 | | that would have been covered by payments to the System under | 8 | | this Section if the provisions of this amendatory Act of the | 9 | | 96th General Assembly had not been enacted. Upon receipt of the | 10 | | certification, the System shall determine the amount due to the | 11 | | System based on the full rate certified by the Board under | 12 | | Section 14-135.08 for fiscal year 2010 in order to meet the | 13 | | State's obligation under this Section. The System shall compare | 14 | | this amount due to the amount received by the System in fiscal | 15 | | year 2010 through payments under this Section. If the amount | 16 | | due is more than the amount received, the difference shall be | 17 | | termed the "Fiscal Year 2010 Shortfall" for purposes of this | 18 | | Section, and the Fiscal Year 2010 Shortfall shall be satisfied | 19 | | under Section 1.2 of the State Pension Funds Continuing | 20 | | Appropriation Act. If the amount due is less than the amount | 21 | | received, the difference shall be termed the "Fiscal Year 2010 | 22 | | Overpayment" for purposes of this Section, and the Fiscal Year | 23 | | 2010 Overpayment shall be repaid by the System to the General | 24 | | Revenue Fund as soon as practicable after the certification. | 25 | | (j) After the submission of all payments for eligible | 26 | | employees from personal services line items paid from the |
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| 1 | | General Revenue Fund in fiscal year 2011 have been made, the | 2 | | Comptroller shall provide to the System a certification of the | 3 | | sum of all fiscal year 2011 expenditures for personal services | 4 | | that would have been covered by payments to the System under | 5 | | this Section if the provisions of this amendatory Act of the | 6 | | 96th General Assembly had not been enacted. Upon receipt of the | 7 | | certification, the System shall determine the amount due to the | 8 | | System based on the full rate certified by the Board under | 9 | | Section 14-135.08 for fiscal year 2011 in order to meet the | 10 | | State's obligation under this Section. The System shall compare | 11 | | this amount due to the amount received by the System in fiscal | 12 | | year 2011 through payments under this Section. If the amount | 13 | | due is more than the amount received, the difference shall be | 14 | | termed the "Fiscal Year 2011 Shortfall" for purposes of this | 15 | | Section, and the Fiscal Year 2011 Shortfall shall be satisfied | 16 | | under Section 1.2 of the State Pension Funds Continuing | 17 | | Appropriation Act. If the amount due is less than the amount | 18 | | received, the difference shall be termed the "Fiscal Year 2011 | 19 | | Overpayment" for purposes of this Section, and the Fiscal Year | 20 | | 2011 Overpayment shall be repaid by the System to the General | 21 | | Revenue Fund as soon as practicable after the certification. | 22 | | (k) For fiscal years 2012 and 2013 only, after the | 23 | | submission of all payments for eligible employees from personal | 24 | | services line items paid from the General Revenue Fund in the | 25 | | fiscal year have been made, the Comptroller shall provide to | 26 | | the System a certification of the sum of all expenditures in |
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| 1 | | the fiscal year for personal services. Upon receipt of the | 2 | | certification, the System shall determine the amount due to the | 3 | | System based on the full rate certified by the Board under | 4 | | Section 14-135.08 for the fiscal year in order to meet the | 5 | | State's obligation under this Section. The System shall compare | 6 | | this amount due to the amount received by the System for the | 7 | | fiscal year. If the amount due is more than the amount | 8 | | received, the difference shall be termed the "Prior Fiscal Year | 9 | | Shortfall" for purposes of this Section, and the Prior Fiscal | 10 | | Year Shortfall shall be satisfied under Section 1.2 of the | 11 | | State Pension Funds Continuing Appropriation Act. If the amount | 12 | | due is less than the amount received, the difference shall be | 13 | | termed the "Prior Fiscal Year Overpayment" for purposes of this | 14 | | Section, and the Prior Fiscal Year Overpayment shall be repaid | 15 | | by the System to the General Revenue Fund as soon as | 16 | | practicable after the certification. | 17 | | (Source: P.A. 96-43, eff. 7-15-09; 96-45, eff. 7-15-09; | 18 | | 96-1000, eff. 7-2-10; 96-1497, eff. 1-14-11; 96-1511, eff. | 19 | | 1-27-11; 96-1554, eff. 3-18-11; 97-72, eff. 7-1-11; 97-732, | 20 | | eff. 6-30-12.)
| 21 | | (40 ILCS 5/14-135.08) (from Ch. 108 1/2, par. 14-135.08)
| 22 | | Sec. 14-135.08. To certify required State contributions. | 23 | | (a)
To certify to the Governor and to each department, on | 24 | | or before
November 15 of each year until November 15, 2011, the | 25 | | required rate for State contributions to the
System for the |
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| 1 | | next State fiscal year, as determined under subsection (b) of
| 2 | | Section 14-131. The certification to the Governor under this | 3 | | subsection (a) shall include a copy of the
actuarial | 4 | | recommendations upon which the rate is based and shall | 5 | | specifically identify the System's projected State normal cost | 6 | | for that fiscal year.
| 7 | | (a-5) On or before November 1 of each year, beginning | 8 | | November 1, 2012, the Board shall submit to the State Actuary, | 9 | | the Governor, and the General Assembly a proposed certification | 10 | | of the amount of the required State contribution to the System | 11 | | for the next fiscal year, along with all of the actuarial | 12 | | assumptions, calculations, and data upon which that proposed | 13 | | certification is based. On or before January 1 of each year | 14 | | beginning January 1, 2013, the State Actuary shall issue a | 15 | | preliminary report concerning the proposed certification and | 16 | | identifying, if necessary, recommended changes in actuarial | 17 | | assumptions that the Board must consider before finalizing its | 18 | | certification of the required State contributions. On or before | 19 | | January 15, 2013 and each January 15 thereafter, the Board | 20 | | shall certify to the Governor and the General Assembly the | 21 | | amount of the required State contribution for the next fiscal | 22 | | year. The Board's certification must incorporate and follow | 23 | | note any deviations from the State Actuary's recommended | 24 | | changes , the reason or reasons for not following the State | 25 | | Actuary's recommended changes, and the fiscal impact of not | 26 | | following the State Actuary's recommended changes on the |
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| 1 | | required State contribution . | 2 | | (b) The certifications under subsections (a) and (a-5) | 3 | | shall include an additional amount necessary to pay all | 4 | | principal of and interest on those general obligation bonds due | 5 | | the next fiscal year authorized by Section 7.2(a) of the | 6 | | General Obligation Bond Act and issued to provide the proceeds | 7 | | deposited by the State with the System in July 2003, | 8 | | representing deposits other than amounts reserved under | 9 | | Section 7.2(c) of the General Obligation Bond Act. For State | 10 | | fiscal year 2005, the Board shall make a supplemental | 11 | | certification of the additional amount necessary to pay all | 12 | | principal of and interest on those general obligation bonds due | 13 | | in State fiscal years 2004 and 2005 authorized by Section | 14 | | 7.2(a) of the General Obligation Bond Act and issued to provide | 15 | | the proceeds deposited by the State with the System in July | 16 | | 2003, representing deposits other than amounts reserved under | 17 | | Section 7.2(c) of the General Obligation Bond Act, as soon as | 18 | | practical after the effective date of this amendatory Act of | 19 | | the 93rd General Assembly.
| 20 | | On or before May 1, 2004, the Board shall recalculate and | 21 | | recertify
to the Governor and to each department the amount of | 22 | | the required State
contribution to the System and the required | 23 | | rates for State contributions
to the System for State fiscal | 24 | | year 2005, taking into account the amounts
appropriated to and | 25 | | received by the System under subsection (d) of Section
7.2 of | 26 | | the General Obligation Bond Act.
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| 1 | | On or before July 1, 2005, the Board shall recalculate and | 2 | | recertify
to the Governor and to each department the amount of | 3 | | the required State
contribution to the System and the required | 4 | | rates for State contributions
to the System for State fiscal | 5 | | year 2006, taking into account the changes in required State | 6 | | contributions made by this amendatory Act of the 94th General | 7 | | Assembly.
| 8 | | On or before April 1, 2011, the Board shall recalculate and | 9 | | recertify to the Governor and to each department the amount of | 10 | | the required State contribution to the System for State fiscal | 11 | | year 2011, applying the changes made by Public Act 96-889 to | 12 | | the System's assets and liabilities as of June 30, 2009 as | 13 | | though Public Act 96-889 was approved on that date. | 14 | | (Source: P.A. 96-1497, eff. 1-14-11; 96-1511, eff. 1-27-11; | 15 | | 97-694, eff. 6-18-12.)
| 16 | | (40 ILCS 5/15-155) (from Ch. 108 1/2, par. 15-155)
| 17 | | Sec. 15-155. Employer contributions.
| 18 | | (a) The State of Illinois shall make contributions by | 19 | | appropriations of
amounts which, together with the other | 20 | | employer contributions from trust,
federal, and other funds, | 21 | | employee contributions, income from investments,
and other | 22 | | income of this System, will be sufficient to meet the cost of
| 23 | | maintaining and administering the System on a 100% 90% funded | 24 | | basis in accordance
with actuarial recommendations by the end | 25 | | of State fiscal year 2043 .
