Rep. Barbara Flynn Currie

Filed: 5/27/2015

 

 


 

 


 
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1
AMENDMENT TO SENATE BILL 842

2    AMENDMENT NO. ______. Amend Senate Bill 842 by replacing
3everything after the enacting clause with the following:
 
4
"ARTICLE 5. RETIREMENT CONTRIBUTIONS

 
5    Section 5-5. The State Finance Act is amended by changing
6Sections 8.12 and 14.1 as follows:
 
7    (30 ILCS 105/8.12)   (from Ch. 127, par. 144.12)
8    Sec. 8.12. State Pensions Fund.
9    (a) The moneys in the State Pensions Fund shall be used
10exclusively for the administration of the Uniform Disposition
11of Unclaimed Property Act and for the expenses incurred by the
12Auditor General for administering the provisions of Section
132-8.1 of the Illinois State Auditing Act and for the funding of
14the unfunded liabilities of the designated retirement systems.
15Beginning in State fiscal year 2017 2016, payments to the

 

 

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1designated retirement systems under this Section shall be in
2addition to, and not in lieu of, any State contributions
3required under the Illinois Pension Code.
4    "Designated retirement systems" means:
5        (1) the State Employees' Retirement System of
6    Illinois;
7        (2) the Teachers' Retirement System of the State of
8    Illinois;
9        (3) the State Universities Retirement System;
10        (4) the Judges Retirement System of Illinois; and
11        (5) the General Assembly Retirement System.
12    (b) Each year the General Assembly may make appropriations
13from the State Pensions Fund for the administration of the
14Uniform Disposition of Unclaimed Property Act.
15    Each month, the Commissioner of the Office of Banks and
16Real Estate shall certify to the State Treasurer the actual
17expenditures that the Office of Banks and Real Estate incurred
18conducting unclaimed property examinations under the Uniform
19Disposition of Unclaimed Property Act during the immediately
20preceding month. Within a reasonable time following the
21acceptance of such certification by the State Treasurer, the
22State Treasurer shall pay from its appropriation from the State
23Pensions Fund to the Bank and Trust Company Fund, the Savings
24Bank Regulatory Fund, and the Residential Finance Regulatory
25Fund an amount equal to the expenditures incurred by each Fund
26for that month.

 

 

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1    Each month, the Director of Financial Institutions shall
2certify to the State Treasurer the actual expenditures that the
3Department of Financial Institutions incurred conducting
4unclaimed property examinations under the Uniform Disposition
5of Unclaimed Property Act during the immediately preceding
6month. Within a reasonable time following the acceptance of
7such certification by the State Treasurer, the State Treasurer
8shall pay from its appropriation from the State Pensions Fund
9to the Financial Institution Fund and the Credit Union Fund an
10amount equal to the expenditures incurred by each Fund for that
11month.
12    (c) As soon as possible after the effective date of this
13amendatory Act of the 93rd General Assembly, the General
14Assembly shall appropriate from the State Pensions Fund (1) to
15the State Universities Retirement System the amount certified
16under Section 15-165 during the prior year, (2) to the Judges
17Retirement System of Illinois the amount certified under
18Section 18-140 during the prior year, and (3) to the General
19Assembly Retirement System the amount certified under Section
202-134 during the prior year as part of the required State
21contributions to each of those designated retirement systems;
22except that amounts appropriated under this subsection (c) in
23State fiscal year 2005 shall not reduce the amount in the State
24Pensions Fund below $5,000,000. If the amount in the State
25Pensions Fund does not exceed the sum of the amounts certified
26in Sections 15-165, 18-140, and 2-134 by at least $5,000,000,

 

 

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1the amount paid to each designated retirement system under this
2subsection shall be reduced in proportion to the amount
3certified by each of those designated retirement systems.
4    (c-5) For fiscal years 2006 through 2016 2015, the General
5Assembly shall appropriate from the State Pensions Fund to the
6State Universities Retirement System the amount estimated to be
7available during the fiscal year in the State Pensions Fund;
8provided, however, that the amounts appropriated under this
9subsection (c-5) shall not reduce the amount in the State
10Pensions Fund below $5,000,000.
11    (c-6) For fiscal year 2017 2016 and each fiscal year
12thereafter, as soon as may be practical after any money is
13deposited into the State Pensions Fund from the Unclaimed
14Property Trust Fund, the State Treasurer shall apportion the
15deposited amount among the designated retirement systems as
16defined in subsection (a) to reduce their actuarial reserve
17deficiencies. The State Comptroller and State Treasurer shall
18pay the apportioned amounts to the designated retirement
19systems to fund the unfunded liabilities of the designated
20retirement systems. The amount apportioned to each designated
21retirement system shall constitute a portion of the amount
22estimated to be available for appropriation from the State
23Pensions Fund that is the same as that retirement system's
24portion of the total actual reserve deficiency of the systems,
25as determined annually by the Governor's Office of Management
26and Budget at the request of the State Treasurer. The amounts

 

 

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1apportioned under this subsection shall not reduce the amount
2in the State Pensions Fund below $5,000,000.
3    (d) The Governor's Office of Management and Budget shall
4determine the individual and total reserve deficiencies of the
5designated retirement systems. For this purpose, the
6Governor's Office of Management and Budget shall utilize the
7latest available audit and actuarial reports of each of the
8retirement systems and the relevant reports and statistics of
9the Public Employee Pension Fund Division of the Department of
10Insurance.
11    (d-1) As soon as practicable after the effective date of
12this amendatory Act of the 93rd General Assembly, the
13Comptroller shall direct and the Treasurer shall transfer from
14the State Pensions Fund to the General Revenue Fund, as funds
15become available, a sum equal to the amounts that would have
16been paid from the State Pensions Fund to the Teachers'
17Retirement System of the State of Illinois, the State
18Universities Retirement System, the Judges Retirement System
19of Illinois, the General Assembly Retirement System, and the
20State Employees' Retirement System of Illinois after the
21effective date of this amendatory Act during the remainder of
22fiscal year 2004 to the designated retirement systems from the
23appropriations provided for in this Section if the transfers
24provided in Section 6z-61 had not occurred. The transfers
25described in this subsection (d-1) are to partially repay the
26General Revenue Fund for the costs associated with the bonds

 

 

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1used to fund the moneys transferred to the designated
2retirement systems under Section 6z-61.
3    (e) The changes to this Section made by this amendatory Act
4of 1994 shall first apply to distributions from the Fund for
5State fiscal year 1996.
6(Source: P.A. 97-72, eff. 7-1-11; 97-732, eff. 6-30-12; 98-24,
7eff. 6-19-13; 98-463, eff. 8-16-13; 98-674, eff. 6-30-14;
898-1081, eff. 1-1-15; revised 10-1-14.)
 
