Rep. Elaine Nekritz

Filed: 5/31/2013

 

 


 

 


 
09800SB1920ham002LRB098 09558 AMC 46756 a

1
AMENDMENT TO SENATE BILL 1920

2    AMENDMENT NO. ______. Amend Senate Bill 1920, AS AMENDED,
3by replacing everything after the enacting clause with the
4following:
 
5    "Section 5. The Illinois Pension Code is amended by
6changing Section 17-129 as follows:
 
7    (40 ILCS 5/17-129)  (from Ch. 108 1/2, par. 17-129)
8    Sec. 17-129. Employer contributions; deficiency in Fund.
9    (a) If in any fiscal year of the Board of Education ending
10prior to 1997 the total amounts paid to the Fund from the Board
11of Education (other than under this subsection, and other than
12amounts used for making or "picking up" contributions on behalf
13of teachers) and from the State do not equal the total
14contributions made by or on behalf of the teachers for such
15year, or if the total income of the Fund in any such fiscal
16year of the Board of Education from all sources is less than

 

 

09800SB1920ham002- 2 -LRB098 09558 AMC 46756 a

1the total such expenditures by the Fund for such year, the
2Board of Education shall, in the next succeeding year, in
3addition to any other payment to the Fund set apart and
4appropriate from moneys from its tax levy for educational
5purposes, a sum sufficient to remove such deficiency or
6deficiencies, and promptly pay such sum into the Fund in order
7to restore any of the reserves of the Fund that may have been
8so temporarily applied. Any amounts received by the Fund after
9December 4, 1997 from State appropriations, including under
10Section 17-127, shall be a credit against and shall fully
11satisfy any obligation that may have arisen, or be claimed to
12have arisen, under this subsection (a) as a result of any
13deficiency or deficiencies in the fiscal year of the Board of
14Education ending in calendar year 1997.
15    (b) (i) Notwithstanding any other provision of this
16Section, and notwithstanding any prior certification by the
17Board under subsection (c) for fiscal year 2011, the Board of
18Education's total required contribution to the Fund for fiscal
19year 2011 under this Section is $187,000,000.
20    (ii) Notwithstanding any other provision of this Section,
21the Board of Education's total required contribution to the
22Fund for fiscal year 2012 under this Section is $192,000,000.
23    (iii) Notwithstanding any other provision of this Section,
24the Board of Education's total required contribution to the
25Fund for fiscal year 2013 under this Section is $196,000,000.
26    (iii-A) Notwithstanding any other provision of this

 

 

09800SB1920ham002- 3 -LRB098 09558 AMC 46756 a

1Section, the Board of Education's total required contribution
2to the Fund for fiscal year 2014 under this Section is
3$350,000,000.
4    (iii-B) Notwithstanding any other provision of this
5Section, the Board of Education's total required contribution
6to the Fund for fiscal year 2015 under this Section is
7$500,000,000.
8    (iv) For fiscal years 2016 2014 through 2061 2059, the
9minimum contribution to the Fund to be made by the Board of
10Education in each fiscal year shall be an amount determined by
11the Fund to be sufficient to bring the total assets of the Fund
12up to 90% of the total actuarial liabilities of the Fund by the
13end of fiscal year 2061 2059. In making these determinations,
14the required Board of Education contribution shall be
15calculated each year as a level percentage of the applicable
16employee payrolls over the years remaining to and including
17fiscal year 2061 2059 and shall be determined under the
18projected unit credit actuarial cost method.
19    (v) Beginning in fiscal year 2062 2060, the minimum Board
20of Education contribution for each fiscal year shall be the
21amount needed to maintain the total assets of the Fund at 90%
22of the total actuarial liabilities of the Fund.
23    (vi) Notwithstanding any other provision of this
24subsection (b), for any fiscal year, the contribution to the
25Fund from the Board of Education shall not be required to be in
26excess of the amount calculated as needed to maintain the

 

 

09800SB1920ham002- 4 -LRB098 09558 AMC 46756 a

1assets (or cause the assets to be) at the 90% level by the end
2of the fiscal year.
3    (vii) Any contribution by the State to or for the benefit
4of the Fund, including, without limitation, as referred to
5under Section 17-127, shall be a credit against any
6contribution required to be made by the Board of Education
7under this subsection (b).
8    (c) The Board shall determine the amount of Board of
9Education contributions required for each fiscal year on the
10basis of the actuarial tables and other assumptions adopted by
11the Board and the recommendations of the actuary, in order to
12meet the minimum contribution requirements of subsections (a)
13and (b). Annually, on or before February 28, the Board shall
14certify to the Board of Education the amount of the required
15Board of Education contribution for the coming fiscal year. The
16certification shall include a copy of the actuarial
17recommendations upon which it is based.
18(Source: P.A. 96-889, eff. 4-14-10.)
 
19    Section 99. Effective date. This Act takes effect upon
20becoming law.".