98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
SB1926

 

Introduced 2/15/2013, by Sen. Emil Jones, III

 

SYNOPSIS AS INTRODUCED:
 
40 ILCS 5/17-127  from Ch. 108 1/2, par. 17-127

    Amends the Chicago Teacher Article of the Illinois Pension Code. Provides that, beginning in State fiscal year 2014, the State shall make annual contributions to the Fund. For State fiscal year 2014, the contribution shall be $343,860,000. For each year thereafter, the Board shall certify to the Governor by December 15th the amount of the required State contribution for the coming fiscal year. The certified contribution shall be equal to 10% of the certified State contribution to the downstate Teachers' Retirement System. Effective immediately.


LRB098 08738 EFG 38863 b

FISCAL NOTE ACT MAY APPLY
PENSION IMPACT NOTE ACT MAY APPLY

 

 

A BILL FOR

 

SB1926LRB098 08738 EFG 38863 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    (c) For Beginning in State fiscal year 1999 through State
22fiscal year 2013, the State shall include in its annual
23contribution to the Fund an additional amount equal to 0.544%

 

 

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1of the Fund's total teacher payroll; except that this
2additional contribution need not be made in a fiscal year if
3the Board has certified in the previous fiscal year that the
4Fund is at least 90% funded, based on actuarial determinations.
5These additional State contributions are intended to offset a
6portion of the cost to the Fund of the increases in retirement
7benefits resulting from Public Act 90-582 this amendatory Act
8of 1998.
9    (d) Beginning in State fiscal year 2014, the State shall
10make annual contributions to the Fund. For State fiscal year
112014, the contribution shall be $343,860,000. For each year
12thereafter, the Board shall certify to the Governor by December
1315th the amount of the required State contribution to the Fund
14for the coming fiscal year. The certified contribution shall be
15equal to 10% of the contribution certified for the coming
16fiscal year under subsection (a-1) of Section 16-158 of this
17Code.
18(Source: P.A. 90-548, eff. 12-4-97; 90-566, eff. 1-2-98;
1990-582, eff. 5-27-98; 90-655, eff. 7-30-98.)
 
20    Section 99. Effective date. This Act takes effect upon
21becoming law.