Rep. James H. Meyer

Filed: 4/19/2006

 

 


 

 


 
09400HB1815ham002 LRB094 03150 EFG 58456 a

1
AMENDMENT TO HOUSE BILL 1815

2     AMENDMENT NO. ______. Amend House Bill 1815, AS AMENDED, by
3 replacing everything after the enacting clause with the
4 following:
 
5     "Section 5. The State Finance Act is amended by adding
6 Section 5.663 and changing Section 8h as follows:
 
7     (30 ILCS 105/5.663 new)
8     Sec. 5.663. The Pension Stabilization Fund.
 
9     (30 ILCS 105/8h)
10     Sec. 8h. Transfers to General Revenue Fund.
11     (a) Except as provided in subsection (b), (c), (d), or (e),
12 notwithstanding any other State law to the contrary, the
13 Governor may, through June 30, 2007, from time to time direct
14 the State Treasurer and Comptroller to transfer a specified sum
15 from any fund held by the State Treasurer to the General
16 Revenue Fund in order to help defray the State's operating
17 costs for the fiscal year. The total transfer under this
18 Section from any fund in any fiscal year shall not exceed the
19 lesser of (i) 8% of the revenues to be deposited into the fund
20 during that fiscal year or (ii) an amount that leaves a
21 remaining fund balance of 25% of the July 1 fund balance of
22 that fiscal year. In fiscal year 2005 only, prior to
23 calculating the July 1, 2004 final balances, the Governor may

 

 

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1 calculate and direct the State Treasurer with the Comptroller
2 to transfer additional amounts determined by applying the
3 formula authorized in Public Act 93-839 to the funds balances
4 on July 1, 2003. No transfer may be made from a fund under this
5 Section that would have the effect of reducing the available
6 balance in the fund to an amount less than the amount remaining
7 unexpended and unreserved from the total appropriation from
8 that fund estimated to be expended for that fiscal year. This
9 Section does not apply to any funds that are restricted by
10 federal law to a specific use, to any funds in the Motor Fuel
11 Tax Fund, the Intercity Passenger Rail Fund, the Hospital
12 Provider Fund, the Medicaid Provider Relief Fund, the Teacher
13 Health Insurance Security Fund, the Reviewing Court
14 Alternative Dispute Resolution Fund, or the Voters' Guide Fund,
15 the Foreign Language Interpreter Fund, the Lawyers' Assistance
16 Program Fund, the Supreme Court Federal Projects Fund, the
17 Supreme Court Special State Projects Fund, or the Low-Level
18 Radioactive Waste Facility Development and Operation Fund, or
19 the Hospital Basic Services Preservation Fund, or to any funds
20 to which subsection (f) of Section 20-40 of the Nursing and
21 Advanced Practice Nursing Act applies. No transfers may be made
22 under this Section from the Pet Population Control Fund.
23 Notwithstanding any other provision of this Section, for fiscal
24 year 2004, the total transfer under this Section from the Road
25 Fund or the State Construction Account Fund shall not exceed
26 the lesser of (i) 5% of the revenues to be deposited into the
27 fund during that fiscal year or (ii) 25% of the beginning
28 balance in the fund. For fiscal year 2005 through fiscal year
29 2007, no amounts may be transferred under this Section from the
30 Road Fund, the State Construction Account Fund, the Criminal
31 Justice Information Systems Trust Fund, the Wireless Service
32 Emergency Fund, or the Mandatory Arbitration Fund.
33     In determining the available balance in a fund, the
34 Governor may include receipts, transfers into the fund, and

 

 

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1 other resources anticipated to be available in the fund in that
2 fiscal year.
3     The State Treasurer and Comptroller shall transfer the
4 amounts designated under this Section as soon as may be
5 practicable after receiving the direction to transfer from the
6 Governor.
7     (b) This Section does not apply to: (i) the Ticket For The
8 Cure Fund; (ii) or to any fund established under the Community
9 Senior Services and Resources Act; or (iii) (ii) on or after
10 January 1, 2006 (the effective date of Public Act 94-511) this
11 amendatory Act of the 94th General Assembly, the Child Labor
12 and Day and Temporary Labor Enforcement Fund.
13     (c) This Section does not apply to the Demutualization
14 Trust Fund established under the Uniform Disposition of
15 Unclaimed Property Act.
16     (d) (c) This Section does not apply to moneys set aside in
17 the Illinois State Podiatric Disciplinary Fund for podiatric
18 scholarships and residency programs under the Podiatric
19 Scholarship and Residency Act.
20     (e) Subsection (a) does not apply to, and no transfer may
21 be made under this Section from, the Pension Stabilization
22 Fund.
23 (Source: P.A. 93-32, eff. 6-20-03; 93-659, eff. 2-3-04; 93-674,
24 eff. 6-10-04; 93-714, eff. 7-12-04; 93-801, eff. 7-22-04;
25 93-839, eff. 7-30-04; 93-1054, eff. 11-18-04; 93-1067, eff.
26 1-15-05; 94-91, eff. 7-1-05; 94-120, eff. 7-6-05; 94-511, eff.
27 1-1-06; 94-535, eff. 8-10-05; 94-639, eff. 8-22-05; 94-645,
28 eff. 8-22-05; 94-648, eff. 1-1-06; 94-686, eff. 11-2-05;
29 94-691, eff. 11-2-05; 94-726, eff. 1-20-06; revised 1-23-06.)
 
30     Section 10. The Budget Stabilization Act is amended by
31 changing Sections 10 and 15 and adding Sections 20 and 25 as
32 follows:
 

 

 

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1     (30 ILCS 122/10)
2     Sec. 10. Budget limitations.
3     (a) In addition to Section 50-5 of the State Budget Law of
4 the Civil Administrative Code of Illinois, the General
5 Assembly's appropriations and transfers or diversions as
6 required by law from general funds shall not exceed 99% 99.5%
7 of the estimated general funds revenues for the fiscal year
8 when revenue estimates of the State's general funds revenues
9 exceed the prior fiscal year's estimated general funds revenues
10 by more than 4%.
11     (b) The General Assembly's appropriations and transfers or
12 diversions as required by law from general funds shall not
13 exceed 98% 99% of the estimated general funds revenues for the
14 fiscal year when revenue estimates of the State's general funds
15 revenues exceed the prior fiscal year's estimated general funds
16 revenues by more than 4% for 2 or more consecutive fiscal
17 years.
18     (c) For the purpose of this Act, "estimated general funds
19 revenues" include, for each budget year, all taxes, fees, and
20 other revenues expected to be deposited into the State's
21 general funds, including recurring transfers from other State
22 funds into the general funds.
23     Year-over-year comparisons used to determine the
24 percentage growth factor of estimated general funds revenues
25 shall exclude the sum of the following: (i) expected revenues
26 resulting from new taxes or fees or from tax or fee increases
27 during the first year of the change, (ii) expected revenues
28 resulting from one-time receipts or non-recurring transfers
29 in, (iii) expected proceeds resulting from borrowing, and (iv)
30 increases in federal grants that must be completely
31 appropriated based on the terms of the grants.
32 (Source: P.A. 93-660, eff. 7-1-04.)
 
