(40 ILCS 5/15-165)
(from Ch. 108 1/2, par. 15-165)
To certify amounts and submit vouchers.
(a) The Board shall certify to the Governor on or before November 15 of each
year until November 15, 2011 the appropriation required from State funds for the purposes of this
System for the following fiscal year. The certification under this subsection (a) shall include a copy
of the actuarial recommendations upon which it is based and shall specifically identify the System's projected State normal cost for that fiscal year and the projected State cost for the self-managed plan for that fiscal year.
On or before May 1, 2004, the Board shall recalculate and recertify to
the Governor the amount of the required State contribution to the System for
State fiscal year 2005, taking into account the amounts appropriated to and
received by the System under subsection (d) of Section 7.2 of the General
Obligation Bond Act.
On or before July 1, 2005, the Board shall recalculate and recertify
to the Governor the amount of the required State
contribution to the System for State fiscal year 2006, taking into account the changes in required State contributions made by this amendatory Act of the 94th General Assembly.
On or before April 1, 2011, the Board shall recalculate and recertify to the Governor the amount of the required State contribution to the System for State fiscal year 2011, applying the changes made by Public Act 96-889 to the System's assets and liabilities as of June 30, 2009 as though Public Act 96-889 was approved on that date.
(a-5) On or before November 1 of each year, beginning November 1, 2012, the Board shall submit to the State Actuary, the Governor, and the General Assembly a proposed certification of the amount of the required State contribution to the System for the next fiscal year, along with all of the actuarial assumptions, calculations, and data upon which that proposed certification is based. On or before January 1 of each year, beginning January 1, 2013, the State Actuary shall issue a preliminary report concerning the proposed certification and identifying, if necessary, recommended changes in actuarial assumptions that the Board must consider before finalizing its certification of the required State contributions. On or before January 15, 2013 and each January 15 thereafter, the Board shall certify to the Governor and the General Assembly the amount of the required State contribution for the next fiscal year. The Board's certification must note, in a written response to the State Actuary, any deviations from the State Actuary's recommended changes, the reason or reasons for not following the State Actuary's recommended changes, and the fiscal impact of not following the State Actuary's recommended changes on the required State contribution.
(b) The Board shall certify to the State Comptroller or employer, as the
case may be, from time to time, by its president and secretary, with its seal
attached, the amounts payable to the System from the various funds.
(c) Beginning in State fiscal year 1996, on or as soon as possible after the
15th day of each month the Board shall submit vouchers for payment of State
contributions to the System, in a total monthly amount of one-twelfth of the
required annual State contribution certified under subsection (a).
From the effective date of this amendatory Act
of the 93rd General Assembly through June 30, 2004, the Board shall not
submit vouchers for the remainder of fiscal year 2004 in excess of the
fiscal year 2004 certified contribution amount determined
under this Section after taking into consideration the transfer to the
System under subsection (b) of Section 6z-61 of the State Finance Act.
vouchers shall be paid by the State Comptroller and Treasurer by warrants drawn
on the funds appropriated to the System for that fiscal year.
If in any month the amount remaining unexpended from all other
appropriations to the System for the applicable fiscal year (including the
appropriations to the System under Section 8.12 of the State Finance Act and
Section 1 of the State Pension Funds Continuing Appropriation Act) is less than
the amount lawfully vouchered under this Section, the difference shall be paid
from the General Revenue Fund under the continuing appropriation authority
provided in Section 1.1 of the State Pension Funds Continuing Appropriation
(d) So long as the payments received are the full amount lawfully
vouchered under this Section, payments received by the System under this
Section shall be applied first toward the employer contribution to the
self-managed plan established under Section 15-158.2. Payments shall be
applied second toward the employer's portion of the normal costs of the System,
as defined in subsection (f) of Section 15-155. The balance shall be applied
toward the unfunded actuarial liabilities of the System.
(e) In the event that the System does not receive, as a result of
legislative enactment or otherwise, payments sufficient to
fully fund the employer contribution to the self-managed plan
established under Section 15-158.2 and to fully fund that portion of the
employer's portion of the normal costs of the System, as calculated in
accordance with Section 15-155(a-1), then any payments received shall be
applied proportionately to the optional retirement program established under
Section 15-158.2 and to the employer's portion of the normal costs of the
System, as calculated in accordance with Section 15-155(a-1).
(Source: P.A. 96-1497, eff. 1-14-11; 96-1511, eff. 1-27-11; 97-694, eff. 6-18-12.)