Full Text of SB0049 96th General Assembly
SB0049ham001 96TH GENERAL ASSEMBLY
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Executive Committee
Filed: 5/5/2010
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| AMENDMENT TO SENATE BILL 49
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| AMENDMENT NO. ______. Amend Senate Bill 49 by replacing | 3 |
| everything after the enacting clause with the following:
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| "Section 5. The General Obligation Bond Act is amended by | 5 |
| changing Sections 2, 2.5, 7.2, 9, 11, and 15 as follows: | 6 |
| (30 ILCS 330/2) (from Ch. 127, par. 652) | 7 |
| Sec. 2. Authorization for Bonds. The State of Illinois is | 8 |
| authorized to
issue, sell and provide for the retirement of | 9 |
| General Obligation Bonds of
the State of Illinois for the | 10 |
| categories and specific purposes expressed in
Sections 2 | 11 |
| through 8 of this Act, in the total amount of $41,314,125,743 | 12 |
| $37,217,777,443 . | 13 |
| The bonds authorized in this Section 2 and in Section 16 of | 14 |
| this Act are
herein called "Bonds". | 15 |
| Of the total amount of Bonds authorized in this Act, up to | 16 |
| $2,200,000,000
in aggregate original principal amount may be |
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| issued and sold in accordance
with the Baccalaureate Savings | 2 |
| Act in the form of General Obligation
College Savings Bonds. | 3 |
| Of the total amount of Bonds authorized in this Act, up to | 4 |
| $300,000,000 in
aggregate original principal amount may be | 5 |
| issued and sold in accordance
with the Retirement Savings Act | 6 |
| in the form of General Obligation
Retirement Savings Bonds. | 7 |
| Of the total amount of Bonds authorized in this Act, the | 8 |
| additional
$10,000,000,000 authorized by Public Act 93-2 , and | 9 |
| the $3,466,000,000 authorized by Public Act 96-43 , and the | 10 |
| $4,096,348,300 authorized by this amendatory Act of the 96th | 11 |
| General Assembly shall be used solely as provided in Section | 12 |
| 7.2. | 13 |
| The issuance and sale of Bonds pursuant to the General | 14 |
| Obligation Bond
Act is an economical and efficient method of | 15 |
| financing the long-term capital needs of
the State. This Act | 16 |
| will permit the issuance of a multi-purpose General
Obligation | 17 |
| Bond with uniform terms and features. This will not only lower
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| the cost of registration but also reduce the overall cost of | 19 |
| issuing debt
by improving the marketability of Illinois General | 20 |
| Obligation Bonds. | 21 |
| (Source: P.A. 95-1026, eff. 1-12-09; 96-5, eff. 4-3-09; 96-36, | 22 |
| eff. 7-13-09; 96-43, eff. 7-15-09; 96-885, eff. 3-11-10.) | 23 |
| (30 ILCS 330/2.5) | 24 |
| Sec. 2.5. Limitation on issuance of Bonds. | 25 |
| (a) Except as provided in subsection (b), no Bonds may be |
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| issued if, after the issuance, in the next State fiscal year | 2 |
| after the issuance of the Bonds, the amount of debt service | 3 |
| (including principal, whether payable at maturity or pursuant | 4 |
| to mandatory sinking fund installments, and interest) on all | 5 |
| then-outstanding Bonds, other than Bonds authorized by Public | 6 |
| Act 96-43 and other than Bonds authorized by this amendatory | 7 |
| Act of the 96th General Assembly this amendatory Act of the | 8 |
| 96th General Assembly , would exceed 7% of the aggregate | 9 |
| appropriations from the general funds (which consist of the | 10 |
| General Revenue Fund, the Common School Fund, the General | 11 |
| Revenue Common School Special Account Fund, and the Education | 12 |
| Assistance Fund) and the Road Fund for the fiscal year | 13 |
| immediately prior to the fiscal year of the issuance. | 14 |
| (b) If the Comptroller and Treasurer each consent in | 15 |
| writing, Bonds may be issued even if the issuance does not | 16 |
| comply with subsection (a).
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| (Source: P.A. 96-43, eff. 7-15-09.)
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| (30 ILCS 330/7.2)
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| Sec. 7.2. State pension funding.
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| (a) The amount of $10,000,000,000 is authorized to be used | 21 |
| for the
purpose of making contributions to the designated | 22 |
| retirement systems.
For the purposes of this Section, | 23 |
| "designated retirement systems" means
the State Employees' | 24 |
| Retirement System of Illinois;
the Teachers' Retirement System | 25 |
| of the State of Illinois;
the State Universities Retirement |
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| System;
the Judges Retirement System of Illinois; and
the | 2 |
| General Assembly Retirement System.
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| The amount of $3,466,000,000 of Bonds authorized by Public | 4 |
| Act 96-43 this amendatory Act of the 96th General Assembly is | 5 |
| authorized to be used for the purpose of making a portion of | 6 |
| the State's Fiscal Year 2010 required contributions to the | 7 |
| designated retirement systems. | 8 |
| The amount of $4,096,348,300 of Bonds authorized by this | 9 |
| amendatory Act of the 96th General Assembly is authorized to be | 10 |
| used for the purpose of making a portion of the State's Fiscal | 11 |
| Year 2011 required contributions to the designated retirement | 12 |
| systems. | 13 |
| (b) The Pension Contribution Fund is created as a special | 14 |
| fund in the
State Treasury.
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| The proceeds of the additional $10,000,000,000 of Bonds | 16 |
| authorized by Public Act 93-2, less the amounts authorized in | 17 |
| the
Bond Sale Order to be deposited directly into the | 18 |
| capitalized interest account
of the General Obligation Bond | 19 |
| Retirement and Interest Fund or otherwise
directly paid out for | 20 |
| bond sale expenses under Section 8, shall be deposited
into the | 21 |
| Pension Contribution Fund and used as provided in this Section.
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| The proceeds of the additional $3,466,000,000 of Bonds | 23 |
| authorized by Public Act 96-43 this amendatory Act of the 96th | 24 |
| General Assembly , less the amounts directly paid out for bond | 25 |
| sale expenses under Section 8, shall be deposited into the | 26 |
| Pension Contribution Fund, and the Comptroller and the |
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| Treasurer shall, as soon as practical, (i) first, transfer from | 2 |
| the Pension Contribution Fund to the General Revenue Fund or | 3 |
| Common School Fund an amount equal to the amount of payments, | 4 |
| if any, made to the designated retirement systems from the | 5 |
| General Revenue Fund or Common School Fund in State fiscal year | 6 |
| 2010 and (ii) second, make transfers from the Pension | 7 |
| Contribution Fund to the designated retirement systems | 8 |
| pursuant to Sections 2-124, 14-131, 15-155, 16-158, and 18-131 | 9 |
| of the Illinois Pension Code. | 10 |
| The proceeds of the additional $4,096,348,300 of Bonds | 11 |
| authorized by this amendatory Act of the 96th General Assembly, | 12 |
| less the amounts directly paid out for bond sale expenses under | 13 |
| Section 8, shall be deposited into the Pension Contribution | 14 |
| Fund, and the Comptroller and the Treasurer shall, as soon as | 15 |
| practical, (i) first, transfer from the Pension Contribution | 16 |
| Fund to the General Revenue Fund or Common School Fund an | 17 |
| amount equal to the amount of payments, if any, made to the | 18 |
| designated retirement systems from the General Revenue Fund or | 19 |
| Common School Fund in State fiscal year 2011 and (ii) second, | 20 |
| make transfers from the Pension Contribution Fund to the | 21 |
| designated retirement systems pursuant to Sections 2-124, | 22 |
| 14-131, 15-155, 16-158, and 18-131 of the Illinois Pension | 23 |
| Code. | 24 |
| (c) Of the amount of Bond proceeds from the bond sale | 25 |
| authorized by Public Act 93-2 first deposited into the Pension
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| Contribution Fund, there shall be reserved for transfers under |
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| this subsection
the sum of $300,000,000, representing the | 2 |
| required State contributions to the
designated retirement | 3 |
| systems for the last quarter of State fiscal year 2003,
plus | 4 |
| the sum of $1,860,000,000, representing the required State | 5 |
| contributions
to the designated retirement systems for State | 6 |
| fiscal year 2004.
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| Upon the deposit of sufficient moneys from the bond sale | 8 |
| authorized by Public Act 93-2 into the Pension Contribution
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| Fund, the Comptroller and Treasurer shall immediately transfer | 10 |
| the sum of
$300,000,000 from the Pension Contribution Fund to | 11 |
| the General Revenue Fund.
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| Whenever any payment of required State contributions for | 13 |
| State fiscal year
2004 is made to one of the designated | 14 |
| retirement systems, the Comptroller and
Treasurer shall, as | 15 |
| soon as practicable, transfer from the Pension Contribution
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| Fund to the General Revenue Fund an amount equal to the amount | 17 |
| of that payment
to the designated retirement system.
Beginning | 18 |
| on the effective date of this amendatory Act of the 93rd
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| General Assembly, the transfers from the Pension Contribution | 20 |
| Fund to
the General Revenue Fund shall be suspended until June | 21 |
| 30, 2004, and
the remaining balance in the Pension Contribution | 22 |
| Fund shall be
transferred directly to the designated retirement | 23 |
| systems as provided
in Section 6z-61 of the State Finance Act. | 24 |
| On and after July 1, 2004, in the
event that
any amount is on | 25 |
| deposit in the Pension Contribution Fund from time to
time, the | 26 |
| Comptroller and
Treasurer shall continue to make such transfers |
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| based on fiscal year 2005
payments until the entire amount on | 2 |
| deposit has been
transferred.
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| (d) All amounts deposited into the Pension Contribution | 4 |
| Fund, other
than the amounts reserved for the transfers under | 5 |
| subsection (c) from the bond sale authorized by Public Act | 6 |
| 93-2 , and other than amounts deposited into the Pension | 7 |
| Contribution Fund from the bond sale authorized by Public Act | 8 |
| 96-43 and other than amounts deposited into the Pension | 9 |
| Contribution Fund from the bond sale authorized by this | 10 |
| amendatory Act of the 96th General Assembly this amendatory Act | 11 |
| of the 96th General Assembly , shall be
appropriated to the | 12 |
| designated retirement systems to reduce their actuarial
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| reserve deficiencies. The amount of the appropriation to each | 14 |
| designated
retirement system shall constitute a portion of the | 15 |
| total appropriation under
this subsection that is the same as | 16 |
| that retirement system's portion of the
total actuarial reserve | 17 |
| deficiency of the systems, as most recently determined
by the
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| Governor's Office of Management and Budget under Section 8.12 | 19 |
| of the State Finance Act.
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| With respect to proceeds from the bond sale authorized by | 21 |
| Public Act 93-2 only, within 15 days after any Bond proceeds in | 22 |
| excess of the amounts initially
reserved under subsection (c) | 23 |
| are deposited into the Pension Contribution
Fund, the
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| Governor's Office of Management and Budget shall (i) allocate | 25 |
| those proceeds among the
designated retirement systems in | 26 |
| proportion to their respective actuarial
reserve deficiencies, |
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| as most recently determined under Section 8.12 of the
State | 2 |
| Finance Act, and (ii) certify those allocations to the | 3 |
| designated
retirement systems and the Comptroller.
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| Upon receiving certification of an allocation under this | 5 |
| subsection, a
designated retirement system shall submit to the | 6 |
| Comptroller a voucher for
the amount of its allocation. The | 7 |
| voucher shall be paid out of the amount
appropriated to that | 8 |
| designated retirement system from the Pension Contribution
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| Fund pursuant to this subsection.
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| (Source: P.A. 96-43, eff. 7-15-09.)
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| (30 ILCS 330/9) (from Ch. 127, par. 659)
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| Sec. 9. Conditions for Issuance and Sale of Bonds - | 13 |
| Requirements for
Bonds. | 14 |
| (a) Except as otherwise provided in this subsection, Bonds | 15 |
| shall be issued and sold from time to time, in one or
more | 16 |
| series, in such amounts and at such prices as may be directed | 17 |
| by the
Governor, upon recommendation by the Director of the
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| Governor's Office of Management and Budget.
Bonds shall be in | 19 |
| such form (either coupon, registered or book entry), in
such | 20 |
| denominations, payable within 25 years from their date, subject | 21 |
| to such
terms of redemption with or without premium, bear | 22 |
| interest payable at
such times and at such fixed or variable | 23 |
| rate or rates, and be dated
as shall be fixed and determined by | 24 |
| the Director of
the
Governor's Office of Management and Budget
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| in the order authorizing the issuance and sale
of any series of |
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| Bonds, which order shall be approved by the Governor
and is | 2 |
| herein called a "Bond Sale Order"; provided however, that | 3 |
| interest
payable at fixed or variable rates shall not exceed | 4 |
| that permitted in the
Bond Authorization Act, as now or | 5 |
| hereafter amended. Bonds shall be
payable at such place or | 6 |
| places, within or without the State of Illinois, and
may be | 7 |
| made registrable as to either principal or as to both principal | 8 |
| and
interest, as shall be specified in the Bond Sale Order. | 9 |
| Bonds may be callable
or subject to purchase and retirement or | 10 |
| tender and remarketing as fixed
and determined in the Bond Sale | 11 |
| Order. Bonds, other than Bonds issued under Section 3 of this | 12 |
| Act for the costs associated with the purchase and | 13 |
| implementation of information technology, (i) except for | 14 |
| refunding Bonds satisfying the requirements of Section 16 of | 15 |
| this Act and sold during fiscal year 2009, 2010, or 2011, must | 16 |
| be issued with principal or mandatory redemption amounts in | 17 |
| equal amounts, with the first maturity issued occurring within | 18 |
| the fiscal year in which the Bonds are issued or within the | 19 |
| next succeeding fiscal year and (ii) must mature or be subject | 20 |
| to mandatory redemption each fiscal year thereafter up to 25 | 21 |
| years, except for refunding Bonds satisfying the requirements | 22 |
| of Section 16 of this Act and sold during fiscal year 2009, | 23 |
| 2010, or 2011 which must mature or be subject to mandatory | 24 |
| redemption each fiscal year thereafter up to 16 years. Bonds | 25 |
| issued under Section 3 of this Act for the costs associated | 26 |
| with the purchase and implementation of information technology |
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| must be issued with principal or mandatory redemption amounts | 2 |
| in equal amounts, with the first maturity issued occurring with | 3 |
| the fiscal year in which the respective bonds are issued or | 4 |
| with the next succeeding fiscal year, with the respective bonds | 5 |
| issued maturing or subject to mandatory redemption each fiscal | 6 |
| year thereafter up to 10 years. Notwithstanding any provision | 7 |
| of this Act to the contrary, the Bonds authorized by Public Act | 8 |
| 96-43 shall be payable within 5 years from their date and must | 9 |
| be issued with principal or mandatory redemption amounts in | 10 |
| equal amounts, with payment of principal or mandatory | 11 |
| redemption beginning in the first fiscal year following the | 12 |
| fiscal year in which the Bonds are issued.
