093_HB2660enr

HB2660 Enrolled                      LRB093 04138 RCE 04181 b

 1        AN ACT concerning bonds.

 2        Be  it  enacted  by  the People of the State of Illinois,
 3    represented in the General Assembly:

 4        Section 5.  The State Finance Act is  amended  by  adding
 5    Section 5.595 as follows:

 6        (30 ILCS 105/5.595 new)
 7        Sec. 5.595.  The Pension Contribution Fund.

 8        Section  10.   The General Obligation Bond Act is amended
 9    by changing Sections 2, 8, 12, 13, and 15 and adding  Section
10    7.2 as follows:

11        (30 ILCS 330/2) (from Ch. 127, par. 652)
12        Sec.  2.  Authorization for Bonds.  The State of Illinois
13    is authorized to issue, sell and provide for  the  retirement
14    of  General Obligation Bonds of the State of Illinois for the
15    categories and specific  purposes  expressed  in  Sections  2
16    through 8 of this Act, in the total amount of $27,658,149,369
17    $17,658,149,369 $16,908,149,369 $16,015,007,500.
18        The  bonds authorized in this Section 2 and in Section 16
19    of this Act are herein called "Bonds".
20        Of the total amount of Bonds authorized in this  Act,  up
21    to  $2,200,000,000 in aggregate original principal amount may
22    be issued and  sold  in  accordance  with  the  Baccalaureate
23    Savings Act in the form of General Obligation College Savings
24    Bonds.
25        Of  the  total amount of Bonds authorized in this Act, up
26    to $300,000,000 in aggregate original principal amount may be
27    issued and sold in accordance with the Retirement Savings Act
28    in the form of General Obligation Retirement Savings Bonds.
29        Of the total amount of Bonds authorized in this Act,  the
 
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 1    additional  $10,000,000,000 authorized by this amendatory Act
 2    of the 93rd General Assembly shall be used solely as provided
 3    in Section 7.2.
 4        The issuance and sale of Bonds pursuant  to  the  General
 5    Obligation  Bond Act is an economical and efficient method of
 6    financing the capital and  general  operating  needs  of  the
 7    State.   This Act will permit the issuance of a multi-purpose
 8    General Obligation Bond  with  uniform  terms  and  features.
 9    This  will  not  only lower the cost of registration but also
10    reduce the overall cost of  issuing  debt  by  improving  the
11    marketability of Illinois General Obligation Bonds.
12    (Source:  P.A.  91-39,  eff.  6-15-99;  91-53,  eff  6-30-99;
13    91-710,  eff.  5-17-00;  92-13,  eff.  6-22-01;  92-596, eff.
14    6-28-02; 92-598, eff. 6-28-02; revised 10-8-02.)

15        (30 ILCS 330/7.2 new)
16        Sec. 7.2. State pension funding.
17        (a)  The amount of $10,000,000,000 is  authorized  to  be
18    used   for   the  purpose  of  making  contributions  to  the
19    designated retirement systems.   For  the  purposes  of  this
20    Section,  "designated  retirement  systems"  means  the State
21    Employees'  Retirement  System  of  Illinois;  the  Teachers'
22    Retirement  System  of  the  State  of  Illinois;  the  State
23    Universities Retirement System; the Judges Retirement  System
24    of Illinois; and the General Assembly Retirement System.
25        (b)  The  Pension  Contribution  Fund  is  created  as  a
26    special fund in the State Treasury.
27        The  proceeds  of the additional $10,000,000,000 of Bonds
28    authorized  by  this  amendatory  Act  of  the  93rd  General
29    Assembly, less the amounts authorized in the Bond Sale  Order
30    to  be  deposited  directly  into  the  capitalized  interest
31    account   of  the  General  Obligation  Bond  Retirement  and
32    Interest Fund or otherwise directly paid out  for  bond  sale
33    expenses under Section 8, shall be deposited into the Pension
 
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 1    Contribution Fund and used as provided in this Section.
 2        (c)  Of  the amount of Bond proceeds first deposited into
 3    the Pension Contribution Fund, there shall  be  reserved  for
 4    transfers  under  this  subsection  the  sum of $300,000,000,
 5    representing  the  required  State   contributions   to   the
 6    designated  retirement  systems for the last quarter of State
 7    fiscal  year  2003,   plus   the   sum   of   $1,860,000,000,
 8    representing   the   required   State  contributions  to  the
 9    designated retirement systems for State fiscal year 2004.
10        Upon the deposit of sufficient moneys  into  the  Pension
11    Contribution   Fund,  the  Comptroller  and  Treasurer  shall
12    immediately transfer the sum of $300,000,000 from the Pension
13    Contribution Fund to the General Revenue Fund.
14        Whenever any payment of required State contributions  for
15    State  fiscal  year  2004  is  made  to one of the designated
16    retirement systems, the Comptroller and Treasurer  shall,  as
17    soon  as  practicable, transfer from the Pension Contribution
18    Fund to the General Revenue  Fund  an  amount  equal  to  the
19    amount  of  that payment to the designated retirement system.
20    If the amount reserved for these transfers exceeds the  total
21    amount  of  fiscal  year  2004  payments  of  required  State
22    contributions  to  the  designated  retirement  systems,  the
23    Comptroller   and  Treasurer  shall  continue  to  make  such
24    transfers based on fiscal year 2005 payments until the entire
25    amount reserved has been transferred.
26        (d)  All amounts deposited into the Pension  Contribution
27    Fund, other than the amounts reserved for the transfers under
28    subsection  (c),  shall  be  appropriated  to  the designated
29    retirement  systems  to  reduce   their   actuarial   reserve
30    deficiencies.   The  amount  of  the  appropriation  to  each
31    designated  retirement  system  shall constitute a portion of
32    the total appropriation under this  subsection  that  is  the
33    same  as  that  retirement  system's  portion  of  the  total
34    actuarial reserve deficiency of the systems, as most recently
 
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 1    determined  by the Bureau of the Budget under Section 8.12 of
 2    the State Finance Act.
 3        Within 15 days after any Bond proceeds in excess  of  the
 4    amounts initially reserved under subsection (c) are deposited
 5    into  the Pension Contribution Fund, the Bureau of the Budget
 6    shall  (i)  allocate  those  proceeds  among  the  designated
 7    retirement  systems  in  proportion   to   their   respective
 8    actuarial  reserve  deficiencies, as most recently determined
 9    under Section 8.12 of the State Finance Act, and (ii) certify
10    those allocations to the designated  retirement  systems  and
11    the Comptroller.
12        Upon  receiving certification of an allocation under this
13    subsection, a designated retirement system  shall  submit  to
14    the  Comptroller  a voucher for the amount of its allocation.
15    The voucher shall be paid out of the amount  appropriated  to
16    that   designated   retirement   system   from   the  Pension
17    Contribution Fund pursuant to this subsection.