33     (30 ILCS 122/15)

 

 

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1     Sec. 15. Transfers to Budget Stabilization Fund. In
2 furtherance of the State's objective for the Budget
3 Stabilization Fund to have resources representing 5% of the
4 State's annual general funds revenues:
5     (a) For each fiscal year when the General Assembly's
6 appropriations and transfers or diversions as required by law
7 from general funds do not exceed 99% 99.5% of the estimated
8 general funds revenues pursuant to subsection (a) of Section
9 10, the Comptroller shall transfer from the General Revenue
10 Fund as provided by this Section a total amount equal to 0.5%
11 .5% of the estimated general funds revenues to the Budget
12 Stabilization Fund.
13     (b) For each fiscal year when the General Assembly's
14 appropriations and transfers or diversions as required by law
15 from general funds do not exceed 98% 99% of the estimated
16 general funds revenues pursuant to subsection (b) of Section
17 10, the Comptroller shall transfer from the General Revenue
18 Fund as provided by this Section a total amount equal to 1% of
19 the estimated general funds revenues to the Budget
20 Stabilization Fund.
21     (c) The Comptroller shall transfer 1/12 of the total amount
22 to be transferred each fiscal year under this Section into the
23 Budget Stabilization Fund on the first day of each month of
24 that fiscal year or as soon thereafter as possible. The balance
25 of the Budget Stabilization Fund shall not exceed 5% of the
26 total of general funds revenues estimated for that fiscal year
27 except as provided by subsection (d) of this Section.
28     (d) If the balance of the Budget Stabilization Fund exceeds
29 5% of the total general funds revenues estimated for that
30 fiscal year, the additional transfers are not required unless
31 there are outstanding liabilities under Section 25 of the State
32 Finance Act from prior fiscal years. If there are such
33 outstanding Section 25 liabilities, then the Comptroller shall
34 continue to transfer 1/12 of the total amount identified for

 

 

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1 transfer to the Budget Stabilization Fund on the first day of
2 each month of that fiscal year or as soon thereafter as
3 possible to be reserved for those Section 25 liabilities.
4 Nothing in this Act prohibits the General Assembly from
5 appropriating additional moneys into the Budget Stabilization
6 Fund.
7     (e) On or before August 31 of each fiscal year, the amount
8 determined to be transferred to the Budget Stabilization Fund
9 shall be reconciled to actual general funds revenues for that
10 fiscal year. The final transfer for each fiscal year shall be
11 adjusted so that the total amount transferred under this
12 Section is equal to the percentage specified in subsection (a)
13 or (b) of this Section 10 of this Act, as applicable, based on
14 actual general funds revenues calculated consistently with
15 subsection (c) of Section 10 of this Act for each fiscal year.
16     (f) For the fiscal year beginning July 1, 2006 and for each
17 fiscal year thereafter, the budget proposal to the General
18 Assembly shall identify liabilities incurred in a prior fiscal
19 year under Section 25 of the State Finance Act and the budget
20 proposal shall provide funding as allowable pursuant to
21 subsection (d) of this Section, if applicable.
22 (Source: P.A. 93-660, eff. 7-1-04.)
 
23     (30 ILCS 122/20 new)
24     Sec. 20. Pension Stabilization Fund.
25     (a) The Pension Stabilization Fund is hereby created as a
26 special fund in the State treasury. Moneys in the fund shall be
27 used for the sole purpose of making payments to the designated
28 retirement systems as provided in Section 25.
29     (b) For each fiscal year when the General Assembly's
30 appropriations and transfers or diversions as required by law
31 from general funds do not exceed 99% of the estimated general
32 funds revenues pursuant to subsection (a) of Section 10, the
33 Comptroller shall transfer from the General Revenue Fund as

 

 

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1 provided by this Section a total amount equal to 0.5% of the
2 estimated general funds revenues to the Pension Stabilization
3 Fund.
4     (c) For each fiscal year when the General Assembly's
5 appropriations and transfers or diversions as required by law
6 from general funds do not exceed 98% of the estimated general
7 funds revenues pursuant to subsection (b) of Section 10, the
8 Comptroller shall transfer from the General Revenue Fund as
9 provided by this Section a total amount equal to 1.0% of the
10 estimated general funds revenues to the Pension Stabilization
11 Fund.
12     (d) The Comptroller shall transfer 1/12 of the total amount
13 to be transferred each fiscal year under this Section into the
14 Pension Stabilization Fund on the first day of each month of
15 that fiscal year or as soon thereafter as possible; except that
16 the final transfer of the fiscal year shall be made as soon as
17 practical after the August 31 following the end of the fiscal
18 year.
19     Before the final transfer for a fiscal year is made, the
20 Comptroller shall reconcile the estimated general funds
21 revenues used in calculating the other transfers under this
22 Section for that fiscal year with the actual general funds
23 revenues for that fiscal year. The final transfer for the
24 fiscal year shall be adjusted so that the total amount
25 transferred under this Section for that fiscal year is equal to
26 the percentage specified in subsection (b) or (c) of this
27 Section, whichever is applicable, of the actual general funds
28 revenues for that fiscal year. The actual general funds
29 revenues for the fiscal year shall be calculated in a manner
30 consistent with subsection (c) of Section 10 of this Act.
 