9    (30 ILCS 105/14.1)   (from Ch. 127, par. 150.1)
10    Sec. 14.1. Appropriations for State contributions to the
11State Employees' Retirement System; payroll requirements.
12    (a) Appropriations for State contributions to the State
13Employees' Retirement System of Illinois shall be expended in
14the manner provided in this Section. Except as otherwise
15provided in subsections (a-1), (a-2), (a-3), and (a-4) at the
16time of each payment of salary to an employee under the
17personal services line item, payment shall be made to the State
18Employees' Retirement System, from the amount appropriated for
19State contributions to the State Employees' Retirement System,
20of an amount calculated at the rate certified for the
21applicable fiscal year by the Board of Trustees of the State
22Employees' Retirement System under Section 14-135.08 of the
23Illinois Pension Code. If a line item appropriation to an
24employer for this purpose is exhausted or is unavailable due to
25any limitation on appropriations that may apply, (including,

 

 

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1but not limited to, limitations on appropriations from the Road
2Fund under Section 8.3 of the State Finance Act), the amounts
3shall be paid under the continuing appropriation for this
4purpose contained in the State Pension Funds Continuing
5Appropriation Act.
6    (a-1) Beginning on the effective date of this amendatory
7Act of the 93rd General Assembly through the payment of the
8final payroll from fiscal year 2004 appropriations,
9appropriations for State contributions to the State Employees'
10Retirement System of Illinois shall be expended in the manner
11provided in this subsection (a-1). At the time of each payment
12of salary to an employee under the personal services line item
13from a fund other than the General Revenue Fund, payment shall
14be made for deposit into the General Revenue Fund from the
15amount appropriated for State contributions to the State
16Employees' Retirement System of an amount calculated at the
17rate certified for fiscal year 2004 by the Board of Trustees of
18the State Employees' Retirement System under Section 14-135.08
19of the Illinois Pension Code. This payment shall be made to the
20extent that a line item appropriation to an employer for this
21purpose is available or unexhausted. No payment from
22appropriations for State contributions shall be made in
23conjunction with payment of salary to an employee under the
24personal services line item from the General Revenue Fund.
25    (a-2) For fiscal year 2010 only, at the time of each
26payment of salary to an employee under the personal services

 

 

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1line item from a fund other than the General Revenue Fund,
2payment shall be made for deposit into the State Employees'
3Retirement System of Illinois from the amount appropriated for
4State contributions to the State Employees' Retirement System
5of Illinois of an amount calculated at the rate certified for
6fiscal year 2010 by the Board of Trustees of the State
7Employees' Retirement System of Illinois under Section
814-135.08 of the Illinois Pension Code. This payment shall be
9made to the extent that a line item appropriation to an
10employer for this purpose is available or unexhausted. For
11fiscal year 2010 only, no payment from appropriations for State
12contributions shall be made in conjunction with payment of
13salary to an employee under the personal services line item
14from the General Revenue Fund.
15    (a-3) For fiscal year 2011 only, at the time of each
16payment of salary to an employee under the personal services
17line item from a fund other than the General Revenue Fund,
18payment shall be made for deposit into the State Employees'
19Retirement System of Illinois from the amount appropriated for
20State contributions to the State Employees' Retirement System
21of Illinois of an amount calculated at the rate certified for
22fiscal year 2011 by the Board of Trustees of the State
23Employees' Retirement System of Illinois under Section
2414-135.08 of the Illinois Pension Code. This payment shall be
25made to the extent that a line item appropriation to an
26employer for this purpose is available or unexhausted. For

 

 

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1fiscal year 2011 only, no payment from appropriations for State
2contributions shall be made in conjunction with payment of
3salary to an employee under the personal services line item
4from the General Revenue Fund.
5    (a-4) In fiscal years 2012 through 2016 2015 only, at the
6time of each payment of salary to an employee under the
7personal services line item from a fund other than the General
8Revenue Fund, payment shall be made for deposit into the State
9Employees' Retirement System of Illinois from the amount
10appropriated for State contributions to the State Employees'
11Retirement System of Illinois of an amount calculated at the
12rate certified for the applicable fiscal year by the Board of
13Trustees of the State Employees' Retirement System of Illinois
14under Section 14-135.08 of the Illinois Pension Code. In fiscal
15years 2012 through 2016 2015 only, no payment from
16appropriations for State contributions shall be made in
17conjunction with payment of salary to an employee under the
18personal services line item from the General Revenue Fund.
19    (b) Except during the period beginning on the effective
20date of this amendatory Act of the 93rd General Assembly and
21ending at the time of the payment of the final payroll from
22fiscal year 2004 appropriations, the State Comptroller shall
23not approve for payment any payroll voucher that (1) includes
24payments of salary to eligible employees in the State
25Employees' Retirement System of Illinois and (2) does not
26include the corresponding payment of State contributions to

 

 

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1that retirement system at the full rate certified under Section
214-135.08 for that fiscal year for eligible employees, unless
3the balance in the fund on which the payroll voucher is drawn
4is insufficient to pay the total payroll voucher, or
5unavailable due to any limitation on appropriations that may
6apply, including, but not limited to, limitations on
7appropriations from the Road Fund under Section 8.3 of the
8State Finance Act. If the State Comptroller approves a payroll
9voucher under this Section for which the fund balance is
10insufficient to pay the full amount of the required State
11contribution to the State Employees' Retirement System, the
12Comptroller shall promptly so notify the Retirement System.
13    (b-1) For fiscal year 2010 and fiscal year 2011 only, the
14State Comptroller shall not approve for payment any non-General
15Revenue Fund payroll voucher that (1) includes payments of
16salary to eligible employees in the State Employees' Retirement
17System of Illinois and (2) does not include the corresponding
18payment of State contributions to that retirement system at the
19full rate certified under Section 14-135.08 for that fiscal
20year for eligible employees, unless the balance in the fund on
21which the payroll voucher is drawn is insufficient to pay the
22total payroll voucher, or unavailable due to any limitation on
23appropriations that may apply, including, but not limited to,
24limitations on appropriations from the Road Fund under Section
258.3 of the State Finance Act. If the State Comptroller approves
26a payroll voucher under this Section for which the fund balance

 

 

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1is insufficient to pay the full amount of the required State
2contribution to the State Employees' Retirement System of
3Illinois, the Comptroller shall promptly so notify the
4retirement system.
5    (c) Notwithstanding any other provisions of law, beginning
6July 1, 2007, required State and employee contributions to the
7State Employees' Retirement System of Illinois relating to
8affected legislative staff employees shall be paid out of
9moneys appropriated for that purpose to the Commission on
10Government Forecasting and Accountability, rather than out of
11the lump-sum appropriations otherwise made for the payroll and
12other costs of those employees.
13    These payments must be made pursuant to payroll vouchers
14submitted by the employing entity as part of the regular
15payroll voucher process.
16    For the purpose of this subsection, "affected legislative
17staff employees" means legislative staff employees paid out of
18lump-sum appropriations made to the General Assembly, an
19Officer of the General Assembly, or the Senate Operations
20Commission, but does not include district-office staff or
21employees of legislative support services agencies.
22(Source: P.A. 97-72, eff. 7-1-11; 97-732, eff. 6-30-12; 98-24,
23eff. 6-19-13; 98-674, eff. 6-30-14.)
 