18        (30 ILCS 330/8) (from Ch. 127, par. 658)
19        Sec. 8.  Bond sale expenses; capitalized interest.
20        (a)  An amount not to exceed 0.5 percent of the principal
21    amount  of  the  proceeds  of  sale  of  each  bond  sale  is
22    authorized to be used to pay the reasonable costs of issuance
23    and sale  of  State  of  Illinois  general  obligation  bonds
24    authorized and sold pursuant to this Act.
25        (b)  The Bond Sale Order may provide for a portion of the
26    proceeds  of  the  bond  sale,  representing up to 12 months'
27    interest on the bonds, to  be  deposited  directly  into  the
28    capitalized  interest  account of the General Obligation Bond
29    Retirement and Interest Fund.
30    (Source: P.A. 83-1490.)

31        (30 ILCS 330/12) (from Ch. 127, par. 662)
32        Sec. 12.  Allocation of Proceeds from Sale of Bonds.
 
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 1        (a)  Proceeds from  the  sale  of  Bonds,  authorized  by
 2    Section  3  of  this  Act, shall be deposited in the separate
 3    fund known as the Capital Development Fund.
 4        (b)  Proceeds from  the  sale  of  Bonds,  authorized  by
 5    paragraph (a) of Section 4 of this Act, shall be deposited in
 6    the  separate fund known as the Transportation Bond, Series A
 7    Fund.
 8        (c)  Proceeds from  the  sale  of  Bonds,  authorized  by
 9    paragraphs  (b)  and  (c)  of Section 4 of this Act, shall be
10    deposited in the separate fund known  as  the  Transportation
11    Bond, Series B Fund.
12        (d)  Proceeds  from  the  sale  of  Bonds,  authorized by
13    Section 5 of this Act, shall be  deposited  in  the  separate
14    fund known as the School Construction Fund.
15        (e)  Proceeds  from  the  sale  of  Bonds,  authorized by
16    Section 6 of this Act, shall be  deposited  in  the  separate
17    fund known as the Anti-Pollution Fund.
18        (f)  Proceeds  from  the  sale  of  Bonds,  authorized by
19    Section 7 of this Act, shall be  deposited  in  the  separate
20    fund known as the Coal Development Fund.
21        (f-2)  Proceeds  from  the  sale  of Bonds, authorized by
22    Section 7.2 of this Act, shall be deposited as set  forth  in
23    Section 7.2.
24        (f-5)  Proceeds  from  the  sale  of Bonds, authorized by
25    Section 7.5 of this Act, shall be deposited as set  forth  in
26    Section 7.5.
27        (g)  Proceeds  from  the  sale  of  Bonds,  authorized by
28    Section 8 of this Act, shall  be  deposited  in  the  Capital
29    Development Fund.
30        (h)  Subsequent  to  the  issuance  of  any Bonds for the
31    purposes described in Sections 2 through 8 of this  Act,  the
32    Governor  and  the  Director  of the Bureau of the Budget may
33    provide for the reallocation  of  unspent  proceeds  of  such
34    Bonds to any other purposes authorized under said Sections of
 
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 1    this  Act,  subject to the limitations on aggregate principal
 2    amounts  contained therein.  Upon any such reallocation, such
 3    unspent proceeds shall  be  transferred  to  the  appropriate
 4    funds  as  determined  by reference to paragraphs (a) through
 5    (g) of this Section.
 6    (Source: P.A. 92-596, eff. 6-28-02.)

 7        (30 ILCS 330/13) (from Ch. 127, par. 663)
 8        Sec. 13. Appropriation of Proceeds from Sale of Bonds.
 9        (a)  At all times, the proceeds from the  sale  of  Bonds
10    issued  pursuant  to this Act are subject to appropriation by
11    the General Assembly and, except as provided in Section  7.2,
12    may  be  obligated or expended only with the written approval
13    of the Governor, in such amounts, at such times, and for such
14    purposes as the respective  State  agencies,  as  defined  in
15    Section  1-7  of the Illinois State Auditing Act, as amended,
16    deem  necessary  or  desirable  for  the  specific   purposes
17    contemplated in Sections 2 through 8 of this Act.
18        (b)  Proceeds  from  the sale of Bonds for the purpose of
19    development of coal and alternative forms of energy shall  be
20    expended  in such amounts and at such times as the Department
21    of Commerce  and  Community  Affairs,  with  the  advice  and
22    recommendation  of  the  Illinois  Coal Development Board for
23    coal development projects, may deem necessary  and  desirable
24    for  the  specific  purpose contemplated by Section 7 of this
25    Act. In considering the approval of projects  to  be  funded,
26    the  Department  of Commerce and Community Affairs shall give
27    special consideration to projects designed to  remove  sulfur
28    and  other  pollutants  in the preparation and utilization of
29    coal, and in  the  use  and  operation  of  electric  utility
30    generating  plants  and  industrial  facilities which utilize
31    Illinois coal as their primary source of fuel.
32        (c)  Any monies received by any officer  or  employee  of
33    the   state  representing  a  reimbursement  of  expenditures
 
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 1    previously paid from general obligation bond  proceeds  shall
 2    be  deposited into the General Obligation Bond Retirement and
 3    Interest Fund authorized in Section 14 of this Act.
 4    (Source: P.A. 89-445, eff. 2-7-96; 90-348, eff. 1-1-98.)