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| Notwithstanding any provision of this Act to the contrary, | 14 |
| the Bonds authorized by this amendatory Act of the 96th General | 15 |
| Assembly shall be payable within 8 years from their date and | 16 |
| shall be issued with payment of maturing principal or scheduled | 17 |
| mandatory redemptions in accordance with the following | 18 |
| schedule, except the following amounts shall be prorated if | 19 |
| less than the total additional amount of Bonds authorized by | 20 |
| this amendatory Act of the 96th General Assembly are issued: | 21 |
| Fiscal Year After Issuance Amount | 22 |
| 1-2 $0 | 23 |
| 3 $110,712,120 | 24 |
| 4 $332,136,360 | 25 |
| 5 $664,272,720 | 26 |
| 6-8 $996,409,080 |
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| In the case of any series of Bonds bearing interest at a | 2 |
| variable interest
rate ("Variable Rate Bonds"), in lieu of | 3 |
| determining the rate or rates at which
such series of Variable | 4 |
| Rate Bonds shall bear interest and the price or prices
at which | 5 |
| such Variable Rate Bonds shall be initially sold or remarketed | 6 |
| (in the
event of purchase and subsequent resale), the Bond Sale | 7 |
| Order may provide that
such interest rates and prices may vary | 8 |
| from time to time depending on criteria
established in such | 9 |
| Bond Sale Order, which criteria may include, without
| 10 |
| limitation, references to indices or variations in interest | 11 |
| rates as may, in
the judgment of a remarketing agent, be | 12 |
| necessary to cause Variable Rate Bonds
of such series to be | 13 |
| remarketable from time to time at a price equal to their
| 14 |
| principal amount, and may provide for appointment of a bank, | 15 |
| trust company,
investment bank, or other financial institution | 16 |
| to serve as remarketing agent
in that connection.
The Bond Sale | 17 |
| Order may provide that alternative interest rates or provisions
| 18 |
| for establishing alternative interest rates, different | 19 |
| security or claim
priorities, or different call or amortization | 20 |
| provisions will apply during
such times as Variable Rate Bonds | 21 |
| of any series are held by a person providing
credit or | 22 |
| liquidity enhancement arrangements for such Bonds as | 23 |
| authorized in
subsection (b) of this Section.
The Bond Sale | 24 |
| Order may also provide for such variable interest rates to be
| 25 |
| established pursuant to a process generally known as an auction | 26 |
| rate process
and may provide for appointment of one or more |
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| financial institutions to serve
as auction agents and | 2 |
| broker-dealers in connection with the establishment of
such | 3 |
| interest rates and the sale and remarketing of such Bonds.
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| (b) In connection with the issuance of any series of Bonds, | 5 |
| the State may
enter into arrangements to provide additional | 6 |
| security and liquidity for such
Bonds, including, without | 7 |
| limitation, bond or interest rate insurance or
letters of | 8 |
| credit, lines of credit, bond purchase contracts, or other
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| arrangements whereby funds are made available to retire or | 10 |
| purchase Bonds,
thereby assuring the ability of owners of the | 11 |
| Bonds to sell or redeem their
Bonds. The State may enter into | 12 |
| contracts and may agree to pay fees to persons
providing such | 13 |
| arrangements, but only under circumstances where the Director | 14 |
| of
the
Governor's Office of Management and Budget certifies | 15 |
| that he or she reasonably expects the total
interest paid or to | 16 |
| be paid on the Bonds, together with the fees for the
| 17 |
| arrangements (being treated as if interest), would not, taken | 18 |
| together, cause
the Bonds to bear interest, calculated to their | 19 |
| stated maturity, at a rate in
excess of the rate that the Bonds | 20 |
| would bear in the absence of such
arrangements.
| 21 |
| The State may, with respect to Bonds issued or anticipated | 22 |
| to be issued,
participate in and enter into arrangements with | 23 |
| respect to interest rate
protection or exchange agreements, | 24 |
| guarantees, or financial futures contracts
for the purpose of | 25 |
| limiting, reducing, or managing interest rate exposure.
The | 26 |
| authority granted under this paragraph, however, shall not |
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| increase the principal amount of Bonds authorized to be issued | 2 |
| by law. The arrangements may be executed and delivered by the | 3 |
| Director
of the
Governor's Office of Management and Budget on | 4 |
| behalf of the State. Net payments for such
arrangements shall | 5 |
| constitute interest on the Bonds and shall be paid from the
| 6 |
| General Obligation Bond Retirement and Interest Fund. The | 7 |
| Director of the
Governor's Office of Management and Budget | 8 |
| shall at least annually certify to the Governor and
the
State | 9 |
| Comptroller his or her estimate of the amounts of such net | 10 |
| payments to
be included in the calculation of interest required | 11 |
| to be paid by the State.
| 12 |
| (c) Prior to the issuance of any Variable Rate Bonds | 13 |
| pursuant to
subsection (a), the Director of the
Governor's | 14 |
| Office of Management and Budget shall adopt an
interest rate | 15 |
| risk management policy providing that the amount of the State's
| 16 |
| variable rate exposure with respect to Bonds shall not exceed | 17 |
| 20%. This policy
shall remain in effect while any Bonds are | 18 |
| outstanding and the issuance of
Bonds
shall be subject to the | 19 |
| terms of such policy. The terms of this policy may be
amended | 20 |
| from time to time by the Director of the
Governor's Office of | 21 |
| Management and Budget but in no
event shall any amendment cause | 22 |
| the permitted level of the State's variable
rate exposure with | 23 |
| respect to Bonds to exceed 20%.
| 24 |
| (d) "Build America Bonds" in this Section means Bonds | 25 |
| authorized by Section 54AA of the Internal Revenue Code of | 26 |
| 1986, as amended ("Internal Revenue Code"), and bonds issued |
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| from time to time to refund or continue to refund "Build | 2 |
| America Bonds". | 3 |
| (e) Notwithstanding any other provision of this Section, | 4 |
| Qualified School Construction Bonds shall be issued and sold | 5 |
| from time to time, in one or more series, in such amounts and | 6 |
| at such prices as may be directed by the Governor, upon | 7 |
| recommendation by the Director of the Governor's Office of | 8 |
| Management and Budget. Qualified School Construction Bonds | 9 |
| shall be in such form (either coupon, registered or book | 10 |
| entry), in such denominations, payable within 25 years from | 11 |
| their date, subject to such terms of redemption with or without | 12 |
| premium, and if the Qualified School Construction Bonds are | 13 |
| issued with a supplemental coupon, bear interest payable at | 14 |
| such times and at such fixed or variable rate or rates, and be | 15 |
| dated as shall be fixed and determined by the Director of the | 16 |
| Governor's Office of Management and Budget in the order | 17 |
| authorizing the issuance and sale of any series of Qualified | 18 |
| School Construction Bonds, which order shall be approved by the | 19 |
| Governor and is herein called a "Bond Sale Order"; except that | 20 |
| interest payable at fixed or variable rates, if any, shall not | 21 |
| exceed that permitted in the Bond Authorization Act, as now or | 22 |
| hereafter amended. Qualified School Construction Bonds shall | 23 |
| be payable at such place or places, within or without the State | 24 |
| of Illinois, and may be made registrable as to either principal | 25 |
| or as to both principal and interest, as shall be specified in | 26 |
| the Bond Sale Order. Qualified School Construction Bonds may be |
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| callable or subject to purchase and retirement or tender and | 2 |
| remarketing as fixed and determined in the Bond Sale Order. | 3 |
| Qualified School Construction Bonds must be issued with | 4 |
| principal or mandatory redemption amounts or sinking fund | 5 |
| payments into the General Obligation Bond Retirement and | 6 |
| Interest Fund (or subaccount therefor) in equal amounts, with | 7 |
| the first maturity issued, mandatory redemption payment or | 8 |
| sinking fund payment occurring within the fiscal year in which | 9 |
| the Qualified School Construction Bonds are issued or within | 10 |
| the next succeeding fiscal year, with Qualified School | 11 |
| Construction Bonds issued maturing or subject to mandatory | 12 |
| redemption or with sinking fund payments thereof deposited each | 13 |
| fiscal year thereafter up to 25 years. Sinking fund payments | 14 |
| set forth in this subsection shall be permitted only to the | 15 |
| extent authorized in Section 54F of the Internal Revenue Code | 16 |
| or as otherwise determined by the Director of the Governor's | 17 |
| Office of Management and Budget. "Qualified School | 18 |
| Construction Bonds" in this subsection means Bonds authorized | 19 |
| by Section 54F of the Internal Revenue Code and for bonds | 20 |
| issued from time to time to refund or continue to refund such | 21 |
| "Qualified School Construction Bonds". | 22 |
| (Source: P.A. 96-18, eff. 6-26-09; 96-37, eff. 7-13-09; 96-43, | 23 |
| eff. 7-15-09; 96-828, eff. 12-2-09.)
| 24 |
| (30 ILCS 330/11) (from Ch. 127, par. 661)
| 25 |
| Sec. 11. Sale of Bonds. Except as otherwise provided in |
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| this Section,
Bonds shall be sold from time to time pursuant to
| 2 |
| notice of sale and public bid or by negotiated sale
in such | 3 |
| amounts and at such
times as is directed by the Governor, upon | 4 |
| recommendation by the Director of
the
Governor's Office of | 5 |
| Management and Budget. At least 25%, based on total principal | 6 |
| amount, of all Bonds issued each fiscal year shall be sold | 7 |
| pursuant to notice of sale and public bid. At all times during | 8 |
| each fiscal year, no more than 75%, based on total principal | 9 |
| amount, of the Bonds issued each fiscal year, shall have been | 10 |
| sold by negotiated sale. Failure to satisfy the requirements in | 11 |
| the preceding 2 sentences shall not affect the validity of any | 12 |
| previously issued Bonds; provided that all Bonds authorized by | 13 |
| Public Act 96-43 and this amendatory Act of the 96th General | 14 |
| Assembly this amendatory Act of the 96th General Assembly shall | 15 |
| not be included in determining compliance for any fiscal year | 16 |
| with the requirements of the preceding 2 sentences; and further | 17 |
| provided that refunding Bonds satisfying the requirements of | 18 |
| Section 16 of this Act and sold during fiscal year 2009, 2010, | 19 |
| or 2011 shall not be subject to the requirements in the | 20 |
| preceding 2 sentences.
| 21 |
| If
any Bonds, including refunding Bonds, are to be sold by | 22 |
| negotiated
sale, the
Director of the
Governor's Office of | 23 |
| Management and Budget
shall comply with the
competitive request | 24 |
| for proposal process set forth in the Illinois
Procurement Code | 25 |
| and all other applicable requirements of that Code.
| 26 |
| If Bonds are to be sold pursuant to notice of sale and |
|
|
|
09600SB0049ham001 |
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LRB096 03600 AMC 41189 a |
|
| 1 |
| public bid, the
Director of the
Governor's Office of Management | 2 |
| and Budget shall, from time to time, as Bonds are to be sold, | 3 |
| advertise
the sale of the Bonds in at least 2 daily newspapers, | 4 |
| one of which is
published in the City of Springfield and one in | 5 |
| the City of Chicago. The sale
of the Bonds shall also be
| 6 |
| advertised in the volume of the Illinois Procurement Bulletin | 7 |
| that is
published by the Department of Central Management | 8 |
| Services. Each of
the advertisements for
proposals shall be | 9 |
| published once at least
10 days prior to the date fixed
for the | 10 |
| opening of the bids. The Director of the
Governor's Office of | 11 |
| Management and Budget may
reschedule the date of sale upon the | 12 |
| giving of such additional notice as the
Director deems adequate | 13 |
| to inform prospective bidders of
such change; provided, | 14 |
| however, that all other conditions of the sale shall
continue | 15 |
| as originally advertised.
| 16 |
| Executed Bonds shall, upon payment therefor, be delivered | 17 |
| to the purchaser,
and the proceeds of Bonds shall be paid into | 18 |
| the State Treasury as directed by
Section 12 of this Act.
| 19 |
| (Source: P.A. 96-18, eff. 6-26-09; 96-43, eff. 7-15-09.)
| 20 |
| (30 ILCS 330/15) (from Ch. 127, par. 665)
| 21 |
| Sec. 15. Computation of Principal and Interest; transfers.
| 22 |
| (a) Upon each delivery of Bonds authorized to be issued | 23 |
| under this Act,
the Comptroller shall compute and certify to | 24 |
| the Treasurer the total amount
of principal of, interest on, | 25 |
| and premium, if any, on Bonds issued that will
be payable in |
|
|
|
09600SB0049ham001 |
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LRB096 03600 AMC 41189 a |
|
| 1 |
| order to retire such Bonds, the amount of principal of,
| 2 |
| interest on and premium, if any, on such Bonds that will be | 3 |
| payable on each
payment date according to the tenor of such | 4 |
| Bonds during the then current and
each succeeding fiscal year, | 5 |
| and the amount of sinking fund payments needed to be deposited | 6 |
| in connection with Qualified School Construction Bonds | 7 |
| authorized by subsection (e) of Section 9.
With respect to the | 8 |
| interest payable on variable rate bonds, such
certifications | 9 |
| shall be calculated at the maximum rate of interest that
may be | 10 |
| payable during the fiscal year, after taking into account any | 11 |
| credits
permitted in the related indenture or other instrument | 12 |
| against the amount
of such interest required to be appropriated | 13 |
| for such period pursuant to
subsection (c) of Section 14 of | 14 |
| this Act. With respect to the interest
payable, such | 15 |
| certifications shall include the amounts certified by the
| 16 |
| Director of the
Governor's Office of Management and Budget | 17 |
| under subsection (b) of Section 9 of
this Act.
| 18 |
| On or before the last day of each month the State Treasurer | 19 |
| and Comptroller
shall transfer from (1) the Road Fund with | 20 |
| respect to Bonds issued under
paragraph (a) of Section 4 of | 21 |
| this Act or Bonds issued for the purpose of
refunding such | 22 |
| bonds, and from (2) the General
Revenue Fund, with respect to | 23 |
| all other Bonds issued under this Act, to the
General | 24 |
| Obligation Bond Retirement and Interest Fund an amount | 25 |
| sufficient to
pay the aggregate of the principal of, interest | 26 |
| on, and premium, if any, on
Bonds payable, by their terms on |
|
|
|
09600SB0049ham001 |
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LRB096 03600 AMC 41189 a |
|
| 1 |
| the next payment date divided by the number of
full calendar | 2 |
| months between the date of such Bonds and the first such | 3 |
| payment
date, and thereafter, divided by the number of months | 4 |
| between each succeeding
payment date after the first. Such | 5 |
| computations and transfers shall be
made for each series of | 6 |
| Bonds issued and delivered. Interest payable on
variable rate | 7 |
| bonds shall be calculated at the maximum rate of interest that
| 8 |
| may be payable for the relevant period, after taking into | 9 |
| account any credits
permitted in the related indenture or other | 10 |
| instrument against the amount of
such interest required to be | 11 |
| appropriated for such period pursuant to
subsection (c) of | 12 |
| Section 14 of this Act. Computations of interest shall
include | 13 |
| the amounts certified by the Director of the
Governor's Office | 14 |
| of Management and Budget
under subsection (b) of Section 9 of | 15 |
| this Act. Interest for which moneys
have already been deposited | 16 |
| into the capitalized interest account within the
General | 17 |
| Obligation Bond Retirement and Interest Fund shall not be | 18 |
| included
in the calculation of the amounts to be transferred | 19 |
| under this subsection. Notwithstanding any other provision in | 20 |
| this Section, the transfer provisions provided in this | 21 |
| paragraph shall not apply to transfers made in fiscal year 2010 | 22 |
| or fiscal year 2011 with respect to Bonds issued in fiscal year | 23 |
| 2010 for fiscal year 2011 pursuant to Section 7.2 of this Act. | 24 |
| In the case of transfers made in fiscal year 2010 or fiscal | 25 |
| year 2011 with respect to the Bonds issued in fiscal year 2010 | 26 |
| or fiscal year 2011 pursuant to Section 7.2 of this Act, on or |
|
|
|
09600SB0049ham001 |
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LRB096 03600 AMC 41189 a |
|
| 1 |
| before the 15th day of the month prior to the required debt | 2 |
| service payment, the State Treasurer and Comptroller shall | 3 |
| transfer from the General Revenue Fund to the General | 4 |
| Obligation Bond Retirement and Interest Fund an amount | 5 |
| sufficient to pay the aggregate of the principal of, interest | 6 |
| on, and premium, if any, on the Bonds payable in that next | 7 |
| month.
