Full Text of HB0585 093rd General Assembly
HB0585enr 93RD GENERAL ASSEMBLY
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| AN ACT in relation to pensions.
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| Be it enacted by the People of the State of Illinois, | 3 |
| represented in the General Assembly:
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| Section 5. The State Finance Act is amended by changing
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| Sections 8.12, 8a, and 14.1 and adding Section 6z-61 as | 6 |
| follows:
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| (30 ILCS 105/6z-61 new)
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| Sec. 6z-61. Transfers from Pension Contribution Fund.
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| (a) As soon as practicable after the effective date of this
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| amendatory Act of the 93rd General Assembly, the State | 11 |
| Comptroller shall
direct and the State Treasurer shall transfer | 12 |
| from the Pension
Contribution Fund to the Teachers' Retirement | 13 |
| System of Illinois
an amount equal to the unexpended balance of | 14 |
| the fiscal year 2004
appropriations to the System from the | 15 |
| General Revenue Fund, the
Education Assistance Fund, the Common | 16 |
| School Fund, and the State
Pensions Fund so that the amount | 17 |
| received by the System in fiscal year
2004 is equal to the | 18 |
| fiscal year 2004 certified contribution amount for
the System | 19 |
| as determined under Section 16-158 of the Illinois Pension | 20 |
| Code.
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| (b) As soon as practicable after the effective date of this
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| amendatory Act of the 93rd General Assembly, the State | 23 |
| Comptroller shall
direct and the State Treasurer shall transfer | 24 |
| from the Pension
Contribution Fund to the State Universities | 25 |
| Retirement System an amount
equal to the unexpended balance of | 26 |
| the fiscal year 2004 appropriations to
the System from the | 27 |
| General Revenue Fund, the Education Assistance Fund,
and the | 28 |
| State Pensions Fund so that the amount received by the System
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| in fiscal year 2004 is equal to the fiscal year 2004 certified
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| contribution amount for the System as determined under Section | 31 |
| 15-165 of the
Illinois Pension Code.
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| (c) As soon as practicable after the effective date of this
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| amendatory Act of the 93rd General Assembly, the State | 2 |
| Comptroller shall
direct and the State Treasurer shall transfer | 3 |
| from the Pension
Contribution Fund to the Judges Retirement | 4 |
| System of Illinois an amount
equal to the unexpended balance of | 5 |
| the fiscal year 2004 appropriations to
the System from the | 6 |
| General Revenue Fund and the State Pensions Fund so
that the | 7 |
| amount received by the System in fiscal year 2004 is equal to
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| the fiscal year 2004 certified contribution amount for the | 9 |
| System as
determined under Section 18-140 of the Illinois | 10 |
| Pension Code.
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| (d) As soon as practicable after the effective date of this
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| amendatory Act of the 93rd General Assembly, the State | 13 |
| Comptroller shall
direct and the State Treasurer shall transfer | 14 |
| from the Pension
Contribution Fund to the General Assembly | 15 |
| Retirement System an amount
equal to the unexpended balance of | 16 |
| the fiscal year 2004 appropriations to
the System from the | 17 |
| General Revenue Fund and the State Pensions Fund so
that the | 18 |
| amount received by the System in fiscal year 2004 is equal to
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| the fiscal year 2004 certified contribution amount for the | 20 |
| System as
determined under Section 2-134 of the Illinois | 21 |
| Pension Code.
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| (e) As soon as practicable after the effective date of this
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| amendatory Act of the 93rd General Assembly, and taking into
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| consideration the transfers provided for by subsections (a), | 25 |
| (b), (c), and (d),
the State Comptroller shall direct and the | 26 |
| State Treasurer shall
transfer the remaining balance in the | 27 |
| Pension Contribution Fund to the
State Employees' Retirement | 28 |
| System of Illinois.
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| (30 ILCS 105/8.12)
(from Ch. 127, par. 144.12)
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| Sec. 8.12. State Pensions Fund.
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| (a) The moneys in the State Pensions Fund shall be used | 32 |
| exclusively
for the administration of the Uniform Disposition | 33 |
| of Unclaimed Property Act and
for the payment of or repayment | 34 |
| to the General Revenue Fund a portion of
the required State | 35 |
| contributions to the
designated retirement systems.
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| "Designated retirement systems" means:
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| (1) the State Employees' Retirement System of | 3 |
| Illinois;
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| (2) the Teachers' Retirement System of the State of | 5 |
| Illinois;
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| (3) the State Universities Retirement System;
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| (4) the Judges Retirement System of Illinois; and
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| (5) the General Assembly Retirement System.
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| (b) Each year the General Assembly may make appropriations | 10 |
| from
the State Pensions Fund for the administration of the | 11 |
| Uniform Disposition of
Unclaimed Property Act.
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| Each month, the Commissioner of the Office of Banks and | 13 |
| Real Estate shall
certify to the State Treasurer the actual | 14 |
| expenditures that the Office of
Banks and Real Estate incurred | 15 |
| conducting unclaimed property examinations under
the Uniform | 16 |
| Disposition of Unclaimed Property Act during the immediately
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| preceding month. Within a reasonable
time following the | 18 |
| acceptance of such certification by the State Treasurer, the
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| State Treasurer shall pay from its appropriation from the State | 20 |
| Pensions Fund
to the Bank and Trust Company Fund and the | 21 |
| Savings and Residential Finance
Regulatory Fund an amount equal | 22 |
| to the expenditures incurred by each Fund for
that month.
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| Each month, the Director of Financial Institutions shall
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| certify to the State Treasurer the actual expenditures that the | 25 |
| Department of
Financial Institutions incurred conducting | 26 |
| unclaimed property examinations
under the Uniform Disposition | 27 |
| of Unclaimed Property Act during the immediately
preceding | 28 |
| month. Within a reasonable time following the acceptance of | 29 |
| such
certification by the State Treasurer, the State Treasurer | 30 |
| shall pay from its
appropriation from the State Pensions Fund
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| to the Financial Institutions Fund and the Credit Union Fund
an | 32 |
| amount equal to the expenditures incurred by each Fund for
that | 33 |
| month.
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| (c) Each year the General Assembly shall appropriate a | 35 |
| total amount
equal to the balance in the State Pensions Fund at | 36 |
| the close of business on
June 30 of the preceding fiscal year, |
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| less $5,000,000, as part of the required
State contributions to | 2 |
| the designated retirement systems. The amount of the
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| appropriation to each designated retirement system shall | 4 |
| constitute a portion
of the total appropriation under this | 5 |
| subsection for that fiscal year which is
the same as that | 6 |
| retirement system's portion of the total actuarial reserve
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| deficiency of the systems, as most recently determined by the
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| Governor's Office of Management and Budget
Bureau of the
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| Budget .