24    Section 5-10. The Illinois Pension Code is amended by
25changing Sections 3-125, 4-118, 7-172.1, 7-195.1, 7-210,

 

 

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17-214, and 14-131 and by adding Sections 9-184.5, 10-107.5,
212-149.5, 13-503.5, and 22-104 as follows:
 
3    (40 ILCS 5/3-125)  (from Ch. 108 1/2, par. 3-125)
4    Sec. 3-125. Financing.
5    (a) The city council or the board of trustees of the
6municipality shall annually levy a tax upon all the taxable
7property of the municipality at the rate on the dollar which
8will produce an amount which, when added to the deductions from
9the salaries or wages of police officers, and revenues
10available from other sources, will equal a sum sufficient to
11meet the annual requirements of the police pension fund. The
12annual requirements to be provided by such tax levy are equal
13to (1) the normal cost of the pension fund for the year
14involved, plus (2) an amount sufficient to bring the total
15assets of the pension fund up to 90% of the total actuarial
16liabilities of the pension fund by the end of municipal fiscal
17year 2040, as annually updated and determined by an enrolled
18actuary employed by the Illinois Department of Insurance or by
19an enrolled actuary retained by the pension fund or the
20municipality. In making these determinations, the required
21minimum employer contribution shall be calculated each year as
22a level percentage of payroll over the years remaining up to
23and including fiscal year 2040 and shall be determined under
24the projected unit credit actuarial cost method. The tax shall
25be levied and collected in the same manner as the general taxes

 

 

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1of the municipality, and in addition to all other taxes now or
2hereafter authorized to be levied upon all property within the
3municipality, and shall be in addition to the amount authorized
4to be levied for general purposes as provided by Section 8-3-1
5of the Illinois Municipal Code, approved May 29, 1961, as
6amended. The tax shall be forwarded directly to the treasurer
7of the board within 30 business days after receipt by the
8county.
9    (b) For purposes of determining the required employer
10contribution to a pension fund, the value of the pension fund's
11assets shall be equal to the actuarial value of the pension
12fund's assets, which shall be calculated as follows:
13        (1) On March 30, 2011, the actuarial value of a pension
14    fund's assets shall be equal to the market value of the
15    assets as of that date.
16        (2) In determining the actuarial value of the System's
17    assets for fiscal years after March 30, 2011, any actuarial
18    gains or losses from investment return incurred in a fiscal
19    year shall be recognized in equal annual amounts over the
20    5-year period following that fiscal year.
21    (c) If a participating municipality fails to transmit to
22the fund contributions required of it under this Article for
23more than 90 days after the payment of those contributions is
24due, the fund may, after giving notice to the municipality,
25certify to the State Comptroller the amounts of the delinquent
26payments in accordance with any applicable rules of the

 

 

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1Comptroller, and the Comptroller must, beginning in fiscal year
22016, deduct and remit to deposit into the fund the certified
3amounts or a portion of those amounts from the following
4proportions of payments grants of State funds to the
5municipality:
6        (1) in fiscal year 2016, one-third of the total amount
7    of any payments grants of State funds to the municipality;
8        (2) in fiscal year 2017, two-thirds of the total amount
9    of any payments grants of State funds to the municipality;
10    and
11        (3) in fiscal year 2018 and each fiscal year
12    thereafter, the total amount of any payments grants of
13    State funds to the municipality.
14    The State Comptroller may not deduct from any payments
15grants of State funds to the municipality more than the amount
16of delinquent payments certified to the State Comptroller by
17the fund.
18    (d) The police pension fund shall consist of the following
19moneys which shall be set apart by the treasurer of the
20municipality:
21        (1) All moneys derived from the taxes levied hereunder;
22        (2) Contributions by police officers under Section
23    3-125.1;
24        (3) All moneys accumulated by the municipality under
25    any previous legislation establishing a fund for the
26    benefit of disabled or retired police officers;

 

 

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1        (4) Donations, gifts or other transfers authorized by
2    this Article.
3    (e) The Commission on Government Forecasting and
4Accountability shall conduct a study of all funds established
5under this Article and shall report its findings to the General
6Assembly on or before January 1, 2013. To the fullest extent
7possible, the study shall include, but not be limited to, the
8following:
9        (1) fund balances;
10        (2) historical employer contribution rates for each
11    fund;
12        (3) the actuarial formulas used as a basis for employer
13    contributions, including the actual assumed rate of return
14    for each year, for each fund;
15        (4) available contribution funding sources;
16        (5) the impact of any revenue limitations caused by
17    PTELL and employer home rule or non-home rule status; and
18        (6) existing statutory funding compliance procedures
19    and funding enforcement mechanisms for all municipal
20    pension funds.
21(Source: P.A. 95-530, eff. 8-28-07; 96-1495, eff. 1-1-11.)
 
22    (40 ILCS 5/4-118)  (from Ch. 108 1/2, par. 4-118)
23    Sec. 4-118. Financing.
24    (a) The city council or the board of trustees of the
25municipality shall annually levy a tax upon all the taxable

 

 

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1property of the municipality at the rate on the dollar which
2will produce an amount which, when added to the deductions from
3the salaries or wages of firefighters and revenues available
4from other sources, will equal a sum sufficient to meet the
5annual actuarial requirements of the pension fund, as
6determined by an enrolled actuary employed by the Illinois
7Department of Insurance or by an enrolled actuary retained by
8the pension fund or municipality. For the purposes of this
9Section, the annual actuarial requirements of the pension fund
10are equal to (1) the normal cost of the pension fund, or 17.5%
11of the salaries and wages to be paid to firefighters for the
12year involved, whichever is greater, plus (2) an annual amount
13sufficient to bring the total assets of the pension fund up to
1490% of the total actuarial liabilities of the pension fund by
15the end of municipal fiscal year 2040, as annually updated and
16determined by an enrolled actuary employed by the Illinois
17Department of Insurance or by an enrolled actuary retained by
18the pension fund or the municipality. In making these
19determinations, the required minimum employer contribution
20shall be calculated each year as a level percentage of payroll
21over the years remaining up to and including fiscal year 2040
22and shall be determined under the projected unit credit
23actuarial cost method. The amount to be applied towards the
24amortization of the unfunded accrued liability in any year
25shall not be less than the annual amount required to amortize
26the unfunded accrued liability, including interest, as a level

 

 