| 8 |
| The transfer of monies herein and above directed is not | 9 |
| required if monies
in the General Obligation Bond Retirement | 10 |
| and Interest Fund are more than
the amount otherwise to be | 11 |
| transferred as herein above provided, and if the
Governor or | 12 |
| his authorized representative notifies the State Treasurer and
| 13 |
| Comptroller of such fact in writing.
| 14 |
| (b) After the effective date of this Act, the balance of, | 15 |
| and monies
directed to be included in the Capital Development | 16 |
| Bond Retirement and
Interest Fund, Anti-Pollution Bond | 17 |
| Retirement and Interest Fund,
Transportation Bond, Series A | 18 |
| Retirement and Interest Fund, Transportation
Bond, Series B | 19 |
| Retirement and Interest Fund, and Coal Development Bond
| 20 |
| Retirement and Interest Fund shall be transferred to and | 21 |
| deposited in the
General Obligation Bond Retirement and | 22 |
| Interest Fund. This Fund shall be
used to make debt service | 23 |
| payments on the State's general obligation Bonds
heretofore | 24 |
| issued which are now outstanding and payable from the Funds | 25 |
| herein
listed as well as on Bonds issued under this Act.
| 26 |
| (c) The unused portion of federal funds received for a |
|
|
|
09600SB0049ham001 |
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LRB096 03600 AMC 41189 a |
|
| 1 |
| capital
facilities project, as authorized by Section 3 of this | 2 |
| Act, for which
monies from the Capital Development Fund have | 3 |
| been expended shall be
deposited upon completion of the project | 4 |
| in the General Obligation Bond
Retirement and Interest Fund. | 5 |
| Any federal funds received as reimbursement
for the completed | 6 |
| construction of a capital facilities project, as
authorized by | 7 |
| Section 3 of this Act, for which monies from the Capital
| 8 |
| Development Fund have been expended shall be deposited in the | 9 |
| General
Obligation Bond Retirement and Interest Fund.
| 10 |
| (Source: P.A. 96-43, eff. 7-15-09; 96-828, eff. 12-2-09.)
| 11 |
| Section 10. The Illinois Pension Code is amended by | 12 |
| changing Sections 2-124, 2-134, 14-131, 14-135.08, 15-155, | 13 |
| 15-165, 16-158, 18-131, and 18-140 as follows:
| 14 |
| (40 ILCS 5/2-124) (from Ch. 108 1/2, par. 2-124)
| 15 |
| Sec. 2-124. Contributions by State.
| 16 |
| (a) The State shall make contributions to the System by
| 17 |
| appropriations of amounts which, together with the | 18 |
| contributions of
participants, interest earned on investments, | 19 |
| and other income
will meet the cost of maintaining and | 20 |
| administering the System on a 90%
funded basis in accordance | 21 |
| with actuarial recommendations.
| 22 |
| (b) The Board shall determine the amount of State
| 23 |
| contributions required for each fiscal year on the basis of the
| 24 |
| actuarial tables and other assumptions adopted by the Board and |
|
|
|
09600SB0049ham001 |
- 22 - |
LRB096 03600 AMC 41189 a |
|
| 1 |
| the
prescribed rate of interest, using the formula in | 2 |
| subsection (c).
| 3 |
| (c) For State fiscal years 2012 2011 through 2045, the | 4 |
| minimum contribution
to the System to be made by the State for | 5 |
| each fiscal year shall be an amount
determined by the System to | 6 |
| be sufficient to bring the total assets of the
System up to 90% | 7 |
| of the total actuarial liabilities of the System by the end of
| 8 |
| State fiscal year 2045. In making these determinations, the | 9 |
| required State
contribution shall be calculated each year as a | 10 |
| level percentage of payroll
over the years remaining to and | 11 |
| including fiscal year 2045 and shall be
determined under the | 12 |
| projected unit credit actuarial cost method.
| 13 |
| For State fiscal years 1996 through 2005, the State | 14 |
| contribution to
the System, as a percentage of the applicable | 15 |
| employee payroll, shall be
increased in equal annual increments | 16 |
| so that by State fiscal year 2011, the
State is contributing at | 17 |
| the rate required under this Section.
| 18 |
| Notwithstanding any other provision of this Article, the | 19 |
| total required State
contribution for State fiscal year 2006 is | 20 |
| $4,157,000.
| 21 |
| Notwithstanding any other provision of this Article, the | 22 |
| total required State
contribution for State fiscal year 2007 is | 23 |
| $5,220,300.
| 24 |
| For each of State fiscal years 2008 through 2009, the State | 25 |
| contribution to
the System, as a percentage of the applicable | 26 |
| employee payroll, shall be
increased in equal annual increments |
|
|
|
09600SB0049ham001 |
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LRB096 03600 AMC 41189 a |
|
| 1 |
| from the required State contribution for State fiscal year | 2 |
| 2007, so that by State fiscal year 2011, the
State is | 3 |
| contributing at the rate otherwise required under this Section.
| 4 |
| Notwithstanding any other provision of this Article, the | 5 |
| total required State contribution for State fiscal year 2010 is | 6 |
| $10,454,000 and shall be made from the proceeds of bonds sold | 7 |
| in fiscal year 2010 pursuant to Section 7.2 of the General | 8 |
| Obligation Bond Act, less (i) the pro rata share of bond sale | 9 |
| expenses determined by the System's share of total bond | 10 |
| proceeds, (ii) any amounts received from the General Revenue | 11 |
| Fund in fiscal year 2010, and (iii) any reduction in bond | 12 |
| proceeds due to the issuance of discounted bonds, if | 13 |
| applicable. | 14 |
| Notwithstanding any other provision of this Article, the
| 15 |
| total required State contribution for State fiscal year 2011 is
| 16 |
| $12,058,000 and shall be made from the proceeds of bonds sold
| 17 |
| in fiscal year 2011 pursuant to Section 7.2 of the General
| 18 |
| Obligation Bond Act, less (i) the pro rata share of bond sale
| 19 |
| expenses determined by the System's share of total bond
| 20 |
| proceeds, (ii) any amounts received from the General Revenue
| 21 |
| Fund in fiscal year 2011, and (iii) any reduction in bond
| 22 |
| proceeds due to the issuance of discounted bonds, if
| 23 |
| applicable. | 24 |
| Beginning in State fiscal year 2046, the minimum State | 25 |
| contribution for
each fiscal year shall be the amount needed to | 26 |
| maintain the total assets of
the System at 90% of the total |
|
|
|
09600SB0049ham001 |
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LRB096 03600 AMC 41189 a |
|
| 1 |
| actuarial liabilities of the System.
| 2 |
| Amounts received by the System pursuant to Section 25 of | 3 |
| the Budget Stabilization Act or Section 8.12 of the State | 4 |
| Finance Act in any fiscal year do not reduce and do not | 5 |
| constitute payment of any portion of the minimum State | 6 |
| contribution required under this Article in that fiscal year. | 7 |
| Such amounts shall not reduce, and shall not be included in the | 8 |
| calculation of, the required State contributions under this | 9 |
| Article in any future year until the System has reached a | 10 |
| funding ratio of at least 90%. A reference in this Article to | 11 |
| the "required State contribution" or any substantially similar | 12 |
| term does not include or apply to any amounts payable to the | 13 |
| System under Section 25 of the Budget Stabilization Act.
| 14 |
| Notwithstanding any other provision of this Section, the | 15 |
| required State
contribution for State fiscal year 2005 and for | 16 |
| fiscal year 2008 and each fiscal year thereafter, as
calculated | 17 |
| under this Section and
certified under Section 2-134, shall not | 18 |
| exceed an amount equal to (i) the
amount of the required State | 19 |
| contribution that would have been calculated under
this Section | 20 |
| for that fiscal year if the System had not received any | 21 |
| payments
under subsection (d) of Section 7.2 of the General | 22 |
| Obligation Bond Act, minus
(ii) the portion of the State's | 23 |
| total debt service payments for that fiscal
year on the bonds | 24 |
| issued for the purposes of that Section 7.2, as determined
and | 25 |
| certified by the Comptroller, that is the same as the System's | 26 |
| portion of
the total moneys distributed under subsection (d) of |
|
|
|
09600SB0049ham001 |
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LRB096 03600 AMC 41189 a |
|
| 1 |
| Section 7.2 of the General
Obligation Bond Act. In determining | 2 |
| this maximum for State fiscal years 2008 through 2010, however, | 3 |
| the amount referred to in item (i) shall be increased, as a | 4 |
| percentage of the applicable employee payroll, in equal | 5 |
| increments calculated from the sum of the required State | 6 |
| contribution for State fiscal year 2007 plus the applicable | 7 |
| portion of the State's total debt service payments for fiscal | 8 |
| year 2007 on the bonds issued for the purposes of Section 7.2 | 9 |
| of the General
Obligation Bond Act, so that, by State fiscal | 10 |
| year 2011, the
State is contributing at the rate otherwise | 11 |
| required under this Section.
| 12 |
| (d) For purposes of determining the required State | 13 |
| contribution to the System, the value of the System's assets | 14 |
| shall be equal to the actuarial value of the System's assets, | 15 |
| which shall be calculated as follows: | 16 |
| As of June 30, 2008, the actuarial value of the System's | 17 |
| assets shall be equal to the market value of the assets as of | 18 |
| that date. In determining the actuarial value of the System's | 19 |
| assets for fiscal years after June 30, 2008, any actuarial | 20 |
| gains or losses from investment return incurred in a fiscal | 21 |
| year shall be recognized in equal annual amounts over the | 22 |
| 5-year period following that fiscal year. | 23 |
| (e) For purposes of determining the required State | 24 |
| contribution to the system for a particular year, the actuarial | 25 |
| value of assets shall be assumed to earn a rate of return equal | 26 |
| to the system's actuarially assumed rate of return. |
|
|
|
09600SB0049ham001 |
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LRB096 03600 AMC 41189 a |
|
| 1 |
| (Source: P.A. 95-950, eff. 8-29-08; 96-43, eff. 7-15-09.)
| 2 |
| (40 ILCS 5/2-134)
(from Ch. 108 1/2, par. 2-134)
| 3 |
| Sec. 2-134. To certify required State contributions and | 4 |
| submit vouchers.
| 5 |
| (a) The Board shall certify to the Governor on or before | 6 |
| December 15 of each
year the amount of the required State | 7 |
| contribution to the System for the next
fiscal year. The | 8 |
| certification shall include a copy of the actuarial
| 9 |
| recommendations upon which it is based.
| 10 |
| On or before May 1, 2004, the Board shall recalculate and | 11 |
| recertify to
the Governor the amount of the required State | 12 |
| contribution to the System for
State fiscal year 2005, taking | 13 |
| into account the amounts appropriated to and
received by the | 14 |
| System under subsection (d) of Section 7.2 of the General
| 15 |
| Obligation Bond Act.
| 16 |
| On or before July 1, 2005, the Board shall recalculate and | 17 |
| recertify
to the Governor the amount of the required State
| 18 |
| contribution to the System for State fiscal year 2006, taking | 19 |
| into account the changes in required State contributions made | 20 |
| by this amendatory Act of the 94th General Assembly.
| 21 |
| On or before June 15, 2010, the Board shall recalculate and | 22 |
| recertify to the Governor the amount of the required State | 23 |
| contribution to the System for State fiscal year 2011, applying | 24 |
| the changes made by Public Act 96-889 to the System's assets | 25 |
| and liabilities as of June 30, 2009 as though Public Act 96-889 |
|
|
|
09600SB0049ham001 |
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LRB096 03600 AMC 41189 a |
|
| 1 |
| was approved on that date. | 2 |
| (b) Beginning in State fiscal year 1996, on or as soon as | 3 |
| possible after the
15th day of each month the Board shall | 4 |
| submit vouchers for payment of State
contributions to the | 5 |
| System, in a total monthly amount of one-twelfth of the
| 6 |
| required annual State contribution certified under subsection | 7 |
| (a).
From the effective date of this amendatory Act
of the 93rd | 8 |
| General Assembly through June 30, 2004, the Board shall not
| 9 |
| submit vouchers for the remainder of fiscal year 2004 in excess | 10 |
| of the
fiscal year 2004 certified contribution amount | 11 |
| determined
under this Section after taking into consideration | 12 |
| the transfer to the
System under subsection (d) of Section | 13 |
| 6z-61 of the State Finance Act.
These
vouchers shall be paid by | 14 |
| the State Comptroller and Treasurer by warrants drawn
on the | 15 |
| funds appropriated to the System for that fiscal year. If in | 16 |
| any month
the amount remaining unexpended from all other | 17 |
| appropriations to the System for
the applicable fiscal year | 18 |
| (including the appropriations to the System under
Section 8.12 | 19 |
| of the State Finance Act and Section 1 of the State Pension | 20 |
| Funds
Continuing Appropriation Act) is less than the amount | 21 |
| lawfully vouchered under
this Section, the difference shall be | 22 |
| paid from the General Revenue Fund under
the continuing | 23 |
| appropriation authority provided in Section 1.1 of the State
| 24 |
| Pension Funds Continuing Appropriation Act.
| 25 |
| (c) The full amount of any annual appropriation for the | 26 |
| System for
State fiscal year 1995 shall be transferred and made |
|
|
|
09600SB0049ham001 |
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LRB096 03600 AMC 41189 a |
|
| 1 |
| available to the System
at the beginning of that fiscal year at | 2 |
| the request of the Board.
Any excess funds remaining at the end | 3 |
| of any fiscal year from appropriations
shall be retained by the | 4 |
| System as a general reserve to meet the System's
accrued | 5 |
| liabilities.
| 6 |
| (Source: P.A. 94-4, eff. 6-1-05; 94-536, eff. 8-10-05; 95-331, | 7 |
| eff. 8-21-07.)
| 8 |
| (40 ILCS 5/14-131)
| 9 |
| Sec. 14-131. Contributions by State.
| 10 |
| (a) The State shall make contributions to the System by | 11 |
| appropriations of
amounts which, together with other employer | 12 |
| contributions from trust, federal,
and other funds, employee | 13 |
| contributions, investment income, and other income,
will be | 14 |
| sufficient to meet the cost of maintaining and administering | 15 |
| the System
on a 90% funded basis in accordance with actuarial | 16 |
| recommendations.
| 17 |
| For the purposes of this Section and Section 14-135.08, | 18 |
| references to State
contributions refer only to employer | 19 |
| contributions and do not include employee
contributions that | 20 |
| are picked up or otherwise paid by the State or a
department on | 21 |
| behalf of the employee.
| 22 |
| (b) The Board shall determine the total amount of State | 23 |
| contributions
required for each fiscal year on the basis of the | 24 |
| actuarial tables and other
assumptions adopted by the Board, | 25 |
| using the formula in subsection (e).
|
|
|
|
09600SB0049ham001 |
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LRB096 03600 AMC 41189 a |
|
| 1 |
| The Board shall also determine a State contribution rate | 2 |
| for each fiscal
year, expressed as a percentage of payroll, | 3 |
| based on the total required State
contribution for that fiscal | 4 |
| year (less the amount received by the System from
| 5 |
| appropriations under Section 8.12 of the State Finance Act and | 6 |
| Section 1 of the
State Pension Funds Continuing Appropriation | 7 |
| Act, if any, for the fiscal year
ending on the June 30 | 8 |
| immediately preceding the applicable November 15
certification | 9 |
| deadline), the estimated payroll (including all forms of
| 10 |
| compensation) for personal services rendered by eligible | 11 |
| employees, and the
recommendations of the actuary.
| 12 |
| For the purposes of this Section and Section 14.1 of the | 13 |
| State Finance Act,
the term "eligible employees" includes | 14 |
| employees who participate in the System,
persons who may elect | 15 |
| to participate in the System but have not so elected,
persons | 16 |
| who are serving a qualifying period that is required for | 17 |
| participation,
and annuitants employed by a department as | 18 |
| described in subdivision (a)(1) or
(a)(2) of Section 14-111.
| 19 |
| (c) Contributions shall be made by the several departments | 20 |
| for each pay
period by warrants drawn by the State Comptroller | 21 |
| against their respective
funds or appropriations based upon | 22 |
| vouchers stating the amount to be so
contributed. These amounts | 23 |
| shall be based on the full rate certified by the
Board under | 24 |
| Section 14-135.08 for that fiscal year.
