Illinois General Assembly - Full Text of HB3180
Illinois General Assembly

Previous General Assemblies

Full Text of HB3180  100th General Assembly

HB3180 100TH GENERAL ASSEMBLY

  
  

 


 
100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
HB3180

 

Introduced , by Rep. Juliana Stratton

 

SYNOPSIS AS INTRODUCED:
 
30 ILCS 105/8.12  from Ch. 127, par. 144.12

    Amends the State Finance Act. Provides that the State Pensions Fund shall be used for operational expenses of the Office of the State Treasurer. Removes requirements that the State Treasurer pay certain amounts to the Bank and Trust Company Fund, the Savings Bank Regulatory Fund, the Residential Finance Regulatory Fund, Financial Institution Fund, and the Credit Union Fund for expenses incurred in complying with the Uniform Disposition of Unclaimed Property Act. Effective immediately.


LRB100 09179 MLM 19334 b

FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB3180LRB100 09179 MLM 19334 b

1    AN ACT concerning finance.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The State Finance Act is amended by changing
5Section 8.12 as follows:
 
6    (30 ILCS 105/8.12)   (from Ch. 127, par. 144.12)
7    Sec. 8.12. State Pensions Fund.
8    (a) The moneys in the State Pensions Fund shall be used
9exclusively for the administration of the Uniform Disposition
10of Unclaimed Property Act, for other operational expenses of
11the Office of the State Treasurer, and for the expenses
12incurred by the Auditor General for administering the
13provisions of Section 2-8.1 of the Illinois State Auditing Act,
14and for the funding of the unfunded liabilities of the
15designated retirement systems. Beginning in State fiscal year
162018, payments to the designated retirement systems under this
17Section shall be in addition to, and not in lieu of, any State
18contributions required under the Illinois Pension Code.
19    "Designated retirement systems" means:
20        (1) the State Employees' Retirement System of
21    Illinois;
22        (2) the Teachers' Retirement System of the State of
23    Illinois;

 

 

HB3180- 2 -LRB100 09179 MLM 19334 b

1        (3) the State Universities Retirement System;
2        (4) the Judges Retirement System of Illinois; and
3        (5) the General Assembly Retirement System.
4    (b) Each year the General Assembly may make appropriations
5from the State Pensions Fund for the administration of the
6Uniform Disposition of Unclaimed Property Act and for other
7operational expenses of the Office of the State Treasurer.
8    Each month, the Commissioner of the Office of Banks and
9Real Estate shall certify to the State Treasurer the actual
10expenditures that the Office of Banks and Real Estate incurred
11conducting unclaimed property examinations under the Uniform
12Disposition of Unclaimed Property Act during the immediately
13preceding month. Within a reasonable time following the
14acceptance of such certification by the State Treasurer, the
15State Treasurer shall pay from its appropriation from the State
16Pensions Fund to the Bank and Trust Company Fund, the Savings
17Bank Regulatory Fund, and the Residential Finance Regulatory
18Fund an amount equal to the expenditures incurred by each Fund
19for that month.
20    Each month, the Director of Financial Institutions shall
21certify to the State Treasurer the actual expenditures that the
22Department of Financial Institutions incurred conducting
23unclaimed property examinations under the Uniform Disposition
24of Unclaimed Property Act during the immediately preceding
25month. Within a reasonable time following the acceptance of
26such certification by the State Treasurer, the State Treasurer

 

 