31     (30 ILCS 122/25 new)
32     Sec. 25. Transfers from the Pension Stabilization Fund.
33     (a) As used in this Section, "designated retirement

 

 

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1 systems" means:
2         (1) the State Employees' Retirement System of
3     Illinois;
4         (2) the Teachers' Retirement System of the State of
5     Illinois;
6         (3) the State Universities Retirement System;
7         (4) the Judges Retirement System of Illinois; and
8         (5) the General Assembly Retirement System.
9     (b) As soon as may be practical after any money is
10 deposited into the Pension Stabilization Fund, the State
11 Comptroller shall apportion the deposited amount among the
12 designated retirement systems and the State Comptroller and
13 State Treasurer shall pay the apportioned amounts to the
14 designated retirement systems. The amount deposited shall be
15 apportioned among the designated retirement systems in the same
16 proportion as their respective portions of the total actuarial
17 reserve deficiency of the designated retirement systems, as
18 most recently determined by the Governor's Office of Management
19 and Budget. Amounts received by a designated retirement system
20 under this Section shall be used for funding the unfunded
21 liabilities of the retirement system. Payments under this
22 Section are authorized by the continuing appropriation under
23 Section 1.7 of the State Pension Funds Continuing Appropriation
24 Act.
25     (c) At the request of the State Comptroller, the Governor's
26 Office of Management and Budget shall determine the individual
27 and total actuarial reserve deficiencies of the designated
28 retirement systems. For this purpose, the Governor's Office of
29 Management and Budget shall consider the latest available audit
30 and actuarial reports of each of the retirement systems and the
31 relevant reports and statistics of the Public Pension Division
32 of the Department of Financial and Professional Regulation.
33     (d) Payments to the designated retirement systems under
34 this Section shall be in addition to, and not in lieu of, any

 

 

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1 State contributions required under Section 2-124, 14-131,
2 15-155, 16-158, or 18-131 of the Illinois Pension Code.
 
3     Section 15. The Illinois Pension Code is amended by adding
4 Section 1-124 and by changing Sections 2-124, 2-134, 14-108.3,
5 14-131, 14-135.08, 15-155, 15-165, 16-158, 18-131, and 18-140
6 as follows:
 
7     (40 ILCS 5/1-124 new)
8     Sec. 1-124. Task force concerning Fiscal Year 2006 pension
9 payment. There is created a 4-member task force, with one
10 member appointed by each of the 4 legislative leaders and
11 staffed by the Commission on Government Forecasting and
12 Accountability, to study the issue of repayment of that portion
13 of the required State contribution mandated by Public Act
14 88-593 that was reduced as a result of the passage of Public
15 Act 94-4 and to make recommendations on the development of a
16 way to repay the amount by which the contributions were reduced
17 within a 10-year period. The task force must report its
18 findings and recommendations to the General Assembly on or
19 before January 1, 2007.
 
20     (40 ILCS 5/2-124)  (from Ch. 108 1/2, par. 2-124)
21     Sec. 2-124. Contributions by State.
22     (a) The State shall make contributions to the System by
23 appropriations of amounts which, together with the
24 contributions of participants, interest earned on investments,
25 and other income will meet the cost of maintaining and
26 administering the System on a 90% funded basis in accordance
27 with actuarial recommendations.
28     (b) The Board shall determine the amount of State
29 contributions required for each fiscal year on the basis of the
30 actuarial tables and other assumptions adopted by the Board and
31 the prescribed rate of interest, using the formula in

 

 

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1 subsection (c).
2     (c) For State fiscal years 2011 through 2045, the minimum
3 contribution to the System to be made by the State for each
4 fiscal year shall be an amount determined by the System to be
5 sufficient to bring the total assets of the System up to 90% of
6 the total actuarial liabilities of the System by the end of
7 State fiscal year 2045. In making these determinations, the
8 required State contribution shall be calculated each year as a
9 level percentage of payroll over the years remaining to and
10 including fiscal year 2045 and shall be determined under the
11 projected unit credit actuarial cost method.
12     For State fiscal years 1996 through 2005, the State
13 contribution to the System, as a percentage of the applicable
14 employee payroll, shall be increased in equal annual increments
15 so that by State fiscal year 2011, the State is contributing at
16 the rate required under this Section.
17     Notwithstanding any other provision of this Article, the
18 total required State contribution for State fiscal year 2006 is
19 $4,157,000.
20     Notwithstanding any other provision of this Article, the
21 total required State contribution for State fiscal year 2007 is
22 $5,220,300.
23     For each of State fiscal years 2007 2008 through 2010, the
24 State contribution to the System, as a percentage of the
25 applicable employee payroll, shall be increased in equal annual
26 increments from the required State contribution for State
27 fiscal year 2005 2007, so that by State fiscal year 2011, the
28 State is contributing at the rate otherwise required under this
29 Section.
30     Beginning in State fiscal year 2046, the minimum State
31 contribution for each fiscal year shall be the amount needed to
32 maintain the total assets of the System at 90% of the total
33 actuarial liabilities of the System.
34     Notwithstanding any other provision of this Section, the

 

 

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1 required State contribution for State fiscal year 2005 and for
2 fiscal year 2007 2008 and each fiscal year thereafter, as
3 calculated under this Section and certified under Section
4 2-134, shall not exceed an amount equal to (i) the amount of
5 the required State contribution that would have been calculated
6 under this Section for that fiscal year if the System had not
7 received any payments under subsection (d) of Section 7.2 of
8 the General Obligation Bond Act, minus (ii) the portion of the
9 State's total debt service payments for that fiscal year on the
10 bonds issued for the purposes of that Section 7.2, as
11 determined and certified by the Comptroller, that is the same
12 as the System's portion of the total moneys distributed under
13 subsection (d) of Section 7.2 of the General Obligation Bond
14 Act. In determining this maximum for State fiscal years 2008
15 through 2010, however, the amount referred to in item (i) shall
16 be increased, as a percentage of the applicable employee
17 payroll, in equal increments calculated from the sum of the
18 required State contribution for State fiscal year 2007 plus the
19 applicable portion of the State's total debt service payments
20 for fiscal year 2007 on the bonds issued for the purposes of
21 Section 7.2 of the General Obligation Bond Act, so that, by
22 State fiscal year 2011, the State is contributing at the rate
23 otherwise required under this Section.
24     Amounts received by the System pursuant to Section 25 of
25 the Budget Stabilization Act in any fiscal year do not reduce
26 and do not constitute payment of any portion of the minimum
27 State contribution required under this Article in that fiscal
28 year. Such amounts shall not reduce, and shall not be included
29 in the calculation of, the required State contributions under
30 this Article in any future year until the System has reached a
31 funding ratio of at least 90%. A reference in this Article to
32 the "required State contribution" or any substantially similar
33 term does not include or apply to any amounts payable to the
34 System under Section 25 of the Budget Stabilization Act.