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| 1 | | The Board shall determine the amount of State contributions | 2 | | required for
each fiscal year on the basis of the actuarial | 3 | | tables and other assumptions
adopted by the Board and the | 4 | | recommendations of the actuary, using the formula
in subsection | 5 | | (a-1).
| 6 | | (a-1) For State fiscal years 2014 through 2043, the minimum | 7 | | contribution
to the System to be made by the State for each | 8 | | fiscal year shall be an amount
determined by the System to be | 9 | | equal to the sum of (1) the State's portion of the projected | 10 | | normal cost for that fiscal year, plus (2) an amount sufficient | 11 | | to bring the total assets of the
System up to 100% of the total | 12 | | actuarial liabilities of the System by the end of
State fiscal | 13 | | year 2043. In making these determinations, the required State
| 14 | | contribution shall be calculated each year as a level | 15 | | percentage of payroll
over the years remaining to and including | 16 | | fiscal year 2043 and shall be
determined under the projected | 17 | | unit credit actuarial cost method. | 18 | | For State fiscal years 2012 and 2013 through 2045 , the | 19 | | minimum contribution
to the System to be made by the State for | 20 | | each fiscal year shall be an amount
determined by the System to | 21 | | be sufficient to bring the total assets of the
System up to 90% | 22 | | of the total actuarial liabilities of the System by the end of
| 23 | | State fiscal year 2045. In making these determinations, the | 24 | | required State
contribution shall be calculated each year as a | 25 | | level percentage of payroll
over the years remaining to and | 26 | | including fiscal year 2045 and shall be
determined under the |
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| 1 | | projected unit credit actuarial cost method.
| 2 | | For State fiscal years 1996 through 2005, the State | 3 | | contribution to
the System, as a percentage of the applicable | 4 | | employee payroll, shall be
increased in equal annual increments | 5 | | so that by State fiscal year 2011, the
State is contributing at | 6 | | the rate required under this Section.
| 7 | | Notwithstanding any other provision of this Article, the | 8 | | total required State
contribution for State fiscal year 2006 is | 9 | | $166,641,900.
| 10 | | Notwithstanding any other provision of this Article, the | 11 | | total required State
contribution for State fiscal year 2007 is | 12 | | $252,064,100.
| 13 | | For each of State fiscal years 2008 through 2009, the State | 14 | | contribution to
the System, as a percentage of the applicable | 15 | | employee payroll, shall be
increased in equal annual increments | 16 | | from the required State contribution for State fiscal year | 17 | | 2007, so that by State fiscal year 2011, the
State is | 18 | | contributing at the rate otherwise required under this Section.
| 19 | | Notwithstanding any other provision of this Article, the | 20 | | total required State contribution for State fiscal year 2010 is | 21 | | $702,514,000 and shall be made from the State Pensions Fund and | 22 | | proceeds of bonds sold in fiscal year 2010 pursuant to Section | 23 | | 7.2 of the General Obligation Bond Act, less (i) the pro rata | 24 | | share of bond sale expenses determined by the System's share of | 25 | | total bond proceeds, (ii) any amounts received from the General | 26 | | Revenue Fund in fiscal year 2010, (iii) any reduction in bond |
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| 1 | | proceeds due to the issuance of discounted bonds, if | 2 | | applicable. | 3 | | Notwithstanding any other provision of this Article, the
| 4 | | total required State contribution for State fiscal year 2011 is
| 5 | | the amount recertified by the System on or before April 1, 2011 | 6 | | pursuant to Section 15-165 and shall be made from the State | 7 | | Pensions Fund and
proceeds of bonds sold in fiscal year 2011 | 8 | | pursuant to Section
7.2 of the General Obligation Bond Act, | 9 | | less (i) the pro rata
share of bond sale expenses determined by | 10 | | the System's share of
total bond proceeds, (ii) any amounts | 11 | | received from the General
Revenue Fund in fiscal year 2011, and | 12 | | (iii) any reduction in bond
proceeds due to the issuance of | 13 | | discounted bonds, if
applicable. | 14 | | For State fiscal year 2044 and thereafter, the minimum | 15 | | State contribution for each fiscal year shall be the amount | 16 | | needed to maintain the total assets of the System at 100% of | 17 | | the total actuarial liabilities of the System. | 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. |
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| 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 100% 90% . A reference in this Article | 5 | | to the "required State contribution" or any substantially | 6 | | similar term does not include or apply to any amounts payable | 7 | | to the 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
| 11 | | calculated under this Section and
certified under Section | 12 | | 15-165, shall not exceed an amount equal to (i) the
amount of | 13 | | the required State contribution that would have been calculated | 14 | | under
this Section for that fiscal year if the System had not | 15 | | received any payments
under subsection (d) of Section 7.2 of | 16 | | the General Obligation Bond Act, minus
(ii) the portion of the | 17 | | State's total debt service payments for that fiscal
year on the | 18 | | bonds issued in fiscal year 2003 for the purposes of that | 19 | | Section 7.2, as determined
and certified by the Comptroller, | 20 | | that is the same as the System's portion of
the total moneys | 21 | | distributed under subsection (d) of Section 7.2 of the General
| 22 | | Obligation Bond Act. In determining this maximum for State | 23 | | fiscal years 2008 through 2010, however, the amount referred to | 24 | | in item (i) shall be increased, as a percentage of the | 25 | | applicable employee payroll, in equal increments calculated | 26 | | from the sum of the required State contribution for State |
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| 1 | | fiscal year 2007 plus the applicable portion of the State's | 2 | | total debt service payments for fiscal year 2007 on the bonds | 3 | | issued in fiscal year 2003 for the purposes of Section 7.2 of | 4 | | the General
Obligation Bond Act, so that, by State fiscal year | 5 | | 2011, the
State is contributing at the rate otherwise required | 6 | | under this Section.
| 7 | | (b) If an employee is paid from trust or federal funds, the | 8 | | employer
shall pay to the Board contributions from those funds | 9 | | which are
sufficient to cover the accruing normal costs on | 10 | | behalf of the employee.
However, universities having employees | 11 | | who are compensated out of local
auxiliary funds, income funds, | 12 | | or service enterprise funds are not required
to pay such | 13 | | contributions on behalf of those employees. The local auxiliary
| 14 | | funds, income funds, and service enterprise funds of | 15 | | universities shall not be
considered trust funds for the | 16 | | purpose of this Article, but funds of alumni
associations, | 17 | | foundations, and athletic associations which are affiliated | 18 | | with
the universities included as employers under this Article | 19 | | and other employers
which do not receive State appropriations | 20 | | are considered to be trust funds for
the purpose of this | 21 | | Article.
| 22 | | (b-1) The City of Urbana and the City of Champaign shall | 23 | | each make
employer contributions to this System for their | 24 | | respective firefighter
employees who participate in this | 25 | | System pursuant to subsection (h) of Section
15-107. The rate | 26 | | of contributions to be made by those municipalities shall
be |
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| 1 | | determined annually by the Board on the basis of the actuarial | 2 | | assumptions
adopted by the Board and the recommendations of the | 3 | | actuary, and shall be
expressed as a percentage of salary for | 4 | | each such employee. The Board shall
certify the rate to the | 5 | | affected municipalities as soon as may be practical.