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| (d) The
Governor's Office of Management and Budget
Bureau | 11 |
| of the Budget shall determine the individual and total
reserve | 12 |
| deficiencies of the designated retirement systems. For this | 13 |
| purpose,
the
Governor's Office of Management and Budget
Bureau | 14 |
| of the Budget shall utilize the latest available audit and | 15 |
| actuarial
reports of each of the retirement systems and the | 16 |
| relevant reports and
statistics of the Public Employee Pension | 17 |
| Fund Division of the Department of
Insurance.
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| (d-1) As soon as practicable after the effective date of | 19 |
| this
amendatory Act of the 93rd General Assembly, the | 20 |
| Comptroller shall
direct and the Treasurer shall transfer from | 21 |
| the State Pensions Fund to
the General Revenue Fund, as funds | 22 |
| become available, a sum equal to the
amounts that would have | 23 |
| been paid
from the State Pensions Fund to the Teachers' | 24 |
| Retirement System of the State
of Illinois,
the State | 25 |
| Universities Retirement System, the Judges Retirement
System | 26 |
| of Illinois, the
General Assembly Retirement System, and the | 27 |
| State Employees'
Retirement System
of Illinois
after the | 28 |
| effective date of this
amendatory Act during the remainder of | 29 |
| fiscal year 2004 to the
designated retirement systems from the | 30 |
| appropriations provided for in
this Section if the transfers | 31 |
| provided in Section 6z-61 had not
occurred. The transfers | 32 |
| described in this subsection (d-1) are to
partially repay the | 33 |
| General Revenue Fund for the costs associated with
the bonds | 34 |
| used to fund the moneys transferred to the designated
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| retirement systems under Section 6z-61.
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| (e) The changes to this Section made by this amendatory Act |
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| of 1994 shall
first apply to distributions from the Fund for | 2 |
| State fiscal year 1996.
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| (Source: P.A. 91-16, eff. 7-1-99; revised 8-23-03.)
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| (30 ILCS 105/8a)
(from Ch. 127, par. 144a)
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| Sec. 8a. Common School Fund; transfers to Common School | 6 |
| Fund and Education
Assistance Fund.
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| (a) Except as provided in subsection (b) of this
Section | 8 |
| and except as otherwise provided in this subsection (a) with
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| respect to amounts transferred from the General Revenue Fund to | 10 |
| the Common
School Fund for distribution therefrom for the | 11 |
| benefit of the Teachers'
Retirement System of the State of | 12 |
| Illinois and the Public School Teachers'
Pension and Retirement | 13 |
| Fund of Chicago:
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| (1) With respect to all school districts, for each | 15 |
| fiscal year other
than fiscal year 1994, on or before the | 16 |
| eleventh and
twenty-first days of each of the months of | 17 |
| August through the following July,
at a time or times | 18 |
| designated by the Governor, the State Treasurer
and the | 19 |
| State Comptroller shall transfer from the General Revenue
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| Fund to the Common School Fund and Education Assistance | 21 |
| Fund, as
appropriate, 1/24 or so much thereof as may be
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| necessary of the amount appropriated to the State Board of | 23 |
| Education for
distribution to all school districts from | 24 |
| such Common School Fund and
Education Assistance Fund, for | 25 |
| the
fiscal year, including interest on the School Fund | 26 |
| proportionate for that
distribution for such year.
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| (2) With respect to all school districts, but for | 28 |
| fiscal year 1994 only,
on the 11th day of August, 1993 and | 29 |
| on or before the 11th and
21st days of each of the months | 30 |
| of October, 1993 through July, 1994 at a time
or times | 31 |
| designated by the Governor, the State Treasurer and the | 32 |
| State
Comptroller shall transfer from the General Revenue | 33 |
| Fund to the Common School
Fund 1/24 or so much thereof as | 34 |
| may be necessary of the amount appropriated to
the State | 35 |
| Board of Education for distribution to all school districts |
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| from such
Common School Fund, for fiscal year 1994, | 2 |
| including interest on the School Fund
proportionate for | 3 |
| that distribution for such year; and on or before the 21st
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| day of August, 1993 at a time or times designated by the | 5 |
| Governor, the State
Treasurer and the State Comptroller | 6 |
| shall transfer from the General Revenue
Fund to the Common | 7 |
| School Fund 3/24 or so much thereof as may be necessary of
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| the amount appropriated to the State Board of Education for | 9 |
| distribution to all
school districts from the Common School | 10 |
| Fund, for fiscal year 1994, including
interest | 11 |
| proportionate for that distribution on the School Fund for | 12 |
| such fiscal
year.
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| The amounts of the payments made in July of each year: (i) | 14 |
| shall be
considered an outstanding liability as of the 30th day | 15 |
| of June immediately
preceding those July payments, within the | 16 |
| meaning of Section 25 of this Act;
(ii) shall be payable from | 17 |
| the appropriation for the fiscal year that ended on
that 30th | 18 |
| day of June; and (iii) shall be considered payments for claims
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| covering the school year that commenced during the immediately | 20 |
| preceding
calendar year.
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| Notwithstanding the foregoing provisions of this | 22 |
| subsection, as soon
as may be after the 10th and 20th days of | 23 |
| each of the months of August
through May, 1/24, and on or as | 24 |
| soon as may be after the 10th and 20th days of June, 1/12 of the | 25 |
| annual amount appropriated to the
State Board of Education for | 26 |
| distribution and payment during that fiscal year
from the | 27 |
| Common School Fund to and for the benefit of the Teachers' | 28 |
| Retirement
System of the State of Illinois (until the end of | 29 |
| State fiscal year 1995)
and the Public School Teachers' Pension | 30 |
| and Retirement Fund of Chicago as
provided by the Illinois | 31 |
| Pension Code and Section 18-7 of the School Code, or
so much | 32 |
| thereof as may be necessary, shall be transferred by the State
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| Treasurer and the State Comptroller from the General Revenue | 34 |
| Fund to the Common
School Fund to permit semi-monthly payments | 35 |
| from the Common School Fund to and
for the benefit of such | 36 |
| teacher retirement systems as required by Section 18-7
of the |
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| School Code.
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| Notwithstanding the other provisions of this Section, on or | 3 |
| as soon as
may be after the 15th day of each month, beginning | 4 |
| in July of 1995, 1/12
of the annual amount appropriated for | 5 |
| that fiscal year from the Common School
Fund to the Teachers' | 6 |
| Retirement System of the State of Illinois (other than
amounts | 7 |
| appropriated under Section 1.1 of the State Pension Funds | 8 |
| Continuing
Appropriation Act), or so much thereof as may be | 9 |
| necessary, shall be
transferred by the State Treasurer and the | 10 |
| State Comptroller from the General
Revenue Fund to the Common | 11 |
| School Fund to permit monthly payments from the
Common School | 12 |
| Fund to that retirement system in accordance with Section | 13 |
| 16-158
of the Illinois Pension Code and Section 18-7 of the | 14 |
| School Code , except that
such transfers in fiscal year 2004 | 15 |
| from the General Revenue Fund
to the Common School Fund for the | 16 |
| benefit of the Teachers' Retirement System of
the State of | 17 |
| Illinois shall be reduced in the aggregate by the State
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| Comptroller and
State Treasurer to adjust for the amount | 19 |
| transferred to the Teachers'
Retirement System of the State of | 20 |
| Illinois pursuant to subsection (a) of
Section 6z-61 .