HB3180- 3 -LRB100 09179 MLM 19334 b

1shall pay from its appropriation from the State Pensions Fund
2to the Financial Institution Fund and the Credit Union Fund an
3amount equal to the expenditures incurred by each Fund for that
4month.
5    (c) As soon as possible after the effective date of this
6amendatory Act of the 93rd General Assembly, the General
7Assembly shall appropriate from the State Pensions Fund (1) to
8the State Universities Retirement System the amount certified
9under Section 15-165 during the prior year, (2) to the Judges
10Retirement System of Illinois the amount certified under
11Section 18-140 during the prior year, and (3) to the General
12Assembly Retirement System the amount certified under Section
132-134 during the prior year as part of the required State
14contributions to each of those designated retirement systems;
15except that amounts appropriated under this subsection (c) in
16State fiscal year 2005 shall not reduce the amount in the State
17Pensions Fund below $5,000,000. If the amount in the State
18Pensions Fund does not exceed the sum of the amounts certified
19in Sections 15-165, 18-140, and 2-134 by at least $5,000,000,
20the amount paid to each designated retirement system under this
21subsection shall be reduced in proportion to the amount
22certified by each of those designated retirement systems.
23    (c-5) For fiscal years 2006 through 2017, the General
24Assembly shall appropriate from the State Pensions Fund to the
25State Universities Retirement System the amount estimated to be
26available during the fiscal year in the State Pensions Fund;

 

 

HB3180- 4 -LRB100 09179 MLM 19334 b

1provided, however, that the amounts appropriated under this
2subsection (c-5) shall not reduce the amount in the State
3Pensions Fund below $5,000,000.
4    (c-6) For fiscal year 2018 and each fiscal year thereafter,
5as soon as may be practical after any money is deposited into
6the State Pensions Fund from the Unclaimed Property Trust Fund,
7the State Treasurer shall apportion the deposited amount among
8the designated retirement systems as defined in subsection (a)
9to reduce their actuarial reserve deficiencies. The State
10Comptroller and State Treasurer shall pay the apportioned
11amounts to the designated retirement systems to fund the
12unfunded liabilities of the designated retirement systems. The
13amount apportioned to each designated retirement system shall
14constitute a portion of the amount estimated to be available
15for appropriation from the State Pensions Fund that is the same
16as that retirement system's portion of the total actual reserve
17deficiency of the systems, as determined annually by the
18Governor's Office of Management and Budget at the request of
19the State Treasurer. The amounts apportioned under this
20subsection shall not reduce the amount in the State Pensions
21Fund below $5,000,000.
22    (d) The Governor's Office of Management and Budget shall
23determine the individual and total reserve deficiencies of the
24designated retirement systems. For this purpose, the
25Governor's Office of Management and Budget shall utilize the
26latest available audit and actuarial reports of each of the

 

 

HB3180- 5 -LRB100 09179 MLM 19334 b

1retirement systems and the relevant reports and statistics of
2the Public Employee Pension Fund Division of the Department of
3Insurance.
4    (d-1) As soon as practicable after the effective date of
5this amendatory Act of the 93rd General Assembly, the
6Comptroller shall direct and the Treasurer shall transfer from
7the State Pensions Fund to the General Revenue Fund, as funds
8become available, a sum equal to the amounts that would have
9been paid from the State Pensions Fund to the Teachers'
10Retirement System of the State of Illinois, the State
11Universities Retirement System, the Judges Retirement System
12of Illinois, the General Assembly Retirement System, and the
13State Employees' Retirement System of Illinois after the
14effective date of this amendatory Act during the remainder of
15fiscal year 2004 to the designated retirement systems from the
16appropriations provided for in this Section if the transfers
17provided in Section 6z-61 had not occurred. The transfers
18described in this subsection (d-1) are to partially repay the
19General Revenue Fund for the costs associated with the bonds
20used to fund the moneys transferred to the designated
21retirement systems under Section 6z-61.
22    (e) The changes to this Section made by this amendatory Act
23of 1994 shall first apply to distributions from the Fund for
24State fiscal year 1996.
25(Source: P.A. 98-24, eff. 6-19-13; 98-463, eff. 8-16-13;
2698-674, eff. 6-30-14; 98-1081, eff. 1-1-15; 99-8, eff. 7-9-15;

 

 

HB3180- 6 -LRB100 09179 MLM 19334 b

199-78, eff. 7-20-15; 99-523, eff. 6-30-16.)
 
2    Section 99. Effective date. This Act takes effect upon
3becoming law.