 5        (30 ILCS 330/15) (from Ch. 127, par. 665)
 6        Sec.  15.  Computation   of   Principal   and   Interest;
 7    transfers. Transfer from General Revenue Fund.
 8        (a)  Upon  each delivery of Bonds authorized to be issued
 9    under this Act, the Comptroller shall compute and certify  to
10    the  Treasurer the total amount of principal of, interest on,
11    and premium, if any, on Bonds issued that will be payable  in
12    order  to  retire  such Bonds and the amount of principal of,
13    interest on and premium, if any, on such Bonds that  will  be
14    payable  on  each payment date according to the tenor of such
15    Bonds during the then  current  and  each  succeeding  fiscal
16    year.
17        On  or  before  the  last  day  of  each  month the State
18    Treasurer and Comptroller shall transfer from  (1)  the  Road
19    Fund  with  respect  to  Bonds  issued under paragraph (a) of
20    Section 4 of this Act or Bonds  issued  for  the  purpose  of
21    refunding  such bonds, and from (2) the General Revenue Fund,
22    with respect to all other Bonds issued under this Act, to the
23    General Obligation  Bond  Retirement  and  Interest  Fund  an
24    amount  sufficient  to pay the aggregate of the principal of,
25    interest on, and premium, if any, on Bonds payable, by  their
26    terms  on the next payment date divided by the number of full
27    calendar months between the date of such Bonds and the  first
28    such  payment  date, and thereafter, divided by the number of
29    months between each succeeding payment date after the  first.
30    Such computations and transfers shall be made for each series
31    of  Bonds  issued  and  delivered.  Interest for which moneys
32    have already been deposited  into  the  capitalized  interest
33    account  within  the  General  Obligation Bond Retirement and
 
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 1    Interest Fund shall not be included in the calculation of the
 2    amounts to be transferred under this subsection.
 3        The transfer of monies herein and above directed  is  not
 4    required  if monies in the General Obligation Bond Retirement
 5    and Interest Fund are more than the amount  otherwise  to  be
 6    transferred  as herein above provided, and if the Governor or
 7    his authorized representative notifies  the  State  Treasurer
 8    and Comptroller of such fact in writing.
 9        (b)  After  the  effective  date of this Act, the balance
10    of, and  monies  directed  to  be  included  in  the  Capital
11    Development Bond Retirement and Interest Fund, Anti-Pollution
12    Bond  Retirement  and  Interest  Fund,  Transportation  Bond,
13    Series  A  Retirement and Interest Fund, Transportation Bond,
14    Series B Retirement and Interest Fund, and  Coal  Development
15    Bond Retirement and Interest Fund shall be transferred to and
16    deposited  in  the  General  Obligation  Bond  Retirement and
17    Interest Fund.  This Fund shall be used to make debt  service
18    payments  on  the State's general obligation Bonds heretofore
19    issued which are now outstanding and payable from  the  Funds
20    herein listed as well as on Bonds issued under this Act.
21        (c)  The  unused  portion of federal funds received for a
22    capital facilities project, as authorized  by  Section  3  of
23    this  Act, for which monies from the Capital Development Fund
24    have been expended shall be deposited upon completion of  the
25    project   in  the  General  Obligation  Bond  Retirement  and
26    Interest Fund. Any federal funds  received  as  reimbursement
27    for  the  completed  construction  of  a  capital  facilities
28    project,  as  authorized  by Section 3 of this Act, for which
29    monies from the Capital Development Fund have  been  expended
30    shall  be deposited in the General Obligation Bond Retirement
31    and Interest Fund.
32    (Source: P.A. 84-952.)

33        Section 15.  The Illinois  Pension  Code  is  amended  by
 
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 1    changing  Sections  2-124,  2-134, 14-131, 14-135.08, 15-155,
 2    15-165, 16-158, 18-131, and 18-140 as follows:

 3        (40 ILCS 5/2-124) (from Ch. 108 1/2, par. 2-124)
 4        Sec. 2-124.  Contributions by State.
 5        (a)  The State shall make contributions to the System  by
 6    appropriations   of   amounts   which,   together   with  the
 7    contributions   of   participants,   interest    earned    on
 8    investments,   and   other  income  will  meet  the  cost  of
 9    maintaining and administering the  System  on  a  90%  funded
10    basis in accordance with actuarial recommendations.
11        (b)  The  Board  shall  determine  the  amount  of  State
12    contributions  required  for each fiscal year on the basis of
13    the actuarial tables and other  assumptions  adopted  by  the
14    Board  and the prescribed rate of interest, using the formula
15    in subsection (c).
16        (c)  For  State  fiscal  years  2011  through  2045,  the
17    minimum contribution to the System to be made  by  the  State
18    for  each  fiscal  year  shall be an amount determined by the
19    System to be sufficient to bring  the  total  assets  of  the
20    System  up  to  90% of the total actuarial liabilities of the
21    System by the end of State fiscal year 2045.  In making these
22    determinations, the  required  State  contribution  shall  be
23    calculated  each  year  as a level percentage of payroll over
24    the years remaining to and including  fiscal  year  2045  and
25    shall be determined under the projected unit credit actuarial
26    cost method.
27        For  State  fiscal  years  1996  through  2010, the State
28    contribution to the System, as a percentage of the applicable
29    employee  payroll,  shall  be  increased  in   equal   annual
30    increments  so  that  by State fiscal year 2011, the State is
31    contributing at the rate required under this Section.
32        Beginning in State fiscal year 2046,  the  minimum  State
33    contribution  for each fiscal year shall be the amount needed
 
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 1    to maintain the total assets of the  System  at  90%  of  the
 2    total actuarial liabilities of the System.
 3        Notwithstanding  any other provision of this Section, the
 4    required State contribution for State fiscal  year  2005  and
 5    each fiscal year thereafter, as calculated under this Section
 6    and certified under Section 2-134, shall not exceed an amount
 7    equal  to  (i)  the amount of the required State contribution
 8    that would have been calculated under this Section  for  that
 9    fiscal year if the System had not received any payments under
10    subsection  (d) of Section 7.2 of the General Obligation Bond
11    Act, minus (ii) the portion of the State's total debt service
12    payments for that fiscal year on the  bonds  issued  for  the
13    purposes  of that Section 7.2, as determined and certified by
14    the Comptroller, that is the same as the System's portion  of
15    the  total moneys distributed under subsection (d) of Section
16    7.2 of the General Obligation Bond Act.
17    (Source: P.A. 88-593, eff. 8-22-94.)