Amounts
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| appropriated to the Teachers' Retirement System of the State of | 22 |
| Illinois under
Section 1.1 of the State Pension Funds | 23 |
| Continuing Appropriation Act shall be
transferred by the State | 24 |
| Treasurer and the State Comptroller from the General
Revenue | 25 |
| Fund to the Common School Fund as necessary to provide for the | 26 |
| payment
of vouchers drawn against those appropriations.
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| The Governor may notify the State Treasurer and the State | 28 |
| Comptroller to
transfer, at a time designated by the Governor, | 29 |
| such additional amount as
may be necessary to effect advance | 30 |
| distribution to school districts of amounts
that otherwise | 31 |
| would be payable in the next month pursuant to Sections 18-8
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| through 18-10 of the School Code. The State Treasurer and the | 33 |
| State Comptroller
shall thereupon transfer such additional | 34 |
| amount. The aggregate amount
transferred from the General | 35 |
| Revenue Fund to the Common School Fund in the
eleven months | 36 |
| beginning August 1 of any fiscal year shall not be in excess
of |
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| the amount necessary for payment of claims certified by the | 2 |
| State
Superintendent of Education pursuant to the | 3 |
| appropriation of the Common
School Fund for that fiscal year. | 4 |
| Notwithstanding the provisions of the
first paragraph in this | 5 |
| section, no transfer to effect an advance
distribution shall be | 6 |
| made in any month except on notification, as provided
above, by | 7 |
| the Governor.
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| The State Comptroller and State Treasurer shall transfer | 9 |
| from the General
Revenue Fund to the Common School Fund and the | 10 |
| Education Assistance Fund
such amounts as may be required to
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| honor the vouchers presented by the State Board of Education | 12 |
| pursuant to
Sections 18-3, 18-4.3, 18-5, 18-6 and 18-7 of the | 13 |
| School Code.
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| The State Comptroller shall report all transfers provided | 15 |
| for in this Act
to the President of the Senate, Minority Leader | 16 |
| of the Senate, Speaker of
the House, and Minority Leader of the | 17 |
| House.
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| (b) On or before the 11th and 21st days of each of the | 19 |
| months of June,
1982 through July, 1983, at a time or times | 20 |
| designated by the Governor,
the State Treasurer and the State | 21 |
| Comptroller shall transfer from the General
Revenue Fund to the | 22 |
| Common School Fund 1/24 or so much thereof as may be
necessary | 23 |
| of the amount appropriated to the State Board of Education for
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| distribution from such Common School Fund, for that same fiscal | 25 |
| year, including
interest on the School Fund for such year. The | 26 |
| amounts of the payments
in the months of July, 1982 and July, | 27 |
| 1983 shall be considered an outstanding
liability as of the | 28 |
| 30th day of June immediately preceding such July payment,
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| within the meaning of Section 25 of this Act, and shall be | 30 |
| payable from
the appropriation for the fiscal year which ended | 31 |
| on such 30th day of June,
and such July payments shall be | 32 |
| considered payments for claims covering
school years 1981-1982 | 33 |
| and 1982-1983 respectively.
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| In the event the Governor makes notification to effect | 35 |
| advanced distribution
under the provisions of subsection (a) of | 36 |
| this Section, the aggregate amount
transferred from the General |
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| Revenue Fund to the Common School Fund in the
12 months | 2 |
| beginning August 1, 1981 or the 12 months beginning August 1,
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| 1982 shall not be in excess of the amount necessary for payment | 4 |
| of claims
certified by the State Superintendent of Education | 5 |
| pursuant to the
appropriation of the Common School Fund for the | 6 |
| fiscal years commencing on
the first of July of the years 1981 | 7 |
| and 1982.
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| (Source: P.A. 90-372, eff. 7-1-98; 90-587, eff. 7-1-98; 91-96, | 9 |
| eff. 7-9-99.)
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| (30 ILCS 105/14.1)
(from Ch. 127, par. 150.1)
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| Sec. 14.1. Appropriations for State contributions to the | 12 |
| State
Employees' Retirement System; payroll requirements.
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| (a) Appropriations for State contributions to the State
| 14 |
| Employees' Retirement System of Illinois shall be expended in | 15 |
| the manner
provided in this Section.
Except as otherwise | 16 |
| provided in subsection (a-1),
at the time of each payment of | 17 |
| salary to an
employee under the personal services line item, | 18 |
| payment shall be made to
the State Employees' Retirement | 19 |
| System, from the amount appropriated for
State contributions to | 20 |
| the State Employees' Retirement System, of an amount
calculated | 21 |
| at the rate certified for the applicable fiscal year by the
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| Board of Trustees of the State Employees' Retirement System | 23 |
| under Section
14-135.08 of the Illinois Pension Code. If a line | 24 |
| item appropriation to an
employer for this purpose is | 25 |
| unavailable or exhausted, the amounts shall be
paid under the | 26 |
| continuing appropriation for this purpose contained in the | 27 |
| State
Pension Funds Continuing Appropriation Act.
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| (a-1) Beginning on the effective date of this amendatory | 29 |
| Act of the 93rd
General Assembly through the payment of the | 30 |
| final payroll from fiscal
year 2004 appropriations, | 31 |
| appropriations for State contributions to the
State Employees' | 32 |
| Retirement System of Illinois shall be expended in the
manner | 33 |
| provided in this subsection (a-1). At the time of each payment | 34 |
| of
salary to an employee under the personal services line item | 35 |
| from a fund
other than the General Revenue Fund, payment shall |
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| be made for deposit
into the General Revenue Fund from the | 2 |
| amount appropriated for State
contributions to the State | 3 |
| Employees' Retirement System of an amount
calculated at the | 4 |
| rate certified for fiscal year 2004 by the Board of
Trustees of | 5 |
| the State Employees' Retirement System under Section
14-135.08 | 6 |
| of the Illinois Pension Code. This payment shall be made to
the | 7 |
| extent that a line item appropriation to an employer for this | 8 |
| purpose is
available or unexhausted. No payment from | 9 |
| appropriations for State
contributions shall be made in | 10 |
| conjunction with payment of salary to an
employee under the | 11 |
| personal services line item from the General Revenue
Fund.