From the effective date | 25 |
| of this amendatory Act of the 93rd General
Assembly through the | 26 |
| payment of the final payroll from fiscal year 2004
|
|
|
|
09600SB0049ham001 |
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LRB096 03600 AMC 41189 a |
|
| 1 |
| appropriations, the several departments shall not make | 2 |
| contributions
for the remainder of fiscal year 2004 but shall | 3 |
| instead make payments
as required under subsection (a-1) of | 4 |
| Section 14.1 of the State Finance Act.
The several departments | 5 |
| shall resume those contributions at the commencement of
fiscal | 6 |
| year 2005.
| 7 |
| (c-1) Notwithstanding subsection (c) of this Section, for | 8 |
| fiscal year 2010 only, contributions by the several departments | 9 |
| are not required to be made for General Revenue Funds payrolls | 10 |
| processed by the Comptroller. Payrolls paid by the several | 11 |
| departments from all other State funds must continue to be | 12 |
| processed pursuant to subsection (c) of this Section. | 13 |
| (c-2) For State fiscal year 2010 only, on or as soon as | 14 |
| possible after the 15th day of each month the Board shall | 15 |
| submit vouchers for payment of State contributions to the | 16 |
| System, in a total monthly amount of one-twelfth of the fiscal | 17 |
| year 2010 General Revenue Fund appropriation to the System. | 18 |
| (d) If an employee is paid from trust funds or federal | 19 |
| funds, the
department or other employer shall pay employer | 20 |
| contributions from those funds
to the System at the certified | 21 |
| rate, unless the terms of the trust or the
federal-State | 22 |
| agreement preclude the use of the funds for that purpose, in
| 23 |
| which case the required employer contributions shall be paid by | 24 |
| the State.
From the effective date of this amendatory
Act of | 25 |
| the 93rd General Assembly through the payment of the final
| 26 |
| payroll from fiscal year 2004 appropriations, the department or |
|
|
|
09600SB0049ham001 |
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LRB096 03600 AMC 41189 a |
|
| 1 |
| other
employer shall not pay contributions for the remainder of | 2 |
| fiscal year
2004 but shall instead make payments as required | 3 |
| under subsection (a-1) of
Section 14.1 of the State Finance | 4 |
| Act. The department or other employer shall
resume payment of
| 5 |
| contributions at the commencement of fiscal year 2005.
| 6 |
| (e) For State fiscal years 2012 2011 through 2045, the | 7 |
| minimum contribution
to the System to be made by the State for | 8 |
| each fiscal year shall be an amount
determined by the System to | 9 |
| be sufficient to bring the total assets of the
System up to 90% | 10 |
| of the total actuarial liabilities of the System by the end
of | 11 |
| State fiscal year 2045. In making these determinations, the | 12 |
| required State
contribution shall be calculated each year as a | 13 |
| level percentage of payroll
over the years remaining to and | 14 |
| including fiscal year 2045 and shall be
determined under the | 15 |
| projected unit credit actuarial cost method.
| 16 |
| For State fiscal years 1996 through 2005, the State | 17 |
| contribution to
the System, as a percentage of the applicable | 18 |
| employee payroll, shall be
increased in equal annual increments | 19 |
| so that by State fiscal year 2011, the
State is contributing at | 20 |
| the rate required under this Section; except that
(i) for State | 21 |
| fiscal year 1998, for all purposes of this Code and any other
| 22 |
| law of this State, the certified percentage of the applicable | 23 |
| employee payroll
shall be 5.052% for employees earning eligible | 24 |
| creditable service under Section
14-110 and 6.500% for all | 25 |
| other employees, notwithstanding any contrary
certification | 26 |
| made under Section 14-135.08 before the effective date of this
|
|
|
|
09600SB0049ham001 |
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| 1 |
| amendatory Act of 1997, and (ii)
in the following specified | 2 |
| State fiscal years, the State contribution to
the System shall | 3 |
| not be less than the following indicated percentages of the
| 4 |
| applicable employee payroll, even if the indicated percentage | 5 |
| will produce a
State contribution in excess of the amount | 6 |
| otherwise required under this
subsection and subsection (a):
| 7 |
| 9.8% in FY 1999;
10.0% in FY 2000;
10.2% in FY 2001;
10.4% in FY | 8 |
| 2002;
10.6% in FY 2003; and
10.8% in FY 2004.
| 9 |
| Notwithstanding any other provision of this Article, the | 10 |
| total required State
contribution to the System for State | 11 |
| fiscal year 2006 is $203,783,900.
| 12 |
| Notwithstanding any other provision of this Article, the | 13 |
| total required State
contribution to the System for State | 14 |
| fiscal year 2007 is $344,164,400.
| 15 |
| For each of State fiscal years 2008 through 2009, the State | 16 |
| contribution to
the System, as a percentage of the applicable | 17 |
| employee payroll, shall be
increased in equal annual increments | 18 |
| from the required State contribution for State fiscal year | 19 |
| 2007, so that by State fiscal year 2011, the
State is | 20 |
| contributing at the rate otherwise required under this Section.
| 21 |
| Notwithstanding any other provision of this Article, the | 22 |
| total required State General Revenue Fund contribution for | 23 |
| State fiscal year 2010 is $723,703,100 and shall be made from | 24 |
| the proceeds of bonds sold in fiscal year 2010 pursuant to | 25 |
| Section 7.2 of the General Obligation Bond Act, less (i) the | 26 |
| pro rata share of bond sale expenses determined by the System's |
|
|
|
09600SB0049ham001 |
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| 1 |
| share of total bond proceeds, (ii) any amounts received from | 2 |
| the General Revenue Fund in fiscal year 2010, and (iii) any | 3 |
| reduction in bond proceeds due to the issuance of discounted | 4 |
| bonds, if applicable. | 5 |
| Notwithstanding any other provision of this Article, the
| 6 |
| total required State General Revenue Fund contribution for
| 7 |
| State fiscal year 2011 is $786,706,300 and shall be made from
| 8 |
| the proceeds of bonds sold in fiscal year 2011 pursuant to
| 9 |
| Section 7.2 of the General Obligation Bond Act, less (i) the
| 10 |
| pro rata share of bond sale expenses determined by the System's
| 11 |
| share of total bond proceeds, (ii) any amounts received from
| 12 |
| the General Revenue Fund in fiscal year 2011, and (iii) any
| 13 |
| reduction in bond proceeds due to the issuance of discounted
| 14 |
| bonds, if applicable. | 15 |
| Beginning in State fiscal year 2046, the minimum State | 16 |
| contribution for
each fiscal year shall be the amount needed to | 17 |
| maintain the total assets of
the System at 90% of the total | 18 |
| actuarial liabilities of the System.
| 19 |
| Amounts received by the System pursuant to Section 25 of | 20 |
| the Budget Stabilization Act or Section 8.12 of the State | 21 |
| Finance Act in any fiscal year do not reduce and do not | 22 |
| constitute payment of any portion of the minimum State | 23 |
| contribution required under this Article in that fiscal year. | 24 |
| Such amounts shall not reduce, and shall not be included in the | 25 |
| calculation of, the required State contributions under this | 26 |
| Article in any future year until the System has reached a |
|
|
|
09600SB0049ham001 |
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| funding ratio of at least 90%. A reference in this Article to | 2 |
| the "required State contribution" or any substantially similar | 3 |
| term does not include or apply to any amounts payable to the | 4 |
| System under Section 25 of the Budget Stabilization Act.
| 5 |
| Notwithstanding any other provision of this Section, the | 6 |
| required State
contribution for State fiscal year 2005 and for | 7 |
| fiscal year 2008 and each fiscal year thereafter, as
calculated | 8 |
| under this Section and
certified under Section 14-135.08, shall | 9 |
| not exceed an amount equal to (i) the
amount of the required | 10 |
| State contribution that would have been calculated under
this | 11 |
| Section for that fiscal year if the System had not received any | 12 |
| payments
under subsection (d) of Section 7.2 of the General | 13 |
| Obligation Bond Act, minus
(ii) the portion of the State's | 14 |
| total debt service payments for that fiscal
year on the bonds | 15 |
| issued for the purposes of that Section 7.2, as determined
and | 16 |
| certified by the Comptroller, that is the same as the System's | 17 |
| portion of
the total moneys distributed under subsection (d) of | 18 |
| Section 7.2 of the General
Obligation Bond Act. In determining | 19 |
| this maximum for State fiscal years 2008 through 2010, however, | 20 |
| the amount referred to in item (i) shall be increased, as a | 21 |
| percentage of the applicable employee payroll, in equal | 22 |
| increments calculated from the sum of the required State | 23 |
| contribution for State fiscal year 2007 plus the applicable | 24 |
| portion of the State's total debt service payments for fiscal | 25 |
| year 2007 on the bonds issued for the purposes of Section 7.2 | 26 |
| of the General
Obligation Bond Act, so that, by State fiscal |
|
|
|
09600SB0049ham001 |
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| 1 |
| year 2011, the
State is contributing at the rate otherwise | 2 |
| required under this Section.
| 3 |
| (f) After the submission of all payments for eligible | 4 |
| employees
from personal services line items in fiscal year 2004 | 5 |
| have been made,
the Comptroller shall provide to the System a | 6 |
| certification of the sum
of all fiscal year 2004 expenditures | 7 |
| for personal services that would
have been covered by payments | 8 |
| to the System under this Section if the
provisions of this | 9 |
| amendatory Act of the 93rd General Assembly had not been
| 10 |
| enacted. Upon
receipt of the certification, the System shall | 11 |
| determine the amount
due to the System based on the full rate | 12 |
| certified by the Board under
Section 14-135.08 for fiscal year | 13 |
| 2004 in order to meet the State's
obligation under this | 14 |
| Section. The System shall compare this amount
due to the amount | 15 |
| received by the System in fiscal year 2004 through
payments | 16 |
| under this Section and under Section 6z-61 of the State Finance | 17 |
| Act.
If the amount
due is more than the amount received, the | 18 |
| difference shall be termed the
"Fiscal Year 2004 Shortfall" for | 19 |
| purposes of this Section, and the
Fiscal Year 2004 Shortfall | 20 |
| shall be satisfied under Section 1.2 of the State
Pension Funds | 21 |
| Continuing Appropriation Act. If the amount due is less than | 22 |
| the
amount received, the
difference shall be termed the "Fiscal | 23 |
| Year 2004 Overpayment" for purposes of
this Section, and the | 24 |
| Fiscal Year 2004 Overpayment shall be repaid by
the System to | 25 |
| the Pension Contribution Fund as soon as practicable
after the | 26 |
| certification.
|
|
|
|
09600SB0049ham001 |
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| 1 |
| (g) For purposes of determining the required State | 2 |
| contribution to the System, the value of the System's assets | 3 |
| shall be equal to the actuarial value of the System's assets, | 4 |
| which shall be calculated as follows: | 5 |
| As of June 30, 2008, the actuarial value of the System's | 6 |
| assets shall be equal to the market value of the assets as of | 7 |
| that date. In determining the actuarial value of the System's | 8 |
| assets for fiscal years after June 30, 2008, any actuarial | 9 |
| gains or losses from investment return incurred in a fiscal | 10 |
| year shall be recognized in equal annual amounts over the | 11 |
| 5-year period following that fiscal year. | 12 |
| (h) For purposes of determining the required State | 13 |
| contribution to the System for a particular year, the actuarial | 14 |
| value of assets shall be assumed to earn a rate of return equal | 15 |
| to the System's actuarially assumed rate of return. | 16 |
| (i) (g) After the submission of all payments for eligible | 17 |
| employees from personal services line items paid from the | 18 |
| General Revenue Fund in fiscal year 2010 have been made, the | 19 |
| Comptroller shall provide to the System a certification of the | 20 |
| sum of all fiscal year 2010 expenditures for personal services | 21 |
| that would have been covered by payments to the System under | 22 |
| this Section if the provisions of this amendatory Act of the | 23 |
| 96th General Assembly had not been enacted. Upon receipt of the | 24 |
| certification, the System shall determine the amount due to the | 25 |
| System based on the full rate certified by the Board under | 26 |
| Section 14-135.08 for fiscal year 2010 in order to meet the |
|
|
|
09600SB0049ham001 |
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| 1 |
| State's obligation under this Section. The System shall compare | 2 |
| this amount due to the amount received by the System in fiscal | 3 |
| year 2010 through payments under this Section. If the amount | 4 |
| due is more than the amount received, the difference shall be | 5 |
| termed the "Fiscal Year 2010 Shortfall" for purposes of this | 6 |
| Section, and the Fiscal Year 2010 Shortfall shall be satisfied | 7 |
| under Section 1.2 of the State Pension Funds Continuing | 8 |
| Appropriation Act. If the amount due is less than the amount | 9 |
| received, the difference shall be termed the "Fiscal Year 2010 | 10 |
| Overpayment" for purposes of this Section, and the Fiscal Year | 11 |
| 2010 Overpayment shall be repaid by the System to the General | 12 |
| Revenue Fund as soon as practicable after the certification. | 13 |
| (Source: P.A. 95-950, eff. 8-29-08; 96-43, eff. 7-15-09; 96-45, | 14 |
| eff. 7-15-09; revised 11-3-09.)
| 15 |
| (40 ILCS 5/14-135.08) (from Ch. 108 1/2, par. 14-135.08)
| 16 |
| Sec. 14-135.08. To certify required State contributions. | 17 |
| (a)
To certify to the Governor and to each department, on | 18 |
| or before
November 15 of each year, the required rate for State | 19 |
| contributions to the
System for the next State fiscal year, as | 20 |
| determined under subsection (b) of
Section 14-131. The | 21 |
| certification to the Governor shall include a copy of the
| 22 |
| actuarial recommendations upon which the rate is based.
| 23 |
| (b) The certification shall include an additional amount | 24 |
| necessary to pay all principal of and interest on those general | 25 |
| obligation bonds due the next fiscal year authorized by Section |
|
|
|
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|
| 1 |
| 7.2(a) of the General Obligation Bond Act and issued to provide | 2 |
| the proceeds deposited by the State with the System in July | 3 |
| 2003, representing deposits other than amounts reserved under | 4 |
| Section 7.2(c) of the General Obligation Bond Act. For State | 5 |
| fiscal year 2005, the Board shall make a supplemental | 6 |
| certification of the additional amount necessary to pay all | 7 |
| principal of and interest on those general obligation bonds due | 8 |
| in State fiscal years 2004 and 2005 authorized by Section | 9 |
| 7.2(a) of the General Obligation Bond Act and issued to provide | 10 |
| the proceeds deposited by the State with the System in July | 11 |
| 2003, representing deposits other than amounts reserved under | 12 |
| Section 7.2(c) of the General Obligation Bond Act, as soon as | 13 |
| practical after the effective date of this amendatory Act of | 14 |
| the 93rd General Assembly.
| 15 |
| On or before May 1, 2004, the Board shall recalculate and | 16 |
| recertify
to the Governor and to each department the amount of | 17 |
| the required State
contribution to the System and the required | 18 |
| rates for State contributions
to the System for State fiscal | 19 |
| year 2005, taking into account the amounts
appropriated to and | 20 |
| received by the System under subsection (d) of Section
7.2 of | 21 |
| the General Obligation Bond Act.
| 22 |
| On or before July 1, 2005, the Board shall recalculate and | 23 |
| recertify
to the Governor and to each department the amount of | 24 |
| the required State
contribution to the System and the required | 25 |
| rates for State contributions
to the System for State fiscal | 26 |
| year 2006, taking into account the changes in required State |
|
|
|
09600SB0049ham001 |
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| 1 |
| contributions made by this amendatory Act of the 94th General | 2 |
| Assembly.