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1percentage of payroll over the number of years remaining in the
240 year amortization period.
3    (a-5) For purposes of determining the required employer
4contribution to a pension fund, the value of the pension fund's
5assets shall be equal to the actuarial value of the pension
6fund's assets, which shall be calculated as follows:
7        (1) On March 30, 2011, the actuarial value of a pension
8    fund's assets shall be equal to the market value of the
9    assets as of that date.
10        (2) In determining the actuarial value of the pension
11    fund's assets for fiscal years after March 30, 2011, any
12    actuarial gains or losses from investment return incurred
13    in a fiscal year shall be recognized in equal annual
14    amounts over the 5-year period following that fiscal year.
15    (b) The tax shall be levied and collected in the same
16manner as the general taxes of the municipality, and shall be
17in addition to all other taxes now or hereafter authorized to
18be levied upon all property within the municipality, and in
19addition to the amount authorized to be levied for general
20purposes, under Section 8-3-1 of the Illinois Municipal Code or
21under Section 14 of the Fire Protection District Act. The tax
22shall be forwarded directly to the treasurer of the board
23within 30 business days of receipt by the county (or, in the
24case of amounts added to the tax levy under subsection (f),
25used by the municipality to pay the employer contributions
26required under subsection (b-1) of Section 15-155 of this

 

 

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1Code).
2    (b-5) If a participating municipality fails to transmit to
3the fund contributions required of it under this Article for
4more than 90 days after the payment of those contributions is
5due, the fund may, after giving notice to the municipality,
6certify to the State Comptroller the amounts of the delinquent
7payments in accordance with any applicable rules of the
8Comptroller, and the Comptroller must, beginning in fiscal year
92016, deduct and remit to deposit into the fund the certified
10amounts or a portion of those amounts from the following
11proportions of payments grants of State funds to the
12municipality:
13        (1) in fiscal year 2016, one-third of the total amount
14    of any payments grants of State funds to the municipality;
15        (2) in fiscal year 2017, two-thirds of the total amount
16    of any payments grants of State funds to the municipality;
17    and
18        (3) in fiscal year 2018 and each fiscal year
19    thereafter, the total amount of any payments grants of
20    State funds to the municipality.
21    The State Comptroller may not deduct from any payments
22grants of State funds to the municipality more than the amount
23of delinquent payments certified to the State Comptroller by
24the fund.
25    (c) The board shall make available to the membership and
26the general public for inspection and copying at reasonable

 

 

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1times the most recent Actuarial Valuation Balance Sheet and Tax
2Levy Requirement issued to the fund by the Department of
3Insurance.
4    (d) The firefighters' pension fund shall consist of the
5following moneys which shall be set apart by the treasurer of
6the municipality: (1) all moneys derived from the taxes levied
7hereunder; (2) contributions by firefighters as provided under
8Section 4-118.1; (3) all rewards in money, fees, gifts, and
9emoluments that may be paid or given for or on account of
10extraordinary service by the fire department or any member
11thereof, except when allowed to be retained by competitive
12awards; and (4) any money, real estate or personal property
13received by the board.
14    (e) For the purposes of this Section, "enrolled actuary"
15means an actuary: (1) who is a member of the Society of
16Actuaries or the American Academy of Actuaries; and (2) who is
17enrolled under Subtitle C of Title III of the Employee
18Retirement Income Security Act of 1974, or who has been engaged
19in providing actuarial services to one or more public
20retirement systems for a period of at least 3 years as of July
211, 1983.
22    (f) The corporate authorities of a municipality that
23employs a person who is described in subdivision (d) of Section
244-106 may add to the tax levy otherwise provided for in this
25Section an amount equal to the projected cost of the employer
26contributions required to be paid by the municipality to the

 

 

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1State Universities Retirement System under subsection (b-1) of
2Section 15-155 of this Code.
3    (g) The Commission on Government Forecasting and
4Accountability shall conduct a study of all funds established
5under this Article and shall report its findings to the General
6Assembly on or before January 1, 2013. To the fullest extent
7possible, the study shall include, but not be limited to, the
8following:
9        (1) fund balances;
10        (2) historical employer contribution rates for each
11    fund;
12        (3) the actuarial formulas used as a basis for employer
13    contributions, including the actual assumed rate of return
14    for each year, for each fund;
15        (4) available contribution funding sources;
16        (5) the impact of any revenue limitations caused by
17    PTELL and employer home rule or non-home rule status; and
18        (6) existing statutory funding compliance procedures
19    and funding enforcement mechanisms for all municipal
20    pension funds.
21(Source: P.A. 96-1495, eff. 1-1-11.)
 
22    (40 ILCS 5/7-172.1)  (from Ch. 108 1/2, par. 7-172.1)
23    Sec. 7-172.1. Actions to enforce payments by
24municipalities and instrumentalities.
25    (a) If any participating municipality or participating

 

 

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1instrumentality fails to transmit to the Fund contributions
2required of it under this Article or contributions collected by
3it from its participating employees for the purposes of this
4Article for more than 90 days after the payment of such
5contributions is due, the Fund, after giving notice to such
6municipality or instrumentality, may certify to the State
7Comptroller the amounts of such delinquent payments in
8accordance with any applicable rules of the Comptroller, and
9the Comptroller shall deduct the amounts so certified or any
10part thereof from any payments grants of State funds to the
11municipality or instrumentality involved and shall remit pay
12the amount so deducted to the Fund. If State funds from which
13such deductions may be made are not available, the Fund may
14proceed against the municipality or instrumentality to recover
15the amounts of such delinquent payments in the appropriate
16circuit court.
17    (b) If any participating municipality fails to transmit to
18the Fund contributions required of it under this Article or
19contributions collected by it from its participating employees
20for the purposes of this Article for more than 90 days after
21the payment of such contributions is due, the Fund, after
22giving notice to such municipality, may certify the fact of
23such delinquent payment to the county treasurer of the county
24in which such municipality is located, who shall thereafter
25remit the amounts collected from the tax levied by the
26municipality under Section 7-171 directly to the Fund.

 

 

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1    (c) If reports furnished to the Fund by the municipality or
2instrumentality involved are inadequate for the computation of
3the amounts of such delinquent payments, the Fund may provide
4for such audit of the records of the municipality or
5instrumentality as may be required to establish the amounts of
6such delinquent payments. The municipality or instrumentality
7shall make its records available to the Fund for the purpose of
8such audit. The cost of such audit shall be added to the amount
9of the delinquent payments and shall be recovered by the Fund
10from the municipality or instrumentality at the same time and
11in the same manner as the delinquent payments are recovered.
12(Source: P.A. 86-273.)
 