The | 6 | | employer contributions required under this subsection shall be | 7 | | remitted by
the municipality to the System at the same time and | 8 | | in the same manner as
employee contributions.
| 9 | | (c) Through State fiscal year 1995: The total employer | 10 | | contribution shall
be apportioned among the various funds of | 11 | | the State and other employers,
whether trust, federal, or other | 12 | | funds, in accordance with actuarial procedures
approved by the | 13 | | Board. State of Illinois contributions for employers receiving
| 14 | | State appropriations for personal services shall be payable | 15 | | from appropriations
made to the employers or to the System. The | 16 | | contributions for Class I
community colleges covering earnings | 17 | | other than those paid from trust and
federal funds, shall be | 18 | | payable solely from appropriations to the Illinois
Community | 19 | | College Board or the System for employer contributions.
| 20 | | (d) Beginning in State fiscal year 1996, the required State | 21 | | contributions
to the System shall be appropriated directly to | 22 | | the System and shall be payable
through vouchers issued in | 23 | | accordance with subsection (c) of Section 15-165, except as | 24 | | provided in subsection (g).
| 25 | | (e) The State Comptroller shall draw warrants payable to | 26 | | the System upon
proper certification by the System or by the |
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| 1 | | employer in accordance with the
appropriation laws and this | 2 | | Code.
| 3 | | (f) Normal costs under this Section means liability for
| 4 | | pensions and other benefits which accrues to the System because | 5 | | of the
credits earned for service rendered by the participants | 6 | | during the
fiscal year and expenses of administering the | 7 | | System, but shall not
include the principal of or any | 8 | | redemption premium or interest on any bonds
issued by the Board | 9 | | or any expenses incurred or deposits required in
connection | 10 | | therewith.
| 11 | | (g) If the amount of a participant's earnings for any | 12 | | academic year used to determine the final rate of earnings, | 13 | | determined on a full-time equivalent basis, exceeds the amount | 14 | | of his or her earnings with the same employer for the previous | 15 | | academic year, determined on a full-time equivalent basis, by | 16 | | more than 6%, the participant's employer shall pay to the | 17 | | System, in addition to all other payments required under this | 18 | | Section and in accordance with guidelines established by the | 19 | | System, the present value of the increase in benefits resulting | 20 | | from the portion of the increase in earnings that is in excess | 21 | | of 6%. This present value shall be computed by the System on | 22 | | the basis of the actuarial assumptions and tables used in the | 23 | | most recent actuarial valuation of the System that is available | 24 | | at the time of the computation. The System may require the | 25 | | employer to provide any pertinent information or | 26 | | documentation. |
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| 1 | | Whenever it determines that a payment is or may be required | 2 | | under this subsection (g), the System shall calculate the | 3 | | amount of the payment and bill the employer for that amount. | 4 | | The bill shall specify the calculations used to determine the | 5 | | amount due. If the employer disputes the amount of the bill, it | 6 | | may, within 30 days after receipt of the bill, apply to the | 7 | | System in writing for a recalculation. The application must | 8 | | specify in detail the grounds of the dispute and, if the | 9 | | employer asserts that the calculation is subject to subsection | 10 | | (h) or (i) of this Section, must include an affidavit setting | 11 | | forth and attesting to all facts within the employer's | 12 | | knowledge that are pertinent to the applicability of subsection | 13 | | (h) or (i). Upon receiving a timely application for | 14 | | recalculation, the System shall review the application and, if | 15 | | appropriate, recalculate the amount due.
| 16 | | The employer contributions required under this subsection | 17 | | (g) (f) may be paid in the form of a lump sum within 90 days | 18 | | after receipt of the bill. If the employer contributions are | 19 | | not paid within 90 days after receipt of the bill, then | 20 | | interest will be charged at a rate equal to the System's annual | 21 | | actuarially assumed rate of return on investment compounded | 22 | | annually from the 91st day after receipt of the bill. Payments | 23 | | must be concluded within 3 years after the employer's receipt | 24 | | of the bill. | 25 | | (h) This subsection (h) applies only to payments made or | 26 | | salary increases given on or after June 1, 2005 but before July |
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| 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 | | (g), the System shall exclude earnings increases paid to | 6 | | participants under contracts or collective bargaining | 7 | | agreements entered into, amended, or renewed before June 1, | 8 | | 2005.
| 9 | | When assessing payment for any amount due under subsection | 10 | | (g), the System shall exclude earnings increases paid to a | 11 | | participant at a time when the participant is 10 or more years | 12 | | from retirement eligibility under Section 15-135.
| 13 | | When assessing payment for any amount due under subsection | 14 | | (g), the System shall exclude earnings increases resulting from | 15 | | overload work, including a contract for summer teaching, or | 16 | | overtime when the employer has certified to the System, and the | 17 | | System has approved the certification, that: (i) in the case of | 18 | | overloads (A) the overload work is for the sole purpose of | 19 | | academic instruction in excess of the standard number of | 20 | | instruction hours for a full-time employee occurring during the | 21 | | academic year that the overload is paid and (B) the earnings | 22 | | increases are equal to or less than the rate of pay for | 23 | | academic instruction computed using the participant's current | 24 | | salary rate and work schedule; and (ii) in the case of | 25 | | overtime, the overtime was necessary for the educational | 26 | | mission. |
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| 1 | | When assessing payment for any amount due under subsection | 2 | | (g), the System shall exclude any earnings increase resulting | 3 | | from (i) a promotion for which the employee moves from one | 4 | | classification to a higher classification under the State | 5 | | Universities Civil Service System, (ii) a promotion in academic | 6 | | rank for a tenured or tenure-track faculty position, or (iii) a | 7 | | promotion that the Illinois Community College Board has | 8 | | recommended in accordance with subsection (k) of this Section. | 9 | | These earnings increases shall be excluded only if the | 10 | | promotion is to a position that has existed and been filled by | 11 | | a member for no less than one complete academic year and the | 12 | | earnings increase as a result of the promotion is an increase | 13 | | that results in an amount no greater than the average salary | 14 | | paid for other similar positions. | 15 | | (i) When assessing payment for any amount due under | 16 | | subsection (g), the System shall exclude any salary increase | 17 | | described in subsection (h) of this Section given on or after | 18 | | July 1, 2011 but before July 1, 2014 under a contract or | 19 | | collective bargaining agreement entered into, amended, or | 20 | | renewed on or after June 1, 2005 but before July 1, 2011. | 21 | | Notwithstanding any other provision of this Section, any | 22 | | payments made or salary increases given after June 30, 2014 | 23 | | shall be used in assessing payment for any amount due under | 24 | | subsection (g) of this Section.
| 25 | | (j) The System shall prepare a report and file copies of | 26 | | the report with the Governor and the General Assembly by |
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| 1 | | January 1, 2007 that contains all of the following information: | 2 | | (1) The number of recalculations required by the | 3 | | changes made to this Section by Public Act 94-1057 for each | 4 | | employer. | 5 | | (2) The dollar amount by which each employer's | 6 | | contribution to the System was changed due to | 7 | | recalculations required by Public Act 94-1057. | 8 | | (3) The total amount the System received from each | 9 | | employer as a result of the changes made to this Section by | 10 | | Public Act 94-4. | 11 | | (4) The increase in the required State contribution | 12 | | resulting from the changes made to this Section by Public | 13 | | Act 94-1057. | 14 | | (k) The Illinois Community College Board shall adopt rules | 15 | | for recommending lists of promotional positions submitted to | 16 | | the Board by community colleges and for reviewing the | 17 | | promotional lists on an annual basis. When recommending | 18 | | promotional lists, the Board shall consider the similarity of | 19 | | the positions submitted to those positions recognized for State | 20 | | universities by the State Universities Civil Service System. | 21 | | The Illinois Community College Board shall file a copy of its | 22 | | findings with the System. The System shall consider the | 23 | | findings of the Illinois Community College Board when making | 24 | | determinations under this Section. The System shall not exclude | 25 | | any earnings increases resulting from a promotion when the | 26 | | promotion was not submitted by a community college. Nothing in |
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| 1 | | this subsection (k) shall require any community college to | 2 | | submit any information to the Community College Board.
| 3 | | (l) For purposes of determining the required State | 4 | | contribution to the System, the value of the System's assets | 5 | | shall be equal to the actuarial value of the System's assets, | 6 | | which shall be calculated as follows: | 7 | | As of June 30, 2008, the actuarial value of the System's | 8 | | assets shall be equal to the market value of the assets as of | 9 | | that date. In determining the actuarial value of the System's | 10 | | assets for fiscal years after June 30, 2008, any actuarial | 11 | | gains or losses from investment return incurred in a fiscal | 12 | | year shall be recognized in equal annual amounts over the | 13 | | 5-year period following that fiscal year. | 14 | | (m) For purposes of determining the required State | 15 | | contribution to the system for a particular year, the actuarial | 16 | | value of assets shall be assumed to earn a rate of return equal | 17 | | to the system's actuarially assumed rate of return. | 18 | | (Source: P.A. 96-43, eff. 7-15-09; 96-1497, eff. 1-14-11; | 19 | | 96-1511, eff. 1-27-11; 96-1554, eff. 3-18-11; 97-813, eff. | 20 | | 7-13-12; revised 10-17-12.)
| 21 | | (40 ILCS 5/15-165)
(from Ch. 108 1/2, par. 15-165)
| 22 | | Sec. 15-165. To certify amounts and submit vouchers.
