Full Text of SB0437 99th General Assembly
SB0437ham001 99TH GENERAL ASSEMBLY | Rep. Barbara Flynn Currie Filed: 6/23/2015
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| 1 | | AMENDMENT TO SENATE BILL 437
| 2 | | AMENDMENT NO. ______. Amend Senate Bill 437 by replacing | 3 | | everything after the enacting clause with the following:
| 4 | | "Section 5. The Illinois Pension Code is amended by | 5 | | changing Section 17-129 as follows: | 6 | | (40 ILCS 5/17-129) (from Ch. 108 1/2, par. 17-129) | 7 | | Sec. 17-129. Employer contributions; deficiency in Fund. | 8 | | (a) If in any fiscal year of the Board of Education ending | 9 | | prior to 1997 the
total amounts paid to the Fund from the Board | 10 | | of Education (other than under
this subsection, and other than | 11 | | amounts used for making or "picking up"
contributions on behalf | 12 | | of teachers) and from the State do not equal the total
| 13 | | contributions made by or on behalf of the teachers for such | 14 | | year, or if the
total income of the Fund in any such fiscal | 15 | | year of the Board of Education from
all sources is less than | 16 | | the total such expenditures by the Fund for such year,
the |
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| 1 | | Board of Education shall, in the next succeeding year, in | 2 | | addition to any
other payment to the Fund set apart and | 3 | | appropriate from moneys from its tax
levy for educational | 4 | | purposes, a sum sufficient to remove such deficiency or
| 5 | | deficiencies, and promptly pay such sum into the Fund in order | 6 | | to restore any
of the reserves of the Fund that may have been | 7 | | so temporarily applied. Any
amounts received by the Fund after | 8 | | December 4, 1997 from State appropriations, including under | 9 | | Section
17-127, shall be a credit against and shall fully | 10 | | satisfy any obligation that
may have arisen, or be claimed to | 11 | | have arisen, under this subsection (a) as a
result of any | 12 | | deficiency or deficiencies in the fiscal year of the Board of
| 13 | | Education ending in calendar year 1997. | 14 | | (b) (i) Notwithstanding any other provision of this | 15 | | Section, and notwithstanding any prior certification by the | 16 | | Board under subsection (c) for fiscal year 2011, the Board of | 17 | | Education's total required contribution to the Fund for fiscal | 18 | | year 2011 under this Section is $187,000,000. | 19 | | (ii) Notwithstanding any other provision of this Section, | 20 | | the Board of Education's total required contribution to the | 21 | | Fund for fiscal year 2012 under this Section is $192,000,000. | 22 | | (iii) Notwithstanding any other provision of this Section, | 23 | | the Board of Education's total required contribution to the | 24 | | Fund for fiscal year 2013 under this Section is $196,000,000. | 25 | | (iv) For fiscal years 2014 through 2059, the minimum | 26 | | contribution to the Fund to be made by the Board of Education |
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| 1 | | in each fiscal year shall be an amount determined by the Fund | 2 | | to be sufficient to bring the total assets of the Fund up to | 3 | | 90% of the total actuarial liabilities of the Fund by the end | 4 | | of fiscal year 2059. In making these determinations, the | 5 | | required Board of Education contribution shall be calculated | 6 | | each year as a level percentage of the applicable employee | 7 | | payrolls over the years remaining to and including fiscal year | 8 | | 2059 and shall be determined under the projected unit credit | 9 | | actuarial cost method. | 10 | | (iv-5) Notwithstanding any other provision of this | 11 | | Section, the Board of Education's total required contribution | 12 | | to the Fund for fiscal year 2015 shall be made on or before | 13 | | August 10, 2015. | 14 | | (v) Beginning in fiscal year 2060, the minimum Board of | 15 | | Education contribution for each fiscal year shall be the amount | 16 | | needed to maintain the total assets of the Fund at 90% of the | 17 | | total actuarial liabilities of the Fund. | 18 | | (vi) Notwithstanding any other provision of this | 19 | | subsection (b), for any fiscal year, the contribution to the | 20 | | Fund from the Board of Education shall not be required to be in | 21 | | excess of the amount calculated as needed to maintain the | 22 | | assets (or cause the assets to be) at the 90% level by the end | 23 | | of the fiscal year. | 24 | | (vii) Any contribution by the State to or for the benefit | 25 | | of the Fund, including, without limitation, as referred to | 26 | | under Section 17-127, shall be a credit against any |
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| 1 | | contribution required to be made by the Board of Education | 2 | | under this subsection (b). | 3 | | (c) The Board shall determine the amount of Board of | 4 | | Education
contributions required for each fiscal year on the | 5 | | basis of the actuarial
tables and other assumptions adopted by | 6 | | the Board and the recommendations of
the actuary, in order to | 7 | | meet the minimum contribution requirements of
subsections (a) | 8 | | and (b). Annually, on or before February 28, the Board shall
| 9 | | certify to the Board of Education the amount of the required | 10 | | Board of Education
contribution for the coming fiscal year. The | 11 | | certification shall include a
copy of the actuarial | 12 | | recommendations upon which it is based. | 13 | | (Source: P.A. 96-889, eff. 4-14-10.)
| 14 | | Section 99. Effective date. This Act takes effect upon | 15 | | becoming law.".
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