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90_SB1303
40 ILCS 5/17-127 from Ch. 108 1/2, par. 17-127
Amends the Chicago Teacher Article of the Pension Code.
Provides that the annual State contribution to the Fund shall
be no less than 28% of the annual State contribution to the
downstate Teachers' Retirement System, beginning in State
fiscal year 1999. Effective immediately.
LRB9008851EGfg
LRB9008851EGfg
1 AN ACT to amend the Illinois Pension Code by changing
2 Section 17-127.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Illinois Pension Code is amended by
6 changing Section 17-127 as follows:
7 (40 ILCS 5/17-127) (from Ch. 108 1/2, par. 17-127)
8 Sec. 17-127. Financing; revenues for the Fund.
9 (a) The revenues for the Fund shall consist of: (1)
10 amounts paid into the Fund by contributors thereto and from
11 employer contributions and State appropriations in accordance
12 with this Article; (2) amounts contributed to the Fund by an
13 Employer; (3) amounts contributed to the Fund pursuant to any
14 law now in force or hereafter to be enacted; (4)
15 contributions from any other source; and (5) the earnings on
16 investments.
17 (b) The General Assembly finds that for many years the
18 State has contributed to the Fund an annual amount that is
19 between 20% and 30% of the amount of the annual State
20 contribution to the Article 16 retirement system, and the
21 General Assembly declares that beginning in State fiscal year
22 1999, the annual State contribution to the Fund shall be no
23 less than 28% of the annual State contribution to the
24 retirement system established under Article 16 of this Code
25 it is its goal and intention to continue this level of
26 contribution to the Fund in the future.
27 (Source: P.A. 90-548, eff. 12-4-97; 90-566, eff. 1-2-98;
28 revised 1-8-98.)
29 Section 99. Effective date. This Act takes effect upon
30 becoming law.