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91_HB1582
LRB9101659EGfg
1 AN ACT to amend the Illinois Pension Code by changing
2 Section 17-127.2.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Illinois Pension Code is amended by
6 changing Section 17-127.2 as follows:
7 (40 ILCS 5/17-127.2)
8 Sec. 17-127.2. Additional contributions by employer of
9 teachers. (a) Beginning July 1, 1998, the employer of a
10 teacher shall pay to the Fund an employer contribution
11 computed as follows:
12 (1) Beginning July 1, 1998 through June 30, 1999,
13 the employer contribution shall be equal to 0.3% of each
14 teacher's salary.
15 (2) Beginning July 1, 1999 and thereafter, the
16 employer contribution shall be equal to 0.58% of each
17 teacher's salary.
18 The employer may pay these employer contributions out of any
19 source of funding available for that purpose and shall
20 forward the contributions to the Fund on the schedule
21 established for the payment of member contributions.
22 These employer contributions need not be made in a fiscal
23 year if the Board has certified in the previous fiscal year
24 that the Fund is at least 90% funded, based on actuarial
25 determinations.
26 These employer contributions are intended to offset a
27 portion of the cost to the Fund of the increases in
28 retirement benefits resulting from Public Act 90-582 this
29 amendatory Act of 1998.
30 (Source: P.A. 90-582, eff. 5-27-98; revised 10-28-98.)
-2- LRB9101659EGfg
1 Section 99. Effective date. This Act takes effect upon
2 becoming law.