| 3 |
| On or before June 15, 2010, the Board shall recalculate and | 4 |
| recertify to the Governor and to each department the amount of | 5 |
| the required State contribution to the System for State fiscal | 6 |
| year 2011, applying the changes made by Public Act 96-889 to | 7 |
| the System's assets and liabilities as of June 30, 2009 as | 8 |
| though Public Act 96-889 was approved on that date. | 9 |
| (Source: P.A. 93-2, eff. 4-7-03; 93-839, eff. 7-30-04; 94-4, | 10 |
| eff. 6-1-05.)
| 11 |
| (40 ILCS 5/15-155) (from Ch. 108 1/2, par. 15-155)
| 12 |
| Sec. 15-155. Employer contributions.
| 13 |
| (a) The State of Illinois shall make contributions by | 14 |
| appropriations of
amounts which, together with the other | 15 |
| employer contributions from trust,
federal, and other funds, | 16 |
| employee contributions, income from investments,
and other | 17 |
| income of this System, will be sufficient to meet the cost of
| 18 |
| maintaining and administering the System on a 90% funded basis | 19 |
| in accordance
with actuarial recommendations.
| 20 |
| The Board shall determine the amount of State contributions | 21 |
| required for
each fiscal year on the basis of the actuarial | 22 |
| tables and other assumptions
adopted by the Board and the | 23 |
| recommendations of the actuary, using the formula
in subsection | 24 |
| (a-1).
| 25 |
| (a-1) For State fiscal years 2012 2011 through 2045, the |
|
|
|
09600SB0049ham001 |
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| 1 |
| minimum contribution
to the System to be made by the State for | 2 |
| each fiscal year shall be an amount
determined by the System to | 3 |
| be sufficient to bring the total assets of the
System up to 90% | 4 |
| of the total actuarial liabilities of the System by the end of
| 5 |
| State fiscal year 2045. In making these determinations, the | 6 |
| required State
contribution shall be calculated each year as a | 7 |
| level percentage of payroll
over the years remaining to and | 8 |
| including fiscal year 2045 and shall be
determined under the | 9 |
| projected unit credit actuarial cost method.
| 10 |
| For State fiscal years 1996 through 2005, the State | 11 |
| contribution to
the System, as a percentage of the applicable | 12 |
| employee payroll, shall be
increased in equal annual increments | 13 |
| so that by State fiscal year 2011, the
State is contributing at | 14 |
| the rate required under this Section.
| 15 |
| Notwithstanding any other provision of this Article, the | 16 |
| total required State
contribution for State fiscal year 2006 is | 17 |
| $166,641,900.
| 18 |
| Notwithstanding any other provision of this Article, the | 19 |
| total required State
contribution for State fiscal year 2007 is | 20 |
| $252,064,100.
| 21 |
| For each of State fiscal years 2008 through 2009, the State | 22 |
| contribution to
the System, as a percentage of the applicable | 23 |
| employee payroll, shall be
increased in equal annual increments | 24 |
| from the required State contribution for State fiscal year | 25 |
| 2007, so that by State fiscal year 2011, the
State is | 26 |
| contributing at the rate otherwise required under this Section.
|
|
|
|
09600SB0049ham001 |
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LRB096 03600 AMC 41189 a |
|
| 1 |
| Notwithstanding any other provision of this Article, the | 2 |
| total required State contribution for State fiscal year 2010 is | 3 |
| $702,514,000 and shall be made from the State Pensions Fund and | 4 |
| proceeds of bonds sold in fiscal year 2010 pursuant to Section | 5 |
| 7.2 of the General Obligation Bond Act, less (i) the pro rata | 6 |
| share of bond sale expenses determined by the System's share of | 7 |
| total bond proceeds, (ii) any amounts received from the General | 8 |
| Revenue Fund in fiscal year 2010, (iii) any reduction in bond | 9 |
| proceeds due to the issuance of discounted bonds, if | 10 |
| applicable. | 11 |
| Notwithstanding any other provision of this Article, the
| 12 |
| total required State contribution for State fiscal year 2011 is
| 13 |
| $848,142,000 and shall be made from the State Pensions Fund and
| 14 |
| proceeds of bonds sold in fiscal year 2011 pursuant to Section
| 15 |
| 7.2 of the General Obligation Bond Act, less (i) the pro rata
| 16 |
| share of bond sale expenses determined by the System's share of
| 17 |
| total bond proceeds, (ii) any amounts received from the General
| 18 |
| Revenue Fund in fiscal year 2011, and (iii) any reduction in | 19 |
| bond
proceeds due to the issuance of discounted bonds, if
| 20 |
| applicable. | 21 |
| Beginning in State fiscal year 2046, the minimum State | 22 |
| contribution for
each fiscal year shall be the amount needed to | 23 |
| maintain the total assets of
the System at 90% of the total | 24 |
| actuarial liabilities of the System.
| 25 |
| Amounts received by the System pursuant to Section 25 of | 26 |
| the Budget Stabilization Act or Section 8.12 of the State |
|
|
|
09600SB0049ham001 |
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|
| 1 |
| Finance Act in any fiscal year do not reduce and do not | 2 |
| constitute payment of any portion of the minimum State | 3 |
| contribution required under this Article in that fiscal year. | 4 |
| Such amounts shall not reduce, and shall not be included in the | 5 |
| calculation of, the required State contributions under this | 6 |
| Article in any future year until the System has reached a | 7 |
| funding ratio of at least 90%. A reference in this Article to | 8 |
| the "required State contribution" or any substantially similar | 9 |
| term does not include or apply to any amounts payable to the | 10 |
| System under Section 25 of the Budget Stabilization Act. | 11 |
| Notwithstanding any other provision of this Section, the | 12 |
| required State
contribution for State fiscal year 2005 and for | 13 |
| fiscal year 2008 and each fiscal year thereafter, as
calculated | 14 |
| under this Section and
certified under Section 15-165, shall | 15 |
| not exceed an amount equal to (i) the
amount of the required | 16 |
| State contribution that would have been calculated under
this | 17 |
| Section for that fiscal year if the System had not received any | 18 |
| payments
under subsection (d) of Section 7.2 of the General | 19 |
| Obligation Bond Act, minus
(ii) the portion of the State's | 20 |
| total debt service payments for that fiscal
year on the bonds | 21 |
| issued for the purposes of that Section 7.2, as determined
and | 22 |
| certified by the Comptroller, that is the same as the System's | 23 |
| portion of
the total moneys distributed under subsection (d) of | 24 |
| Section 7.2 of the General
Obligation Bond Act. In determining | 25 |
| this maximum for State fiscal years 2008 through 2010, however, | 26 |
| the amount referred to in item (i) shall be increased, as a |
|
|
|
09600SB0049ham001 |
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LRB096 03600 AMC 41189 a |
|
| 1 |
| percentage of the applicable employee payroll, in equal | 2 |
| increments calculated from the sum of the required State | 3 |
| contribution for State fiscal year 2007 plus the applicable | 4 |
| portion of the State's total debt service payments for fiscal | 5 |
| year 2007 on the bonds issued for the purposes of Section 7.2 | 6 |
| of the General
Obligation Bond Act, so that, by State fiscal | 7 |
| year 2011, the
State is contributing at the rate otherwise | 8 |
| required under this Section.
| 9 |
| (b) If an employee is paid from trust or federal funds, the | 10 |
| employer
shall pay to the Board contributions from those funds | 11 |
| which are
sufficient to cover the accruing normal costs on | 12 |
| behalf of the employee.
However, universities having employees | 13 |
| who are compensated out of local
auxiliary funds, income funds, | 14 |
| or service enterprise funds are not required
to pay such | 15 |
| contributions on behalf of those employees. The local auxiliary
| 16 |
| funds, income funds, and service enterprise funds of | 17 |
| universities shall not be
considered trust funds for the | 18 |
| purpose of this Article, but funds of alumni
associations, | 19 |
| foundations, and athletic associations which are affiliated | 20 |
| with
the universities included as employers under this Article | 21 |
| and other employers
which do not receive State appropriations | 22 |
| are considered to be trust funds for
the purpose of this | 23 |
| Article.
| 24 |
| (b-1) The City of Urbana and the City of Champaign shall | 25 |
| each make
employer contributions to this System for their | 26 |
| respective firefighter
employees who participate in this |
|
|
|
09600SB0049ham001 |
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| 1 |
| System pursuant to subsection (h) of Section
15-107. The rate | 2 |
| of contributions to be made by those municipalities shall
be | 3 |
| determined annually by the Board on the basis of the actuarial | 4 |
| assumptions
adopted by the Board and the recommendations of the | 5 |
| actuary, and shall be
expressed as a percentage of salary for | 6 |
| each such employee. The Board shall
certify the rate to the | 7 |
| affected municipalities as soon as may be practical.
The | 8 |
| employer contributions required under this subsection shall be | 9 |
| remitted by
the municipality to the System at the same time and | 10 |
| in the same manner as
employee contributions.
| 11 |
| (c) Through State fiscal year 1995: The total employer | 12 |
| contribution shall
be apportioned among the various funds of | 13 |
| the State and other employers,
whether trust, federal, or other | 14 |
| funds, in accordance with actuarial procedures
approved by the | 15 |
| Board. State of Illinois contributions for employers receiving
| 16 |
| State appropriations for personal services shall be payable | 17 |
| from appropriations
made to the employers or to the System. The | 18 |
| contributions for Class I
community colleges covering earnings | 19 |
| other than those paid from trust and
federal funds, shall be | 20 |
| payable solely from appropriations to the Illinois
Community | 21 |
| College Board or the System for employer contributions.
| 22 |
| (d) Beginning in State fiscal year 1996, the required State | 23 |
| contributions
to the System shall be appropriated directly to | 24 |
| the System and shall be payable
through vouchers issued in | 25 |
| accordance with subsection (c) of Section 15-165, except as | 26 |
| provided in subsection (g).
|
|
|
|
09600SB0049ham001 |
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| 1 |
| (e) The State Comptroller shall draw warrants payable to | 2 |
| the System upon
proper certification by the System or by the | 3 |
| employer in accordance with the
appropriation laws and this | 4 |
| Code.
| 5 |
| (f) Normal costs under this Section means liability for
| 6 |
| pensions and other benefits which accrues to the System because | 7 |
| of the
credits earned for service rendered by the participants | 8 |
| during the
fiscal year and expenses of administering the | 9 |
| System, but shall not
include the principal of or any | 10 |
| redemption premium or interest on any bonds
issued by the Board | 11 |
| or any expenses incurred or deposits required in
connection | 12 |
| therewith.
| 13 |
| (g) If the amount of a participant's earnings for any | 14 |
| academic year used to determine the final rate of earnings, | 15 |
| determined on a full-time equivalent basis, exceeds the amount | 16 |
| of his or her earnings with the same employer for the previous | 17 |
| academic year, determined on a full-time equivalent basis, by | 18 |
| more than 6%, the participant's employer shall pay to the | 19 |
| System, in addition to all other payments required under this | 20 |
| Section and in accordance with guidelines established by the | 21 |
| System, the present value of the increase in benefits resulting | 22 |
| from the portion of the increase in earnings that is in excess | 23 |
| of 6%. This present value shall be computed by the System on | 24 |
| the basis of the actuarial assumptions and tables used in the | 25 |
| most recent actuarial valuation of the System that is available | 26 |
| at the time of the computation. The System may require the |
|
|
|
09600SB0049ham001 |
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|
| 1 |
| employer to provide any pertinent information or | 2 |
| documentation. | 3 |
| Whenever it determines that a payment is or may be required | 4 |
| under this subsection (g), the System shall calculate the | 5 |
| amount of the payment and bill the employer for that amount. | 6 |
| The bill shall specify the calculations used to determine the | 7 |
| amount due. If the employer disputes the amount of the bill, it | 8 |
| may, within 30 days after receipt of the bill, apply to the | 9 |
| System in writing for a recalculation. The application must | 10 |
| specify in detail the grounds of the dispute and, if the | 11 |
| employer asserts that the calculation is subject to subsection | 12 |
| (h) or (i) of this Section, must include an affidavit setting | 13 |
| forth and attesting to all facts within the employer's | 14 |
| knowledge that are pertinent to the applicability of subsection | 15 |
| (h) or (i). Upon receiving a timely application for | 16 |
| recalculation, the System shall review the application and, if | 17 |
| appropriate, recalculate the amount due.
| 18 |
| The employer contributions required under this subsection | 19 |
| (f) may be paid in the form of a lump sum within 90 days after | 20 |
| receipt of the bill. If the employer contributions are not paid | 21 |
| within 90 days after receipt of the bill, then interest will be | 22 |
| charged at a rate equal to the System's annual actuarially | 23 |
| assumed rate of return on investment compounded annually from | 24 |
| the 91st day after receipt of the bill. Payments must be | 25 |
| concluded within 3 years after the employer's receipt of the | 26 |
| bill. |
|
|
|
09600SB0049ham001 |
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| 1 |
| (h) This subsection (h) applies only to payments made or | 2 |
| salary increases given on or after June 1, 2005 but before July | 3 |
| 1, 2011. The changes made by Public Act 94-1057 shall not | 4 |
| require the System to refund any payments received before July | 5 |
| 31, 2006 (the effective date of Public Act 94-1057). | 6 |
| When assessing payment for any amount due under subsection | 7 |
| (g), the System shall exclude earnings increases paid to | 8 |
| participants under contracts or collective bargaining | 9 |
| agreements entered into, amended, or renewed before June 1, | 10 |
| 2005.
| 11 |
| When assessing payment for any amount due under subsection | 12 |
| (g), the System shall exclude earnings increases paid to a | 13 |
| participant at a time when the participant is 10 or more years | 14 |
| from retirement eligibility under Section 15-135.
| 15 |
| When assessing payment for any amount due under subsection | 16 |
| (g), the System shall exclude earnings increases resulting from | 17 |
| overload work, including a contract for summer teaching, or | 18 |
| overtime when the employer has certified to the System, and the | 19 |
| System has approved the certification, that: (i) in the case of | 20 |
| overloads (A) the overload work is for the sole purpose of | 21 |
| academic instruction in excess of the standard number of | 22 |
| instruction hours for a full-time employee occurring during the | 23 |
| academic year that the overload is paid and (B) the earnings | 24 |
| increases are equal to or less than the rate of pay for | 25 |
| academic instruction computed using the participant's current | 26 |
| salary rate and work schedule; and (ii) in the case of |
|
|
|
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| overtime, the overtime was necessary for the educational | 2 |
| mission. | 3 |
| When assessing payment for any amount due under subsection | 4 |
| (g), the System shall exclude any earnings increase resulting | 5 |
| from (i) a promotion for which the employee moves from one | 6 |
| classification to a higher classification under the State | 7 |
| Universities Civil Service System, (ii) a promotion in academic | 8 |
| rank for a tenured or tenure-track faculty position, or (iii) a | 9 |
| promotion that the Illinois Community College Board has | 10 |
| recommended in accordance with subsection (k) of this Section. | 11 |
| These earnings increases shall be excluded only if the | 12 |
| promotion is to a position that has existed and been filled by | 13 |
| a member for no less than one complete academic year and the | 14 |
| earnings increase as a result of the promotion is an increase | 15 |
| that results in an amount no greater than the average salary | 16 |
| paid for other similar positions. | 17 |
| (i) When assessing payment for any amount due under | 18 |
| subsection (g), the System shall exclude any salary increase | 19 |
| described in subsection (h) of this Section given on or after | 20 |
| July 1, 2011 but before July 1, 2014 under a contract or | 21 |
| collective bargaining agreement entered into, amended, or | 22 |
| renewed on or after June 1, 2005 but before July 1, 2011. | 23 |
| Notwithstanding any other provision of this Section, any | 24 |
| payments made or salary increases given after June 30, 2014 | 25 |
| shall be used in assessing payment for any amount due under | 26 |
| subsection (g) of this Section.