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| (b) Except during the period beginning on the effective | 13 |
| date of this
amendatory
Act of the 93rd General Assembly and | 14 |
| ending at the time of the payment of the
final payroll from | 15 |
| fiscal year 2004 appropriations, the State Comptroller
shall | 16 |
| not approve for payment any payroll
voucher that (1) includes | 17 |
| payments of salary to eligible employees in the
State | 18 |
| Employees' Retirement System of Illinois and (2) does not | 19 |
| include the
corresponding payment of State contributions to | 20 |
| that retirement system at the
full rate certified under Section | 21 |
| 14-135.08 for that fiscal year for eligible
employees, unless | 22 |
| the balance in the fund on which the payroll voucher is drawn
| 23 |
| is insufficient to pay the total payroll voucher. If the State | 24 |
| Comptroller
approves a payroll voucher under this Section for | 25 |
| which the fund balance is
insufficient to pay the full amount | 26 |
| of the required State contribution to the
State Employees' | 27 |
| Retirement System, the Comptroller shall promptly so notify
the | 28 |
| Retirement System.
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| (Source: P.A. 88-593, eff. 8-22-94; 89-136, eff. 7-14-95.)
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| Section 10. The General Obligation Bond Act is amended by | 31 |
| changing
Section 7.2 as follows:
| 32 |
| (30 ILCS 330/7.2)
| 33 |
| Sec. 7.2. State pension funding.
| 34 |
| (a) The amount of $10,000,000,000 is authorized to be used |
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| for the
purpose of making contributions to the designated | 2 |
| retirement systems.
For the purposes of this Section, | 3 |
| "designated retirement systems" means
the State Employees' | 4 |
| Retirement System of Illinois;
the Teachers' Retirement System | 5 |
| of the State of Illinois;
the State Universities Retirement | 6 |
| System;
the Judges Retirement System of Illinois; and
the | 7 |
| General Assembly Retirement System.
| 8 |
| (b) The Pension Contribution Fund is created as a special | 9 |
| fund in the
State Treasury.
| 10 |
| The proceeds of the additional $10,000,000,000 of Bonds | 11 |
| authorized by this
amendatory Act of the 93rd General Assembly, | 12 |
| less the amounts authorized in the
Bond Sale Order to be | 13 |
| deposited directly into the capitalized interest account
of the | 14 |
| General Obligation Bond Retirement and Interest Fund or | 15 |
| otherwise
directly paid out for bond sale expenses under | 16 |
| Section 8, shall be deposited
into the Pension Contribution | 17 |
| Fund and used as provided in this Section.
| 18 |
| (c) Of the amount of Bond proceeds first deposited into the | 19 |
| Pension
Contribution Fund, there shall be reserved for | 20 |
| transfers under this subsection
the sum of $300,000,000, | 21 |
| representing the required State contributions to the
| 22 |
| designated retirement systems for the last quarter of State | 23 |
| fiscal year 2003,
plus the sum of $1,860,000,000, representing | 24 |
| the required State contributions
to the designated retirement | 25 |
| systems for State fiscal year 2004.
| 26 |
| Upon the deposit of sufficient moneys into the Pension | 27 |
| Contribution
Fund, the Comptroller and Treasurer shall | 28 |
| immediately transfer the sum of
$300,000,000 from the Pension | 29 |
| Contribution Fund to the General Revenue Fund.
| 30 |
| Whenever any payment of required State contributions for | 31 |
| State fiscal year
2004 is made to one of the designated | 32 |
| retirement systems, the Comptroller and
Treasurer shall, as | 33 |
| soon as practicable, transfer from the Pension Contribution
| 34 |
| Fund to the General Revenue Fund an amount equal to the amount | 35 |
| of that payment
to the designated retirement system.
Beginning | 36 |
| on the effective date of this amendatory Act of the 93rd
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| General Assembly, the transfers from the Pension Contribution | 2 |
| Fund to
the General Revenue Fund shall be suspended until June | 3 |
| 30, 2004, and
the remaining balance in the Pension Contribution | 4 |
| Fund shall be
transferred directly to the designated retirement | 5 |
| systems as provided
in Section 6z-61 of the State Finance Act. | 6 |
| On and after July 1, 2004, in the
event that
any amount is on | 7 |
| deposit in the Pension Contribution Fund from time to
time
If | 8 |
| the amount reserved for these
transfers exceeds the total | 9 |
| amount of fiscal year 2004 payments of required
State | 10 |
| contributions to the designated retirement systems , the | 11 |
| Comptroller and
Treasurer shall continue to make such transfers | 12 |
| based on fiscal year 2005
payments until the entire amount on | 13 |
| deposit
reserved has been
transferred.
| 14 |
| (d) All amounts deposited into the Pension Contribution | 15 |
| Fund, other
than the amounts reserved for the transfers under | 16 |
| subsection (c), shall be
appropriated to the designated | 17 |
| retirement systems to reduce their actuarial
reserve | 18 |
| deficiencies. The amount of the appropriation to each | 19 |
| designated
retirement system shall constitute a portion of the | 20 |
| total appropriation under
this subsection that is the same as | 21 |
| that retirement system's portion of the
total actuarial reserve | 22 |
| deficiency of the systems, as most recently determined
by the
| 23 |
| Governor's Office of Management and Budget
Bureau of the Budget | 24 |
| under Section 8.12 of the State Finance Act.
| 25 |
| Within 15 days after any Bond proceeds in excess of the | 26 |
| amounts initially
reserved under subsection (c) are deposited | 27 |
| into the Pension Contribution
Fund, the
Governor's Office of | 28 |
| Management and Budget
Bureau of the Budget shall (i) allocate | 29 |
| those proceeds among the
designated retirement systems in | 30 |
| proportion to their respective actuarial
reserve deficiencies, | 31 |
| as most recently determined under Section 8.12 of the
State | 32 |
| Finance Act, and (ii) certify those allocations to the | 33 |
| designated
retirement systems and the Comptroller.
| 34 |
| Upon receiving certification of an allocation under this | 35 |
| subsection, a
designated retirement system shall submit to the | 36 |
| Comptroller a voucher for
the amount of its allocation. The |
|
|
|
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| voucher shall be paid out of the amount
appropriated to that | 2 |
| designated retirement system from the Pension Contribution
| 3 |
| Fund pursuant to this subsection.
| 4 |
| (Source: P.A. 93-2, eff. 4-7-03; revised 8-23-03.)
| 5 |
| Section 15. The Illinois Pension Code is amended by | 6 |
| changing
Sections 2-134, 14-131, 16-158, 15-165, and 18-140 as | 7 |
| follows:
| 8 |
| (40 ILCS 5/2-134)
(from Ch. 108 1/2, par. 2-134)
| 9 |
| Sec. 2-134. To certify required State contributions and | 10 |
| submit vouchers.
| 11 |
| (a) The Board shall certify to the Governor on or before | 12 |
| November 15 of each
year the amount of the required State | 13 |
| contribution to the System for the next
fiscal year. The | 14 |
| certification shall include a copy of the actuarial
| 15 |
| recommendations upon which it is based.
| 16 |
| On or before May 1, 2004, 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 2005, taking | 19 |
| into account the amounts appropriated to and
received by the | 20 |
| System under subsection (d) of Section 7.2 of the General
| 21 |
| Obligation Bond Act.
| 22 |
| (b) Beginning in State fiscal year 1996, on or as soon as | 23 |
| possible after the
15th day of each month the Board shall | 24 |
| submit vouchers for payment of State
contributions to the | 25 |
| System, in a total monthly amount of one-twelfth of the
| 26 |
| required annual State contribution certified under subsection | 27 |
| (a).