| 23 | | (a) The Board shall certify to the Governor on or before | 24 | | November 15 of each
year until November 15, 2011 the | 25 | | appropriation required from State funds for the purposes of |
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| 1 | | this
System for the following fiscal year. The certification | 2 | | under this subsection (a) shall include a copy
of the actuarial | 3 | | recommendations upon which it is based and shall specifically | 4 | | identify the System's projected State normal cost for that | 5 | | fiscal year and the projected State cost for the self-managed | 6 | | plan for that fiscal year.
| 7 | | On or before May 1, 2004, the Board shall recalculate and | 8 | | recertify to
the Governor the amount of the required State | 9 | | contribution to the System for
State fiscal year 2005, taking | 10 | | into account the amounts appropriated to and
received by the | 11 | | System under subsection (d) of Section 7.2 of the General
| 12 | | Obligation Bond Act.
| 13 | | On or before July 1, 2005, the Board shall recalculate and | 14 | | recertify
to the Governor the amount of the required State
| 15 | | contribution to the System for State fiscal year 2006, taking | 16 | | into account the changes in required State contributions made | 17 | | by this amendatory Act of the 94th General Assembly.
| 18 | | On or before April 1, 2011, the Board shall recalculate and | 19 | | recertify to the Governor the amount of the required State | 20 | | contribution to the System for State fiscal year 2011, applying | 21 | | the changes made by Public Act 96-889 to the System's assets | 22 | | and liabilities as of June 30, 2009 as though Public Act 96-889 | 23 | | was approved on that date. | 24 | | (a-5) On or before November 1 of each year, beginning | 25 | | November 1, 2012, the Board shall submit to the State Actuary, | 26 | | the Governor, and the General Assembly a proposed certification |
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| 1 | | of the amount of the required State contribution to the System | 2 | | for the next fiscal year, along with all of the actuarial | 3 | | assumptions, calculations, and data upon which that proposed | 4 | | certification is based. On or before January 1 of each year, | 5 | | beginning January 1, 2013, the State Actuary shall issue a | 6 | | preliminary report concerning the proposed certification and | 7 | | identifying, if necessary, recommended changes in actuarial | 8 | | assumptions that the Board must consider before finalizing its | 9 | | certification of the required State contributions. On or before | 10 | | January 15, 2013 and each January 15 thereafter, the Board | 11 | | shall certify to the Governor and the General Assembly the | 12 | | amount of the required State contribution for the next fiscal | 13 | | year. The Board's certification must incorporate and follow | 14 | | note, in a written response to the State Actuary, any | 15 | | deviations from the State Actuary's recommended changes , the | 16 | | reason or reasons for not following the State Actuary's | 17 | | recommended changes, and the fiscal impact of not following the | 18 | | State Actuary's recommended changes on the required State | 19 | | contribution . | 20 | | (b) The Board shall certify to the State Comptroller or | 21 | | employer, as the
case may be, from time to time, by its | 22 | | president and secretary, with its seal
attached, the amounts | 23 | | payable to the System from the various funds.
| 24 | | (c) Beginning in State fiscal year 1996, on or as soon as | 25 | | possible after the
15th day of each month the Board shall | 26 | | submit vouchers for payment of State
contributions to the |
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| 1 | | System, in a total monthly amount of one-twelfth of the
| 2 | | required annual State contribution certified under subsection | 3 | | (a).
From the effective date of this amendatory Act
of the 93rd | 4 | | General Assembly through June 30, 2004, the Board shall not
| 5 | | submit vouchers for the remainder of fiscal year 2004 in excess | 6 | | of the
fiscal year 2004 certified contribution amount | 7 | | determined
under this Section after taking into consideration | 8 | | the transfer to the
System under subsection (b) of Section | 9 | | 6z-61 of the State Finance Act.
These
vouchers shall be paid by | 10 | | the State Comptroller and Treasurer by warrants drawn
on the | 11 | | funds appropriated to the System for that fiscal year.
| 12 | | If in any month the amount remaining unexpended from all | 13 | | other
appropriations to the System for the applicable fiscal | 14 | | year (including the
appropriations to the System under Section | 15 | | 8.12 of the State Finance Act and
Section 1 of the State | 16 | | Pension Funds Continuing Appropriation Act) is less than
the | 17 | | amount lawfully vouchered under this Section, the difference | 18 | | shall be paid
from the General Revenue Fund under the | 19 | | continuing appropriation authority
provided in Section 1.1 of | 20 | | the State Pension Funds Continuing Appropriation
Act.
| 21 | | (d) So long as the payments received are the full amount | 22 | | lawfully
vouchered under this Section, payments received by the | 23 | | System under this
Section shall be applied first toward the | 24 | | employer contribution to the
self-managed plan established | 25 | | under Section 15-158.2. Payments shall be
applied second toward | 26 | | the employer's portion of the normal costs of the System,
as |
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| 1 | | defined in subsection (f) of Section 15-155. The balance shall | 2 | | be applied
toward the unfunded actuarial liabilities of the | 3 | | System.
| 4 | | (e) In the event that the System does not receive, as a | 5 | | result of
legislative enactment or otherwise, payments | 6 | | sufficient to
fully fund the employer contribution to the | 7 | | self-managed plan
established under Section 15-158.2 and to | 8 | | fully fund that portion of the
employer's portion of the normal | 9 | | costs of the System, as calculated in
accordance with Section | 10 | | 15-155(a-1), then any payments received shall be
applied | 11 | | proportionately to the optional retirement program established | 12 | | under
Section 15-158.2 and to the employer's portion of the | 13 | | normal costs of the
System, as calculated in accordance with | 14 | | Section 15-155(a-1).
| 15 | | (Source: P.A. 96-1497, eff. 1-14-11; 96-1511, eff. 1-27-11; | 16 | | 97-694, eff. 6-18-12.)
| 17 | | (40 ILCS 5/16-158)
(from Ch. 108 1/2, par. 16-158)
| 18 | | Sec. 16-158. Contributions by State and other employing | 19 | | units.
| 20 | | (a) The State shall make contributions to the System by | 21 | | means of
appropriations from the Common School Fund and other | 22 | | State funds of amounts
which, together with other employer | 23 | | contributions, employee contributions,
investment income, and | 24 | | other income, will be sufficient to meet the cost of
| 25 | | maintaining and administering the System on a 100% 90% funded |
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| 1 | | basis in accordance
with actuarial recommendations by the end | 2 | | of State fiscal year 2043 .
| 3 | | The Board shall determine the amount of State contributions | 4 | | required for
each fiscal year on the basis of the actuarial | 5 | | tables and other assumptions
adopted by the Board and the | 6 | | recommendations of the actuary, using the formula
in subsection | 7 | | (b-3).
| 8 | | (a-1) Annually, on or before November 15 through until | 9 | | November 15, 2011, the Board shall certify to the
Governor the | 10 | | amount of the required State contribution for the coming fiscal
| 11 | | year. The certification under this subsection (a-1) shall | 12 | | include a copy of the actuarial recommendations
upon which it | 13 | | is based and shall specifically identify the System's projected | 14 | | State normal cost for that fiscal year.
| 15 | | On or before May 1, 2004, the Board shall recalculate and | 16 | | recertify to
the Governor the amount of the required State | 17 | | contribution to the System for
State fiscal year 2005, taking | 18 | | into account the amounts appropriated to and
received by the | 19 | | System under subsection (d) of Section 7.2 of the General
| 20 | | Obligation Bond Act.
| 21 | | On or before July 1, 2005, the Board shall recalculate and | 22 | | recertify
to the Governor the amount of the required State
| 23 | | contribution to the System for State fiscal year 2006, taking | 24 | | into account the changes in required State contributions made | 25 | | by this amendatory Act of the 94th General Assembly.
| 26 | | On or before April 1, 2011, the Board shall recalculate and |
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| 1 | | recertify to the Governor the amount of the required State | 2 | | contribution to the System for State fiscal year 2011, applying | 3 | | the changes made by Public Act 96-889 to the System's assets | 4 | | and liabilities as of June 30, 2009 as though Public Act 96-889 | 5 | | was approved on that date. | 6 | | (a-5) On or before November 1 of each year, beginning | 7 | | November 1, 2012, the Board shall submit to the State Actuary, | 8 | | the Governor, and the General Assembly a proposed certification | 9 | | of the amount of the required State contribution to the System | 10 | | for the next fiscal year, along with all of the actuarial | 11 | | assumptions, calculations, and data upon which that proposed | 12 | | certification is based. On or before January 1 of each year, | 13 | | beginning January 1, 2013, the State Actuary shall issue a | 14 | | preliminary report concerning the proposed certification and | 15 | | identifying, if necessary, recommended changes in actuarial | 16 | | assumptions that the Board must consider before finalizing its | 17 | | certification of the required State contributions. | 18 | | On or before January 15, 2013 and each January 15 | 19 | | thereafter, the Board shall certify to the Governor and the | 20 | | General Assembly the amount of the required State contribution | 21 | | for the next fiscal year. The Board's certification must | 22 | | incorporate and follow note any deviations from the State | 23 | | Actuary's recommended changes , the reason or reasons for not | 24 | | following the State Actuary's recommended changes, and the | 25 | | fiscal impact of not following the State Actuary's recommended | 26 | | changes on the required State contribution . |
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| 1 | | (b) Through State fiscal year 1995, the State contributions | 2 | | shall be
paid to the System in accordance with Section 18-7 of | 3 | | the School Code.
| 4 | | (b-1) Beginning in State fiscal year 1996, on the 15th day | 5 | | of each month,
or as soon thereafter as may be practicable, the | 6 | | Board shall submit vouchers
for payment of State contributions | 7 | | to the System, in a total monthly amount of
one-twelfth of the | 8 | | required annual State contribution certified under
subsection | 9 | | (a-1).