|
|
|
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| (j) The System shall prepare a report and file copies of | 2 |
| the report with the Governor and the General Assembly by | 3 |
| January 1, 2007 that contains all of the following information: | 4 |
| (1) The number of recalculations required by the | 5 |
| changes made to this Section by Public Act 94-1057 for each | 6 |
| employer. | 7 |
| (2) The dollar amount by which each employer's | 8 |
| contribution to the System was changed due to | 9 |
| recalculations required by Public Act 94-1057. | 10 |
| (3) The total amount the System received from each | 11 |
| employer as a result of the changes made to this Section by | 12 |
| Public Act 94-4. | 13 |
| (4) The increase in the required State contribution | 14 |
| resulting from the changes made to this Section by Public | 15 |
| Act 94-1057. | 16 |
| (k) The Illinois Community College Board shall adopt rules | 17 |
| for recommending lists of promotional positions submitted to | 18 |
| the Board by community colleges and for reviewing the | 19 |
| promotional lists on an annual basis. When recommending | 20 |
| promotional lists, the Board shall consider the similarity of | 21 |
| the positions submitted to those positions recognized for State | 22 |
| universities by the State Universities Civil Service System. | 23 |
| The Illinois Community College Board shall file a copy of its | 24 |
| findings with the System. The System shall consider the | 25 |
| findings of the Illinois Community College Board when making | 26 |
| determinations under this Section. The System shall not exclude |
|
|
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| any earnings increases resulting from a promotion when the | 2 |
| promotion was not submitted by a community college. Nothing in | 3 |
| this subsection (k) shall require any community college to | 4 |
| submit any information to the Community College Board.
| 5 |
| (l) For purposes of determining the required State | 6 |
| contribution to the System, the value of the System's assets | 7 |
| shall be equal to the actuarial value of the System's assets, | 8 |
| which shall be calculated as follows: | 9 |
| As of June 30, 2008, the actuarial value of the System's | 10 |
| assets shall be equal to the market value of the assets as of | 11 |
| that date. In determining the actuarial value of the System's | 12 |
| assets for fiscal years after June 30, 2008, any actuarial | 13 |
| gains or losses from investment return incurred in a fiscal | 14 |
| year shall be recognized in equal annual amounts over the | 15 |
| 5-year period following that fiscal year. | 16 |
| (m) For purposes of determining the required State | 17 |
| contribution to the system for a particular year, the actuarial | 18 |
| value of assets shall be assumed to earn a rate of return equal | 19 |
| to the system's actuarially assumed rate of return. | 20 |
| (Source: P.A. 95-331, eff. 8-21-07; 95-950, eff. 8-29-08; | 21 |
| 96-43, eff. 7-15-09.)
| 22 |
| (40 ILCS 5/15-165)
(from Ch. 108 1/2, par. 15-165)
| 23 |
| Sec. 15-165. To certify amounts and submit vouchers.
| 24 |
| (a) The Board shall certify to the Governor on or before | 25 |
| November 15 of each
year the appropriation required from State |
|
|
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| funds for the purposes of this
System for the following fiscal | 2 |
| year. The certification shall include a copy
of the actuarial | 3 |
| recommendations upon which it is based.
| 4 |
| On or before May 1, 2004, the Board shall recalculate and | 5 |
| recertify to
the Governor the amount of the required State | 6 |
| contribution to the System for
State fiscal year 2005, taking | 7 |
| into account the amounts appropriated to and
received by the | 8 |
| System under subsection (d) of Section 7.2 of the General
| 9 |
| Obligation Bond Act.
| 10 |
| On or before July 1, 2005, the Board shall recalculate and | 11 |
| recertify
to the Governor the amount of the required State
| 12 |
| contribution to the System for State fiscal year 2006, taking | 13 |
| into account the changes in required State contributions made | 14 |
| by this amendatory Act of the 94th General Assembly.
| 15 |
| On or before June 15, 2010, the Board shall recalculate and | 16 |
| recertify to the Governor the amount of the required State | 17 |
| contribution to the System for State fiscal year 2011, applying | 18 |
| the changes made by Public Act 96-889 to the System's assets | 19 |
| and liabilities as of June 30, 2009 as though Public Act 96-889 | 20 |
| was approved on that date. | 21 |
| (b) The Board shall certify to the State Comptroller or | 22 |
| employer, as the
case may be, from time to time, by its | 23 |
| president and secretary, with its seal
attached, the amounts | 24 |
| payable to the System from the various funds.
| 25 |
| (c) Beginning in State fiscal year 1996, on or as soon as | 26 |
| possible after the
15th day of each month the Board shall |
|
|
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| 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).
From the effective date of this amendatory Act
of the 93rd | 5 |
| General Assembly through June 30, 2004, the Board shall not
| 6 |
| submit vouchers for the remainder of fiscal year 2004 in excess | 7 |
| of the
fiscal year 2004 certified contribution amount | 8 |
| determined
under this Section after taking into consideration | 9 |
| the transfer to the
System under subsection (b) of Section | 10 |
| 6z-61 of the State Finance Act.
These
vouchers shall be paid by | 11 |
| the State Comptroller and Treasurer by warrants drawn
on the | 12 |
| funds appropriated to 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 Section | 16 |
| 8.12 of the State Finance Act and
Section 1 of the State | 17 |
| Pension Funds Continuing Appropriation Act) is less than
the | 18 |
| amount lawfully vouchered under this Section, the difference | 19 |
| shall be paid
from the General Revenue Fund under the | 20 |
| continuing appropriation authority
provided in Section 1.1 of | 21 |
| the State Pension Funds Continuing Appropriation
Act.
| 22 |
| (d) So long as the payments received are the full amount | 23 |
| lawfully
vouchered under this Section, payments received by the | 24 |
| System under this
Section shall be applied first toward the | 25 |
| employer contribution to the
self-managed plan established | 26 |
| under Section 15-158.2. Payments shall be
applied second toward |
|
|
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| the employer's portion of the normal costs of the System,
as | 2 |
| defined in subsection (f) of Section 15-155. The balance shall | 3 |
| be applied
toward the unfunded actuarial liabilities of the | 4 |
| System.
| 5 |
| (e) In the event that the System does not receive, as a | 6 |
| result of
legislative enactment or otherwise, payments | 7 |
| sufficient to
fully fund the employer contribution to the | 8 |
| self-managed plan
established under Section 15-158.2 and to | 9 |
| fully fund that portion of the
employer's portion of the normal | 10 |
| costs of the System, as calculated in
accordance with Section | 11 |
| 15-155(a-1), then any payments received shall be
applied | 12 |
| proportionately to the optional retirement program established | 13 |
| under
Section 15-158.2 and to the employer's portion of the | 14 |
| normal costs of the
System, as calculated in accordance with | 15 |
| Section 15-155(a-1).
| 16 |
| (Source: P.A. 93-2, eff. 4-7-03; 93-665, eff. 3-5-04; 94-4, | 17 |
| eff. 6-1-05.)
| 18 |
| (40 ILCS 5/16-158)
(from Ch. 108 1/2, par. 16-158)
| 19 |
| Sec. 16-158. Contributions by State and other employing | 20 |
| units.
| 21 |
| (a) The State shall make contributions to the System by | 22 |
| means of
appropriations from the Common School Fund and other | 23 |
| State funds of amounts
which, together with other employer | 24 |
| contributions, employee contributions,
investment income, and | 25 |
| other income, will be sufficient to meet the cost of
|
|
|
|
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| maintaining and administering the System on a 90% funded basis | 2 |
| in accordance
with actuarial recommendations.
| 3 |
| The Board shall determine the amount of State contributions | 4 |
| required for
each fiscal year on the basis of the actuarial | 5 |
| tables and other assumptions
adopted by the Board and the | 6 |
| recommendations of the actuary, using the formula
in subsection | 7 |
| (b-3).
| 8 |
| (a-1) Annually, on or before November 15, the Board shall | 9 |
| certify to the
Governor the amount of the required State | 10 |
| contribution for the coming fiscal
year. The certification | 11 |
| shall include a copy of the actuarial recommendations
upon | 12 |
| which it is based.
| 13 |
| On or before May 1, 2004, the Board shall recalculate and | 14 |
| recertify to
the Governor the amount of the required State | 15 |
| contribution to the System for
State fiscal year 2005, taking | 16 |
| into account the amounts appropriated to and
received by the | 17 |
| System under subsection (d) of Section 7.2 of the General
| 18 |
| Obligation Bond Act.
| 19 |
| On or before July 1, 2005, the Board shall recalculate and | 20 |
| recertify
to the Governor the amount of the required State
| 21 |
| contribution to the System for State fiscal year 2006, taking | 22 |
| into account the changes in required State contributions made | 23 |
| by this amendatory Act of the 94th General Assembly.
| 24 |
| On or before June 15, 2010, the Board shall recalculate and | 25 |
| recertify to the Governor the amount of the required State | 26 |
| contribution to the System for State fiscal year 2011, applying |
|
|
|
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| the changes made by Public Act 96-889 to the System's assets | 2 |
| and liabilities as of June 30, 2009 as though Public Act 96-889 | 3 |
| was approved on that date. | 4 |
| (b) Through State fiscal year 1995, the State contributions | 5 |
| shall be
paid to the System in accordance with Section 18-7 of | 6 |
| the School Code.
| 7 |
| (b-1) Beginning in State fiscal year 1996, on the 15th day | 8 |
| of each month,
or as soon thereafter as may be practicable, the | 9 |
| Board shall submit vouchers
for payment of State contributions | 10 |
| to the System, in a total monthly amount of
one-twelfth of the | 11 |
| required annual State contribution certified under
subsection | 12 |
| (a-1).
From the
effective date of this amendatory Act of the | 13 |
| 93rd General Assembly
through June 30, 2004, the Board shall | 14 |
| not submit vouchers for the
remainder of fiscal year 2004 in | 15 |
| excess of the fiscal year 2004
certified contribution amount | 16 |
| determined under this Section
after taking into consideration | 17 |
| the transfer to the System
under subsection (a) of Section | 18 |
| 6z-61 of the State Finance Act.
These vouchers shall be paid by | 19 |
| the State Comptroller and
Treasurer by warrants drawn on the | 20 |
| funds appropriated to the System for that
fiscal year.
| 21 |
| If in any month the amount remaining unexpended from all | 22 |
| other appropriations
to the System for the applicable fiscal | 23 |
| year (including the appropriations to
the System under Section | 24 |
| 8.12 of the State Finance Act and Section 1 of the
State | 25 |
| Pension Funds Continuing Appropriation Act) is less than the | 26 |
| amount
lawfully vouchered under this subsection, the |
|
|
|
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| difference shall be paid from the
Common School Fund under the | 2 |
| continuing appropriation authority provided in
Section 1.1 of | 3 |
| the State Pension Funds Continuing Appropriation Act.
| 4 |
| (b-2) Allocations from the Common School Fund apportioned | 5 |
| to school
districts not coming under this System shall not be | 6 |
| diminished or affected by
the provisions of this Article.
| 7 |
| (b-3) For State fiscal years 2012 2011 through 2045, the | 8 |
| minimum contribution
to the System to be made by the State for | 9 |
| each fiscal year shall be an amount
determined by the System to | 10 |
| be sufficient to bring the total assets of the
System up to 90% | 11 |
| of the total actuarial liabilities of the System by the end of
| 12 |
| State fiscal year 2045. In making these determinations, the | 13 |
| required State
contribution shall be calculated each year as a | 14 |
| level percentage of payroll
over the years remaining to and | 15 |
| including fiscal year 2045 and shall be
determined under the | 16 |
| projected unit credit actuarial cost method.
| 17 |
| For State fiscal years 1996 through 2005, the State | 18 |
| contribution to the
System, as a percentage of the applicable | 19 |
| employee payroll, shall be increased
in equal annual increments | 20 |
| so that by State fiscal year 2011, the State is
contributing at | 21 |
| the rate required under this Section; except that in the
| 22 |
| following specified State fiscal years, the State contribution | 23 |
| to the System
shall not be less than the following indicated | 24 |
| percentages of the applicable
employee payroll, even if the | 25 |
| indicated percentage will produce a State
contribution in | 26 |
| excess of the amount otherwise required under this subsection
|
|
|
|
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| and subsection (a), and notwithstanding any contrary | 2 |
| certification made under
subsection (a-1) before the effective | 3 |
| date of this amendatory Act of 1998:
10.02% in FY 1999;
10.77% | 4 |
| in FY 2000;
11.47% in FY 2001;
12.16% in FY 2002;
12.86% in FY | 5 |
| 2003; and
13.56% in FY 2004.
| 6 |
| Notwithstanding any other provision of this Article, the | 7 |
| total required State
contribution for State fiscal year 2006 is | 8 |
| $534,627,700.
| 9 |
| Notwithstanding any other provision of this Article, the | 10 |
| total required State
contribution for State fiscal year 2007 is | 11 |
| $738,014,500.
| 12 |
| For each of State fiscal years 2008 through 2009, the State | 13 |
| contribution to
the System, as a percentage of the applicable | 14 |
| employee payroll, shall be
increased in equal annual increments | 15 |
| from the required State contribution for State fiscal year | 16 |
| 2007, so that by State fiscal year 2011, the
State is | 17 |
| contributing at the rate otherwise required under this Section.
| 18 |
| Notwithstanding any other provision of this Article, the | 19 |
| total required State contribution for State fiscal year 2010 is | 20 |
| $2,089,268,000 and shall be made from the proceeds of bonds | 21 |
| sold in fiscal year 2010 pursuant to Section 7.2 of the General | 22 |
| Obligation Bond Act, less (i) the pro rata share of bond sale | 23 |
| expenses determined by the System's share of total bond | 24 |
| proceeds, (ii) any amounts received from the Common School Fund | 25 |
| in fiscal year 2010, and (iii) any reduction in bond proceeds | 26 |
| due to the issuance of discounted bonds, if applicable. |
|
|
|
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| Notwithstanding any other provision of this Article, the
| 2 |
| total required State contribution for State fiscal year 2011 is
| 3 |
| $2,358,441,000 and shall be made from the proceeds of bonds
| 4 |
| sold in fiscal year 2011 pursuant to Section 7.2 of the General
| 5 |
| Obligation Bond Act, less (i) the pro rata share of bond sale
| 6 |
| expenses determined by the System's share of total bond
| 7 |
| proceeds, (ii) any amounts received from the Common School Fund
| 8 |
| in fiscal year 2011, and (iii) any reduction in bond proceeds
| 9 |
| due to the issuance of discounted bonds, if applicable. This | 10 |
| amount shall include employer contributions required by the | 11 |
| State as an employer under paragraph (e) of this Section and | 12 |
| may be used by the System for contributions required by | 13 |
| paragraph (a) of Section 16-127. | 14 |
| Beginning in State fiscal year 2046, the minimum State | 15 |
| contribution for
each fiscal year shall be the amount needed to | 16 |
| maintain the total assets of
the System at 90% of the total | 17 |
| actuarial liabilities of the System.