 

 

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1 (Source: P.A. 93-2, eff. 4-7-03; 94-4, eff. 6-1-05.)
 
2     (40 ILCS 5/2-134)   (from Ch. 108 1/2, par. 2-134)
3     Sec. 2-134. To certify required State contributions and
4 submit vouchers.
5     (a) The Board shall certify to the Governor on or before
6 December 15 of each year the amount of the required State
7 contribution to the System for the next fiscal year. The
8 certification shall include a copy of the actuarial
9 recommendations upon which it is based.
10     On or before May 1, 2004, the Board shall recalculate and
11 recertify to the Governor the amount of the required State
12 contribution to the System for State fiscal year 2005, taking
13 into account the amounts appropriated to and received by the
14 System under subsection (d) of Section 7.2 of the General
15 Obligation Bond Act.
16     On or before July 1, 2005, the Board shall recalculate and
17 recertify to the Governor the amount of the required State
18 contribution to the System for State fiscal year 2006, taking
19 into account the changes in required State contributions made
20 by Public Act 94-4 this amendatory Act of the 94th General
21 Assembly.
22     On or before July 1, 2006, the Board shall recalculate and
23 recertify to the Governor the amount of the required State
24 contribution to the System for State fiscal year 2007, taking
25 into account the changes in required State contributions made
26 by this amendatory Act of the 94th General Assembly.
27     (b) Beginning in State fiscal year 1996, on or as soon as
28 possible after the 15th day of each month the Board shall
29 submit vouchers for payment of State contributions to the
30 System, in a total monthly amount of one-twelfth of the
31 required annual State contribution certified under subsection
32 (a). From the effective date of this amendatory Act of the 93rd
33 General Assembly through June 30, 2004, the Board shall not

 

 

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1 submit vouchers for the remainder of fiscal year 2004 in excess
2 of the fiscal year 2004 certified contribution amount
3 determined under this Section after taking into consideration
4 the transfer to the System under subsection (d) of Section
5 6z-61 of the State Finance Act. These vouchers shall be paid by
6 the State Comptroller and Treasurer by warrants drawn on the
7 funds appropriated to the System for that fiscal year. If in
8 any month the amount remaining unexpended from all other
9 appropriations to the System for the applicable fiscal year
10 (including the appropriations to the System under Section 8.12
11 of the State Finance Act and Section 1 of the State Pension
12 Funds Continuing Appropriation Act) is less than the amount
13 lawfully vouchered under this Section, the difference shall be
14 paid from the General Revenue Fund under the continuing
15 appropriation authority provided in Section 1.1 of the State
16 Pension Funds Continuing Appropriation Act.
17     (c) The full amount of any annual appropriation for the
18 System for State fiscal year 1995 shall be transferred and made
19 available to the System at the beginning of that fiscal year at
20 the request of the Board. Any excess funds remaining at the end
21 of any fiscal year from appropriations shall be retained by the
22 System as a general reserve to meet the System's accrued
23 liabilities.
24 (Source: P.A. 93-2, eff. 4-7-03; 93-665, eff. 3-5-04; 94-4,
25 eff. 6-1-05; 94-536, eff. 8-10-05; revised 8-19-05.)
 
26     (40 ILCS 5/14-108.3)
27     Sec. 14-108.3. Early retirement incentives.
28     (a) To be eligible for the benefits provided in this
29 Section, a person must:
30         (1) be a member of this System who, on any day during
31     June, 2002, is (i) in active payroll status in a position
32     of employment with a department and an active contributor
33     to this System with respect to that employment, and

 

 

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1     terminates that employment before the retirement annuity
2     under this Article begins, or (ii) on layoff status from
3     such a position with a right of re-employment or recall to
4     service, or (iii) receiving benefits under Section 14-123,
5     14-123.1 or 14-124, but only if the member has not been
6     receiving those benefits for a continuous period of more
7     than 2 years as of the date of application;
8         (2) not have received any retirement annuity under this
9     Article beginning earlier than August 1, 2002;
10         (3) file with the Board on or before December 31, 2002
11     a written application requesting the benefits provided in
12     this Section;
13         (4) terminate employment under this Article no later
14     than December 31, 2002 (or the date established under
15     subsection (d), if applicable);
16         (5) by the date of termination of service, have at
17     least 8 years of creditable service under this Article,
18     without the use of any creditable service established under
19     this Section;
20         (6) by the date of termination of service, have at
21     least 5 years of membership service earned while an
22     employee under this Article, which may include military
23     service for which credit is established under Section
24     14-105(b), service during the qualifying period for which
25     credit is established under Section 14-104(a), and service
26     for which credit has been established by repaying a refund
27     under Section 14-130, but shall not include service for
28     which any other optional service credit has been
29     established; and
30         (7) not receive any early retirement benefit under
31     Section 16-133.3 of this Code.
32     (b)   An eligible person may establish up to 5 years of
33 creditable service under this Article, in increments of one
34 month, by making the contributions specified in subsection (c).

 

 

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1 In addition, for each month of creditable service established
2 under this Section, a person's age at retirement shall be
3 deemed to be one month older than it actually is.
4     The creditable service established under this Section may
5 be used for all purposes under this Article and the Retirement
6 Systems Reciprocal Act, except for the computation of final
7 average compensation under Section 14-103.12 or the
8 determination of compensation under this or any other Article
9 of this Code.
10     The age enhancement established under this Section may not
11 be used to enable any person to begin receiving a retirement
12 annuity calculated under Section 14-110 before actually
13 attaining age 50 (without any age enhancement under this
14 Section). The age enhancement established under this Section
15 may be used for all other purposes under this Article
16 (including calculation of a proportionate annuity payable by
17 this System under the Retirement Systems Reciprocal Act),
18 except for purposes of the level income option in Section
19 14-112, the reversionary annuity under Section 14-113, and the
20 required distributions under Section 14-121.1.
21     The age enhancement established under this Section may be
22 used in determining benefits payable under Article 16 of this
23 Code under the Retirement Systems Reciprocal Act, if the person
24 has at least 5 years of service credit in the Article 16 system
25 that was earned while participating in that system as a teacher
26 (as defined in Section 16-106) employed by a department (as
27 defined in Section 14-103.04). Age enhancement established
28 under this Section shall not otherwise be used in determining
29 benefits payable under other Articles of this Code under the
30 Retirement Systems Reciprocal Act.
31     (c) For all creditable service established under this
32 Section, a person must pay to the System an employee
33 contribution to be determined by the System, based on the
34 member's rate of compensation on June 1, 2002 (or the last date