From the effective date of this amendatory Act
of the 93rd | 28 |
| General Assembly through June 30, 2004, the Board shall not
| 29 |
| submit vouchers for the remainder of fiscal year 2004 in excess | 30 |
| of the
fiscal year 2004 certified contribution amount | 31 |
| determined
under this Section after taking into consideration | 32 |
| the transfer to the
System under subsection (d) of Section | 33 |
| 6z-61 of the State Finance Act.
These
vouchers shall be paid by | 34 |
| the State Comptroller and Treasurer by warrants drawn
on the |
|
|
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| 1 |
| funds appropriated to the System for that fiscal year. If in | 2 |
| any month
the amount remaining unexpended from all other | 3 |
| appropriations to the System for
the applicable fiscal year | 4 |
| (including the appropriations to the System under
Section 8.12 | 5 |
| of the State Finance Act and Section 1 of the State Pension | 6 |
| Funds
Continuing Appropriation Act) is less than the amount | 7 |
| lawfully vouchered under
this Section, the difference shall be | 8 |
| paid from the General Revenue Fund under
the continuing | 9 |
| appropriation authority provided in Section 1.1 of the State
| 10 |
| Pension Funds Continuing Appropriation Act.
| 11 |
| (c) The full amount of any annual appropriation for the | 12 |
| System for
State fiscal year 1995 shall be transferred and made | 13 |
| available to the System
at the beginning of that fiscal year at | 14 |
| the request of the Board.
Any excess funds remaining at the end | 15 |
| of any fiscal year from appropriations
shall be retained by the | 16 |
| System as a general reserve to meet the System's
accrued | 17 |
| liabilities.
| 18 |
| (Source: P.A. 93-2, eff. 4-7-03.)
| 19 |
| (40 ILCS 5/14-131)
(from Ch. 108 1/2, par. 14-131)
| 20 |
| Sec. 14-131. Contributions by State.
| 21 |
| (a) The State shall make contributions to the System by | 22 |
| appropriations of
amounts which, together with other employer | 23 |
| contributions from trust, federal,
and other funds, employee | 24 |
| contributions, investment income, and other income,
will be | 25 |
| sufficient to meet the cost of maintaining and administering | 26 |
| the System
on a 90% funded basis in accordance with actuarial | 27 |
| recommendations.
| 28 |
| For the purposes of this Section and Section 14-135.08, | 29 |
| references to State
contributions refer only to employer | 30 |
| contributions and do not include employee
contributions that | 31 |
| are picked up or otherwise paid by the State or a
department on | 32 |
| behalf of the employee.
| 33 |
| (b) The Board shall determine the total amount of State | 34 |
| contributions
required for each fiscal year on the basis of the | 35 |
| actuarial tables and other
assumptions adopted by the Board, |
|
|
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| 1 |
| using the formula in subsection (e).
| 2 |
| The Board shall also determine a State contribution rate | 3 |
| for each fiscal
year, expressed as a percentage of payroll, | 4 |
| based on the total required State
contribution for that fiscal | 5 |
| year (less the amount received by the System from
| 6 |
| appropriations under Section 8.12 of the State Finance Act and | 7 |
| Section 1 of the
State Pension Funds Continuing Appropriation | 8 |
| Act, if any, for the fiscal year
ending on the June 30 | 9 |
| immediately preceding the applicable November 15
certification | 10 |
| deadline), the estimated payroll (including all forms of
| 11 |
| compensation) for personal services rendered by eligible | 12 |
| employees, and the
recommendations of the actuary.
| 13 |
| For the purposes of this Section and Section 14.1 of the | 14 |
| State Finance Act,
the term "eligible employees" includes | 15 |
| employees who participate in the System,
persons who may elect | 16 |
| to participate in the System but have not so elected,
persons | 17 |
| who are serving a qualifying period that is required for | 18 |
| participation,
and annuitants employed by a department as | 19 |
| described in subdivision (a)(1) or
(a)(2) of Section 14-111.
| 20 |
| (c) Contributions shall be made by the several departments | 21 |
| for each pay
period by warrants drawn by the State Comptroller | 22 |
| against their respective
funds or appropriations based upon | 23 |
| vouchers stating the amount to be so
contributed. These amounts | 24 |
| shall be based on the full rate certified by the
Board under | 25 |
| Section 14-135.08 for that fiscal year.
From the effective date | 26 |
| of this amendatory Act of the 93rd General
Assembly through the | 27 |
| payment of the final payroll from fiscal year 2004
| 28 |
| appropriations, the several departments shall not make | 29 |
| contributions
for the remainder of fiscal year 2004 but shall | 30 |
| instead make payments
as required under subsection (a-1) of | 31 |
| Section 14.1 of the State Finance Act.
The several departments | 32 |
| shall resume those contributions at the commencement of
fiscal | 33 |
| year 2005.
| 34 |
| (d) If an employee is paid from trust funds or federal | 35 |
| funds, the
department or other employer shall pay employer | 36 |
| contributions from those funds
to the System at the certified |
|
|
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| 1 |
| rate, unless the terms of the trust or the
federal-State | 2 |
| agreement preclude the use of the funds for that purpose, in
| 3 |
| which case the required employer contributions shall be paid by | 4 |
| the State.
From the effective date of this amendatory
Act of | 5 |
| the 93rd General Assembly through the payment of the final
| 6 |
| payroll from fiscal year 2004 appropriations, the department or | 7 |
| other
employer shall not pay contributions for the remainder of | 8 |
| fiscal year
2004 but shall instead make payments as required | 9 |
| under subsection (a-1) of
Section 14.1 of the State Finance | 10 |
| Act. The department or other employer shall
resume payment of
| 11 |
| contributions at the commencement of fiscal year 2005.
| 12 |
| (e) For State fiscal years 2011 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 2010, 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 | 27 |
| fiscal year 1998, for all purposes of this Code and any other
| 28 |
| law of this State, the certified percentage of the applicable | 29 |
| employee payroll
shall be 5.052% for employees earning eligible | 30 |
| creditable service under Section
14-110 and 6.500% for all | 31 |
| other employees, notwithstanding any contrary
certification | 32 |
| made under Section 14-135.08 before the effective date of this
| 33 |
| amendatory Act of 1997, and (ii)
in the following specified | 34 |
| State fiscal years, the State contribution to
the System shall | 35 |
| not be less than the following indicated percentages of the
| 36 |
| applicable employee payroll, even if the indicated percentage |
|
|
|
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| 1 |
| will produce a
State contribution in excess of the amount | 2 |
| otherwise required under this
subsection and subsection (a):
| 3 |
| 9.8% in FY 1999;
10.0% in FY 2000;
10.2% in FY 2001;
10.4% in FY | 4 |
| 2002;
10.6% in FY 2003; and
10.8% in FY 2004.
