SB2822 EnrolledLRB099 19816 RPS 44215 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) 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;

 

 

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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    (d) In addition to any other contribution required under
9this Article, including the contribution required under
10subsection (c), for State fiscal year 2017, the State shall
11contribute the amount of $215,200,000 to the Fund. This amount
12shall be deemed a portion of the employer's required
13contribution.
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 10. The State Pension Funds Continuing
17Appropriation Act is amended by changing Section 1.1 as
18follows:
 
19    (40 ILCS 15/1.1)
20    Sec. 1.1. Appropriations to certain retirement systems.
21    (a) There is hereby appropriated from the General Revenue
22Fund to the General Assembly Retirement System, on a continuing
23monthly basis, the amount, if any, by which the total available
24amount of all other appropriations to that retirement system

 

 

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1for the payment of State contributions is less than the total
2amount of the vouchers for required State contributions
3lawfully submitted by the retirement system for that month
4under Section 2-134 of the Illinois Pension Code.
5    (b) There is hereby appropriated from the General Revenue
6Fund to the State Universities Retirement System, on a
7continuing monthly basis, the amount, if any, by which the
8total available amount of all other appropriations to that
9retirement system for the payment of State contributions,
10including any deficiency in the required contributions of the
11optional retirement program established under Section 15-158.2
12of the Illinois Pension Code, is less than the total amount of
13the vouchers for required State contributions lawfully
14submitted by the retirement system for that month under Section
1515-165 of the Illinois Pension Code.
16    (c) There is hereby appropriated from the Common School
17Fund to the Teachers' Retirement System of the State of
18Illinois, on a continuing monthly basis, the amount, if any, by
19which the total available amount of all other appropriations to
20that retirement system for the payment of State contributions
21is less than the total amount of the vouchers for required
22State contributions lawfully submitted by the retirement
23system for that month under Section 16-158 of the Illinois
24Pension Code.
25    (d) There is hereby appropriated from the General Revenue
26Fund to the Judges Retirement System of Illinois, on a

 

 

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1continuing monthly basis, the amount, if any, by which the
2total available amount of all other appropriations to that
3retirement system for the payment of State contributions is
4less than the total amount of the vouchers for required State
5contributions lawfully submitted by the retirement system for
6that month under Section 18-140 of the Illinois Pension Code.
7    (e) The continuing appropriations provided by subsections
8(a), (b), (c), and (d) of this Section shall first be available
9in State fiscal year 1996. The continuing appropriations
10provided by subsection (h) of this Section shall first be
11available as provided in that subsection (h).
12    (f) For State fiscal year 2010 only, the continuing
13appropriations provided by this Section are equal to the amount
14certified by each System on or before December 31, 2008, less
15(i) the gross proceeds of the bonds sold in fiscal year 2010
16under the authorization contained in subsection (a) of Section
177.2 of the General Obligation Bond Act and (ii) any amounts
18received from the State Pensions Fund.
19    (g) For State fiscal year 2011 only, the continuing
20appropriations provided by this Section are equal to the amount
21certified by each System on or before April 1, 2011, less (i)
22the gross proceeds of the bonds sold in fiscal year 2011 under
23the authorization contained in subsection (a) of Section 7.2 of
24the General Obligation Bond Act and (ii) any amounts received
25from the State Pensions Fund.
26    (h) For State fiscal year 2017, there is hereby

 

 

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1appropriated from the Common School Fund to the Public School
2Teachers' Pension and Retirement Fund of Chicago the amount, if
3any, by which the total available amount of all other State
4appropriations to that Retirement Fund for the payment of State
5contributions under subsection (d) of Section 17-127 of the
6Illinois Pension Code is less than the total amount of required
7State contributions under subsection (d) of Section 17-127.
8(Source: P.A. 96-43, eff. 7-15-09; 96-1497, eff. 1-14-11;
996-1511, eff. 1-27-11.)