18        (40 ILCS 5/2-134) (from Ch. 108 1/2, par. 2-134)
19        Sec. 2-134.  To certify required State contributions  and
20    submit vouchers.
21        (a)  The Board shall certify to the Governor on or before
22    November  15  of  each  year the amount of the required State
23    contribution to the System for the  next  fiscal  year.   The
24    certification   shall   include   a  copy  of  the  actuarial
25    recommendations upon which it is based.
26        On or before May 1, 2004, the Board shall recalculate and
27    recertify to the Governor the amount of  the  required  State
28    contribution to the System for State fiscal year 2005, taking
29    into  account the amounts appropriated to and received by the
30    System under subsection (d) of Section  7.2  of  the  General
31    Obligation Bond Act.
32        (b)  Beginning  in  State fiscal year 1996, on or as soon
33    as possible after the 15th day of each month the Board  shall
 
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 1    submit  vouchers  for  payment  of State contributions to the
 2    System, in a total  monthly  amount  of  one-twelfth  of  the
 3    required annual State contribution certified under subsection
 4    (a).   These  vouchers shall be paid by the State Comptroller
 5    and Treasurer by warrants drawn on the funds appropriated  to
 6    the  System for that fiscal year.  If in any month the amount
 7    remaining unexpended from all  other  appropriations  to  the
 8    System   for   the  applicable  fiscal  year  (including  the
 9    appropriations to the System under Section 8.12 of the  State
10    Finance  Act  and  Section  1  of  the  State  Pension  Funds
11    Continuing   Appropriation  Act)  is  less  than  the  amount
12    lawfully vouchered under this Section, the  difference  shall
13    be  paid  from  the General Revenue Fund under the continuing
14    appropriation authority provided in Section 1.1 of the  State
15    Pension Funds Continuing Appropriation Act.
16        (c)  The  full amount of any annual appropriation for the
17    System for State fiscal year 1995 shall  be  transferred  and
18    made  available to the System at the beginning of that fiscal
19    year at the request of the Board.  Any excess funds remaining
20    at the end of any fiscal year from  appropriations  shall  be
21    retained  by  the  System  as  a  general reserve to meet the
22    System's accrued liabilities.
23    (Source: P.A. 88-593, eff. 8-22-94.)

24        (40 ILCS 5/14-131) (from Ch. 108 1/2, par. 14-131)
25        Sec. 14-131. Contributions by State.
26        (a)  The State shall make contributions to the System  by
27    appropriations of amounts which, together with other employer
28    contributions  from trust, federal, and other funds, employee
29    contributions, investment income, and other income,  will  be
30    sufficient  to meet the cost of maintaining and administering
31    the System on a 90% funded basis in accordance with actuarial
32    recommendations.
33        For the purposes of this Section and  Section  14-135.08,
 
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 1    references  to  State  contributions  refer  only to employer
 2    contributions and do not include employee contributions  that
 3    are  picked up or otherwise paid by the State or a department
 4    on behalf of the employee.
 5        (b)  The Board shall determine the total amount of  State
 6    contributions  required  for each fiscal year on the basis of
 7    the actuarial tables and other  assumptions  adopted  by  the
 8    Board, using the formula in subsection (e).
 9        The  Board shall also determine a State contribution rate
10    for each fiscal year, expressed as a percentage  of  payroll,
11    based  on  the  total  required  State  contribution for that
12    fiscal year (less the amount  received  by  the  System  from
13    appropriations  under  Section  8.12 of the State Finance Act
14    and  Section  1  of  the  State  Pension   Funds   Continuing
15    Appropriation  Act, if any, for the fiscal year ending on the
16    June 30 immediately  preceding  the  applicable  November  15
17    certification deadline), the estimated payroll (including all
18    forms  of  compensation)  for  personal  services rendered by
19    eligible employees, and the recommendations of the actuary.
20        For the purposes of this Section and Section 14.1 of  the
21    State  Finance  Act,  the  term "eligible employees" includes
22    employees who participate in  the  System,  persons  who  may
23    elect  to  participate in the System but have not so elected,
24    persons who are serving a qualifying period that is  required
25    for participation, and annuitants employed by a department as
26    described in subdivision (a)(1) or (a)(2) of Section 14-111.
27        (c)  Contributions   shall   be   made   by  the  several
28    departments for each pay period  by  warrants  drawn  by  the
29    State   Comptroller   against   their   respective  funds  or
30    appropriations based upon vouchers stating the amount  to  be
31    so  contributed.   These  amounts  shall be based on the full
32    rate certified by the Board under Section 14-135.08 for  that
33    fiscal year.
34        (d)  If  an  employee is paid from trust funds or federal
 
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 1    funds, the department or other employer  shall  pay  employer
 2    contributions from those funds to the System at the certified
 3    rate,  unless  the  terms  of  the trust or the federal-State
 4    agreement preclude the use of the funds for that purpose,  in
 5    which  case the required employer contributions shall be paid
 6    by the State.
 7        (e)  For  State  fiscal  years  2011  through  2045,  the
 8    minimum contribution to the System to be made  by  the  State
 9    for  each  fiscal  year  shall be an amount determined by the
10    System to be sufficient to bring  the  total  assets  of  the
11    System  up  to  90% of the total actuarial liabilities of the
12    System by the end of State fiscal year 2045.  In making these
13    determinations, the  required  State  contribution  shall  be
14    calculated  each  year  as a level percentage of payroll over
15    the years remaining to and including  fiscal  year  2045  and
16    shall be determined under the projected unit credit actuarial
17    cost method.
18        For  State  fiscal  years  1996  through  2010, the State
19    contribution to the System, as a percentage of the applicable
20    employee  payroll,  shall  be  increased  in   equal   annual
21    increments  so  that  by State fiscal year 2011, the State is
22    contributing at the rate required under this Section;  except
23    that (i) for State fiscal year 1998, for all purposes of this
24    Code   and  any  other  law  of  this  State,  the  certified
25    percentage of the applicable employee payroll shall be 5.052%
26    for  employees  earning  eligible  creditable  service  under
27    Section  14-110  and  6.500%   for   all   other   employees,
28    notwithstanding any contrary certification made under Section
29    14-135.08 before the effective date of this amendatory Act of
30    1997, and (ii) in the following specified State fiscal years,
31    the  State  contribution to the System shall not be less than
32    the  following  indicated  percentages  of   the   applicable
33    employee  payroll,  even  if  the  indicated  percentage will
34    produce  a  State  contribution  in  excess  of  the   amount
 
HB2660 Enrolled            -14-      LRB093 04138 RCE 04181 b
 1    otherwise required under this subsection and subsection (a):
 2    9.8% in FY 1999; 10.0% in FY 2000; 10.2% in FY 2001; 10.4% in
 3    FY  2002; 10.6% in FY 2003; and 10.8% in FY 2004; 11.0% in FY
 4    2005; 11.2% in FY 2006; 11.4% in FY 2007; 11.6% in  FY  2008;
 5    and 11.8% in FY 2009.
 6        Beginning  in  State  fiscal year 2046, the minimum State
 7    contribution for each fiscal year shall be the amount  needed
 8    to  maintain  the  total  assets  of the System at 90% of the
 9    total actuarial liabilities of the System.
10        Notwithstanding any other provision of this Section,  the
11    required  State  contribution  for State fiscal year 2005 and
12    each fiscal year thereafter, as calculated under this Section
13    and certified under Section 14-135.08, shall  not  exceed  an
14    amount  equal  to  (i)  the  amount  of  the  required  State
15    contribution  that  would  have  been  calculated  under this
16    Section for that fiscal year if the System had  not  received
17    any  payments  under  subsection  (d)  of  Section 7.2 of the
18    General Obligation Bond Act, minus (ii) the  portion  of  the
19    State's  total  debt service payments for that fiscal year on
20    the bonds issued for the purposes of  that  Section  7.2,  as
21    determined and certified by the Comptroller, that is the same
22    as the System's portion of the total moneys distributed under
23    subsection  (d) of Section 7.2 of the General Obligation Bond
24    Act.
25    (Source: P.A. 89-136, eff. 7-14-95; 90-65, eff. 7-7-97.)