| 5 |
| Beginning in State fiscal year 2046, the minimum State | 6 |
| contribution for
each fiscal year shall be the amount needed to | 7 |
| maintain the total assets of
the System at 90% of the total | 8 |
| actuarial liabilities of the System.
| 9 |
| Notwithstanding any other provision of this Section, the | 10 |
| required State
contribution for State fiscal year 2005 and each | 11 |
| fiscal year thereafter, as
calculated under this Section and
| 12 |
| certified under Section 14-135.08, shall not exceed an amount | 13 |
| equal to (i) the
amount of the required State contribution that | 14 |
| would have been calculated under
this Section for that fiscal | 15 |
| year if the System had not received any payments
under | 16 |
| subsection (d) of Section 7.2 of the General Obligation Bond | 17 |
| Act, minus
(ii) the portion of the State's total debt service | 18 |
| payments for that fiscal
year on the bonds issued for the | 19 |
| purposes of that Section 7.2, as determined
and certified by | 20 |
| the Comptroller, that is the same as the System's portion of
| 21 |
| the total moneys distributed under subsection (d) of Section | 22 |
| 7.2 of the General
Obligation Bond Act.
| 23 |
| (f) After the submission of all payments for eligible | 24 |
| employees
from personal services line items in fiscal year 2004 | 25 |
| have been made,
the Comptroller shall provide to the System a | 26 |
| certification of the sum
of all fiscal year 2004 expenditures | 27 |
| for personal services that would
have been covered by payments | 28 |
| to the System under this Section if the
provisions of this | 29 |
| amendatory Act of the 93rd General Assembly had not been
| 30 |
| enacted. Upon
receipt of the certification, the System shall | 31 |
| determine the amount
due to the System based on the full rate | 32 |
| certified by the Board under
Section 14-135.08 for fiscal year | 33 |
| 2004 in order to meet the State's
obligation under this | 34 |
| Section. The System shall compare this amount
due to the amount | 35 |
| received by the System in fiscal year 2004 through
payments | 36 |
| under this Section and under Section 6z-61 of the State Finance |
|
|
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| 1 |
| Act.
If the amount
due is more than the amount received, the | 2 |
| difference shall be termed the
"Fiscal Year 2004 Shortfall" for | 3 |
| purposes of this Section, and the
Fiscal Year 2004 Shortfall | 4 |
| shall be satisfied under Section 1.2 of the State
Pension Funds | 5 |
| Continuing Appropriation Act. If the amount due is less than | 6 |
| the
amount received, the
difference shall be termed the "Fiscal | 7 |
| Year 2004 Overpayment" for purposes of
this Section, and the | 8 |
| Fiscal Year 2004 Overpayment shall be repaid by
the System to | 9 |
| the Pension Contribution Fund as soon as practicable
after the | 10 |
| certification.
| 11 |
| (Source: P.A. 93-2, eff. 4-7-03.)
| 12 |
| (40 ILCS 5/16-158)
(from Ch. 108 1/2, par. 16-158)
| 13 |
| Sec. 16-158. Contributions by State and other employing | 14 |
| units.
| 15 |
| (a) The State shall make contributions to the System by | 16 |
| means of
appropriations from the Common School Fund and other | 17 |
| State funds of amounts
which, together with other employer | 18 |
| contributions, employee contributions,
investment income, and | 19 |
| other income, will be sufficient to meet the cost of
| 20 |
| maintaining and administering the System on a 90% funded basis | 21 |
| in accordance
with actuarial recommendations.
| 22 |
| The Board shall determine the amount of State contributions | 23 |
| required for
each fiscal year on the basis of the actuarial | 24 |
| tables and other assumptions
adopted by the Board and the | 25 |
| recommendations of the actuary, using the formula
in subsection | 26 |
| (b-3).
| 27 |
| (a-1) Annually, on or before November 15, the Board shall | 28 |
| certify to the
Governor the amount of the required State | 29 |
| contribution for the coming fiscal
year. The certification | 30 |
| shall include a copy of the actuarial recommendations
upon | 31 |
| which it is based.
| 32 |
| On or before May 1, 2004, the Board shall recalculate and | 33 |
| recertify to
the Governor the amount of the required State | 34 |
| contribution to the System for
State fiscal year 2005, taking | 35 |
| into account the amounts appropriated to and
received by the |
|
|
|
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| 1 |
| System under subsection (d) of Section 7.2 of the General
| 2 |
| Obligation Bond Act.
| 3 |
| (b) Through State fiscal year 1995, the State contributions | 4 |
| shall be
paid to the System in accordance with Section 18-7 of | 5 |
| the School Code.
| 6 |
| (b-1) Beginning in State fiscal year 1996, on the 15th day | 7 |
| of each month,
or as soon thereafter as may be practicable, the | 8 |
| Board shall submit vouchers
for payment of State contributions | 9 |
| to the System, in a total monthly amount of
one-twelfth of the | 10 |
| required annual State contribution certified under
subsection | 11 |
| (a-1).
From the
effective date of this amendatory Act of the | 12 |
| 93rd General Assembly
through June 30, 2004, the Board shall | 13 |
| not submit vouchers for the
remainder of fiscal year 2004 in | 14 |
| excess of the fiscal year 2004
certified contribution amount | 15 |
| determined under this Section
after taking into consideration | 16 |
| the transfer to the System
under subsection (a) of Section | 17 |
| 6z-61 of the State Finance Act.
These vouchers shall be paid by | 18 |
| the State Comptroller and
Treasurer by warrants drawn on the | 19 |
| funds appropriated to the System for that
fiscal year.
| 20 |
| If in any month the amount remaining unexpended from all | 21 |
| other appropriations
to the System for the applicable fiscal | 22 |
| year (including the appropriations to
the System under Section | 23 |
| 8.12 of the State Finance Act and Section 1 of the
State | 24 |
| Pension Funds Continuing Appropriation Act) is less than the | 25 |
| amount
lawfully vouchered under this subsection, the | 26 |
| difference shall be paid from the
Common School Fund under the | 27 |
| continuing appropriation authority provided in
Section 1.1 of | 28 |
| the State Pension Funds Continuing Appropriation Act.
| 29 |
| (b-2) Allocations from the Common School Fund apportioned | 30 |
| to school
districts not coming under this System shall not be | 31 |
| diminished or affected by
the provisions of this Article.
| 32 |
| (b-3) For State fiscal years 2011 through 2045, the minimum | 33 |
| contribution
to the System to be made by the State for each | 34 |
| fiscal year shall be an amount
determined by the System to be | 35 |
| sufficient to bring the total assets of the
System up to 90% of | 36 |
| the total actuarial liabilities of the System by the end of
|
|
|
|
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| 1 |
| State fiscal year 2045. In making these determinations, the | 2 |
| required State
contribution shall be calculated each year as a | 3 |
| level percentage of payroll
over the years remaining to and | 4 |
| including fiscal year 2045 and shall be
determined under the | 5 |
| projected unit credit actuarial cost method.