 

 

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1 before June 1, 2002 for which a rate can be determined) and the
2 retirement contribution rate in effect on June 1, 2002 for the
3 member (or for members with the same social security and
4 alternative formula status as the member).
5     If the member receives a lump sum payment for accumulated
6 vacation, sick leave and personal leave upon withdrawal from
7 service, and the net amount of that lump sum payment is at
8 least as great as the amount of the contribution required under
9 this Section, the entire contribution must be paid by the
10 employee by payroll deduction. If there is no such lump sum
11 payment, or if it is less than the contribution required under
12 this Section, the member shall make an initial payment by
13 payroll deduction, equal to the net amount of the lump sum
14 payment for accumulated vacation, sick leave, and personal
15 leave, and have the remaining amount due treated as a reduction
16 from the retirement annuity in 24 equal monthly installments
17 beginning in the month in which the retirement annuity takes
18 effect. The required contribution may be paid as a pre-tax
19 deduction from earnings. For federal and Illinois tax purposes,
20 the monthly amount by which the annuitant's benefit is reduced
21 shall not be treated as a contribution by the annuitant, but
22 rather as a reduction of the annuitant's monthly benefit.
23     (c-5) The reduction in retirement annuity provided in
24 subsection (c) of Section 14-108 does not apply to the annuity
25 of a person who retires under this Section. A person who has
26 received any age enhancement or creditable service under this
27 Section may begin to receive an unreduced retirement annuity
28 upon attainment of age 55 with at least 25 years of creditable
29 service (including any age enhancement and creditable service
30 established under this Section).
31     (d) In order to ensure that the efficient operation of
32 State government is not jeopardized by the simultaneous
33 retirement of large numbers of key personnel, the director or
34 other head of a department may, for key employees of that

 

 

09400HB1815ham002 - 17 - LRB094 03150 EFG 58456 a

1 department, extend the December 31, 2002 deadline for
2 terminating employment under this Article established in
3 subdivision (a)(4) of this Section to a date not later than
4 April 30, 2003 by so notifying the System in writing by
5 December 31, 2002.
6     (e) Notwithstanding Section 14-111, a person who has
7 received any age enhancement or creditable service under this
8 Section and who reenters service under this Article (or as an
9 employee of a department under Article 16) other than as a
10 temporary employee thereby forfeits that age enhancement and
11 creditable service and is entitled to a refund of the
12 contributions made pursuant to this Section.
13     (f) The System shall determine the amount of the increase
14 in the present value of future benefits resulting from the
15 granting of early retirement incentives under this Section and
16 shall report that amount to the Governor and the Commission on
17 Government Forecasting and Accountability on or after the
18 effective date of this amendatory Act of the 93rd General
19 Assembly and on or before November 15, 2004. Except in State
20 fiscal year 2006 Beginning with State fiscal year 2008, the
21 increase reported under this subsection (f) shall not be
22 included in the calculation of the required State contribution
23 under Section 14-131.
24     (g) In addition to the contributions otherwise required
25 under this Article, the State shall appropriate and pay to the
26 System (i) an amount equal to $70,000,000 in State fiscal years
27 2004 and 2005 and (2) in each of State fiscal years 2007
28 through 2015, a level dollar payment based upon the increase in
29 the percent value of future benefits provided by the early
30 retirement incentives provided under this Section amortized at
31 8.5% interest.
32     (h) The Commission on Government Forecasting and
33 Accountability (i) shall hold one or more hearings on or before
34 the last session day during the fall veto session of 2004 to

 

 

09400HB1815ham002 - 18 - LRB094 03150 EFG 58456 a

1 review recommendations relating to funding of early retirement
2 incentives under this Section and (ii) shall file its report
3 with the General Assembly on or before December 31, 2004 making
4 its recommendations relating to funding of early retirement
5 incentives under this Section; the Commission's report may
6 contain both majority recommendations and minority
7 recommendations. The System shall recalculate and recertify to
8 the Governor by January 31, 2005 the amount of the required
9 State contribution to the System for State fiscal year 2005
10 with respect to those incentives. The Pension Laws Commission
11 (or its successor, the Commission on Government Forecasting and
12 Accountability) shall determine and report to the General
13 Assembly, on or before January 1, 2004 and annually thereafter
14 through the year 2013, its estimate of (1) the annual amount of
15 payroll savings likely to be realized by the State as a result
16 of the early retirement of persons receiving early retirement
17 incentives under this Section and (2) the net annual savings or
18 cost to the State from the program of early retirement
19 incentives created under this Section.
20     The System, the Department of Central Management Services,
21 the Governor's Office of Management and Budget (formerly Bureau
22 of the Budget), and all other departments shall provide to the
23 Commission any assistance that the Commission may request with
24 respect to its reports under this Section. The Commission may
25 require departments to provide it with any information that it
26 deems necessary or useful with respect to its reports under
27 this Section, including without limitation information about
28 (1) the final earnings of former department employees who
29 elected to receive benefits under this Section, (2) the
30 earnings of current department employees holding the positions
31 vacated by persons who elected to receive benefits under this
32 Section, and (3) positions vacated by persons who elected to
33 receive benefits under this Section that have not yet been
34 refilled.

 

 

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1     (i) The changes made to this Section by this amendatory Act
2 of the 92nd General Assembly do not apply to persons who
3 retired under this Section on or before May 1, 1992.
4 (Source: P.A. 93-632, eff. 2-1-04; 93-839, eff. 7-30-04;
5 93-1067, eff. 1-15-05; 94-4, eff. 6-1-05.)
 