26        (40 ILCS 5/14-135.08) (from Ch. 108 1/2, par. 14-135.08)
27        Sec. 14-135.08.  To certify required State contributions.
28    To certify to the Governor and  to  each  department,  on  or
29    before  November 15 of each year, the required rate for State
30    contributions to the System for the next State  fiscal  year,
31    as  determined  under  subsection (b) of Section 14-131.  The
32    certification to the Governor shall include  a  copy  of  the
33    actuarial recommendations upon which the rate is based.
 
HB2660 Enrolled            -15-      LRB093 04138 RCE 04181 b
 1        On or before May 1, 2004, the Board shall recalculate and
 2    recertify  to  the Governor and to each department the amount
 3    of the required State contribution  to  the  System  and  the
 4    required  rates  for  State  contributions  to the System for
 5    State fiscal year  2005,  taking  into  account  the  amounts
 6    appropriated  to  and received by the System under subsection
 7    (d) of Section 7.2 of the General Obligation Bond Act.
 8    (Source: P.A. 88-593, eff. 8-22-94; 89-136, eff. 7-14-95.)

 9        (40 ILCS 5/15-155) (from Ch. 108 1/2, par. 15-155)
10        Sec. 15-155.  Employer contributions.
11        (a)  The State of Illinois shall  make  contributions  by
12    appropriations  of  amounts  which,  together  with the other
13    employer contributions from trust, federal, and other  funds,
14    employee  contributions,  income  from investments, and other
15    income of this System, will be sufficient to meet the cost of
16    maintaining and administering the  System  on  a  90%  funded
17    basis in accordance with actuarial recommendations.
18        The   Board   shall   determine   the   amount  of  State
19    contributions required for each fiscal year on the  basis  of
20    the  actuarial  tables  and  other assumptions adopted by the
21    Board and the  recommendations  of  the  actuary,  using  the
22    formula in subsection (a-1).
23        (a-1)  For  State  fiscal  years  2011  through 2045, the
24    minimum contribution to the System to be made  by  the  State
25    for  each  fiscal  year  shall be an amount determined by the
26    System to be sufficient to bring  the  total  assets  of  the
27    System  up  to  90% of the total actuarial liabilities of the
28    System by the end of State fiscal year 2045.  In making these
29    determinations, the  required  State  contribution  shall  be
30    calculated  each  year  as a level percentage of payroll over
31    the years remaining to and including  fiscal  year  2045  and
32    shall be determined under the projected unit credit actuarial
33    cost method.
 
HB2660 Enrolled            -16-      LRB093 04138 RCE 04181 b
 1        For  State  fiscal  years  1996  through  2010, the State
 2    contribution to the System, as a percentage of the applicable
 3    employee  payroll,  shall  be  increased  in   equal   annual
 4    increments  so  that  by State fiscal year 2011, the State is
 5    contributing at the rate required under this Section.
 6        Beginning in State fiscal year 2046,  the  minimum  State
 7    contribution  for each fiscal year shall be the amount needed
 8    to maintain the total assets of the  System  at  90%  of  the
 9    total actuarial liabilities of the System.
10        Notwithstanding  any other provision of this Section, the
11    required State contribution for State fiscal  year  2005  and
12    each fiscal year thereafter, as calculated under this Section
13    and  certified  under  Section  15-165,  shall  not exceed an
14    amount  equal  to  (i)  the  amount  of  the  required  State
15    contribution that  would  have  been  calculated  under  this
16    Section  for  that fiscal year if the System had not received
17    any payments under subsection  (d)  of  Section  7.2  of  the
18    General  Obligation  Bond  Act, minus (ii) the portion of the
19    State's total debt service payments for that fiscal  year  on
20    the  bonds  issued  for  the purposes of that Section 7.2, as
21    determined and certified by the Comptroller, that is the same
22    as the System's portion of the total moneys distributed under
23    subsection (d) of Section 7.2 of the General Obligation  Bond
24    Act.
25        (b)  If  an employee is paid from trust or federal funds,
26    the employer shall pay to the Board contributions from  those
27    funds which are sufficient to cover the accruing normal costs
28    on  behalf  of  the  employee.   However, universities having
29    employees who are compensated out of local  auxiliary  funds,
30    income funds, or service enterprise funds are not required to
31    pay  such  contributions  on  behalf of those employees.  The
32    local auxiliary funds, income funds, and  service  enterprise
33    funds of universities shall not be considered trust funds for
34    the   purpose   of   this   Article,   but  funds  of  alumni
 
HB2660 Enrolled            -17-      LRB093 04138 RCE 04181 b
 1    associations, foundations, and  athletic  associations  which
 2    are  affiliated  with  the universities included as employers
 3    under this Article and other employers which do  not  receive
 4    State appropriations are considered to be trust funds for the
 5    purpose of this Article.
 6        (b-1)  The City of Urbana and the City of Champaign shall
 7    each  make  employer  contributions  to this System for their
 8    respective firefighter  employees  who  participate  in  this
 9    System  pursuant  to  subsection  (h) of Section 15-107.  The
10    rate of contributions to  be  made  by  those  municipalities
11    shall be determined annually by the Board on the basis of the
12    actuarial   assumptions   adopted   by   the  Board  and  the
13    recommendations of the actuary, and shall be expressed  as  a
14    percentage of salary for each such employee.  The Board shall
15    certify  the  rate  to the affected municipalities as soon as
16    may be practical.  The employer contributions required  under
17    this  subsection shall be remitted by the municipality to the
18    System at the same time and in the same  manner  as  employee
19    contributions.
20        (c)  Through  State  fiscal year 1995: The total employer
21    contribution shall be apportioned among the various funds  of
22    the  State  and  other  employers, whether trust, federal, or
23    other funds, in accordance with actuarial procedures approved
24    by the Board.  State of Illinois contributions for  employers
25    receiving State appropriations for personal services shall be
26    payable  from  appropriations made to the employers or to the
27    System.  The contributions for  Class  I  community  colleges
28    covering  earnings  other  than  those  paid  from  trust and
29    federal funds, shall be payable solely from appropriations to
30    the Illinois  Community  College  Board  or  the  System  for
31    employer contributions.
32        (d)  Beginning  in  State  fiscal year 1996, the required
33    State contributions  to  the  System  shall  be  appropriated
34    directly  to the System and shall be payable through vouchers
 