| 6 |
| For State fiscal years 1996 through 2010, the State | 7 |
| contribution to the
System, as a percentage of the applicable | 8 |
| employee payroll, shall be increased
in equal annual increments | 9 |
| so that by State fiscal year 2011, the State is
contributing at | 10 |
| the rate required under this Section; except that in the
| 11 |
| following specified State fiscal years, the State contribution | 12 |
| to the System
shall not be less than the following indicated | 13 |
| percentages of the applicable
employee payroll, even if the | 14 |
| indicated percentage will produce a State
contribution in | 15 |
| excess of the amount otherwise required under this subsection
| 16 |
| and subsection (a), and notwithstanding any contrary | 17 |
| certification made under
subsection (a-1) before the effective | 18 |
| date of this amendatory Act of 1998:
10.02% in FY 1999;
10.77% | 19 |
| in FY 2000;
11.47% in FY 2001;
12.16% in FY 2002;
12.86% in FY | 20 |
| 2003; and
13.56% in FY 2004.
| 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 |
| Notwithstanding any other provision of this Section, the | 26 |
| required State
contribution for State fiscal year 2005 and each | 27 |
| fiscal year thereafter, as
calculated under this Section and
| 28 |
| certified under subsection (a-1), shall not exceed an amount | 29 |
| equal to (i) the
amount of the required State contribution that | 30 |
| would have been calculated under
this Section for that fiscal | 31 |
| year if the System had not received any payments
under | 32 |
| subsection (d) of Section 7.2 of the General Obligation Bond | 33 |
| Act, minus
(ii) the portion of the State's total debt service | 34 |
| payments for that fiscal
year on the bonds issued for the | 35 |
| purposes of that Section 7.2, as determined
and certified by | 36 |
| the Comptroller, that is the same as the System's portion of
|
|
|
|
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| 1 |
| the total moneys distributed under subsection (d) of Section | 2 |
| 7.2 of the General
Obligation Bond Act.
| 3 |
| (c) Payment of the required State contributions and of all | 4 |
| pensions,
retirement annuities, death benefits, refunds, and | 5 |
| other benefits granted
under or assumed by this System, and all | 6 |
| expenses in connection with the
administration and operation | 7 |
| thereof, are obligations of the State.
| 8 |
| If members are paid from special trust or federal funds | 9 |
| which are
administered by the employing unit, whether school | 10 |
| district or other
unit, the employing unit shall pay to the | 11 |
| System from such
funds the full accruing retirement costs based | 12 |
| upon that
service, as determined by the System. Employer | 13 |
| contributions, based on
salary paid to members from federal | 14 |
| funds, may be forwarded by the distributing
agency of the State | 15 |
| of Illinois to the System prior to allocation, in an
amount | 16 |
| determined in accordance with guidelines established by such
| 17 |
| agency and the System.
| 18 |
| (d) Effective July 1, 1986, any employer of a teacher as | 19 |
| defined in
paragraph (8) of Section 16-106 shall pay the | 20 |
| employer's normal cost
of benefits based upon the teacher's | 21 |
| service, in addition to
employee contributions, as determined | 22 |
| by the System. Such employer
contributions shall be forwarded | 23 |
| monthly in accordance with guidelines
established by the | 24 |
| System.
| 25 |
| However, with respect to benefits granted under Section | 26 |
| 16-133.4 or
16-133.5 to a teacher as defined in paragraph (8) | 27 |
| of Section 16-106, the
employer's contribution shall be 12% | 28 |
| (rather than 20%) of the member's
highest annual salary rate | 29 |
| for each year of creditable service granted, and
the employer | 30 |
| shall also pay the required employee contribution on behalf of
| 31 |
| the teacher. For the purposes of Sections 16-133.4 and | 32 |
| 16-133.5, a teacher
as defined in paragraph (8) of Section | 33 |
| 16-106 who is serving in that capacity
while on leave of | 34 |
| absence from another employer under this Article shall not
be | 35 |
| considered an employee of the employer from which the teacher | 36 |
| 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 | 27 |
| responsibility of the teacher and not the
teacher's employer, | 28 |
| unless the employer agrees, through collective bargaining
or | 29 |
| otherwise, to make the contribution on behalf of the teacher.
| 30 |
| If an employer is required by a contract in effect on May | 31 |
| 1, 1998 between the
employer and an employee organization to | 32 |
| pay, on behalf of all its full-time
employees
covered by this | 33 |
| Article, all mandatory employee contributions required under
| 34 |
| this Article, then the employer shall be excused from paying | 35 |
| the employer
contribution required under this subsection (e) | 36 |
| for the balance of the term
of that contract. The employer and |
|
|
|
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| 1 |
| the employee organization shall jointly
certify to the System | 2 |
| the existence of the contractual requirement, in such
form as | 3 |
| the System may prescribe. This exclusion shall cease upon the
| 4 |
| termination, extension, or renewal of the contract at any time | 5 |
| after May 1,
1998.
| 6 |
| (Source: P.A. 92-505, eff. 12-20-01; 93-2, eff. 4-7-03.)
| 7 |
| (40 ILCS 5/15-165)
(from Ch. 108 1/2, par. 15-165)
| 8 |
| Sec. 15-165. To certify amounts and submit vouchers.
| 9 |
| (a) The Board shall certify to the Governor on or before | 10 |
| November 15 of each
year the appropriation required from State | 11 |
| funds for the purposes of this
System for the following fiscal | 12 |
| year. The certification shall include a copy
of the actuarial | 13 |
| recommendations upon which it is based.
| 14 |
| On or before May 1, 2004, the Board shall recalculate and | 15 |
| recertify to
the Governor the amount of the required State | 16 |
| contribution to the System for
State fiscal year 2005, taking | 17 |
| into account the amounts appropriated to and
received by the | 18 |
| System under subsection (d) of Section 7.2 of the General
| 19 |
| Obligation Bond Act.
| 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 | 27 |
| System, in a total monthly amount of one-twelfth of the
| 28 |
| required annual State contribution certified under subsection | 29 |
| (a).
From the effective date of this amendatory Act
of the 93rd | 30 |
| General Assembly through June 30, 2004, the Board shall not
| 31 |
| submit vouchers for the remainder of fiscal year 2004 in excess | 32 |
| of the
fiscal year 2004 certified contribution amount | 33 |
| determined
under this Section after taking into consideration | 34 |
| the transfer to the
System under subsection (b) of Section | 35 |
| 6z-61 of the State Finance Act.