6     (40 ILCS 5/14-131)   (from Ch. 108 1/2, par. 14-131)
7     Sec. 14-131. Contributions by State.
8     (a) The State shall make contributions to the System by
9 appropriations of amounts which, together with other employer
10 contributions from trust, federal, and other funds, employee
11 contributions, investment income, and other income, will be
12 sufficient to meet the cost of maintaining and administering
13 the System on a 90% funded basis in accordance with actuarial
14 recommendations.
15     For the purposes of this Section and Section 14-135.08,
16 references to State contributions refer only to employer
17 contributions and do not include employee contributions that
18 are picked up or otherwise paid by the State or a department on
19 behalf of the employee.
20     (b) The Board shall determine the total amount of State
21 contributions required for each fiscal year on the basis of the
22 actuarial tables and other assumptions adopted by the Board,
23 using the formula in subsection (e).
24     The Board shall also determine a State contribution rate
25 for each fiscal year, expressed as a percentage of payroll,
26 based on the total required State contribution for that fiscal
27 year (less the amount received by the System from
28 appropriations under Section 8.12 of the State Finance Act and
29 Section 1 of the State Pension Funds Continuing Appropriation
30 Act, if any, for the fiscal year ending on the June 30
31 immediately preceding the applicable November 15 certification
32 deadline), the estimated payroll (including all forms of
33 compensation) for personal services rendered by eligible

 

 

09400HB1815ham002 - 20 - LRB094 03150 EFG 58456 a

1 employees, and the recommendations of the actuary.
2     For the purposes of this Section and Section 14.1 of the
3 State Finance Act, the term "eligible employees" includes
4 employees who participate in the System, persons who may elect
5 to participate in the System but have not so elected, persons
6 who are serving a qualifying period that is required for
7 participation, and annuitants employed by a department as
8 described in subdivision (a)(1) or (a)(2) of Section 14-111.
9     (c) Contributions shall be made by the several departments
10 for each pay period by warrants drawn by the State Comptroller
11 against their respective funds or appropriations based upon
12 vouchers stating the amount to be so contributed. These amounts
13 shall be based on the full rate certified by the Board under
14 Section 14-135.08 for that fiscal year. From the effective date
15 of this amendatory Act of the 93rd General Assembly through the
16 payment of the final payroll from fiscal year 2004
17 appropriations, the several departments shall not make
18 contributions for the remainder of fiscal year 2004 but shall
19 instead make payments as required under subsection (a-1) of
20 Section 14.1 of the State Finance Act. The several departments
21 shall resume those contributions at the commencement of fiscal
22 year 2005.
23     (d) If an employee is paid from trust funds or federal
24 funds, the department or other employer shall pay employer
25 contributions from those funds to the System at the certified
26 rate, unless the terms of the trust or the federal-State
27 agreement preclude the use of the funds for that purpose, in
28 which case the required employer contributions shall be paid by
29 the State. From the effective date of this amendatory Act of
30 the 93rd General Assembly through the payment of the final
31 payroll from fiscal year 2004 appropriations, the department or
32 other employer shall not pay contributions for the remainder of
33 fiscal year 2004 but shall instead make payments as required
34 under subsection (a-1) of Section 14.1 of the State Finance

 

 

09400HB1815ham002 - 21 - LRB094 03150 EFG 58456 a

1 Act. The department or other employer shall resume payment of
2 contributions at the commencement of fiscal year 2005.
3     (e) For State fiscal years 2011 through 2045, the minimum
4 contribution to the System to be made by the State for each
5 fiscal year shall be an amount determined by the System to be
6 sufficient to bring the total assets of the System up to 90% of
7 the total actuarial liabilities of the System by the end of
8 State fiscal year 2045. In making these determinations, the
9 required State contribution shall be calculated each year as a
10 level percentage of payroll over the years remaining to and
11 including fiscal year 2045 and shall be determined under the
12 projected unit credit actuarial cost method.
13     For State fiscal years 1996 through 2005, the State
14 contribution to the System, as a percentage of the applicable
15 employee payroll, shall be increased in equal annual increments
16 so that by State fiscal year 2011, the State is contributing at
17 the rate required under this Section; except that (i) for State
18 fiscal year 1998, for all purposes of this Code and any other
19 law of this State, the certified percentage of the applicable
20 employee payroll shall be 5.052% for employees earning eligible
21 creditable service under Section 14-110 and 6.500% for all
22 other employees, notwithstanding any contrary certification
23 made under Section 14-135.08 before the effective date of this
24 amendatory Act of 1997, and (ii) in the following specified
25 State fiscal years, the State contribution to the System shall
26 not be less than the following indicated percentages of the
27 applicable employee payroll, even if the indicated percentage
28 will produce a State contribution in excess of the amount
29 otherwise required under this subsection and subsection (a):
30 9.8% in FY 1999; 10.0% in FY 2000; 10.2% in FY 2001; 10.4% in FY
31 2002; 10.6% in FY 2003; and 10.8% in FY 2004.
32     Notwithstanding any other provision of this Article, the
33 total required State contribution to the System for State
34 fiscal year 2006 is $203,783,900.

 

 

09400HB1815ham002 - 22 - LRB094 03150 EFG 58456 a

1     Notwithstanding any other provision of this Article, the
2 total required State contribution to the System for State
3 fiscal year 2007 is $344,164,400.
4     For each of State fiscal years 2007 2008 through 2010, the
5 State contribution to the System, as a percentage of the
6 applicable employee payroll, shall be increased in equal annual
7 increments from the required State contribution for State
8 fiscal year 2005 2007, so that by State fiscal year 2011, the
9 State is contributing at the rate otherwise required under this
10 Section.
11     Beginning in State fiscal year 2046, the minimum State
12 contribution for each fiscal year shall be the amount needed to
13 maintain the total assets of the System at 90% of the total
14 actuarial liabilities of the System.
15     Notwithstanding any other provision of this Section, the
16 required State contribution for State fiscal year 2005 and for
17 fiscal year 2007 2008 and each fiscal year thereafter, as
18 calculated under this Section and certified under Section
19 14-135.08, shall not exceed an amount equal to (i) the amount
20 of the required State contribution that would have been
21 calculated under this Section for that fiscal year if the
22 System had not received any payments under subsection (d) of
23 Section 7.2 of the General Obligation Bond Act, minus (ii) the
24 portion of the State's total debt service payments for that
25 fiscal year on the bonds issued for the purposes of that
26 Section 7.2, as determined and certified by the Comptroller,
27 that is the same as the System's portion of the total moneys
28 distributed under subsection (d) of Section 7.2 of the General
29 Obligation Bond Act. In determining this maximum for State
30 fiscal years 2008 through 2010, however, the amount referred to
31 in item (i) shall be increased, as a percentage of the
32 applicable employee payroll, in equal increments calculated
33 from the sum of the required State contribution for State
34 fiscal year 2007 plus the applicable portion of the State's

