98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
HB5334

 

Introduced , by Rep. Monique D. Davis

 

SYNOPSIS AS INTRODUCED:
 
40 ILCS 5/17-127  from Ch. 108 1/2, par. 17-127

    Amends the Chicago Teacher Article of the Illinois Pension Code. Provides that beginning in State fiscal year 2015, the State shall make annual contributions to the Public School Teachers' Pension and Retirement Fund. Provides that for State fiscal year 2015, the contribution shall be $343,860,000 and that for each year thereafter, the Board of Trustees of the Fund shall certify to the Governor by January 15th the amount of the required State contribution to the Fund for the coming fiscal year. Requires the certified contribution to be equal to 10% of the contribution certified by the board of trustees of the downstate teachers retirement system for the coming fiscal year. Effective immediately.


LRB098 17089 RPM 52176 b

FISCAL NOTE ACT MAY APPLY
PENSION IMPACT NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB5334LRB098 17089 RPM 52176 b

1    AN ACT concerning public employee benefits.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Illinois Pension Code is amended by changing
5Section 17-127 as follows:
 
6    (40 ILCS 5/17-127)  (from Ch. 108 1/2, par. 17-127)
7    Sec. 17-127. Financing; revenues for the Fund.
8    (a) The revenues for the Fund shall consist of: (1) amounts
9paid into the Fund by contributors thereto and from employer
10contributions and State appropriations in accordance with this
11Article; (2) amounts contributed to the Fund by an Employer;
12(3) amounts contributed to the Fund pursuant to any law now in
13force or hereafter to be enacted; (4) contributions from any
14other source; and (5) the earnings on investments.
15    (b) The General Assembly finds that for many years the
16State has contributed to the Fund an annual amount that is
17between 20% and 30% of the amount of the annual State
18contribution to the Article 16 retirement system, and the
19General Assembly declares that it is its goal and intention to
20continue this level of contribution to the Fund in the future.
21    Beginning in State fiscal year 1999, the State shall
22include in its annual contribution to the Fund an additional
23amount equal to 0.544% of the Fund's total teacher payroll;

 

 

HB5334- 2 -LRB098 17089 RPM 52176 b

1except that this additional contribution need not be made in a
2fiscal year if the Board has certified in the previous fiscal
3year that the Fund is at least 90% funded, based on actuarial
4determinations. These additional State contributions are
5intended to offset a portion of the cost to the Fund of the
6increases in retirement benefits resulting from this
7amendatory Act of 1998.
8    (d) Beginning in State fiscal year 2015, the State shall
9make annual contributions to the Fund. For State fiscal year
102015, the contribution shall be $343,860,000. For each year
11thereafter, the Board shall certify to the Governor by January
1215th the amount of the required State contribution to the Fund
13for the coming fiscal year. The certified contribution shall be
14equal to 10% of the contribution certified for the coming
15fiscal year under subsection (a-1) of Section 16-158 of this
16Code.
17(Source: P.A. 90-548, eff. 12-4-97; 90-566, eff. 1-2-98;
1890-582, eff. 5-27-98; 90-655, eff. 7-30-98.)
 
19    Section 99. Effective date. This Act takes effect upon
20becoming law.