From the
effective date of this amendatory Act of the | 10 | | 93rd General Assembly
through June 30, 2004, the Board shall | 11 | | not submit vouchers for the
remainder of fiscal year 2004 in | 12 | | excess of the fiscal year 2004
certified contribution amount | 13 | | determined under this Section
after taking into consideration | 14 | | the transfer to the System
under subsection (a) of Section | 15 | | 6z-61 of the State Finance Act.
These vouchers shall be paid by | 16 | | the State Comptroller and
Treasurer by warrants drawn on the | 17 | | funds appropriated to the System for that
fiscal year.
| 18 | | If in any month the amount remaining unexpended from all | 19 | | other appropriations
to the System for the applicable fiscal | 20 | | year (including the appropriations to
the System under Section | 21 | | 8.12 of the State Finance Act and Section 1 of the
State | 22 | | Pension Funds Continuing Appropriation Act) is less than the | 23 | | amount
lawfully vouchered under this subsection, the | 24 | | difference shall be paid from the
Common School Fund under the | 25 | | continuing appropriation authority provided in
Section 1.1 of | 26 | | the State Pension Funds Continuing Appropriation Act.
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| 1 | | (b-2) Allocations from the Common School Fund apportioned | 2 | | to school
districts not coming under this System shall not be | 3 | | diminished or affected by
the provisions of this Article.
| 4 | | (b-3) For State fiscal years 2014 through 2043, the minimum | 5 | | contribution
to the System to be made by the State for each | 6 | | fiscal year shall be an amount
determined by the System to be | 7 | | equal to the sum of (1) the State's portion of the projected | 8 | | normal cost for that fiscal year, plus (2) an amount sufficient | 9 | | to bring the total assets of the
System up to 100% of the total | 10 | | actuarial liabilities of the System by the end of
State fiscal | 11 | | year 2043. In making these determinations, the required State
| 12 | | contribution shall be calculated each year as a level | 13 | | percentage of payroll
over the years remaining to and including | 14 | | fiscal year 2043 and shall be
determined under the projected | 15 | | unit credit actuarial cost method. | 16 | | For State fiscal years 2012 and 2013 through 2045 , the | 17 | | minimum contribution
to the System to be made by the State for | 18 | | each fiscal year shall be an amount
determined by the System to | 19 | | be sufficient to bring the total assets of the
System up to 90% | 20 | | of the total actuarial liabilities of the System by the end of
| 21 | | State fiscal year 2045. In making these determinations, the | 22 | | required State
contribution shall be calculated each year as a | 23 | | level percentage of payroll
over the years remaining to and | 24 | | including fiscal year 2045 and shall be
determined under the | 25 | | projected unit credit actuarial cost method.
| 26 | | For State fiscal years 1996 through 2005, the State |
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| 1 | | contribution to the
System, as a percentage of the applicable | 2 | | employee payroll, shall be increased
in equal annual increments | 3 | | so that by State fiscal year 2011, the State is
contributing at | 4 | | the rate required under this Section; except that in the
| 5 | | following specified State fiscal years, the State contribution | 6 | | to the System
shall not be less than the following indicated | 7 | | percentages of the applicable
employee payroll, even if the | 8 | | indicated percentage will produce a State
contribution in | 9 | | excess of the amount otherwise required under this subsection
| 10 | | and subsection (a), and notwithstanding any contrary | 11 | | certification made under
subsection (a-1) before the effective | 12 | | date of this amendatory Act of 1998:
10.02% in FY 1999;
10.77% | 13 | | in FY 2000;
11.47% in FY 2001;
12.16% in FY 2002;
12.86% in FY | 14 | | 2003; and
13.56% in FY 2004.
| 15 | | Notwithstanding any other provision of this Article, the | 16 | | total required State
contribution for State fiscal year 2006 is | 17 | | $534,627,700.
| 18 | | Notwithstanding any other provision of this Article, the | 19 | | total required State
contribution for State fiscal year 2007 is | 20 | | $738,014,500.
| 21 | | For each of State fiscal years 2008 through 2009, the State | 22 | | contribution to
the System, as a percentage of the applicable | 23 | | employee payroll, shall be
increased in equal annual increments | 24 | | from the required State contribution for State fiscal year | 25 | | 2007, so that by State fiscal year 2011, the
State is | 26 | | contributing at the rate otherwise required under this Section.
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| 1 | | Notwithstanding any other provision of this Article, the | 2 | | total required State contribution for State fiscal year 2010 is | 3 | | $2,089,268,000 and shall be made from the proceeds of bonds | 4 | | sold in fiscal year 2010 pursuant to Section 7.2 of the General | 5 | | Obligation Bond Act, less (i) the pro rata share of bond sale | 6 | | expenses determined by the System's share of total bond | 7 | | proceeds, (ii) any amounts received from the Common School Fund | 8 | | in fiscal year 2010, and (iii) any reduction in bond proceeds | 9 | | due to the issuance of discounted bonds, if applicable. | 10 | | Notwithstanding any other provision of this Article, the
| 11 | | total required State contribution for State fiscal year 2011 is
| 12 | | the amount recertified by the System on or before April 1, 2011 | 13 | | pursuant to subsection (a-1) of this Section and shall be made | 14 | | from the proceeds of bonds
sold in fiscal year 2011 pursuant to | 15 | | Section 7.2 of the General
Obligation Bond Act, less (i) the | 16 | | pro rata share of bond sale
expenses determined by the System's | 17 | | share of total bond
proceeds, (ii) any amounts received from | 18 | | the Common School Fund
in fiscal year 2011, and (iii) any | 19 | | reduction in bond proceeds
due to the issuance of discounted | 20 | | bonds, if applicable. This amount shall include, in addition to | 21 | | the amount certified by the System, an amount necessary to meet | 22 | | employer contributions required by the State as an employer | 23 | | under paragraph (e) of this Section, which may also be used by | 24 | | the System for contributions required by paragraph (a) of | 25 | | Section 16-127. | 26 | | For State fiscal year 2044 and thereafter, the minimum |
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| 1 | | State contribution for each fiscal year shall be the amount | 2 | | needed to maintain the total assets of the System at 100% of | 3 | | the total actuarial liabilities of the System. | 4 | | Beginning in State fiscal year 2046, the minimum State | 5 | | contribution for
each fiscal year shall be the amount needed to | 6 | | maintain the total assets of
the System at 90% of the total | 7 | | actuarial liabilities of the System.
| 8 | | Amounts received by the System pursuant to Section 25 of | 9 | | the Budget Stabilization Act or Section 8.12 of the State | 10 | | Finance Act in any fiscal year do not reduce and do not | 11 | | constitute payment of any portion of the minimum State | 12 | | contribution required under this Article in that fiscal year. | 13 | | Such amounts shall not reduce, and shall not be included in the | 14 | | calculation of, the required State contributions under this | 15 | | Article in any future year until the System has reached a | 16 | | funding ratio of at least 100% 90% . A reference in this Article | 17 | | to the "required State contribution" or any substantially | 18 | | similar term does not include or apply to any amounts payable | 19 | | to the System under Section 25 of the Budget Stabilization Act. | 20 | | Notwithstanding any other provision of this Section, the | 21 | | required State
contribution for State fiscal year 2005 and for | 22 | | fiscal year 2008 and each fiscal year thereafter, as
calculated | 23 | | under this Section and
certified under subsection (a-1), shall | 24 | | not exceed an amount equal to (i) the
amount of the required | 25 | | State contribution that would have been calculated under
this | 26 | | Section for that fiscal year if the System had not received any |
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| 1 | | payments
under subsection (d) of Section 7.2 of the General | 2 | | Obligation Bond Act, minus
(ii) the portion of the State's | 3 | | total debt service payments for that fiscal
year on the bonds | 4 | | issued in fiscal year 2003 for the purposes of that Section | 5 | | 7.2, as determined
and certified by the Comptroller, that is | 6 | | the same as the System's portion of
the total moneys | 7 | | distributed under subsection (d) of Section 7.2 of the General
| 8 | | Obligation Bond Act. In determining this maximum for State | 9 | | fiscal years 2008 through 2010, however, the amount referred to | 10 | | in item (i) shall be increased, as a percentage of the | 11 | | applicable employee payroll, in equal increments calculated | 12 | | from the sum of the required State contribution for State | 13 | | fiscal year 2007 plus the applicable portion of the State's | 14 | | total debt service payments for fiscal year 2007 on the bonds | 15 | | issued in fiscal year 2003 for the purposes of Section 7.2 of | 16 | | the General
Obligation Bond Act, so that, by State fiscal year | 17 | | 2011, the
State is contributing at the rate otherwise required | 18 | | under this Section.