13    (40 ILCS 5/7-195.1)  (from Ch. 108 1/2, par. 7-195.1)
14    Sec. 7-195.1. To establish and maintain a revolving
15account. To establish and maintain a revolving account in a
16bank or savings and loan association, approved by the State
17Treasurer as a State depositary and having capital funds,
18represented by capital, surplus, and undivided profits, of at
19least 5 million dollars, for the purpose of making payments of
20annuities, benefits, and administrative expenses and payments
21to the State Agency provided in Section 7-170. All funds
22deposited in such account shall be placed in the name of the
23Fund fund and shall be withdrawn only by a check or draft upon
24the bank or savings and loan association signed by the
25president of the board or the executive director, as the board

 

 

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1may direct. In case the president or executive director, whose
2signature appears upon any check or draft, after attaching his
3signature ceases to hold office before the delivery thereof to
4the payee, his signature nevertheless shall be valid and
5sufficient for all purposes with the same effect as if he had
6remained in office until delivery thereof. The revolving
7account shall be created by resolution of the board. The State
8Comptroller, upon receipt of a copy of such resolution and a
9voucher designating the payment of $300,000 into the revolving
10account, shall draw his warrant on the State Treasurer for
11payment of same to the Fund for deposit in the revolving
12account. The monies in the revolving account shall be held and
13expenditures shall be made by the Fund for the purposes herein
14set forth. The Fund shall reimburse the revolving account for
15expenditures for such purposes and the Comptroller, upon
16receipt of vouchers signed as provided in Section 7-210 and
17including a statement of expenditures made from the revolving
18account, shall draw his warrant on the State Treasurer for the
19payment of the amount of such expenditures to the Fund for
20deposit in the revolving account.
21    No bank or savings and loan association shall receive
22investment funds as permitted by this Section, unless it has
23complied with the requirements established pursuant to Section
246 of the Public Funds Investment Act "An Act relating to
25certain investments of public funds by public agencies",
26approved July 23, 1943, as now or hereafter amended. The

 

 

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1limitations set forth in such Section 6 shall be applicable
2only at the time of investment and shall not require the
3liquidation of any investment at any time.
4(Source: P.A. 83-541.)
 
5    (40 ILCS 5/7-210)  (from Ch. 108 1/2, par. 7-210)
6    Sec. 7-210. Funds.
7    (a) All money received by the board shall immediately be
8deposited with the custodian State Treasurer for the account of
9the Fund fund, or in the case of funds received under Section
107-199.1, in a separate account maintained for that purpose. All
11payments from the accounts of the Fund shall be made by the
12custodian only, and only by a check or draft signed by the
13president of the board or the executive director, as the board
14may direct. Such checks and drafts All disbursements of funds
15held by the State Treasurer shall be made only upon warrants of
16the State Comptroller drawn upon the Treasurer as custodian of
17this fund upon vouchers signed by the person or persons
18designated for such purpose by resolution of the board. The
19Comptroller is authorized to draw such warrants upon vouchers
20so signed, including warrants payable to the Fund for deposit
21in a revolving account authorized by Section 7-195.1. The
22Treasurer shall accept all warrants so signed and shall be
23released from liability for all payments made thereon. Vouchers
24shall be drawn only upon proper authorization by the board as
25properly recorded in the official minute books of the meetings

 

 

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1of the board.
2    (b) (Blank). All securities of the fund when received shall
3be deposited with the State Treasurer who shall provide
4adequate safe deposit facilities for their preservation and
5have custody of them.
6    (c) The assets of the Fund fund shall be invested as one
7fund, and no particular person, municipality, or
8instrumentality thereof or participating instrumentality shall
9have any right in any specific security or in any item of cash
10other than an undivided interest in the whole.
11    (d) Except as provided in subsection (d-5), whenever any
12employees of a municipality or participating instrumentality
13have been or shall be excluded from participation in this Fund
14fund by virtue of the application of paragraph b of Section
157-109 (2), the board shall issue a check or draft voucher
16authorizing the Comptroller to draw his warrant upon the
17Treasurer as custodian of this fund in an amount equal to the
18accumulated contributions of such employees. Such check or
19draft warrant shall be drawn in favor of the appropriate fund
20of the pension or retirement fund in which such employees have
21or shall become participants. Such transfer shall terminate any
22further rights of such employees under this Fund fund.
23    (d-5) Upon creation of a newly established Article 3 police
24pension fund by referendum under Section 3-145 or by census
25under Section 3-105, the following amounts shall be transferred
26from this Fund to the new police pension fund, within 30 days

 

 

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1after an application therefor is received from the new pension
2fund:
3        (1) the amounts actually contributed to this Fund as
4    employee contributions by or on behalf of the police
5    officers transferring to the new pension fund for their
6    service as police officers of the municipality that is
7    establishing the new pension fund, plus interest on those
8    amounts at the rate of 6% per year, compounded annually,
9    from the date of contribution to the date of transfer to
10    the new pension fund, and
11        (2) an amount representing employer contributions,
12    equal to the total amount determined under item (1).
13This transfer terminates any further rights of such police
14officers in this Fund arising out of their service as police
15officers of the municipality that is establishing the new
16pension fund.
17    (e) If a participating instrumentality terminates
18participation because it fails to meet the requirements of
19Section 7-108, it shall pay to the Fund fund the amount equal
20to any net debit balance in its municipality reserve account
21and account receivable. Its successors, and assigns and
22transferees of its assets shall be obligated to make this
23payment to the extent of the value of assets transferred to
24them. The Fund fund shall pay an amount equal to any net credit
25balance to the participating instrumentality, its successors
26or assigns. Any remaining net debit or credit balance not

 

 

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1collectible or payable shall be transferred to the terminated
2municipality reserve account. The Fund fund shall pay to each
3employee of the participating instrumentality an amount equal
4to his credits in the employee reserves. The employees shall
5have no further rights to any benefits from the Fund fund,
6except that annuities awarded prior to the date of termination
7shall continue to be paid.
8(Source: P.A. 98-729, eff. 7-26-14.)
 
9    (40 ILCS 5/7-214)  (from Ch. 108 1/2, par. 7-214)
10    Sec. 7-214. Custodian State treasurer. The Board shall
11appoint one or more custodians to receive and hold the assets
12of the Fund on such terms as the Board may agree. The State
13Treasurer shall be the treasurer of the fund and shall be
14responsible for the proper handling of all the assets of the
15fund in accordance with this Article. He shall furnish a
16corporate surety bond of such amount as the board designates,
17which bond shall indemnify the board against any loss which may
18result from any action or failure to act by the treasurer or
19any of his agents. All charges incidental to the procuring and
20giving of such bond shall be paid by the board.
21(Source: Laws 1963, p. 161.)
 
22    (40 ILCS 5/9-184.5 new)
23    Sec. 9-184.5. Delinquent contributions; deduction from
24payments of State funds to the county. If the county fails to

 

 

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1transmit to the Fund contributions required of it under this
2Article by December 31st of the year in which such
3contributions are due, the Fund may, after giving notice to the
4county, certify to the State Comptroller the amounts of the
5delinquent payments in accordance with any applicable rules of
6the Comptroller, and the Comptroller must, beginning in payment
7year 2016, deduct and remit to the Fund the certified amounts
8from payments of State funds to the county.
9    The State Comptroller may not deduct from any payments of
10State funds to the county more than the amount of delinquent
11payments certified to the State Comptroller by the Fund.
 