 

 

09400HB1815ham002 - 23 - LRB094 03150 EFG 58456 a

1 total debt service payments for fiscal year 2007 on the bonds
2 issued for the purposes of Section 7.2 of the General
3 Obligation Bond Act, so that, by State fiscal year 2011, the
4 State is contributing at the rate otherwise required under this
5 Section.
6     Amounts received by the System pursuant to Section 25 of
7 the Budget Stabilization Act in any fiscal year do not reduce
8 and do not constitute payment of any portion of the minimum
9 State contribution required under this Article in that fiscal
10 year. Such amounts shall not reduce, and shall not be included
11 in the calculation of, the required State contributions under
12 this Article in any future year until the System has reached a
13 funding ratio of at least 90%. A reference in this Article to
14 the "required State contribution" or any substantially similar
15 term does not include or apply to any amounts payable to the
16 System under Section 25 of the Budget Stabilization Act.
17     (f) After the submission of all payments for eligible
18 employees from personal services line items in fiscal year 2004
19 have been made, the Comptroller shall provide to the System a
20 certification of the sum of all fiscal year 2004 expenditures
21 for personal services that would have been covered by payments
22 to the System under this Section if the provisions of this
23 amendatory Act of the 93rd General Assembly had not been
24 enacted. Upon receipt of the certification, the System shall
25 determine the amount due to the System based on the full rate
26 certified by the Board under Section 14-135.08 for fiscal year
27 2004 in order to meet the State's obligation under this
28 Section. The System shall compare this amount due to the amount
29 received by the System in fiscal year 2004 through payments
30 under this Section and under Section 6z-61 of the State Finance
31 Act. If the amount due is more than the amount received, the
32 difference shall be termed the "Fiscal Year 2004 Shortfall" for
33 purposes of this Section, and the Fiscal Year 2004 Shortfall
34 shall be satisfied under Section 1.2 of the State Pension Funds

 

 

09400HB1815ham002 - 24 - LRB094 03150 EFG 58456 a

1 Continuing Appropriation Act. If the amount due is less than
2 the amount received, the difference shall be termed the "Fiscal
3 Year 2004 Overpayment" for purposes of this Section, and the
4 Fiscal Year 2004 Overpayment shall be repaid by the System to
5 the Pension Contribution Fund as soon as practicable after the
6 certification.
7 (Source: P.A. 93-2, eff. 4-7-03; 93-665, eff. 3-5-04; 94-4,
8 eff. 6-1-05.)
 
9     (40 ILCS 5/14-135.08)  (from Ch. 108 1/2, par. 14-135.08)
10     Sec. 14-135.08. To certify required State contributions.
11     (a) To certify to the Governor and to each department, on
12 or before November 15 of each year, the required rate for State
13 contributions to the System for the next State fiscal year, as
14 determined under subsection (b) of Section 14-131. The
15 certification to the Governor shall include a copy of the
16 actuarial recommendations upon which the rate is based.
17     (b) The certification shall include an additional amount
18 necessary to pay all principal of and interest on those general
19 obligation bonds due the next fiscal year authorized by Section
20 7.2(a) of the General Obligation Bond Act and issued to provide
21 the proceeds deposited by the State with the System in July
22 2003, representing deposits other than amounts reserved under
23 Section 7.2(c) of the General Obligation Bond Act. For State
24 fiscal year 2005, the Board shall make a supplemental
25 certification of the additional amount necessary to pay all
26 principal of and interest on those general obligation bonds due
27 in State fiscal years 2004 and 2005 authorized by Section
28 7.2(a) of the General Obligation Bond Act and issued to provide
29 the proceeds deposited by the State with the System in July
30 2003, representing deposits other than amounts reserved under
31 Section 7.2(c) of the General Obligation Bond Act, as soon as
32 practical after the effective date of this amendatory Act of
33 the 93rd General Assembly.

 

 

09400HB1815ham002 - 25 - LRB094 03150 EFG 58456 a

1     On or before May 1, 2004, the Board shall recalculate and
2 recertify to the Governor and to each department the amount of
3 the required State contribution to the System and the required
4 rates for State contributions to the System for State fiscal
5 year 2005, taking into account the amounts appropriated to and
6 received by the System under subsection (d) of Section 7.2 of
7 the General Obligation Bond Act.
8     On or before July 1, 2005, the Board shall recalculate and
9 recertify to the Governor and to each department the amount of
10 the required State contribution to the System and the required
11 rates for State contributions to the System for State fiscal
12 year 2006, taking into account the changes in required State
13 contributions made by Public Act 94-4 this amendatory Act of
14 the 94th General Assembly.
15     On or before July 1, 2006, the Board shall recalculate and
16 recertify to the Governor and to each department the amount of
17 the required State contribution to the System and the required
18 rates for State contributions to the System for State fiscal
19 year 2007, taking into account the changes in required State
20 contributions made by this amendatory Act of the 94th General
21 Assembly.
22 (Source: P.A. 93-2, eff. 4-7-03; 93-839, eff. 7-30-04; 94-4,
23 eff. 6-1-05.)
 
24     (40 ILCS 5/15-155)  (from Ch. 108 1/2, par. 15-155)
25     Sec. 15-155. Employer contributions.
26     (a) The State of Illinois shall make contributions by
27 appropriations of amounts which, together with the other
28 employer contributions from trust, federal, and other funds,
29 employee contributions, income from investments, and other
30 income of this System, will be sufficient to meet the cost of
31 maintaining and administering the System on a 90% funded basis
32 in accordance with actuarial recommendations.
33     The Board shall determine the amount of State contributions

 

 