| 19 | | (c) Payment of the required State contributions and of all | 20 | | pensions,
retirement annuities, death benefits, refunds, and | 21 | | other benefits granted
under or assumed by this System, and all | 22 | | expenses in connection with the
administration and operation | 23 | | thereof, are obligations of the State.
| 24 | | If members are paid from special trust or federal funds | 25 | | which are
administered by the employing unit, whether school | 26 | | district or other
unit, the employing unit shall pay to the |
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| 1 | | System from such
funds the full accruing retirement costs based | 2 | | upon that
service, as determined by the System. Employer | 3 | | contributions, based on
salary paid to members from federal | 4 | | funds, may be forwarded by the distributing
agency of the State | 5 | | of Illinois to the System prior to allocation, in an
amount | 6 | | determined in accordance with guidelines established by such
| 7 | | agency and the System.
| 8 | | (d) Effective July 1, 1986, any employer of a teacher as | 9 | | defined in
paragraph (8) of Section 16-106 shall pay the | 10 | | employer's normal cost
of benefits based upon the teacher's | 11 | | service, in addition to
employee contributions, as determined | 12 | | by the System. Such employer
contributions shall be forwarded | 13 | | monthly in accordance with guidelines
established by the | 14 | | System.
| 15 | | However, with respect to benefits granted under Section | 16 | | 16-133.4 or
16-133.5 to a teacher as defined in paragraph (8) | 17 | | of Section 16-106, the
employer's contribution shall be 12% | 18 | | (rather than 20%) of the member's
highest annual salary rate | 19 | | for each year of creditable service granted, and
the employer | 20 | | shall also pay the required employee contribution on behalf of
| 21 | | the teacher. For the purposes of Sections 16-133.4 and | 22 | | 16-133.5, a teacher
as defined in paragraph (8) of Section | 23 | | 16-106 who is serving in that capacity
while on leave of | 24 | | absence from another employer under this Article shall not
be | 25 | | considered an employee of the employer from which the teacher | 26 | | is on leave.
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| 1 | | (e) Beginning July 1, 1998, every employer of a teacher
| 2 | | shall pay to the System an employer contribution computed as | 3 | | follows:
| 4 | | (1) Beginning July 1, 1998 through June 30, 1999, the | 5 | | employer
contribution shall be equal to 0.3% of each | 6 | | teacher's salary.
| 7 | | (2) Beginning July 1, 1999 and thereafter, the employer
| 8 | | contribution shall be equal to 0.58% of each teacher's | 9 | | salary.
| 10 | | The school district or other employing unit may pay these | 11 | | employer
contributions out of any source of funding available | 12 | | for that purpose and
shall forward the contributions to the | 13 | | System on the schedule established
for the payment of member | 14 | | contributions.
| 15 | | These employer contributions are intended to offset a | 16 | | portion of the cost
to the System of the increases in | 17 | | retirement benefits resulting from this
amendatory Act of 1998.
| 18 | | Each employer of teachers is entitled to a credit against | 19 | | the contributions
required under this subsection (e) with | 20 | | respect to salaries paid to teachers
for the period January 1, | 21 | | 2002 through June 30, 2003, equal to the amount paid
by that | 22 | | employer under subsection (a-5) of Section 6.6 of the State | 23 | | Employees
Group Insurance Act of 1971 with respect to salaries | 24 | | paid to teachers for that
period.
| 25 | | The additional 1% employee contribution required under | 26 | | Section 16-152 by
this amendatory Act of 1998 is the |
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| 1 | | responsibility of the teacher and not the
teacher's employer, | 2 | | unless the employer agrees, through collective bargaining
or | 3 | | otherwise, to make the contribution on behalf of the teacher.
| 4 | | If an employer is required by a contract in effect on May | 5 | | 1, 1998 between the
employer and an employee organization to | 6 | | pay, on behalf of all its full-time
employees
covered by this | 7 | | Article, all mandatory employee contributions required under
| 8 | | this Article, then the employer shall be excused from paying | 9 | | the employer
contribution required under this subsection (e) | 10 | | for the balance of the term
of that contract. The employer and | 11 | | the employee organization shall jointly
certify to the System | 12 | | the existence of the contractual requirement, in such
form as | 13 | | the System may prescribe. This exclusion shall cease upon the
| 14 | | termination, extension, or renewal of the contract at any time | 15 | | after May 1,
1998.
| 16 | | (f) If the amount of a teacher's salary for any school year | 17 | | used to determine final average salary exceeds the member's | 18 | | annual full-time salary rate with the same employer for the | 19 | | previous school year by more than 6%, the teacher's employer | 20 | | shall pay to the System, in addition to all other payments | 21 | | required under this Section and in accordance with guidelines | 22 | | established by the System, the present value of the increase in | 23 | | benefits resulting from the portion of the increase in salary | 24 | | that is in excess of 6%. This present value shall be computed | 25 | | by the System on the basis of the actuarial assumptions and | 26 | | tables used in the most recent actuarial valuation of the |
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| 1 | | System that is available at the time of the computation. If a | 2 | | teacher's salary for the 2005-2006 school year is used to | 3 | | determine final average salary under this subsection (f), then | 4 | | the changes made to this subsection (f) by Public Act 94-1057 | 5 | | shall apply in calculating whether the increase in his or her | 6 | | salary is in excess of 6%. For the purposes of this Section, | 7 | | change in employment under Section 10-21.12 of the School Code | 8 | | on or after June 1, 2005 shall constitute a change in employer. | 9 | | The System may require the employer to provide any pertinent | 10 | | information or documentation.
The changes made to this | 11 | | subsection (f) by this amendatory Act of the 94th General | 12 | | Assembly apply without regard to whether the teacher was in | 13 | | service on or after its effective date.
| 14 | | Whenever it determines that a payment is or may be required | 15 | | under this subsection, the System shall calculate the amount of | 16 | | the payment and bill the employer for that amount. The bill | 17 | | shall specify the calculations used to determine the amount | 18 | | due. If the employer disputes the amount of the bill, it may, | 19 | | within 30 days after receipt of the bill, apply to the System | 20 | | in writing for a recalculation. The application must specify in | 21 | | detail the grounds of the dispute and, if the employer asserts | 22 | | that the calculation is subject to subsection (g) or (h) of | 23 | | this Section, must include an affidavit setting forth and | 24 | | attesting to all facts within the employer's knowledge that are | 25 | | pertinent to the applicability of that subsection. Upon | 26 | | receiving a timely application for recalculation, the System |
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| 1 | | shall review the application and, if appropriate, recalculate | 2 | | the amount due.
| 3 | | The employer contributions required under this subsection | 4 | | (f) may be paid in the form of a lump sum within 90 days after | 5 | | receipt of the bill. If the employer contributions are not paid | 6 | | within 90 days after receipt of the bill, then interest will be | 7 | | charged at a rate equal to the System's annual actuarially | 8 | | assumed rate of return on investment compounded annually from | 9 | | the 91st day after receipt of the bill. Payments must be | 10 | | concluded within 3 years after the employer's receipt of the | 11 | | bill.
| 12 | | (g) This subsection (g) applies only to payments made or | 13 | | salary increases given on or after June 1, 2005 but before July | 14 | | 1, 2011. The changes made by Public Act 94-1057 shall not | 15 | | require the System to refund any payments received before
July | 16 | | 31, 2006 (the effective date of Public Act 94-1057). | 17 | | When assessing payment for any amount due under subsection | 18 | | (f), the System shall exclude salary increases paid to teachers | 19 | | under contracts or collective bargaining agreements entered | 20 | | into, amended, or renewed before June 1, 2005.