12    (40 ILCS 5/10-107.5 new)
13    Sec. 10-107.5. Delinquent contributions; deduction from
14payments of State funds to the district. If the district fails
15to transmit to the Fund contributions required of it under this
16Article by December 31st of the year in which such
17contributions are due, the Fund may, after giving notice to the
18district, certify to the State Comptroller the amounts of the
19delinquent payments in accordance with any applicable rules of
20the Comptroller, and the Comptroller must, beginning in payment
21year 2016, deduct and remit to the Fund the certified amounts
22from payments of State funds to the district.
23    The State Comptroller may not deduct from any payments of
24State funds to the district more than the amount of delinquent
25payments certified to the State Comptroller by the Fund.
 

 

 

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1    (40 ILCS 5/12-149.5 new)
2    Sec. 12-149.5. Delinquent contributions; deduction from
3payments of State funds to the employer. If the employer fails
4to transmit to the Fund contributions required of it under this
5Article by December 31st of the year in which such
6contributions are due, the Fund may, after giving notice to the
7employer, certify to the State Comptroller the amounts of the
8delinquent payments in accordance with any applicable rules of
9the Comptroller, and the Comptroller must, beginning in payment
10year 2016, deduct and remit to the Fund the certified amounts
11from payments of State funds to the employer.
12    The State Comptroller may not deduct from any payments of
13State funds to the employer more than the amount of delinquent
14payments certified to the State Comptroller by the Fund.
 
15    (40 ILCS 5/13-503.5 new)
16    Sec. 13-503.5. Delinquent contributions; deduction from
17payments of State funds to the employer. If the employer fails
18to transmit to the Fund contributions required of it under this
19Article by December 31st of the year in which such
20contributions are due, the Fund may, after giving notice to the
21employer, certify to the State Comptroller the amounts of the
22delinquent payments in accordance with any applicable rules of
23the Comptroller, and the Comptroller must, beginning in payment
24year 2016, deduct and remit to the Fund the certified amounts

 

 

09900SB0842ham001- 30 -LRB099 06842 SXM 36247 a

1from payments of State funds to the employer.
2    The State Comptroller may not deduct from any payments of
3State funds to the employer more than the amount of delinquent
4payments certified to the State Comptroller by the Fund.
 
5    (40 ILCS 5/14-131)
6    (Text of Section WITHOUT the changes made by P.A. 98-599,
7which has been held unconstitutional)
8    Sec. 14-131. Contributions by State.
9    (a) The State shall make contributions to the System by
10appropriations of amounts which, together with other employer
11contributions from trust, federal, and other funds, employee
12contributions, investment income, and other income, will be
13sufficient to meet the cost of maintaining and administering
14the System on a 90% funded basis in accordance with actuarial
15recommendations.
16    For the purposes of this Section and Section 14-135.08,
17references to State contributions refer only to employer
18contributions and do not include employee contributions that
19are picked up or otherwise paid by the State or a department on
20behalf of the employee.
21    (b) The Board shall determine the total amount of State
22contributions required for each fiscal year on the basis of the
23actuarial tables and other assumptions adopted by the Board,
24using the formula in subsection (e).
25    The Board shall also determine a State contribution rate

 

 

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1for each fiscal year, expressed as a percentage of payroll,
2based on the total required State contribution for that fiscal
3year (less the amount received by the System from
4appropriations under Section 8.12 of the State Finance Act and
5Section 1 of the State Pension Funds Continuing Appropriation
6Act, if any, for the fiscal year ending on the June 30
7immediately preceding the applicable November 15 certification
8deadline), the estimated payroll (including all forms of
9compensation) for personal services rendered by eligible
10employees, and the recommendations of the actuary.
11    For the purposes of this Section and Section 14.1 of the
12State Finance Act, the term "eligible employees" includes
13employees who participate in the System, persons who may elect
14to participate in the System but have not so elected, persons
15who are serving a qualifying period that is required for
16participation, and annuitants employed by a department as
17described in subdivision (a)(1) or (a)(2) of Section 14-111.
18    (c) Contributions shall be made by the several departments
19for each pay period by warrants drawn by the State Comptroller
20against their respective funds or appropriations based upon
21vouchers stating the amount to be so contributed. These amounts
22shall be based on the full rate certified by the Board under
23Section 14-135.08 for that fiscal year. From the effective date
24of this amendatory Act of the 93rd General Assembly through the
25payment of the final payroll from fiscal year 2004
26appropriations, the several departments shall not make

 

 

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1contributions for the remainder of fiscal year 2004 but shall
2instead make payments as required under subsection (a-1) of
3Section 14.1 of the State Finance Act. The several departments
4shall resume those contributions at the commencement of fiscal
5year 2005.
6    (c-1) Notwithstanding subsection (c) of this Section, for
7fiscal years 2010, 2012, 2013, 2014, and 2015, and 2016 only,
8contributions by the several departments are not required to be
9made for General Revenue Funds payrolls processed by the
10Comptroller. Payrolls paid by the several departments from all
11other State funds must continue to be processed pursuant to
12subsection (c) of this Section.
13    (c-2) For State fiscal years 2010, 2012, 2013, 2014, and
142015, and 2016 only, on or as soon as possible after the 15th
15day of each month, the Board shall submit vouchers for payment
16of State contributions to the System, in a total monthly amount
17of one-twelfth of the fiscal year General Revenue Fund
18contribution as certified by the System pursuant to Section
1914-135.08 of the Illinois Pension Code.
20    (d) If an employee is paid from trust funds or federal
21funds, the department or other employer shall pay employer
22contributions from those funds to the System at the certified
23rate, unless the terms of the trust or the federal-State
24agreement preclude the use of the funds for that purpose, in
25which case the required employer contributions shall be paid by
26the State. From the effective date of this amendatory Act of

 

 

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1the 93rd General Assembly through the payment of the final
2payroll from fiscal year 2004 appropriations, the department or
3other employer shall not pay contributions for the remainder of
4fiscal year 2004 but shall instead make payments as required
5under subsection (a-1) of Section 14.1 of the State Finance
6Act. The department or other employer shall resume payment of
7contributions at the commencement of fiscal year 2005.
8    (e) For State fiscal years 2012 through 2045, the minimum
9contribution to the System to be made by the State for each
10fiscal year shall be an amount determined by the System to be
11sufficient to bring the total assets of the System up to 90% of
12the total actuarial liabilities of the System by the end of
13State fiscal year 2045. In making these determinations, the
14required State contribution shall be calculated each year as a
15level percentage of payroll over the years remaining to and
16including fiscal year 2045 and shall be determined under the
17projected unit credit actuarial cost method.
18    For State fiscal years 1996 through 2005, the State
19contribution to the System, as a percentage of the applicable
20employee payroll, shall be increased in equal annual increments
21so that by State fiscal year 2011, the State is contributing at
22the rate required under this Section; except that (i) for State
23fiscal year 1998, for all purposes of this Code and any other
24law of this State, the certified percentage of the applicable
25employee payroll shall be 5.052% for employees earning eligible
26creditable service under Section 14-110 and 6.500% for all