HB2660 Enrolled            -18-      LRB093 04138 RCE 04181 b
 1    issued in accordance with subsection (c) of Section 15-165.
 2        (e)  The State Comptroller shall draw warrants payable to
 3    the System upon proper certification by the System or by  the
 4    employer  in  accordance with the appropriation laws and this
 5    Code.
 6        (f)  Normal costs under this Section means liability  for
 7    pensions  and  other  benefits  which  accrues  to the System
 8    because of the credits earned for  service  rendered  by  the
 9    participants   during   the   fiscal  year  and  expenses  of
10    administering the System, but shall not include the principal
11    of or any redemption premium or interest on any bonds  issued
12    by the Board or any expenses incurred or deposits required in
13    connection therewith.
14    (Source: P.A. 89-602, eff. 8-2-96; 90-576, eff. 3-31-98.)

15        (40 ILCS 5/15-165) (from Ch. 108 1/2, par. 15-165)
16        Sec. 15-165.  To certify amounts and submit vouchers.
17        (a)  The Board shall certify to the Governor on or before
18    November  15  of  each  year  the appropriation required from
19    State funds for the purposes of this System for the following
20    fiscal year.  The certification shall include a copy  of  the
21    actuarial recommendations upon which it is based.
22        On or before May 1, 2004, the Board shall recalculate and
23    recertify  to  the  Governor the amount of the required State
24    contribution to the System for State fiscal year 2005, taking
25    into account the amounts appropriated to and received by  the
26    System  under  subsection  (d)  of Section 7.2 of the General
27    Obligation Bond Act.
28        (b)  The Board shall certify to the State Comptroller  or
29    employer,  as  the  case  may  be,  from time to time, by its
30    president and secretary, with its seal attached, the  amounts
31    payable to the System from the various funds.
32        (c)  Beginning  in  State fiscal year 1996, on or as soon
33    as possible after the 15th day of each month the Board  shall
 
HB2660 Enrolled            -19-      LRB093 04138 RCE 04181 b
 1    submit  vouchers  for  payment  of State contributions to the
 2    System, in a total  monthly  amount  of  one-twelfth  of  the
 3    required annual State contribution certified under subsection
 4    (a).   These  vouchers shall be paid by the State Comptroller
 5    and Treasurer by warrants drawn on the funds appropriated  to
 6    the System for that fiscal year.
 7        If  in any month the amount remaining unexpended from all
 8    other appropriations to the System for the applicable  fiscal
 9    year  (including  the  appropriations  to  the  System  under
10    Section  8.12  of  the State Finance Act and Section 1 of the
11    State Pension Funds Continuing  Appropriation  Act)  is  less
12    than  the  amount  lawfully vouchered under this Section, the
13    difference shall be paid from the General Revenue Fund  under
14    the  continuing  appropriation  authority provided in Section
15    1.1 of the State Pension Funds Continuing Appropriation Act.
16        (d)  So long as the payments received are the full amount
17    lawfully vouchered under this Section, payments  received  by
18    the  System  under this Section shall be applied first toward
19    the  employer   contribution   to   the   self-managed   plan
20    established   under  Section  15-158.2.   Payments  shall  be
21    applied second toward the employer's portion  of  the  normal
22    costs  of the System, as defined in subsection (f) of Section
23    15-155.  The balance shall be  applied  toward  the  unfunded
24    actuarial liabilities of the System.
25        (e)  In  the event that the System does not receive, as a
26    result  of  legislative  enactment  or  otherwise,   payments
27    sufficient  to  fully  fund  the employer contribution to the
28    self-managed plan established under Section 15-158.2  and  to
29    fully  fund  that  portion  of  the employer's portion of the
30    normal costs of the System, as calculated in accordance  with
31    Section  15-155(a-1),  then  any  payments  received shall be
32    applied proportionately to the  optional  retirement  program
33    established  under  Section  15-158.2  and  to the employer's
34    portion of the normal costs of the System, as  calculated  in
 
HB2660 Enrolled            -20-      LRB093 04138 RCE 04181 b
 1    accordance with Section 15-155(a-1).
 2    (Source: P.A. 90-448, eff. 8-16-97; 90-766, eff. 8-14-98.)

 3        (40 ILCS 5/16-158) (from Ch. 108 1/2, par. 16-158)
 4        Sec.  16-158.  Contributions by State and other employing
 5    units.
 6        (a)  The State shall make contributions to the System  by
 7    means of appropriations from the Common School Fund and other
 8    State  funds  of  amounts which, together with other employer
 9    contributions, employee contributions, investment income, and
10    other  income,  will  be  sufficient  to  meet  the  cost  of
11    maintaining and administering the  System  on  a  90%  funded
12    basis in accordance with actuarial recommendations.
13        The   Board   shall   determine   the   amount  of  State
14    contributions required for each fiscal year on the  basis  of
15    the  actuarial  tables  and  other assumptions adopted by the
16    Board and the  recommendations  of  the  actuary,  using  the
17    formula in subsection (b-3).
18        (a-1)  Annually,  on  or  before  November  15, the Board
19    shall certify to the Governor  the  amount  of  the  required
20    State   contribution   for   the  coming  fiscal  year.   The
21    certification  shall  include  a  copy   of   the   actuarial
22    recommendations upon which it is based.
23        On or before May 1, 2004, the Board shall recalculate and
24    recertify  to  the  Governor the amount of the required State
25    contribution to the System for State fiscal year 2005, taking
26    into account the amounts appropriated to and received by  the
27    System  under  subsection  (d)  of Section 7.2 of the General
28    Obligation Bond Act.
29        (b)  Through  State   fiscal   year   1995,   the   State
30    contributions  shall be paid to the System in accordance with
31    Section 18-7 of the School Code.
32        (b-1)  Beginning in State fiscal year 1996, on  the  15th
33    day   of  each  month,  or  as  soon  thereafter  as  may  be
 
