HB1544 EngrossedLRB097 05118 JDS 45163 b

1    AN ACT concerning public employee benefits.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Illinois Pension Code is amended by changing
5Section 17-127 as follows:
 
6    (40 ILCS 5/17-127)  (from Ch. 108 1/2, par. 17-127)
7    Sec. 17-127. Financing; revenues for the Fund.
8    (a) The revenues for the Fund shall consist of: (1) amounts
9paid into the Fund by contributors thereto and from employer
10contributions and State appropriations in accordance with this
11Article; (2) amounts contributed to the Fund by an Employer;
12(3) amounts contributed to the Fund pursuant to any law now in
13force or hereafter to be enacted; (4) contributions from any
14other source; and (5) the earnings on investments.
15    (b) The General Assembly finds that for many years the
16State has contributed to the Fund an annual amount that is
17between 20% and 30% of the amount of the annual State
18contribution to the Article 16 retirement system, and the
19General Assembly declares that it is its goal and intention to
20continue this level of contribution to the Fund in the future.
21    Beginning in State fiscal year 1999, the State shall
22include in its annual contribution to the Fund an additional
23amount equal to 0.544% of the Fund's total teacher payroll;

 

 

HB1544 Engrossed- 2 -LRB097 05118 JDS 45163 b

1except that this additional contribution need not be made in a
2fiscal year if the Board has certified in the previous fiscal
3year that the Fund is at least 90% funded, based on actuarial
4determinations. These additional State contributions are
5intended to offset a portion of the cost to the Fund of the
6increases in retirement benefits resulting from this
7amendatory Act of 1998.
8    Beginning in State fiscal year 2012, in addition to the
9percentage of the Fund's total teacher payroll required under
10this subsection (b), the General Assembly must make annual
11contributions to the Fund of an amount equal to 20% of the
12amount of the annual State contribution to the Teachers'
13Retirement System of the State of Illinois.
14(Source: P.A. 90-548, eff. 12-4-97; 90-566, eff. 1-2-98;
1590-582, eff. 5-27-98; 90-655, eff. 7-30-98.)
 
16    Section 99. Effective date. This Act takes effect on July
171, 2011.