These
vouchers shall be paid by |
|
|
|
HB0585 Enrolled |
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LRB093 05674 EFG 05767 b |
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| 1 |
| the State Comptroller and Treasurer by warrants drawn
on the | 2 |
| funds appropriated to the System for that fiscal year.
| 3 |
| If in any month the amount remaining unexpended from all | 4 |
| other
appropriations to the System for the applicable fiscal | 5 |
| year (including the
appropriations to the System under Section | 6 |
| 8.12 of the State Finance Act and
Section 1 of the State | 7 |
| Pension Funds Continuing Appropriation Act) is less than
the | 8 |
| amount lawfully vouchered under this Section, the difference | 9 |
| shall be paid
from the General Revenue Fund under the | 10 |
| continuing appropriation authority
provided in Section 1.1 of | 11 |
| the State Pension Funds Continuing Appropriation
Act.
| 12 |
| (d) So long as the payments received are the full amount | 13 |
| lawfully
vouchered under this Section, payments received by the | 14 |
| System under this
Section shall be applied first toward the | 15 |
| employer contribution to the
self-managed plan established | 16 |
| under Section 15-158.2. Payments shall be
applied second toward | 17 |
| the employer's portion of the normal costs of the System,
as | 18 |
| defined in subsection (f) of Section 15-155. The balance shall | 19 |
| be applied
toward the unfunded actuarial liabilities of the | 20 |
| System.
| 21 |
| (e) In the event that the System does not receive, as a | 22 |
| result of
legislative enactment or otherwise, payments | 23 |
| sufficient to
fully fund the employer contribution to the | 24 |
| self-managed plan
established under Section 15-158.2 and to | 25 |
| fully fund that portion of the
employer's portion of the normal | 26 |
| costs of the System, as calculated in
accordance with Section | 27 |
| 15-155(a-1), then any payments received shall be
applied | 28 |
| proportionately to the optional retirement program established | 29 |
| under
Section 15-158.2 and to the employer's portion of the | 30 |
| normal costs of the
System, as calculated in accordance with | 31 |
| Section 15-155(a-1).
| 32 |
| (Source: P.A. 93-2, eff. 4-7-03.)
| 33 |
| (40 ILCS 5/18-140)
(from Ch. 108 1/2, par. 18-140)
| 34 |
| Sec. 18-140. To certify required State contributions and | 35 |
| submit vouchers.
|
|
|
|
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LRB093 05674 EFG 05767 b |
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| 1 |
| (a) The Board shall certify to the Governor, on or before | 2 |
| November 15 of
each year, the amount of the required State | 3 |
| contribution to the System for the
following fiscal year. The | 4 |
| certification shall include a copy of the actuarial
| 5 |
| recommendations upon which it is based.
| 6 |
| On or before May 1, 2004, the Board shall recalculate and | 7 |
| recertify to
the Governor the amount of the required State | 8 |
| contribution to the System for
State fiscal year 2005, taking | 9 |
| into account the amounts appropriated to and
received by the | 10 |
| System under subsection (d) of Section 7.2 of the General
| 11 |
| Obligation Bond Act.
| 12 |
| (b) Beginning in State fiscal year 1996, on or as soon as | 13 |
| possible after
the 15th day of each month the Board shall | 14 |
| submit vouchers for payment of State
contributions to the | 15 |
| System, in a total monthly amount of one-twelfth of the
| 16 |
| required annual State contribution certified under subsection | 17 |
| (a).
From the effective date of this amendatory Act
of the 93rd | 18 |
| General Assembly through June 30, 2004, the Board shall not
| 19 |
| submit vouchers for the remainder of fiscal year 2004 in excess | 20 |
| of the
fiscal year 2004 certified contribution amount | 21 |
| determined
under this Section after taking into consideration | 22 |
| the transfer to the
System under subsection (c) of Section | 23 |
| 6z-61 of the State Finance Act.
These
vouchers shall be paid by | 24 |
| the State Comptroller and Treasurer by warrants drawn
on the | 25 |
| funds appropriated to the System for that fiscal year.
| 26 |
| If in any month the amount remaining unexpended from all | 27 |
| other
appropriations to the System for the applicable fiscal | 28 |
| year (including the
appropriations to the System under Section | 29 |
| 8.12 of the State Finance Act and
Section 1 of the State | 30 |
| Pension Funds Continuing Appropriation Act) is less than
the | 31 |
| amount lawfully vouchered under this Section, the difference | 32 |
| shall be paid
from the General Revenue Fund under the | 33 |
| continuing appropriation authority
provided in Section 1.1 of | 34 |
| the State Pension Funds Continuing Appropriation
Act.
| 35 |
| (Source: P.A. 93-2, eff. 4-7-03.)
|
|
|
|
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LRB093 05674 EFG 05767 b |
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| 1 |
| Section 20. The State Pension Funds Continuing | 2 |
| Appropriation Act is amended
by changing
Section 1.2 as | 3 |
| follows:
| 4 |
| (40 ILCS 15/1.2)
| 5 |
| Sec. 1.2. Appropriations for the State Employees' | 6 |
| Retirement System.
| 7 |
| (a) From each fund from which an amount is appropriated for | 8 |
| personal
services to a department or other employer under | 9 |
| Article 14 of the Illinois
Pension Code, there is hereby | 10 |
| appropriated to that department or other
employer, on a | 11 |
| continuing annual basis for each State fiscal year, an
| 12 |
| additional amount equal to the amount, if any, by which (1) an | 13 |
| amount equal
to the percentage of the personal services line | 14 |
| item for that department or
employer from that fund for that | 15 |
| fiscal year that the Board of Trustees of
the State Employees' | 16 |
| Retirement System of Illinois has certified under Section
| 17 |
| 14-135.08 of the Illinois Pension Code to be necessary to meet | 18 |
| the State's
obligation under Section 14-131 of the Illinois | 19 |
| Pension Code for that fiscal
year, exceeds (2) the amounts | 20 |
| otherwise appropriated to that department or
employer from that | 21 |
| fund for State contributions to the State Employees'
Retirement | 22 |
| System for that fiscal year.
From the effective
date of this | 23 |
| amendatory Act of the 93rd General Assembly
through the final | 24 |
| payment from a department or employer's
personal services line | 25 |
| item for fiscal year 2004, payments to
the State Employees' | 26 |
| Retirement System that otherwise would
have been made under | 27 |
| this subsection (a) shall be governed by
the provisions in | 28 |
| subsection (a-1).
| 29 |
| (a-1) If a Fiscal Year 2004 Shortfall is certified under | 30 |
| subsection (f) of
Section 14-131 of the Illinois Pension Code, | 31 |
| there is hereby appropriated
to the State Employees' Retirement | 32 |
| System of Illinois on a
continuing basis from the General | 33 |
| Revenue Fund an additional
aggregate amount equal to the Fiscal | 34 |
| Year 2004 Shortfall.
| 35 |
| (b) The continuing appropriations provided for by this |
|
|
|
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LRB093 05674 EFG 05767 b |
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| 1 |
| Section shall first
be available in State fiscal year 1996.
| 2 |
| (Source: P.A. 88-593, eff. 8-22-94.)
| 3 |
| Section 99. Effective date. This Act takes effect upon | 4 |
| becoming law.
|
|