HB2660 Enrolled            -21-      LRB093 04138 RCE 04181 b
 1    practicable, the Board shall submit vouchers for  payment  of
 2    State  contributions to the System, in a total monthly amount
 3    of one-twelfth of  the  required  annual  State  contribution
 4    certified  under  subsection  (a-1).  These vouchers shall be
 5    paid by the State Comptroller and Treasurer by warrants drawn
 6    on the funds appropriated to the System for that fiscal year.
 7        If in any month the amount remaining unexpended from  all
 8    other  appropriations to the System for the applicable fiscal
 9    year  (including  the  appropriations  to  the  System  under
10    Section 8.12 of the State Finance Act and Section  1  of  the
11    State  Pension  Funds  Continuing  Appropriation Act) is less
12    than the amount lawfully vouchered under this subsection, the
13    difference shall be paid from the Common  School  Fund  under
14    the  continuing  appropriation  authority provided in Section
15    1.1 of the State Pension Funds Continuing Appropriation Act.
16        (b-2)  Allocations   from   the   Common   School    Fund
17    apportioned  to school districts not coming under this System
18    shall not be diminished or affected by the provisions of this
19    Article.
20        (b-3)  For State fiscal  years  2011  through  2045,  the
21    minimum  contribution  to  the System to be made by the State
22    for each fiscal year shall be an  amount  determined  by  the
23    System  to  be  sufficient  to  bring the total assets of the
24    System up to 90% of the total actuarial  liabilities  of  the
25    System by the end of State fiscal year 2045.  In making these
26    determinations,  the  required  State  contribution  shall be
27    calculated each year as a level percentage  of  payroll  over
28    the  years  remaining  to  and including fiscal year 2045 and
29    shall be determined under the projected unit credit actuarial
30    cost method.
31        For State fiscal  years  1996  through  2010,  the  State
32    contribution to the System, as a percentage of the applicable
33    employee   payroll,   shall  be  increased  in  equal  annual
34    increments so that by State fiscal year 2011,  the  State  is
 
HB2660 Enrolled            -22-      LRB093 04138 RCE 04181 b
 1    contributing  at the rate required under this Section; except
 2    that in the following specified State fiscal years, the State
 3    contribution to  the  System  shall  not  be  less  than  the
 4    following  indicated  percentages  of the applicable employee
 5    payroll, even if the  indicated  percentage  will  produce  a
 6    State contribution in excess of the amount otherwise required
 7    under this subsection and subsection (a), and notwithstanding
 8    any contrary certification made under subsection (a-1) before
 9    the effective date of this amendatory Act of 1998:  10.02% in
10    FY  1999;  10.77% in FY 2000; 11.47% in FY 2001; 12.16% in FY
11    2002; 12.86% in FY 2003; and 13.56% in FY 2004; 14.25% in  FY
12    2005;  14.95%  in  FY  2006;  15.65% in FY 2007; 16.34% in FY
13    2008; 17.04% in FY 2009; and 17.74% in FY 2010.
14        Beginning in State fiscal year 2046,  the  minimum  State
15    contribution  for each fiscal year shall be the amount needed
16    to maintain the total assets of the  System  at  90%  of  the
17    total actuarial liabilities of the System.
18        Notwithstanding  any other provision of this Section, the
19    required State contribution for State fiscal  year  2005  and
20    each fiscal year thereafter, as calculated under this Section
21    and  certified  under  subsection  (a-1), shall not exceed an
22    amount  equal  to  (i)  the  amount  of  the  required  State
23    contribution that  would  have  been  calculated  under  this
24    Section  for  that fiscal year if the System had not received
25    any payments under subsection  (d)  of  Section  7.2  of  the
26    General  Obligation  Bond  Act, minus (ii) the portion of the
27    State's total debt service payments for that fiscal  year  on
28    the  bonds  issued  for  the purposes of that Section 7.2, as
29    determined and certified by the Comptroller, that is the same
30    as the System's portion of the total moneys distributed under
31    subsection (d) of Section 7.2 of the General Obligation  Bond
32    Act.
33        (c)  Payment  of  the required State contributions and of
34    all pensions, retirement annuities, death benefits,  refunds,
 
HB2660 Enrolled            -23-      LRB093 04138 RCE 04181 b
 1    and  other  benefits granted under or assumed by this System,
 2    and all expenses in connection with  the  administration  and
 3    operation thereof, are obligations of the State.
 4        If  members  are paid from special trust or federal funds
 5    which are administered by the employing unit, whether  school
 6    district  or  other unit, the employing unit shall pay to the
 7    System from such funds the  full  accruing  retirement  costs
 8    based  upon  that  service,  as  determined  by  the  System.
 9    Employer  contributions, based on salary paid to members from
10    federal funds, may be forwarded by the distributing agency of
11    the State of Illinois to the System prior to  allocation,  in
12    an   amount   determined   in   accordance   with  guidelines
13    established by such agency and the System.
14        (d)  Effective July 1, 1986, any employer of a teacher as
15    defined in paragraph (8) of  Section  16-106  shall  pay  the
16    employer's  normal  cost of benefits based upon the teacher's
17    service, in addition to employee contributions, as determined
18    by  the  System.   Such  employer  contributions   shall   be
19    forwarded  monthly  in accordance with guidelines established
20    by the System.
21        However, with respect to benefits granted  under  Section
22    16-133.4 or 16-133.5 to a teacher as defined in paragraph (8)
23    of  Section  16-106, the employer's contribution shall be 12%
24    (rather than 20%) of the member's highest annual salary  rate
25    for each year of creditable service granted, and the employer
26    shall  also  pay the required employee contribution on behalf
27    of the teacher.  For the purposes of  Sections  16-133.4  and
28    16-133.5,  a  teacher  as defined in paragraph (8) of Section
29    16-106 who is serving in that  capacity  while  on  leave  of
30    absence from another employer under this Article shall not be
31    considered an employee of the employer from which the teacher
32    is on leave.
33        (e)  Beginning  July 1, 1998, every employer of a teacher
34    shall pay to the System an employer contribution computed  as
 