 

 

09900SB0842ham001- 34 -LRB099 06842 SXM 36247 a

1other employees, notwithstanding any contrary certification
2made under Section 14-135.08 before the effective date of this
3amendatory Act of 1997, and (ii) in the following specified
4State fiscal years, the State contribution to the System shall
5not be less than the following indicated percentages of the
6applicable employee payroll, even if the indicated percentage
7will produce a State contribution in excess of the amount
8otherwise required under this subsection and subsection (a):
99.8% in FY 1999; 10.0% in FY 2000; 10.2% in FY 2001; 10.4% in FY
102002; 10.6% in FY 2003; and 10.8% in FY 2004.
11    Notwithstanding any other provision of this Article, the
12total required State contribution to the System for State
13fiscal year 2006 is $203,783,900.
14    Notwithstanding any other provision of this Article, the
15total required State contribution to the System for State
16fiscal year 2007 is $344,164,400.
17    For each of State fiscal years 2008 through 2009, the State
18contribution to the System, as a percentage of the applicable
19employee payroll, shall be increased in equal annual increments
20from the required State contribution for State fiscal year
212007, so that by State fiscal year 2011, the State is
22contributing at the rate otherwise required under this Section.
23    Notwithstanding any other provision of this Article, the
24total required State General Revenue Fund contribution for
25State fiscal year 2010 is $723,703,100 and shall be made from
26the proceeds of bonds sold in fiscal year 2010 pursuant to

 

 

09900SB0842ham001- 35 -LRB099 06842 SXM 36247 a

1Section 7.2 of the General Obligation Bond Act, less (i) the
2pro rata share of bond sale expenses determined by the System's
3share of total bond proceeds, (ii) any amounts received from
4the General Revenue Fund in fiscal year 2010, and (iii) any
5reduction in bond proceeds due to the issuance of discounted
6bonds, if applicable.
7    Notwithstanding any other provision of this Article, the
8total required State General Revenue Fund contribution for
9State fiscal year 2011 is the amount recertified by the System
10on or before April 1, 2011 pursuant to Section 14-135.08 and
11shall be made from the proceeds of bonds sold in fiscal year
122011 pursuant to Section 7.2 of the General Obligation Bond
13Act, less (i) the pro rata share of bond sale expenses
14determined by the System's share of total bond proceeds, (ii)
15any amounts received from the General Revenue Fund in fiscal
16year 2011, and (iii) any reduction in bond proceeds due to the
17issuance of discounted bonds, if applicable.
18    Beginning in State fiscal year 2046, the minimum State
19contribution for each fiscal year shall be the amount needed to
20maintain the total assets of the System at 90% of the total
21actuarial liabilities of the System.
22    Amounts received by the System pursuant to Section 25 of
23the Budget Stabilization Act or Section 8.12 of the State
24Finance Act in any fiscal year do not reduce and do not
25constitute payment of any portion of the minimum State
26contribution required under this Article in that fiscal year.

 

 

09900SB0842ham001- 36 -LRB099 06842 SXM 36247 a

1Such amounts shall not reduce, and shall not be included in the
2calculation of, the required State contributions under this
3Article in any future year until the System has reached a
4funding ratio of at least 90%. A reference in this Article to
5the "required State contribution" or any substantially similar
6term does not include or apply to any amounts payable to the
7System under Section 25 of the Budget Stabilization Act.
8    Notwithstanding any other provision of this Section, the
9required State contribution for State fiscal year 2005 and for
10fiscal year 2008 and each fiscal year thereafter, as calculated
11under this Section and certified under Section 14-135.08, shall
12not exceed an amount equal to (i) the amount of the required
13State contribution that would have been calculated under this
14Section for that fiscal year if the System had not received any
15payments under subsection (d) of Section 7.2 of the General
16Obligation Bond Act, minus (ii) the portion of the State's
17total debt service payments for that fiscal year on the bonds
18issued in fiscal year 2003 for the purposes of that Section
197.2, as determined and certified by the Comptroller, that is
20the same as the System's portion of the total moneys
21distributed under subsection (d) of Section 7.2 of the General
22Obligation Bond Act. In determining this maximum for State
23fiscal years 2008 through 2010, however, the amount referred to
24in item (i) shall be increased, as a percentage of the
25applicable employee payroll, in equal increments calculated
26from the sum of the required State contribution for State

 

 

09900SB0842ham001- 37 -LRB099 06842 SXM 36247 a

1fiscal year 2007 plus the applicable portion of the State's
2total debt service payments for fiscal year 2007 on the bonds
3issued in fiscal year 2003 for the purposes of Section 7.2 of
4the General Obligation Bond Act, so that, by State fiscal year
52011, the State is contributing at the rate otherwise required
6under this Section.
7    (f) After the submission of all payments for eligible
8employees from personal services line items in fiscal year 2004
9have been made, the Comptroller shall provide to the System a
10certification of the sum of all fiscal year 2004 expenditures
11for personal services that would have been covered by payments
12to the System under this Section if the provisions of this
13amendatory Act of the 93rd General Assembly had not been
14enacted. Upon receipt of the certification, the System shall
15determine the amount due to the System based on the full rate
16certified by the Board under Section 14-135.08 for fiscal year
172004 in order to meet the State's obligation under this
18Section. The System shall compare this amount due to the amount
19received by the System in fiscal year 2004 through payments
20under this Section and under Section 6z-61 of the State Finance
21Act. If the amount due is more than the amount received, the
22difference shall be termed the "Fiscal Year 2004 Shortfall" for
23purposes of this Section, and the Fiscal Year 2004 Shortfall
24shall be satisfied under Section 1.2 of the State Pension Funds
25Continuing Appropriation Act. If the amount due is less than
26the amount received, the difference shall be termed the "Fiscal

 

 

09900SB0842ham001- 38 -LRB099 06842 SXM 36247 a

1Year 2004 Overpayment" for purposes of this Section, and the
2Fiscal Year 2004 Overpayment shall be repaid by the System to
3the Pension Contribution Fund as soon as practicable after the
4certification.
5    (g) For purposes of determining the required State
6contribution to the System, the value of the System's assets
7shall be equal to the actuarial value of the System's assets,
8which shall be calculated as follows:
9    As of June 30, 2008, the actuarial value of the System's
10assets shall be equal to the market value of the assets as of
11that date. In determining the actuarial value of the System's
12assets for fiscal years after June 30, 2008, any actuarial
13gains or losses from investment return incurred in a fiscal
14year shall be recognized in equal annual amounts over the
155-year period following that fiscal year.
16    (h) For purposes of determining the required State
17contribution to the System for a particular year, the actuarial
18value of assets shall be assumed to earn a rate of return equal
19to the System's actuarially assumed rate of return.
20    (i) After the submission of all payments for eligible
21employees from personal services line items paid from the
22General Revenue Fund in fiscal year 2010 have been made, the
23Comptroller shall provide to the System a certification of the
24sum of all fiscal year 2010 expenditures for personal services
25that would have been covered by payments to the System under
26this Section if the provisions of this amendatory Act of the

