State of Illinois
91st General Assembly
Legislation

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[ Introduced ][ Enrolled ][ Senate Amendment 001 ]

91_HB1582eng

 
HB1582 Engrossed                               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.)
 
HB1582 Engrossed            -2-                LRB9101659EGfg
 1        Section 99. Effective date.  This Act takes  effect  upon
 2    becoming law.

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