HB2660 Enrolled            -24-      LRB093 04138 RCE 04181 b
 1    follows:
 2             (1)  Beginning  July  1, 1998 through June 30, 1999,
 3        the employer contribution shall be equal to 0.3% of  each
 4        teacher's salary.
 5             (2)  Beginning  July  1,  1999  and  thereafter, the
 6        employer contribution shall be equal  to  0.58%  of  each
 7        teacher's salary.
 8    The  school  district  or  other employing unit may pay these
 9    employer contributions out of any source of funding available
10    for that purpose and shall forward the contributions  to  the
11    System  on the schedule established for the payment of member
12    contributions.
13        These employer contributions are  intended  to  offset  a
14    portion  of  the  cost  to  the  System  of  the increases in
15    retirement benefits resulting from  this  amendatory  Act  of
16    1998.
17        Each employer of teachers is entitled to a credit against
18    the  contributions  required  under  this subsection (e) with
19    respect to salaries paid to teachers for the  period  January
20    1,  2002  through  June 30, 2003, equal to the amount paid by
21    that employer under subsection (a-5) of Section  6.6  of  the
22    State  Employees  Group Insurance Act of 1971 with respect to
23    salaries paid to teachers for that period.
24        The additional 1% employee  contribution  required  under
25    Section  16-152  by  this  amendatory  Act  of  1998  is  the
26    responsibility of the teacher and not the teacher's employer,
27    unless  the employer agrees, through collective bargaining or
28    otherwise, to make the contribution on behalf of the teacher.
29        If an employer is required by a contract in effect on May
30    1, 1998 between the employer and an employee organization  to
31    pay, on behalf of all its full-time employees covered by this
32    Article,  all mandatory employee contributions required under
33    this Article, then the employer shall be excused from  paying
34    the  employer contribution required under this subsection (e)
 
HB2660 Enrolled            -25-      LRB093 04138 RCE 04181 b
 1    for the balance of the term of that contract.   The  employer
 2    and  the  employee  organization shall jointly certify to the
 3    System the existence of the contractual requirement, in  such
 4    form as the System may prescribe.  This exclusion shall cease
 5    upon  the  termination, extension, or renewal of the contract
 6    at any time after May 1, 1998.
 7    (Source: P.A. 92-505, eff. 12-20-01.)

 8        (40 ILCS 5/18-131) (from Ch. 108 1/2, par. 18-131)
 9        Sec. 18-131.  Financing; employer contributions.
10        (a)  The State of Illinois shall  make  contributions  to
11    this  System by appropriations of the amounts which, together
12    with the  contributions  of  participants,  net  earnings  on
13    investments,  and  other  income,  will  meet  the  costs  of
14    maintaining  and  administering  this  System on a 90% funded
15    basis in accordance with actuarial recommendations.
16        (b)  The  Board  shall  determine  the  amount  of  State
17    contributions required for each fiscal year on the  basis  of
18    the  actuarial  tables  and  other assumptions adopted by the
19    Board and the prescribed rate of interest, using the  formula
20    in subsection (c).
21        (c)  For  State  fiscal  years  2011  through  2045,  the
22    minimum  contribution  to  the System to be made by the State
23    for each fiscal year shall be an  amount  determined  by  the
24    System  to  be  sufficient  to  bring the total assets of the
25    System up to 90% of the total actuarial  liabilities  of  the
26    System by the end of State fiscal year 2045.  In making these
27    determinations,  the  required  State  contribution  shall be
28    calculated each year as a level percentage  of  payroll  over
29    the  years  remaining  to  and including fiscal year 2045 and
30    shall be determined under the projected unit credit actuarial
31    cost method.
32        For State fiscal  years  1996  through  2010,  the  State
33    contribution to the System, as a percentage of the applicable
 
HB2660 Enrolled            -26-      LRB093 04138 RCE 04181 b
 1    employee   payroll,   shall  be  increased  in  equal  annual
 2    increments so that by State fiscal year 2011,  the  State  is
 3    contributing at the rate required under this Section.
 4        Beginning  in  State  fiscal year 2046, the minimum State
 5    contribution for each fiscal year shall be the amount  needed
 6    to  maintain  the  total  assets  of the System at 90% of the
 7    total actuarial liabilities of the System.
 8        Notwithstanding any other provision of this Section,  the
 9    required  State  contribution  for State fiscal year 2005 and
10    each fiscal year thereafter, as calculated under this Section
11    and certified under  Section  18-140,  shall  not  exceed  an
12    amount  equal  to  (i)  the  amount  of  the  required  State
13    contribution  that  would  have  been  calculated  under this
14    Section for that fiscal year if the System had  not  received
15    any  payments  under  subsection  (d)  of  Section 7.2 of the
16    General Obligation Bond Act, minus (ii) the  portion  of  the
17    State's  total  debt service payments for that fiscal year on
18    the bonds issued for the purposes of  that  Section  7.2,  as
19    determined and certified by the Comptroller, that is the same
20    as the System's portion of the total moneys distributed under
21    subsection  (d) of Section 7.2 of the General Obligation Bond
22    Act.
23    (Source: P.A. 88-593, eff. 8-22-94.)

24        (40 ILCS 5/18-140) (from Ch. 108 1/2, par. 18-140)
25        Sec. 18-140.  To certify required State contributions and
26    submit vouchers.
27        (a)  The Board shall  certify  to  the  Governor,  on  or
28    before  November  15 of each year, the amount of the required
29    State contribution to the System  for  the  following  fiscal
30    year.    The  certification  shall  include  a  copy  of  the
31    actuarial recommendations upon which it is based.
32        On or before May 1, 2004, the Board shall recalculate and
33    recertify to the Governor the amount of  the  required  State
 
HB2660 Enrolled            -27-      LRB093 04138 RCE 04181 b
 1    contribution to the System for State fiscal year 2005, taking
 2    into  account the amounts appropriated to and received by the
 3    System under subsection (d) of Section  7.2  of  the  General
 4    Obligation Bond Act.
 5        (b)  Beginning  in  State fiscal year 1996, on or as soon
 6    as possible after the 15th day of each month the Board  shall
 7    submit  vouchers  for  payment  of State contributions to the
 8    System, in a total  monthly  amount  of  one-twelfth  of  the
 9    required annual State contribution certified under subsection
10    (a).   These  vouchers shall be paid by the State Comptroller
11    and Treasurer by warrants drawn on the funds appropriated  to
12    the System for that fiscal year.
13        If  in any month the amount remaining unexpended from all
14    other appropriations to the System for the applicable  fiscal
15    year  (including  the  appropriations  to  the  System  under
16    Section  8.12  of  the State Finance Act and Section 1 of the
17    State Pension Funds Continuing  Appropriation  Act)  is  less
18    than  the  amount  lawfully vouchered under this Section, the
19    difference shall be paid from the General Revenue Fund  under
20    the  continuing  appropriation  authority provided in Section
21    1.1 of the State Pension Funds Continuing Appropriation Act.
22    (Source: P.A. 88-593, eff. 8-22-94.)

23        Section 99. Effective date.  This Act takes  effect  upon
24    becoming law.