Illinois General Assembly - Bill Status for SB3514

Replaces everything after the enacting clause. Amends the State Finance Act. Provides that, for fiscal year 2011 only, at the time of each payment of salary to an employee under the personal services line item from a fund other than the General Revenue Fund, payment shall be made for deposit into the State Employees' Retirement System of Illinois from the amount appropriated for State contributions to the State Employees' Retirement System of Illinois of an amount calculated at the rate certified for fiscal year 2011 by the Board of Trustees of the State Employees' Retirement System of Illinois. Provides that this payment shall be made to the extent that a line item appropriation to an employer for this purpose is available or unexhausted. Provides that, for fiscal year 2011 only, no payment from appropriations for State contributions shall be made in conjunction with payment of salary to an employee under the personal services line item from the General Revenue Fund. Amends the General Obligation Bond Act to authorize an additional $3,700,000,000 in Bonds for the purpose of making the State's Fiscal Year 2011 required contributions to the designated retirement systems. Provides that the Bonds may be issued only for the purpose of fulfilling the State's Fiscal Year 2011 required contributions to the designated retirement systems. Provides schedules for the payment of maturing principal or mandatory redemption on those bonds. Makes other changes. Amends the Illinois Pension Code to include within the investment authority of pension funds (other than downstate police and fire pension funds) the obligations of the State of Illinois issued in fiscal year 2011 under the General Obligation Bond Act, and to provide that no person shall be liable with respect to a breach of fiduciary duty for investing in those obligations. Amends the General Assembly, State Employees, State Universities, Downstate Teachers, and Judges Articles of the Illinois Pension Code. Requires each system to the required State contribution for fiscal year 2011, applying the changes made by Public Act 96-889 to the system's assets and liabilities as of June 30, 2009 as though Public Act 96-889 was approved on that date. Provides that the total required State contribution for State fiscal year 2011 is the amount recertified by the System. Provides that the State contribution for fiscal year 2011 may be made through any combination of (i) the transfer of bonds to the System in fiscal year 2011 and (ii) the proceeds of bonds sold by negotiated sale in fiscal year 2011, less (A) the pro rata share of bond sale expenses determined by the System's share of total bond proceeds, (B) any amounts received from the General Revenue Fund, the Common School Fund, or the State Pensions Fund in fiscal year 2011, and (C) any reduction in bond proceeds due to the issuance of discounted bonds, if applicable. Provides that, if no bonds are issued directly to the System and if in the sole determination of the Director of the Governor's Office of Management and Budget market conditions do not support the issuance of bonds by negotiated sale in order to make all or a portion of the required contribution, he or she shall so inform the System in writing and the State contribution for fiscal year 2011 shall be only the System's pro rata share, based on the amounts recertified by each System, of the proceeds of bonds issued, less (A) the pro rata share of bond sale expenses determined by the System's share of total bond proceeds, (B) any amounts received from the General Revenue Fund, the Common School Fund, or the State Pensions Fund in fiscal year 2011, and (C) any reduction in bond proceeds due to the issuance of discounted bonds, if applicable. Amends the State Pension Funds Continuing Appropriation Act to suspend appropriations from the General Revenue Fund or the Common School Fund for State fiscal year 2011. Makes other changes. Effective immediately.

Replaces everything after the enacting clause. Amends the State Finance Act. Provides that no payment from appropriations for State contributions shall be made in conjunction with payment of salary to an employee under the personal services line item from the General Revenue Fund. Amends the General Obligation Bond Act. Authorizes an additional $4,096,348,300 in Bonds to be used for the purpose of making the State's Fiscal Year 2011 required contributions to designated retirement systems. Provides that the terms of the Bonds may not exceed 8 years from issuance, and the Bonds must be issued with specified principal or mandatory redemption amounts. Makes other changes. Amends the Illinois Pension Code. In provisions of each of the 5 State-funded retirement systems concerning the State contribution, (i) makes changes concerning the required State contribution to the systems for State fiscal year 2011 and (ii) requires the systems to recalculate and recertify the required State contributions for fiscal year 2011. Amends the State Pension Funds Continuing Appropriation Act. Limits the continuing appropriations for the State-funded retirement systems for fiscal year 2011 to the amounts certified by the systems, less the gross proceeds of the general obligation bonds sold in fiscal year 2011. Provides that no appropriation otherwise required from the General Revenue Fund or the Common School Fund under the Act is required to be made prior to October 31, 2010; however, after October 31st the system shall be immediately appropriated an amount that would have been otherwise available through the Act. Effective immediately.

Adds Article headings.

Makes provisions prohibiting the State Comptroller from approving payment for certain non-General Revenue Fund payroll vouchers applicable for fiscal year 2011. In provisions amending the State Employee Article of the Illinois Pension Code, provides that (i) after the submission of all payments for eligible employees from personal services line items paid from the General Revenue Fund in fiscal year 2011 have been made, the Comptroller shall provide to the System a certification of the sum of all fiscal year 2011 expenditures for personal services that would have been covered by payments to the System under this Section if the provisions of the amendatory Act had not been enacted, (ii) upon receipt of the certification, the System shall determine the amount due to the System based on the full rate certified by the Board for fiscal year 2011 in order to meet the State's obligation under this Section, and (iii) the System shall compare this amount due to the amount received by the System in fiscal year 2011 through payments under provisions concerning the required State contribution, and (A) if the amount due is more than the amount received, the difference shall be termed the "Fiscal Year 2011 Shortfall" for purposes of this Section, and the Fiscal Year 2011 Shortfall shall be satisfied under Section 1.2 of the State Pension Funds Continuing Appropriation Act, and (B) if the amount due is less than the amount received, the difference shall be termed the "Fiscal Year 2011 Overpayment" for purposes of this Section, and the Fiscal Year 2011 Overpayment shall be repaid by the System to the General Revenue Fund as soon as practicable after the certification. Further amends the State Pension Funds Continuing Appropriation Act to suspend continuing appropriations to September 30, 2010 (instead of October 31, 2010).

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