 

 

09900SB0842ham001- 39 -LRB099 06842 SXM 36247 a

196th General Assembly had not been enacted. Upon receipt of the
2certification, the System shall determine the amount due to the
3System based on the full rate certified by the Board under
4Section 14-135.08 for fiscal year 2010 in order to meet the
5State's obligation under this Section. The System shall compare
6this amount due to the amount received by the System in fiscal
7year 2010 through payments under this Section. If the amount
8due is more than the amount received, the difference shall be
9termed the "Fiscal Year 2010 Shortfall" for purposes of this
10Section, and the Fiscal Year 2010 Shortfall shall be satisfied
11under Section 1.2 of the State Pension Funds Continuing
12Appropriation Act. If the amount due is less than the amount
13received, the difference shall be termed the "Fiscal Year 2010
14Overpayment" for purposes of this Section, and the Fiscal Year
152010 Overpayment shall be repaid by the System to the General
16Revenue Fund as soon as practicable after the certification.
17    (j) After the submission of all payments for eligible
18employees from personal services line items paid from the
19General Revenue Fund in fiscal year 2011 have been made, the
20Comptroller shall provide to the System a certification of the
21sum of all fiscal year 2011 expenditures for personal services
22that would have been covered by payments to the System under
23this Section if the provisions of this amendatory Act of the
2496th General Assembly had not been enacted. Upon receipt of the
25certification, the System shall determine the amount due to the
26System based on the full rate certified by the Board under

 

 

09900SB0842ham001- 40 -LRB099 06842 SXM 36247 a

1Section 14-135.08 for fiscal year 2011 in order to meet the
2State's obligation under this Section. The System shall compare
3this amount due to the amount received by the System in fiscal
4year 2011 through payments under this Section. If the amount
5due is more than the amount received, the difference shall be
6termed the "Fiscal Year 2011 Shortfall" for purposes of this
7Section, and the Fiscal Year 2011 Shortfall shall be satisfied
8under Section 1.2 of the State Pension Funds Continuing
9Appropriation Act. If the amount due is less than the amount
10received, the difference shall be termed the "Fiscal Year 2011
11Overpayment" for purposes of this Section, and the Fiscal Year
122011 Overpayment shall be repaid by the System to the General
13Revenue Fund as soon as practicable after the certification.
14    (k) For fiscal years 2012 through 2016 2015 only, after the
15submission of all payments for eligible employees from personal
16services line items paid from the General Revenue Fund in the
17fiscal year have been made, the Comptroller shall provide to
18the System a certification of the sum of all expenditures in
19the fiscal year for personal services. Upon receipt of the
20certification, the System shall determine the amount due to the
21System based on the full rate certified by the Board under
22Section 14-135.08 for the fiscal year in order to meet the
23State's obligation under this Section. The System shall compare
24this amount due to the amount received by the System for the
25fiscal year. If the amount due is more than the amount
26received, the difference shall be termed the "Prior Fiscal Year

 

 

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1Shortfall" for purposes of this Section, and the Prior Fiscal
2Year Shortfall shall be satisfied under Section 1.2 of the
3State Pension Funds Continuing Appropriation Act. If the amount
4due is less than the amount received, the difference shall be
5termed the "Prior Fiscal Year Overpayment" for purposes of this
6Section, and the Prior Fiscal Year Overpayment shall be repaid
7by the System to the General Revenue Fund as soon as
8practicable after the certification.
9(Source: P.A. 97-72, eff. 7-1-11; 97-732, eff. 6-30-12; 98-24,
10eff. 6-19-13; 98-674, eff. 6-30-14.)
 
11    (40 ILCS 5/22-104 new)
12    Sec. 22-104. Delinquent contributions; deduction from
13payments of State funds to the employer. If an employer of
14participants in a pension fund or retirement plan subject to
15this Division fails to transmit contributions required of it by
16that pension fund or retirement plan by December 31st of the
17year in which such contributions are due, the pension fund or
18retirement plan may, after giving notice to the employer,
19certify to the State Comptroller the amounts of the delinquent
20payments in accordance with any applicable rules of the
21Comptroller, and the Comptroller must, beginning in payment
22year 2016, deduct and remit to that pension fund or retirement
23plan the certified amounts from payments of State funds to the
24employer.
25    The State Comptroller may not deduct from any payments of

 

 

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1State funds to the employer more than the amount of delinquent
2payments certified to the State Comptroller by the employer.
 
3    Section 5-15. The Uniform Disposition of Unclaimed
4Property Act is amended by changing Section 18 as follows:
 
5    (765 ILCS 1025/18)  (from Ch. 141, par. 118)
6    Sec. 18. Deposit of funds received under the Act.
7    (a) The State Treasurer shall retain all funds received
8under this Act, including the proceeds from the sale of
9abandoned property under Section 17, in a trust fund. The State
10Treasurer may deposit any amount in the Trust Fund into the
11State Pensions Fund during the fiscal year at his or her
12discretion; however, he or she shall, on April 15 and October
1315 of each year, deposit any amount in the trust fund exceeding
14$2,500,000 into the State Pensions Fund. If on either April 15
15or October 15, the State Treasurer determines that a balance of
16$2,500,000 is insufficient for the prompt payment of unclaimed
17property claims authorized under this Act, the Treasurer may
18retain more than $2,500,000 in the Unclaimed Property Trust
19Fund in order to ensure the prompt payment of claims. Beginning
20in State fiscal year 2017 2016, all amounts that are deposited
21into the State Pensions Fund from the Unclaimed Property Trust
22Fund shall be apportioned to the designated retirement systems
23as provided in subsection (c-6) of Section 8.12 of the State
24Finance Act to reduce their actuarial reserve deficiencies. He

 

 

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1or she shall make prompt payment of claims he or she duly
2allows as provided for in this Act for the trust fund. Before
3making the deposit the State Treasurer shall record the name
4and last known address of each person appearing from the
5holders' reports to be entitled to the abandoned property. The
6record shall be available for public inspection during
7reasonable business hours.
8    (b) Before making any deposit to the credit of the State
9Pensions Fund, the State Treasurer may deduct: (1) any costs in
10connection with sale of abandoned property, (2) any costs of
11mailing and publication in connection with any abandoned
12property, and (3) any costs in connection with the maintenance
13of records or disposition of claims made pursuant to this Act.
14The State Treasurer shall semiannually file an itemized report
15of all such expenses with the Legislative Audit Commission.
16(Source: P.A. 97-732, eff. 6-30-12; 98-19, eff. 6-10-13; 98-24,
17eff. 6-19-13; 98-674, eff. 6-30-14; 98-756, eff. 7-16-14.)
 
18
ARTICLE 99. EFFECTIVE DATE

 
19    Section 99-99. Effective date. This Act takes effect July
201, 2015.".