Full Text of SB3535 96th General Assembly
SB3535 96TH GENERAL ASSEMBLY
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96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010 SB3535
Introduced 2/10/2010, by Sen. Kwame Raoul SYNOPSIS AS INTRODUCED: |
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40 ILCS 5/17-129 |
from Ch. 108 1/2, par. 17-129 |
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Amends the Chicago Teacher Article of the Illinois Pension Code. Changes references from "Board of Education" to "Chicago Board of Education" and from "Board" to "Pension Board". Effective immediately.
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| PENSION IMPACT NOTE ACT MAY APPLY | |
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A BILL FOR
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SB3535 |
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LRB096 19099 AMC 34490 b |
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| AN ACT concerning public employee benefits.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Illinois Pension Code is amended by changing | 5 |
| Section 17-129 as follows:
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| (40 ILCS 5/17-129) (from Ch. 108 1/2, par. 17-129)
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| Sec. 17-129. Employer contributions; deficiency in Fund.
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| (a) If in any fiscal year of the Chicago Board of Education | 9 |
| ending prior to 1997 the
total amounts paid to the Fund from | 10 |
| the Chicago Board of Education (other than under
this | 11 |
| subsection, and other than amounts used for making or "picking | 12 |
| up"
contributions on behalf of teachers) and from the State do | 13 |
| not equal the total
contributions made by or on behalf of the | 14 |
| teachers for such year, or if the
total income of the Fund in | 15 |
| any such fiscal year of the Chicago Board of Education from
all | 16 |
| sources is less than the total such expenditures by the Fund | 17 |
| for such year,
the Chicago Board of Education shall, in the | 18 |
| next succeeding year, in addition to any
other payment to the | 19 |
| Fund set apart and appropriate from moneys from its tax
levy | 20 |
| for educational purposes, a sum sufficient to remove such | 21 |
| deficiency or
deficiencies, and promptly pay such sum into the | 22 |
| Fund in order to restore any
of the reserves of the Fund that | 23 |
| may have been so temporarily applied. Any
amounts received by |
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SB3535 |
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LRB096 19099 AMC 34490 b |
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| the Fund after December 4, 1997 from State appropriations, | 2 |
| including under Section
17-127, shall be a credit against and | 3 |
| shall fully satisfy any obligation that
may have arisen, or be | 4 |
| claimed to have arisen, under this subsection (a) as a
result | 5 |
| of any deficiency or deficiencies in the fiscal year of the | 6 |
| Chicago Board of
Education ending in calendar year 1997.
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| (b) (i) For fiscal years 2011 through 2045, the minimum | 8 |
| contribution
to the Fund to be made by the Chicago Board of | 9 |
| Education in each fiscal year shall be
an amount determined by | 10 |
| the Fund to be sufficient to bring the total assets of
the Fund | 11 |
| up to 90% of the total actuarial liabilities of the Fund by the | 12 |
| end of
fiscal year 2045. In making these determinations, the | 13 |
| required Chicago Board of
Education contribution shall be | 14 |
| calculated each year as a level percentage of
the applicable | 15 |
| employee payrolls over the years remaining to and including
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| fiscal year 2045 and shall
be determined under the projected | 17 |
| unit credit actuarial cost method.
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| (ii) For fiscal years 1999 through 2010, the Chicago Board | 19 |
| of Education's
contribution to the Fund, as a percentage of the | 20 |
| applicable employee payroll,
shall be increased in equal annual | 21 |
| increments so that by fiscal year 2011, the Chicago
Board of | 22 |
| Education is contributing at the rate required under this | 23 |
| subsection.
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| (iii) Beginning in fiscal year 2046, the minimum Chicago | 25 |
| Board of Education
contribution for each fiscal year shall be | 26 |
| the amount needed to maintain the
total assets of the Fund at |
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LRB096 19099 AMC 34490 b |
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| 90% of the total actuarial liabilities of the Fund.
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| (iv) Notwithstanding the provisions of paragraphs (i), | 3 |
| (ii), and (iii)
of this subsection (b), for any fiscal year the | 4 |
| contribution to the Fund from
the Chicago Board of Education | 5 |
| shall not be required to be in excess of the amount
calculated | 6 |
| as needed to maintain the assets (or cause the assets to be) at | 7 |
| the
90% level by the end of the fiscal year.
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| (v) Any contribution by the State to or for the benefit of | 9 |
| the Fund,
including, without limitation, as referred to under | 10 |
| Section 17-127, shall be a
credit against any contribution | 11 |
| required to be made by the Chicago Board of Education
under | 12 |
| this subsection (b).
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| (c) The Pension Board shall determine the amount of Chicago | 14 |
| Board of Education
contributions required for each fiscal year | 15 |
| on the basis of the actuarial
tables and other assumptions | 16 |
| adopted by the Pension Board and the recommendations of
the | 17 |
| actuary, in order to meet the minimum contribution requirements | 18 |
| of
subsections (a) and (b). Annually, on or before February 28, | 19 |
| the Pension Board shall
certify to the Chicago Board of | 20 |
| Education the amount of the required Chicago Board of Education
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| contribution for the coming fiscal year. The certification | 22 |
| shall include a
copy of the actuarial recommendations upon | 23 |
| which it is based.
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| (Source: P.A. 89-15, eff. 5-30-95; 90-548, eff. 12-4-97; | 25 |
| 90-566, eff. 1-2-98;
90-655, eff. 7-30-98.)
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| Section 99. Effective date. This Act takes effect upon |
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| becoming law.
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