| 21 | | When assessing payment for any amount due under subsection | 22 | | (f), the System shall exclude salary increases paid to a | 23 | | teacher at a time when the teacher is 10 or more years from | 24 | | retirement eligibility under Section 16-132 or 16-133.2.
| 25 | | When assessing payment for any amount due under subsection | 26 | | (f), the System shall exclude salary increases resulting from |
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| 1 | | overload work, including summer school, when the school | 2 | | district has certified to the System, and the System has | 3 | | approved the certification, that (i) the overload work is for | 4 | | the sole purpose of classroom instruction in excess of the | 5 | | standard number of classes for a full-time teacher in a school | 6 | | district during a school year and (ii) the salary increases are | 7 | | equal to or less than the rate of pay for classroom instruction | 8 | | computed on the teacher's current salary and work schedule.
| 9 | | When assessing payment for any amount due under subsection | 10 | | (f), the System shall exclude a salary increase resulting from | 11 | | a promotion (i) for which the employee is required to hold a | 12 | | certificate or supervisory endorsement issued by the State | 13 | | Teacher Certification Board that is a different certification | 14 | | or supervisory endorsement than is required for the teacher's | 15 | | previous position and (ii) to a position that has existed and | 16 | | been filled by a member for no less than one complete academic | 17 | | year and the salary increase from the promotion is an increase | 18 | | that results in an amount no greater than the lesser of the | 19 | | average salary paid for other similar positions in the district | 20 | | requiring the same certification or the amount stipulated in | 21 | | the collective bargaining agreement for a similar position | 22 | | requiring the same certification.
| 23 | | When assessing payment for any amount due under subsection | 24 | | (f), the System shall exclude any payment to the teacher from | 25 | | the State of Illinois or the State Board of Education over | 26 | | which the employer does not have discretion, notwithstanding |
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| 1 | | that the payment is included in the computation of final | 2 | | average salary.
| 3 | | (h) When assessing payment for any amount due under | 4 | | subsection (f), the System shall exclude any salary increase | 5 | | described in subsection (g) of this Section given on or after | 6 | | July 1, 2011 but before July 1, 2014 under a contract or | 7 | | collective bargaining agreement entered into, amended, or | 8 | | renewed on or after June 1, 2005 but before July 1, 2011. | 9 | | Notwithstanding any other provision of this Section, any | 10 | | payments made or salary increases given after June 30, 2014 | 11 | | shall be used in assessing payment for any amount due under | 12 | | subsection (f) of this Section.
| 13 | | (i) The System shall prepare a report and file copies of | 14 | | the report with the Governor and the General Assembly by | 15 | | January 1, 2007 that contains all of the following information: | 16 | | (1) The number of recalculations required by the | 17 | | changes made to this Section by Public Act 94-1057 for each | 18 | | employer. | 19 | | (2) The dollar amount by which each employer's | 20 | | contribution to the System was changed due to | 21 | | recalculations required by Public Act 94-1057. | 22 | | (3) The total amount the System received from each | 23 | | employer as a result of the changes made to this Section by | 24 | | Public Act 94-4. | 25 | | (4) The increase in the required State contribution | 26 | | resulting from the changes made to this Section by Public |
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| 1 | | Act 94-1057.
| 2 | | (j) For purposes of determining the required State | 3 | | contribution to the System, the value of the System's assets | 4 | | shall be equal to the actuarial value of the System's assets, | 5 | | which shall be calculated as follows: | 6 | | As of June 30, 2008, the actuarial value of the System's | 7 | | assets shall be equal to the market value of the assets as of | 8 | | that date. In determining the actuarial value of the System's | 9 | | assets for fiscal years after June 30, 2008, any actuarial | 10 | | gains or losses from investment return incurred in a fiscal | 11 | | year shall be recognized in equal annual amounts over the | 12 | | 5-year period following that fiscal year. | 13 | | (k) For purposes of determining the required State | 14 | | contribution to the system for a particular year, the actuarial | 15 | | value of assets shall be assumed to earn a rate of return equal | 16 | | to the system's actuarially assumed rate of return. | 17 | | (Source: P.A. 96-43, eff. 7-15-09; 96-1497, eff. 1-14-11; | 18 | | 96-1511, eff. 1-27-11; 96-1554, eff. 3-18-11; 97-694, eff. | 19 | | 6-18-12; 97-813, eff. 7-13-12.)
| 20 | | (40 ILCS 5/18-131) (from Ch. 108 1/2, par. 18-131)
| 21 | | Sec. 18-131. Financing; employer contributions.
| 22 | | (a) The State of Illinois shall make contributions to this | 23 | | System by
appropriations of the amounts which, together with | 24 | | the contributions of
participants, net earnings on | 25 | | investments, and other income, will meet the
costs of |
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| 1 | | maintaining and administering this System on a 100% 90% funded | 2 | | basis in
accordance with actuarial recommendations by the end | 3 | | of State fiscal year 2043 .
| 4 | | (b) The Board shall determine the amount of State | 5 | | contributions
required for each fiscal year on the basis of the | 6 | | actuarial tables and other
assumptions adopted by the Board and | 7 | | the prescribed rate of interest, using
the formula in | 8 | | subsection (c).
| 9 | | (c) For State fiscal years 2014 through 2043, the minimum | 10 | | contribution
to the System to be made by the State for each | 11 | | fiscal year shall be an amount
determined by the System to be | 12 | | equal to the sum of (1) the State's portion of the projected | 13 | | normal cost for that fiscal year, plus (2) an amount sufficient | 14 | | to bring the total assets of the
System up to 100% of the total | 15 | | actuarial liabilities of the System by the end of
State fiscal | 16 | | year 2043. In making these determinations, the required State
| 17 | | contribution shall be calculated each year as a level | 18 | | percentage of payroll
over the years remaining to and including | 19 | | fiscal year 2043 and shall be
determined under the projected | 20 | | unit credit actuarial cost method. | 21 | | Beginning in State fiscal year 2044, the minimum State | 22 | | contribution for each fiscal year shall be the amount needed to | 23 | | maintain the total assets of the System at 100% of the total | 24 | | actuarial liabilities of the System. | 25 | | For State fiscal years 2012 and 2013 through 2045 , the | 26 | | minimum contribution
to the System to be made by the State for |
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| 1 | | each fiscal year shall be an amount
determined by the System to | 2 | | be sufficient to bring the total assets of the
System up to 90% | 3 | | of the total actuarial liabilities of the System by the end of
| 4 | | State fiscal year 2045. In making these determinations, the | 5 | | required State
contribution shall be calculated each year as a | 6 | | level percentage of payroll
over the years remaining to and | 7 | | including fiscal year 2045 and shall be
determined under the | 8 | | projected unit credit actuarial cost method.
| 9 | | For State fiscal years 1996 through 2005, the State | 10 | | contribution to
the System, as a percentage of the applicable | 11 | | employee payroll, shall be
increased in equal annual increments | 12 | | so that by State fiscal year 2011, the
State is contributing at | 13 | | the rate required under this Section.
| 14 | | Notwithstanding any other provision of this Article, the | 15 | | total required State
contribution for State fiscal year 2006 is | 16 | | $29,189,400.
| 17 | | Notwithstanding any other provision of this Article, the | 18 | | total required State
contribution for State fiscal year 2007 is | 19 | | $35,236,800.
| 20 | | For each of State fiscal years 2008 through 2009, the State | 21 | | contribution to
the System, as a percentage of the applicable | 22 | | employee payroll, shall be
increased in equal annual increments | 23 | | from the required State contribution for State fiscal year | 24 | | 2007, so that by State fiscal year 2011, the
State is | 25 | | contributing at the rate otherwise required under this Section.
| 26 | | Notwithstanding any other provision of this Article, the |
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| 1 | | total required State contribution for State fiscal year 2010 is | 2 | | $78,832,000 and shall be made from the proceeds of bonds sold | 3 | | in fiscal year 2010 pursuant to Section 7.2 of the General | 4 | | Obligation Bond Act, less (i) the pro rata share of bond sale | 5 | | expenses determined by the System's share of total bond | 6 | | proceeds, (ii) any amounts received from the General Revenue | 7 | | Fund in fiscal year 2010, and (iii) any reduction in bond | 8 | | proceeds due to the issuance of discounted bonds, if | 9 | | applicable. | 10 | | Notwithstanding any other provision of this Article, the | 11 | | total required State contribution for State fiscal year 2011 is
| 12 | | the amount recertified by the System on or before April 1, 2011 | 13 | | pursuant to Section 18-140 and shall be made from the proceeds | 14 | | of bonds sold
in fiscal year 2011 pursuant to Section 7.2 of | 15 | | the General
Obligation Bond Act, less (i) the pro rata share of | 16 | | bond sale
expenses determined by the System's share of total | 17 | | bond
proceeds, (ii) any amounts received from the General | 18 | | Revenue
Fund in fiscal year 2011, and (iii) any reduction in | 19 | | bond
proceeds due to the issuance of discounted bonds, if
| 20 | | applicable. | 21 | | Beginning in State fiscal year 2046, the minimum State | 22 | | contribution for
each fiscal year shall be the amount needed to | 23 | | maintain the total assets of
the System at 90% of the total | 24 | | actuarial liabilities of the System.
