Illinois General Assembly - Illinois Compiled Statutes

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30 ILCS 330/7.2

(30 ILCS 330/7.2)

Sec. 7.2. State pension funding.

(a) The amount of $10,000,000,000 is authorized to be used for the
purpose of making contributions to the designated retirement systems.
For the purposes of this Section, "designated retirement systems" means
the State Employees' Retirement System of Illinois;
the Teachers' Retirement System of the State of Illinois;
the State Universities Retirement System;
the Judges Retirement System of Illinois; and
the General Assembly Retirement System.

The amount of $3,466,000,000  of Bonds authorized by Public Act 96-43 is authorized to be used for the purpose of making a portion of the State's Fiscal Year 2010 required contributions to the designated retirement systems.

The amount of $4,096,348,300  of Bonds authorized by this amendatory Act of the 96th General Assembly is authorized to be used for the purpose of making a portion of the State's Fiscal Year 2011 required contributions to the designated retirement systems.

(b) The Pension Contribution Fund is created as a special fund in the
State Treasury.

The proceeds of the additional $10,000,000,000 of Bonds authorized by Public Act 93-2, less the amounts authorized in the
Bond Sale Order to be deposited directly into the capitalized interest account
of the General Obligation Bond Retirement and Interest Fund or otherwise
directly paid out for bond sale expenses under Section 8, shall be deposited
into the Pension Contribution Fund and used as provided in this Section.

The proceeds of the additional $3,466,000,000 of Bonds authorized by Public Act 96-43, less the amounts directly paid out for bond sale expenses under Section 8, shall be deposited into the Pension Contribution Fund, and the Comptroller and the Treasurer shall, as soon as practical, (i) first, transfer from the Pension Contribution Fund to the General Revenue Fund or Common School Fund an amount equal to the amount of payments, if any, made to the designated retirement systems from the General Revenue Fund or Common School Fund in State fiscal year 2010 and (ii) second, make transfers from the Pension Contribution Fund to the designated retirement systems pursuant to Sections 2-124, 14-131, 15-155, 16-158, and 18-131 of the Illinois Pension Code.

The proceeds of the additional $4,096,348,300 of Bonds authorized by this amendatory Act of the 96th General Assembly, less the amounts directly paid out for bond sale expenses under Section 8, shall be deposited into the Pension Contribution Fund, and the Comptroller and the Treasurer shall, as soon as practical, (i) first, transfer from the Pension Contribution Fund to the General Revenue Fund or Common School Fund an amount equal to the amount of payments, if any, made to the designated retirement systems from the General Revenue Fund or Common School Fund in State fiscal year 2011 and (ii) second, make transfers from the Pension Contribution Fund to the designated retirement systems pursuant to Sections 2-124, 14-131, 15-155, 16-158, and 18-131 of the Illinois Pension Code.

(c) Of the amount of Bond proceeds from the bond sale authorized by Public Act 93-2 first deposited into the Pension
Contribution Fund, there shall be reserved for transfers under this subsection
the sum of $300,000,000, representing the required State contributions to the
designated retirement systems for the last quarter of State fiscal year 2003,
plus the sum of $1,860,000,000, representing the required State contributions
to the designated retirement systems for State fiscal year 2004.

Upon the deposit of sufficient moneys from the bond sale authorized by Public Act 93-2 into the Pension Contribution
Fund, the Comptroller and Treasurer shall immediately transfer the sum of
$300,000,000 from the Pension Contribution Fund to the General Revenue Fund.

Whenever any payment of required State contributions for State fiscal year
2004 is made to one of the designated retirement systems, the Comptroller and
Treasurer shall, as soon as practicable, transfer from the Pension Contribution
Fund to the General Revenue Fund an amount equal to the amount of that payment
to the designated retirement system.
Beginning on the effective date of this amendatory Act of the 93rd
General Assembly, the transfers from the Pension Contribution Fund to
the General Revenue Fund shall be suspended until June 30, 2004, and
the remaining balance in the Pension Contribution Fund shall be
transferred directly to the designated retirement systems as provided
in Section 6z-61 of the State Finance Act. On and after July 1, 2004, in the
event that
any amount is on deposit in the Pension Contribution Fund from time to
time, the Comptroller and
Treasurer shall continue to make such transfers based on fiscal year 2005
payments until the entire amount on deposit has been
transferred.

(d) All amounts deposited into the Pension Contribution Fund, other
than the amounts reserved for the transfers under subsection (c) from the bond sale authorized by Public Act 93-2, other than amounts deposited into the Pension Contribution Fund from the bond sale authorized by Public Act 96-43 and other than amounts deposited into the Pension Contribution Fund from the bond sale authorized by this amendatory Act of the 96th General Assembly, shall be
appropriated to the designated retirement systems to reduce their actuarial
reserve deficiencies.  The amount of the appropriation to each designated
retirement system shall constitute a portion of the total appropriation under
this subsection that is the same as that retirement system's portion of the
total actuarial reserve deficiency of the systems, as most recently determined
by the
Governor's Office of Management and Budget under Section 8.12 of the State Finance Act.

With respect to proceeds from the bond sale authorized by Public Act 93-2 only, within 15 days after any Bond proceeds in excess of the amounts initially
reserved under subsection (c) are deposited into the Pension Contribution
Fund, the
Governor's Office of Management and Budget shall (i) allocate those proceeds among the
designated retirement systems in proportion to their respective actuarial
reserve deficiencies, as most recently determined under Section 8.12 of the
State Finance Act, and (ii) certify those allocations to the designated
retirement systems and the Comptroller.

Upon receiving certification of an allocation under this subsection, a
designated retirement system shall submit to the Comptroller a voucher for
the amount of its allocation.  The voucher shall be paid out of the amount
appropriated to that designated retirement system from the Pension Contribution
Fund pursuant to this subsection.

(Source: P.A. 96-43, eff. 7-15-09; 96-1497, eff. 1-14-11.)