| 18 |
| Amounts received by the System pursuant to Section 25 of | 19 |
| the Budget Stabilization Act or Section 8.12 of the State | 20 |
| Finance Act in any fiscal year do not reduce and do not | 21 |
| constitute payment of any portion of the minimum State | 22 |
| contribution required under this Article in that fiscal year. | 23 |
| Such amounts shall not reduce, and shall not be included in the | 24 |
| calculation of, the required State contributions under this | 25 |
| Article in any future year until the System has reached a | 26 |
| funding ratio of at least 90%. A reference in this Article to |
|
|
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| the "required State contribution" or any substantially similar | 2 |
| term does not include or apply to any amounts payable to the | 3 |
| System under Section 25 of the Budget Stabilization Act. | 4 |
| Notwithstanding any other provision of this Section, the | 5 |
| required State
contribution for State fiscal year 2005 and for | 6 |
| fiscal year 2008 and each fiscal year thereafter, as
calculated | 7 |
| under this Section and
certified under subsection (a-1), shall | 8 |
| not exceed an amount equal to (i) the
amount of the required | 9 |
| State contribution that would have been calculated under
this | 10 |
| Section for that fiscal year if the System had not received any | 11 |
| payments
under subsection (d) of Section 7.2 of the General | 12 |
| Obligation Bond Act, minus
(ii) the portion of the State's | 13 |
| total debt service payments for that fiscal
year on the bonds | 14 |
| issued for the purposes of that Section 7.2, as determined
and | 15 |
| certified by the Comptroller, that is the same as the System's | 16 |
| portion of
the total moneys distributed under subsection (d) of | 17 |
| Section 7.2 of the General
Obligation Bond Act. In determining | 18 |
| this maximum for State fiscal years 2008 through 2010, however, | 19 |
| the amount referred to in item (i) shall be increased, as a | 20 |
| percentage of the applicable employee payroll, in equal | 21 |
| increments calculated from the sum of the required State | 22 |
| contribution for State fiscal year 2007 plus the applicable | 23 |
| portion of the State's total debt service payments for fiscal | 24 |
| year 2007 on the bonds issued for the purposes of Section 7.2 | 25 |
| of the General
Obligation Bond Act, so that, by State fiscal | 26 |
| year 2011, the
State is contributing at the rate otherwise |
|
|
|
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| 1 |
| required under this Section.
| 2 |
| (c) Payment of the required State contributions and of all | 3 |
| pensions,
retirement annuities, death benefits, refunds, and | 4 |
| other benefits granted
under or assumed by this System, and all | 5 |
| expenses in connection with the
administration and operation | 6 |
| thereof, are obligations of the State.
| 7 |
| If members are paid from special trust or federal funds | 8 |
| which are
administered by the employing unit, whether school | 9 |
| district or other
unit, the employing unit shall pay to the | 10 |
| System from such
funds the full accruing retirement costs based | 11 |
| upon that
service, as determined by the System. Employer | 12 |
| contributions, based on
salary paid to members from federal | 13 |
| funds, may be forwarded by the distributing
agency of the State | 14 |
| of Illinois to the System prior to allocation, in an
amount | 15 |
| determined in accordance with guidelines established by such
| 16 |
| agency and the System.
| 17 |
| (d) Effective July 1, 1986, any employer of a teacher as | 18 |
| defined in
paragraph (8) of Section 16-106 shall pay the | 19 |
| employer's normal cost
of benefits based upon the teacher's | 20 |
| service, in addition to
employee contributions, as determined | 21 |
| by the System. Such employer
contributions shall be forwarded | 22 |
| monthly in accordance with guidelines
established by the | 23 |
| System.
| 24 |
| However, with respect to benefits granted under Section | 25 |
| 16-133.4 or
16-133.5 to a teacher as defined in paragraph (8) | 26 |
| of Section 16-106, the
employer's contribution shall be 12% |
|
|
|
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| 1 |
| (rather than 20%) of the member's
highest annual salary rate | 2 |
| for each year of creditable service granted, and
the employer | 3 |
| shall also pay the required employee contribution on behalf of
| 4 |
| the teacher. For the purposes of Sections 16-133.4 and | 5 |
| 16-133.5, a teacher
as defined in paragraph (8) of Section | 6 |
| 16-106 who is serving in that capacity
while on leave of | 7 |
| absence from another employer under this Article shall not
be | 8 |
| considered an employee of the employer from which the teacher | 9 |
| is on leave.
| 10 |
| (e) Beginning July 1, 1998, every employer of a teacher
| 11 |
| shall pay to the System an employer contribution computed as | 12 |
| follows:
| 13 |
| (1) Beginning July 1, 1998 through June 30, 1999, the | 14 |
| employer
contribution shall be equal to 0.3% of each | 15 |
| teacher's salary.
| 16 |
| (2) Beginning July 1, 1999 and thereafter, the employer
| 17 |
| contribution shall be equal to 0.58% of each teacher's | 18 |
| salary.
| 19 |
| The school district or other employing unit may pay these | 20 |
| employer
contributions out of any source of funding available | 21 |
| for that purpose and
shall forward the contributions to the | 22 |
| System on the schedule established
for the payment of member | 23 |
| contributions.
| 24 |
| These employer contributions are intended to offset a | 25 |
| portion of the cost
to the System of the increases in | 26 |
| retirement benefits resulting from this
amendatory Act of 1998.
|
|
|
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| Each employer of teachers is entitled to a credit against | 2 |
| the contributions
required under this subsection (e) with | 3 |
| respect to salaries paid to teachers
for the period January 1, | 4 |
| 2002 through June 30, 2003, equal to the amount paid
by that | 5 |
| employer under subsection (a-5) of Section 6.6 of the State | 6 |
| Employees
Group Insurance Act of 1971 with respect to salaries | 7 |
| paid to teachers for that
period.
| 8 |
| The additional 1% employee contribution required under | 9 |
| Section 16-152 by
this amendatory Act of 1998 is the | 10 |
| responsibility of the teacher and not the
teacher's employer, | 11 |
| unless the employer agrees, through collective bargaining
or | 12 |
| otherwise, to make the contribution on behalf of the teacher.
| 13 |
| If an employer is required by a contract in effect on May | 14 |
| 1, 1998 between the
employer and an employee organization to | 15 |
| pay, on behalf of all its full-time
employees
covered by this | 16 |
| Article, all mandatory employee contributions required under
| 17 |
| this Article, then the employer shall be excused from paying | 18 |
| the employer
contribution required under this subsection (e) | 19 |
| for the balance of the term
of that contract. The employer and | 20 |
| the employee organization shall jointly
certify to the System | 21 |
| the existence of the contractual requirement, in such
form as | 22 |
| the System may prescribe. This exclusion shall cease upon the
| 23 |
| termination, extension, or renewal of the contract at any time | 24 |
| after May 1,
1998.
| 25 |
| (f) If the amount of a teacher's salary for any school year | 26 |
| used to determine final average salary exceeds the member's |
|
|
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| annual full-time salary rate with the same employer for the | 2 |
| previous school year by more than 6%, the teacher's employer | 3 |
| shall pay to the System, in addition to all other payments | 4 |
| required under this Section and in accordance with guidelines | 5 |
| established by the System, the present value of the increase in | 6 |
| benefits resulting from the portion of the increase in salary | 7 |
| that is in excess of 6%. This present value shall be computed | 8 |
| by the System on the basis of the actuarial assumptions and | 9 |
| tables used in the most recent actuarial valuation of the | 10 |
| System that is available at the time of the computation. If a | 11 |
| teacher's salary for the 2005-2006 school year is used to | 12 |
| determine final average salary under this subsection (f), then | 13 |
| the changes made to this subsection (f) by Public Act 94-1057 | 14 |
| shall apply in calculating whether the increase in his or her | 15 |
| salary is in excess of 6%. For the purposes of this Section, | 16 |
| change in employment under Section 10-21.12 of the School Code | 17 |
| on or after June 1, 2005 shall constitute a change in employer. | 18 |
| The System may require the employer to provide any pertinent | 19 |
| information or documentation.
The changes made to this | 20 |
| subsection (f) by this amendatory Act of the 94th General | 21 |
| Assembly apply without regard to whether the teacher was in | 22 |
| service on or after its effective date.
| 23 |
| Whenever it determines that a payment is or may be required | 24 |
| under this subsection, the System shall calculate the amount of | 25 |
| the payment and bill the employer for that amount. The bill | 26 |
| shall specify the calculations used to determine the amount |
|
|
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| 1 |
| due. If the employer disputes the amount of the bill, it may, | 2 |
| within 30 days after receipt of the bill, apply to the System | 3 |
| in writing for a recalculation. The application must specify in | 4 |
| detail the grounds of the dispute and, if the employer asserts | 5 |
| that the calculation is subject to subsection (g) or (h) of | 6 |
| this Section, must include an affidavit setting forth and | 7 |
| attesting to all facts within the employer's knowledge that are | 8 |
| pertinent to the applicability of that subsection. Upon | 9 |
| receiving a timely application for recalculation, the System | 10 |
| shall review the application and, if appropriate, recalculate | 11 |
| the amount due.
| 12 |
| The employer contributions required under this subsection | 13 |
| (f) may be paid in the form of a lump sum within 90 days after | 14 |
| receipt of the bill. If the employer contributions are not paid | 15 |
| within 90 days after receipt of the bill, then interest will be | 16 |
| charged at a rate equal to the System's annual actuarially | 17 |
| assumed rate of return on investment compounded annually from | 18 |
| the 91st day after receipt of the bill. Payments must be | 19 |
| concluded within 3 years after the employer's receipt of the | 20 |
| bill.
| 21 |
| (g) This subsection (g) applies only to payments made or | 22 |
| salary increases given on or after June 1, 2005 but before July | 23 |
| 1, 2011. The changes made by Public Act 94-1057 shall not | 24 |
| require the System to refund any payments received before
July | 25 |
| 31, 2006 (the effective date of Public Act 94-1057). | 26 |
| When assessing payment for any amount due under subsection |
|
|
|
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| (f), the System shall exclude salary increases paid to teachers | 2 |
| under contracts or collective bargaining agreements entered | 3 |
| into, amended, or renewed before June 1, 2005.
| 4 |
| When assessing payment for any amount due under subsection | 5 |
| (f), the System shall exclude salary increases paid to a | 6 |
| teacher at a time when the teacher is 10 or more years from | 7 |
| retirement eligibility under Section 16-132 or 16-133.2.
| 8 |
| When assessing payment for any amount due under subsection | 9 |
| (f), the System shall exclude salary increases resulting from | 10 |
| overload work, including summer school, when the school | 11 |
| district has certified to the System, and the System has | 12 |
| approved the certification, that (i) the overload work is for | 13 |
| the sole purpose of classroom instruction in excess of the | 14 |
| standard number of classes for a full-time teacher in a school | 15 |
| district during a school year and (ii) the salary increases are | 16 |
| equal to or less than the rate of pay for classroom instruction | 17 |
| computed on the teacher's current salary and work schedule.
| 18 |
| When assessing payment for any amount due under subsection | 19 |
| (f), the System shall exclude a salary increase resulting from | 20 |
| a promotion (i) for which the employee is required to hold a | 21 |
| certificate or supervisory endorsement issued by the State | 22 |
| Teacher Certification Board that is a different certification | 23 |
| or supervisory endorsement than is required for the teacher's | 24 |
| previous position and (ii) to a position that has existed and | 25 |
| been filled by a member for no less than one complete academic | 26 |
| year and the salary increase from the promotion is an increase |
|
|
|
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| 1 |
| that results in an amount no greater than the lesser of the | 2 |
| average salary paid for other similar positions in the district | 3 |
| requiring the same certification or the amount stipulated in | 4 |
| the collective bargaining agreement for a similar position | 5 |
| requiring the same certification.
| 6 |
| When assessing payment for any amount due under subsection | 7 |
| (f), the System shall exclude any payment to the teacher from | 8 |
| the State of Illinois or the State Board of Education over | 9 |
| which the employer does not have discretion, notwithstanding | 10 |
| that the payment is included in the computation of final | 11 |
| average salary.
| 12 |
| (h) When assessing payment for any amount due under | 13 |
| subsection (f), the System shall exclude any salary increase | 14 |
| described in subsection (g) of this Section given on or after | 15 |
| July 1, 2011 but before July 1, 2014 under a contract or | 16 |
| collective bargaining agreement entered into, amended, or | 17 |
| renewed on or after June 1, 2005 but before July 1, 2011. | 18 |
| Notwithstanding any other provision of this Section, any | 19 |
| payments made or salary increases given after June 30, 2014 | 20 |
| shall be used in assessing payment for any amount due under | 21 |
| subsection (f) of this Section.
| 22 |
| (i) The System shall prepare a report and file copies of | 23 |
| the report with the Governor and the General Assembly by | 24 |
| January 1, 2007 that contains all of the following information: | 25 |
| (1) The number of recalculations required by the | 26 |
| changes made to this Section by Public Act 94-1057 for each |
|
|
|
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| 1 |
| employer. | 2 |
| (2) The dollar amount by which each employer's | 3 |
| contribution to the System was changed due to | 4 |
| recalculations required by Public Act 94-1057. | 5 |
| (3) The total amount the System received from each | 6 |
| employer as a result of the changes made to this Section by | 7 |
| Public Act 94-4. | 8 |
| (4) The increase in the required State contribution | 9 |
| resulting from the changes made to this Section by Public | 10 |
| Act 94-1057.
| 11 |
| (j) For purposes of determining the required State | 12 |
| contribution to the System, the value of the System's assets | 13 |
| shall be equal to the actuarial value of the System's assets, | 14 |
| which shall be calculated as follows: | 15 |
| As of June 30, 2008, the actuarial value of the System's | 16 |
| assets shall be equal to the market value of the assets as of | 17 |
| that date. In determining the actuarial value of the System's | 18 |
| assets for fiscal years after June 30, 2008, any actuarial | 19 |
| gains or losses from investment return incurred in a fiscal | 20 |
| year shall be recognized in equal annual amounts over the | 21 |
| 5-year period following that fiscal year. | 22 |
| (k) For purposes of determining the required State | 23 |
| contribution to the system for a particular year, the actuarial | 24 |
| value of assets shall be assumed to earn a rate of return equal | 25 |
| to the system's actuarially assumed rate of return. | 26 |
| (Source: P.A. 95-331, eff. 8-21-07; 95-950, eff. 8-29-08; |
|
|
|
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| 1 |
| 96-43, eff. 7-15-09.)
| 2 |
| (40 ILCS 5/18-131) (from Ch. 108 1/2, par. 18-131)
| 3 |
| Sec. 18-131. Financing; employer contributions.
| 4 |
| (a) The State of Illinois shall make contributions to this | 5 |
| System by
appropriations of the amounts which, together with | 6 |
| the contributions of
participants, net earnings on | 7 |
| investments, and other income, will meet the
costs of | 8 |
| maintaining and administering this System on a 90% funded basis | 9 |
| in
accordance with actuarial recommendations.
| 10 |
| (b) The Board shall determine the amount of State | 11 |
| contributions
required for each fiscal year on the basis of the | 12 |
| actuarial tables and other
assumptions adopted by the Board and | 13 |
| the prescribed rate of interest, using
the formula in | 14 |
| subsection (c).
| 15 |
| (c) For State fiscal years 2012 2011 through 2045, the | 16 |
| minimum contribution
to the System to be made by the State for | 17 |
| each fiscal year shall be an amount
determined by the System to | 18 |
| be sufficient to bring the total assets of the
System up to 90% | 19 |
| of the total actuarial liabilities of the System by the end of
| 20 |
| State fiscal year 2045. In making these determinations, the | 21 |
| required State
contribution shall be calculated each year as a | 22 |
| level percentage of payroll
over the years remaining to and | 23 |
| including fiscal year 2045 and shall be
determined under the | 24 |
| projected unit credit actuarial cost method.
| 25 |
| For State fiscal years 1996 through 2005, the State |
|
|
|
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| contribution to
the System, as a percentage of the applicable | 2 |
| employee payroll, shall be
increased in equal annual increments | 3 |
| so that by State fiscal year 2011, the
State is contributing at | 4 |
| the rate required under this Section.
| 5 |
| Notwithstanding any other provision of this Article, the | 6 |
| total required State
contribution for State fiscal year 2006 is | 7 |
| $29,189,400.
| 8 |
| Notwithstanding any other provision of this Article, the | 9 |
| total required State
contribution for State fiscal year 2007 is | 10 |
| $35,236,800.