| 25 | | Amounts received by the System pursuant to Section 25 of | 26 | | the Budget Stabilization Act or Section 8.12 of the State |
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| 1 | | Finance Act in any fiscal year do not reduce and do not | 2 | | constitute payment of any portion of the minimum State | 3 | | contribution required under this Article in that fiscal year. | 4 | | Such amounts shall not reduce, and shall not be included in the | 5 | | calculation of, the required State contributions under this | 6 | | Article in any future year until the System has reached a | 7 | | funding ratio of at least 100% 90% . A reference in this Article | 8 | | to the "required State contribution" or any substantially | 9 | | similar term does not include or apply to any amounts payable | 10 | | to the System under Section 25 of the Budget Stabilization Act.
| 11 | | Notwithstanding any other provision of this Section, the | 12 | | required State
contribution for State fiscal year 2005 and for | 13 | | fiscal year 2008 and each fiscal year thereafter, as
calculated | 14 | | under this Section and
certified under Section 18-140, shall | 15 | | not exceed an amount equal to (i) the
amount of the required | 16 | | State contribution that would have been calculated under
this | 17 | | Section for that fiscal year if the System had not received any | 18 | | payments
under subsection (d) of Section 7.2 of the General | 19 | | Obligation Bond Act, minus
(ii) the portion of the State's | 20 | | total debt service payments for that fiscal
year on the bonds | 21 | | issued in fiscal year 2003 for the purposes of that Section | 22 | | 7.2, as determined
and certified by the Comptroller, that is | 23 | | the same as the System's portion of
the total moneys | 24 | | distributed under subsection (d) of Section 7.2 of the General
| 25 | | Obligation Bond Act. In determining this maximum for State | 26 | | fiscal years 2008 through 2010, however, the amount referred to |
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| 1 | | in item (i) shall be increased, as a percentage of the | 2 | | applicable employee payroll, in equal increments calculated | 3 | | from the sum of the required State contribution for State | 4 | | fiscal year 2007 plus the applicable portion of the State's | 5 | | total debt service payments for fiscal year 2007 on the bonds | 6 | | issued in fiscal year 2003 for the purposes of Section 7.2 of | 7 | | the General
Obligation Bond Act, so that, by State fiscal year | 8 | | 2011, the
State is contributing at the rate otherwise required | 9 | | under this Section.
| 10 | | (d) For purposes of determining the required State | 11 | | contribution to the System, the value of the System's assets | 12 | | shall be equal to the actuarial value of the System's assets, | 13 | | which shall be calculated as follows: | 14 | | As of June 30, 2008, the actuarial value of the System's | 15 | | assets shall be equal to the market value of the assets as of | 16 | | that date. In determining the actuarial value of the System's | 17 | | assets for fiscal years after June 30, 2008, any actuarial | 18 | | gains or losses from investment return incurred in a fiscal | 19 | | year shall be recognized in equal annual amounts over the | 20 | | 5-year period following that fiscal year. | 21 | | (e) For purposes of determining the required State | 22 | | contribution to the system for a particular year, the actuarial | 23 | | value of assets shall be assumed to earn a rate of return equal | 24 | | to the system's actuarially assumed rate of return. | 25 | | (Source: P.A. 96-43, eff. 7-15-09; 96-1497, eff. 1-14-11; | 26 | | 96-1511, eff. 1-27-11; 96-1554, eff. 3-18-11; 97-813, eff. |
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| 1 | | 7-13-12.)
| 2 | | (40 ILCS 5/18-140)
(from Ch. 108 1/2, par. 18-140)
| 3 | | Sec. 18-140. To certify required State contributions and | 4 | | submit vouchers.
| 5 | | (a) The Board shall certify to the Governor, on or before | 6 | | November 15 of
each year until November 15, 2011, the amount of | 7 | | the required State contribution to the System for the
following | 8 | | fiscal year and shall specifically identify the System's | 9 | | projected State normal cost for that fiscal year. The | 10 | | certification shall include a copy of the actuarial
| 11 | | recommendations upon which it is based and shall specifically | 12 | | identify the System's projected State normal cost for that | 13 | | fiscal year.
| 14 | | On or before November 1 of each year, beginning November 1, | 15 | | 2012, the Board shall submit to the State Actuary, the | 16 | | Governor, and the General Assembly a proposed certification of | 17 | | the amount of the required State contribution to the System for | 18 | | the next fiscal year, along with all of the actuarial | 19 | | assumptions, calculations, and data upon which that proposed | 20 | | certification is based. On or before January 1 of each year | 21 | | beginning January 1, 2013, the State Actuary shall issue a | 22 | | preliminary report concerning the proposed certification and | 23 | | identifying, if necessary, recommended changes in actuarial | 24 | | assumptions that the Board must consider before finalizing its | 25 | | certification of the required State contributions. On or before |
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| 1 | | January 15, 2013 and every January 15 thereafter, the Board | 2 | | shall certify to the Governor and the General Assembly the | 3 | | amount of the required State contribution for the next fiscal | 4 | | year. The Board's certification must incorporate and follow | 5 | | note any deviations from the State Actuary's recommended | 6 | | changes , the reason or reasons for not following the State | 7 | | Actuary's recommended changes, and the fiscal impact of not | 8 | | following the State Actuary's recommended changes on the | 9 | | required State contribution . | 10 | | On or before May 1, 2004, the Board shall recalculate and | 11 | | recertify to
the Governor the amount of the required State | 12 | | contribution to the System for
State fiscal year 2005, taking | 13 | | into account the amounts appropriated to and
received by the | 14 | | System under subsection (d) of Section 7.2 of the General
| 15 | | Obligation Bond Act.
| 16 | | On or before July 1, 2005, the Board shall recalculate and | 17 | | recertify
to the Governor the amount of the required State
| 18 | | contribution to the System for State fiscal year 2006, taking | 19 | | into account the changes in required State contributions made | 20 | | by this amendatory Act of the 94th General Assembly.
| 21 | | On or before April 1, 2011, the Board shall recalculate and | 22 | | recertify to the Governor the amount of the required State | 23 | | contribution to the System for State fiscal year 2011, applying | 24 | | the changes made by Public Act 96-889 to the System's assets | 25 | | and liabilities as of June 30, 2009 as though Public Act 96-889 | 26 | | was approved on that date. |
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| 1 | | (b) Beginning in State fiscal year 1996, on or as soon as | 2 | | possible after
the 15th day of each month the Board shall | 3 | | submit vouchers for payment of State
contributions to the | 4 | | System, in a total monthly amount of one-twelfth of the
| 5 | | required annual State contribution certified under subsection | 6 | | (a).
From the effective date of this amendatory Act
of the 93rd | 7 | | General Assembly through June 30, 2004, the Board shall not
| 8 | | submit vouchers for the remainder of fiscal year 2004 in excess | 9 | | of the
fiscal year 2004 certified contribution amount | 10 | | determined
under this Section after taking into consideration | 11 | | the transfer to the
System under subsection (c) of Section | 12 | | 6z-61 of the State Finance Act.
These
vouchers shall be paid by | 13 | | the State Comptroller and Treasurer by warrants drawn
on the | 14 | | funds appropriated to the System for that fiscal year.
| 15 | | If in any month the amount remaining unexpended from all | 16 | | other
appropriations to the System for the applicable fiscal | 17 | | year (including the
appropriations to the System under Section | 18 | | 8.12 of the State Finance Act and
Section 1 of the State | 19 | | Pension Funds Continuing Appropriation Act) is less than
the | 20 | | amount lawfully vouchered under this Section, the difference | 21 | | shall be paid
from the General Revenue Fund under the | 22 | | continuing appropriation authority
provided in Section 1.1 of | 23 | | the State Pension Funds Continuing Appropriation
Act.
| 24 | | (Source: P.A. 96-1497, eff. 1-14-11; 96-1511, eff. 1-27-11; | 25 | | 97-694, eff. 6-18-12.)
| 26 | | Section 99. Effective date. This Act takes effect upon |
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| 1 | | becoming law.
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