| 11 |
| For each of State fiscal years 2008 through 2009, the State | 12 |
| contribution to
the System, as a percentage of the applicable | 13 |
| employee payroll, shall be
increased in equal annual increments | 14 |
| from the required State contribution for State fiscal year | 15 |
| 2007, so that by State fiscal year 2011, the
State is | 16 |
| contributing at the rate otherwise required under this Section.
| 17 |
| Notwithstanding any other provision of this Article, the | 18 |
| total required State contribution for State fiscal year 2010 is | 19 |
| $78,832,000 and shall be made from the proceeds of bonds sold | 20 |
| in fiscal year 2010 pursuant to Section 7.2 of the General | 21 |
| Obligation Bond Act, less (i) the pro rata share of bond sale | 22 |
| expenses determined by the System's share of total bond | 23 |
| proceeds, (ii) any amounts received from the General Revenue | 24 |
| Fund in fiscal year 2010, and (iii) any reduction in bond | 25 |
| proceeds due to the issuance of discounted bonds, if | 26 |
| applicable. |
|
|
|
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| 1 |
| Notwithstanding any other provision of this Article, the | 2 |
| total required State contribution for State fiscal year 2011 is
| 3 |
| $90,251,000 and shall be made from the proceeds of bonds sold
| 4 |
| in fiscal year 2011 pursuant to Section 7.2 of the General
| 5 |
| Obligation Bond Act, less (i) the pro rata share of bond sale
| 6 |
| expenses determined by the System's share of total bond
| 7 |
| proceeds, (ii) any amounts received from the General Revenue
| 8 |
| Fund in fiscal year 2011, and (iii) any reduction in bond
| 9 |
| proceeds due to the issuance of discounted bonds, if
| 10 |
| applicable. | 11 |
| Beginning in State fiscal year 2046, the minimum State | 12 |
| contribution for
each fiscal year shall be the amount needed to | 13 |
| maintain the total assets of
the System at 90% of the total | 14 |
| actuarial liabilities of the System.
| 15 |
| Amounts received by the System pursuant to Section 25 of | 16 |
| the Budget Stabilization Act or Section 8.12 of the State | 17 |
| Finance Act in any fiscal year do not reduce and do not | 18 |
| constitute payment of any portion of the minimum State | 19 |
| contribution required under this Article in that fiscal year. | 20 |
| Such amounts shall not reduce, and shall not be included in the | 21 |
| calculation of, the required State contributions under this | 22 |
| Article in any future year until the System has reached a | 23 |
| funding ratio of at least 90%. A reference in this Article to | 24 |
| the "required State contribution" or any substantially similar | 25 |
| term does not include or apply to any amounts payable to the | 26 |
| System under Section 25 of the Budget Stabilization Act.
|
|
|
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| 1 |
| Notwithstanding any other provision of this Section, the | 2 |
| required State
contribution for State fiscal year 2005 and for | 3 |
| fiscal year 2008 and each fiscal year thereafter, as
calculated | 4 |
| under this Section and
certified under Section 18-140, shall | 5 |
| not exceed an amount equal to (i) the
amount of the required | 6 |
| State contribution that would have been calculated under
this | 7 |
| Section for that fiscal year if the System had not received any | 8 |
| payments
under subsection (d) of Section 7.2 of the General | 9 |
| Obligation Bond Act, minus
(ii) the portion of the State's | 10 |
| total debt service payments for that fiscal
year on the bonds | 11 |
| issued for the purposes of that Section 7.2, as determined
and | 12 |
| certified by the Comptroller, that is the same as the System's | 13 |
| portion of
the total moneys distributed under subsection (d) of | 14 |
| Section 7.2 of the General
Obligation Bond Act. In determining | 15 |
| this maximum for State fiscal years 2008 through 2010, however, | 16 |
| the amount referred to in item (i) shall be increased, as a | 17 |
| percentage of the applicable employee payroll, in equal | 18 |
| increments calculated from the sum of the required State | 19 |
| contribution for State fiscal year 2007 plus the applicable | 20 |
| portion of the State's total debt service payments for fiscal | 21 |
| year 2007 on the bonds issued for the purposes of Section 7.2 | 22 |
| of the General
Obligation Bond Act, so that, by State fiscal | 23 |
| year 2011, the
State is contributing at the rate otherwise | 24 |
| required under this Section.
| 25 |
| (d) For purposes of determining the required State | 26 |
| contribution to the System, the value of the System's assets |
|
|
|
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| 1 |
| shall be equal to the actuarial value of the System's assets, | 2 |
| which shall be calculated as follows: | 3 |
| As of June 30, 2008, the actuarial value of the System's | 4 |
| assets shall be equal to the market value of the assets as of | 5 |
| that date. In determining the actuarial value of the System's | 6 |
| assets for fiscal years after June 30, 2008, any actuarial | 7 |
| gains or losses from investment return incurred in a fiscal | 8 |
| year shall be recognized in equal annual amounts over the | 9 |
| 5-year period following that fiscal year. | 10 |
| (e) For purposes of determining the required State | 11 |
| contribution to the system for a particular year, the actuarial | 12 |
| value of assets shall be assumed to earn a rate of return equal | 13 |
| to the system's actuarially assumed rate of return. | 14 |
| (Source: P.A. 95-950, eff. 8-29-08; 96-43, eff. 7-15-09.)
| 15 |
| (40 ILCS 5/18-140)
(from Ch. 108 1/2, par. 18-140)
| 16 |
| Sec. 18-140. To certify required State contributions and | 17 |
| submit vouchers.
| 18 |
| (a) The Board shall certify to the Governor, on or before | 19 |
| November 15 of
each year, the amount of the required State | 20 |
| contribution to the System for the
following 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 |
|
|
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| 1 |
| into account the amounts appropriated to and
received by the | 2 |
| System under subsection (d) of Section 7.2 of the General
| 3 |
| Obligation Bond Act.
| 4 |
| On or before July 1, 2005, the Board shall recalculate and | 5 |
| recertify
to the Governor the amount of the required State
| 6 |
| contribution to the System for State fiscal year 2006, taking | 7 |
| into account the changes in required State contributions made | 8 |
| by this amendatory Act of the 94th General Assembly.
| 9 |
| On or before June 15, 2010, the Board shall recalculate and | 10 |
| recertify to the Governor the amount of the required State | 11 |
| contribution to the System for State fiscal year 2011, applying | 12 |
| the changes made by Public Act 96-889 to the System's assets | 13 |
| and liabilities as of June 30, 2009 as though Public Act 96-889 | 14 |
| was approved on that date. | 15 |
| (b) Beginning in State fiscal year 1996, on or as soon as | 16 |
| possible after
the 15th day of each month the Board shall | 17 |
| submit vouchers for payment of State
contributions to the | 18 |
| System, in a total monthly amount of one-twelfth of the
| 19 |
| required annual State contribution certified under subsection | 20 |
| (a).
From the effective date of this amendatory Act
of the 93rd | 21 |
| General Assembly through June 30, 2004, the Board shall not
| 22 |
| submit vouchers for the remainder of fiscal year 2004 in excess | 23 |
| of the
fiscal year 2004 certified contribution amount | 24 |
| determined
under this Section after taking into consideration | 25 |
| the transfer to the
System under subsection (c) of Section | 26 |
| 6z-61 of the State Finance Act.
These
vouchers shall be paid by |
|
|
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| the State Comptroller and Treasurer by warrants drawn
on the | 2 |
| funds appropriated to the System for that fiscal year.
| 3 |
| If in any month the amount remaining unexpended from all | 4 |
| other
appropriations to the System for the applicable fiscal | 5 |
| year (including the
appropriations to the System under Section | 6 |
| 8.12 of the State Finance Act and
Section 1 of the State | 7 |
| Pension Funds Continuing Appropriation Act) is less than
the | 8 |
| amount lawfully vouchered under this Section, the difference | 9 |
| shall be paid
from the General Revenue Fund under the | 10 |
| continuing appropriation authority
provided in Section 1.1 of | 11 |
| the State Pension Funds Continuing Appropriation
Act.
| 12 |
| (Source: P.A. 93-2, eff. 4-7-03; 93-665, eff. 3-5-04; 94-4, | 13 |
| eff. 6-1-05.)
| 14 |
| Section 15. The State Pension Funds Continuing | 15 |
| Appropriation Act is amended by changing Sections 1.1 and 1.2 | 16 |
| as follows:
| 17 |
| (40 ILCS 15/1.1)
| 18 |
| Sec. 1.1. Appropriations to certain retirement systems.
| 19 |
| (a) There is hereby appropriated from the General Revenue | 20 |
| Fund to the
General Assembly Retirement System, on a continuing | 21 |
| monthly basis, the amount,
if any, by which the total available | 22 |
| amount of all other appropriations to that
retirement system | 23 |
| for the payment of State contributions is less than the total
| 24 |
| amount of the vouchers for required State contributions |
|
|
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| 1 |
| lawfully submitted by
the retirement system for that month | 2 |
| under Section 2-134 of the Illinois
Pension Code.
| 3 |
| (b) There is hereby appropriated from the General Revenue | 4 |
| Fund to the
State Universities Retirement System, on a | 5 |
| continuing monthly basis, the
amount, if any, by which the | 6 |
| total available amount of all other appropriations
to that | 7 |
| retirement system for the payment of State contributions, | 8 |
| including
any deficiency in the required contributions of the | 9 |
| optional
retirement program established under Section 15-158.2 | 10 |
| of the Illinois Pension
Code,
is less than
the total amount of | 11 |
| the vouchers for required State contributions lawfully
| 12 |
| submitted by the retirement system for that month under Section | 13 |
| 15-165 of the
Illinois Pension Code.
| 14 |
| (c) There is hereby appropriated from the Common School | 15 |
| Fund to the
Teachers' Retirement System of the State of | 16 |
| Illinois,
on a continuing monthly basis, the amount, if any, by | 17 |
| which the total
available amount of all other appropriations to | 18 |
| that retirement system for the
payment of State contributions | 19 |
| is less than the total amount of the vouchers
for required | 20 |
| State contributions lawfully submitted by the retirement | 21 |
| system
for that month under Section 16-158 of the Illinois | 22 |
| Pension Code.
| 23 |
| (d) There is hereby appropriated from the General Revenue | 24 |
| Fund to the Judges
Retirement System of Illinois, on a | 25 |
| continuing monthly basis, the amount, if
any, by which the | 26 |
| total available amount of all other appropriations to that
|
|
|
|
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| 1 |
| retirement system for the payment of State contributions is | 2 |
| less than the total
amount of the vouchers for required State | 3 |
| contributions lawfully submitted by
the retirement system for | 4 |
| that month under Section 18-140 of the Illinois
Pension Code.
| 5 |
| (e) The continuing appropriations provided by this Section | 6 |
| shall first
be available in State fiscal year 1996.
| 7 |
| (f) For State fiscal year 2010 only, the continuing | 8 |
| appropriations provided by this Section are equal to the amount | 9 |
| certified by each System on or before December 31, 2008, less | 10 |
| (i) the gross proceeds of the bonds sold in fiscal year 2010 | 11 |
| under the authorization contained in subsection (a) of Section | 12 |
| 7.2 of the General Obligation Bond Act and (ii) any amounts | 13 |
| received from the State Pensions Fund. | 14 |
| (g) For State fiscal year 2011 only, the continuing | 15 |
| appropriations provided by this Section are equal to the amount
| 16 |
| certified by each System on or before December 31, 2009, less
| 17 |
| (i) the gross proceeds of the bonds sold in fiscal year 2011
| 18 |
| under the authorization contained in subsection (a) of Section
| 19 |
| 7.2 of the General Obligation Bond Act and (ii) any amounts
| 20 |
| received from the State Pensions Fund. | 21 |
| (Source: P.A. 96-43, eff. 7-15-09.)
| 22 |
| (40 ILCS 15/1.2)
| 23 |
| Sec. 1.2. Appropriations for the State Employees' | 24 |
| Retirement System.
| 25 |
| (a) From each fund from which an amount is appropriated for |
|
|
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| personal
services to a department or other employer under | 2 |
| Article 14 of the Illinois
Pension Code, there is hereby | 3 |
| appropriated to that department or other
employer, on a | 4 |
| continuing annual basis for each State fiscal year, an
| 5 |
| additional amount equal to the amount, if any, by which (1) an | 6 |
| amount equal
to the percentage of the personal services line | 7 |
| item for that department or
employer from that fund for that | 8 |
| fiscal year that the Board of Trustees of
the State Employees' | 9 |
| Retirement System of Illinois has certified under Section
| 10 |
| 14-135.08 of the Illinois Pension Code to be necessary to meet | 11 |
| the State's
obligation under Section 14-131 of the Illinois | 12 |
| Pension Code for that fiscal
year, exceeds (2) the amounts | 13 |
| otherwise appropriated to that department or
employer from that | 14 |
| fund for State contributions to the State Employees'
Retirement | 15 |
| System for that fiscal year.
From the effective
date of this | 16 |
| amendatory Act of the 93rd General Assembly
through the final | 17 |
| payment from a department or employer's
personal services line | 18 |
| item for fiscal year 2004, payments to
the State Employees' | 19 |
| Retirement System that otherwise would
have been made under | 20 |
| this subsection (a) shall be governed by
the provisions in | 21 |
| subsection (a-1).
| 22 |
| (a-1) If a Fiscal Year 2004 Shortfall is certified under | 23 |
| subsection (f) of
Section 14-131 of the Illinois Pension Code, | 24 |
| there is hereby appropriated
to the State Employees' Retirement | 25 |
| System of Illinois on a
continuing basis from the General | 26 |
| Revenue Fund an additional
aggregate amount equal to the Fiscal |
|
|
|
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| 1 |
| Year 2004 Shortfall.
| 2 |
| (a-2) If a Fiscal Year 2010 Shortfall is certified under | 3 |
| subsection (g) of Section 14-131 of the Illinois Pension Code, | 4 |
| there is hereby appropriated to the State Employees' Retirement | 5 |
| System of Illinois on a continuing basis from the General | 6 |
| Revenue Fund an additional aggregate amount equal to the Fiscal | 7 |
| Year 2010 Shortfall. | 8 |
| (b) The continuing appropriations provided for by this | 9 |
| Section shall first
be available in State fiscal year 1996.
| 10 |
| (c) Beginning in Fiscal Year 2005, any continuing | 11 |
| appropriation under this Section arising out of an | 12 |
| appropriation for personal services from the Road Fund to the | 13 |
| Department of State Police or the Secretary of State shall be | 14 |
| payable from the General Revenue Fund rather than the Road | 15 |
| Fund.
| 16 |
| (d) For State fiscal year 2010 only, a continuing | 17 |
| appropriation is provided to the State Employees' Retirement | 18 |
| System equal to the amount certified by the System on or before | 19 |
| December 31, 2008, less the gross proceeds of the bonds sold in | 20 |
| fiscal year 2010 under the authorization contained in | 21 |
| subsection (a) of Section 7.2 of the General Obligation Bond | 22 |
| Act. | 23 |
| (e) For State fiscal year 2011 only, a continuing
| 24 |
| appropriation is provided to the State Employees' Retirement
| 25 |
| System equal to the amount certified by the System on or before
| 26 |
| December 31, 2009, less the gross proceeds of the bonds sold in
|
|
|
|
09600SB0049ham001 |
- 79 - |
LRB096 03600 AMC 41189 a |
|
| 1 |
| fiscal year 2011 under the authorization contained in
| 2 |
| subsection (a) of Section 7.2 of the General Obligation Bond
| 3 |
| Act. | 4 |
| (Source: P.A. 96-43, eff. 7-15-09; 96-45, eff. 7-15-09; revised | 5 |
| 11-3-09.)
| 6 |
| Section 99. Effective date. This Act takes effect upon | 7 |
| becoming law.".
|
|