09400HB1815ham002 - 26 - LRB094 03150 EFG 58456 a

1 required for each fiscal year on the basis of the actuarial
2 tables and other assumptions adopted by the Board and the
3 recommendations of the actuary, using the formula in subsection
4 (a-1).
5     (a-1) For State fiscal years 2011 through 2045, the minimum
6 contribution to the System to be made by the State for each
7 fiscal year shall be an amount determined by the System to be
8 sufficient to bring the total assets of the System up to 90% of
9 the total actuarial liabilities of the System by the end of
10 State fiscal year 2045. In making these determinations, the
11 required State contribution shall be calculated each year as a
12 level percentage of payroll over the years remaining to and
13 including fiscal year 2045 and shall be determined under the
14 projected unit credit actuarial cost method.
15     For State fiscal years 1996 through 2005, the State
16 contribution to the System, as a percentage of the applicable
17 employee payroll, shall be increased in equal annual increments
18 so that by State fiscal year 2011, the State is contributing at
19 the rate required under this Section.
20     Notwithstanding any other provision of this Article, the
21 total required State contribution for State fiscal year 2006 is
22 $166,641,900.
23     Notwithstanding any other provision of this Article, the
24 total required State contribution for State fiscal year 2007 is
25 $252,064,100.
26     For each of State fiscal years 2007 2008 through 2010, the
27 State contribution to the System, as a percentage of the
28 applicable employee payroll, shall be increased in equal annual
29 increments from the required State contribution for State
30 fiscal year 2005 2007, so that by State fiscal year 2011, the
31 State is contributing at the rate otherwise required under this
32 Section.
33     Beginning in State fiscal year 2046, the minimum State
34 contribution for each fiscal year shall be the amount needed to

 

 

09400HB1815ham002 - 27 - LRB094 03150 EFG 58456 a

1 maintain the total assets of the System at 90% of the total
2 actuarial liabilities of the System.
3     Notwithstanding any other provision of this Section, the
4 required State contribution for State fiscal year 2005 and for
5 fiscal year 2007 2008 and each fiscal year thereafter, as
6 calculated under this Section and certified under Section
7 15-165, shall not exceed an amount equal to (i) the amount of
8 the required State contribution that would have been calculated
9 under this Section for that fiscal year if the System had not
10 received any payments under subsection (d) of Section 7.2 of
11 the General Obligation Bond Act, minus (ii) the portion of the
12 State's total debt service payments for that fiscal year on the
13 bonds issued for the purposes of that Section 7.2, as
14 determined and certified by the Comptroller, that is the same
15 as the System's portion of the total moneys distributed under
16 subsection (d) of Section 7.2 of the General Obligation Bond
17 Act. In determining this maximum for State fiscal years 2008
18 through 2010, however, the amount referred to in item (i) shall
19 be increased, as a percentage of the applicable employee
20 payroll, in equal increments calculated from the sum of the
21 required State contribution for State fiscal year 2007 plus the
22 applicable portion of the State's total debt service payments
23 for fiscal year 2007 on the bonds issued for the purposes of
24 Section 7.2 of the General Obligation Bond Act, so that, by
25 State fiscal year 2011, the State is contributing at the rate
26 otherwise required under this Section.
27     Amounts received by the System pursuant to Section 25 of
28 the Budget Stabilization Act in any fiscal year do not reduce
29 and do not constitute payment of any portion of the minimum
30 State contribution required under this Article in that fiscal
31 year. Such amounts shall not reduce, and shall not be included
32 in the calculation of, the required State contributions under
33 this Article in any future year until the System has reached a
34 funding ratio of at least 90%. A reference in this Article to

 

 

09400HB1815ham002 - 28 - LRB094 03150 EFG 58456 a

1 the "required State contribution" or any substantially similar
2 term does not include or apply to any amounts payable to the
3 System under Section 25 of the Budget Stabilization Act.
4     (b) If an employee is paid from trust or federal funds, the
5 employer shall pay to the Board contributions from those funds
6 which are sufficient to cover the accruing normal costs on
7 behalf of the employee. However, universities having employees
8 who are compensated out of local auxiliary funds, income funds,
9 or service enterprise funds are not required to pay such
10 contributions on behalf of those employees. The local auxiliary
11 funds, income funds, and service enterprise funds of
12 universities shall not be considered trust funds for the
13 purpose of this Article, but funds of alumni associations,
14 foundations, and athletic associations which are affiliated
15 with the universities included as employers under this Article
16 and other employers which do not receive State appropriations
17 are considered to be trust funds for the purpose of this
18 Article.
19     (b-1) The City of Urbana and the City of Champaign shall
20 each make employer contributions to this System for their
21 respective firefighter employees who participate in this
22 System pursuant to subsection (h) of Section 15-107. The rate
23 of contributions to be made by those municipalities shall be
24 determined annually by the Board on the basis of the actuarial
25 assumptions adopted by the Board and the recommendations of the
26 actuary, and shall be expressed as a percentage of salary for
27 each such employee. The Board shall certify the rate to the
28 affected municipalities as soon as may be practical. The
29 employer contributions required under this subsection shall be
30 remitted by the municipality to the System at the same time and
31 in the same manner as employee contributions.
32     (c) Through State fiscal year 1995: The total employer
33 contribution shall be apportioned among the various funds of
34 the State and other employers, whether trust, federal, or other

 

 

09400HB1815ham002 - 29 - LRB094 03150 EFG 58456 a

1 funds, in accordance with actuarial procedures approved by the
2 Board. State of Illinois contributions for employers receiving
3 State appropriations for personal services shall be payable
4 from appropriations made to the employers or to the System. The
5 contributions for Class I community colleges covering earnings
6 other than those paid from trust and federal funds, shall be
7 payable solely from appropriations to the Illinois Community
8 College Board or the System for employer contributions.
9     (d) Beginning in State fiscal year 1996, the required State
10 contributions to the System shall be appropriated directly to
11 the System and shall be payable through vouchers issued in
12 accordance with subsection (c) of Section 15-165, except as
13 provided in subsection (g).
14     (e) The State Comptroller shall draw warrants payable to
15 the System upon proper certification by the System or by the
16 employer in accordance with the appropriation laws and this
17 Code.
18     (f) Normal costs under this Section means liability for
19 pensions and other benefits which accrues to the System because
20 of the credits earned for service rendered by the participants
21 during the fiscal year and expenses of administering the
22 System, but shall not include the principal of or any
23 redemption premium or interest on any bonds issued by the Board
24 or any expenses incurred or deposits required in connection
25 therewith.
26     (g) If the amount of a participant's earnings for any
27 academic year used to determine the final rate of earnings
28 exceeds the amount of his or her earnings with the same
29 employer for the previous academic year by more than 6%, the
30 participant's employer shall pay to the System, in addition to
31 all other payments required under this Section and in
32 accordance with guidelines established by the System, the
33 present value of the increase in benefits resulting from the
34 portion of the increase in earnings that is in excess of 6%.

 

 

09400HB1815ham002 - 30 - LRB094 03150 EFG 58456 a

1 This present value shall be computed by the System on the basis
2 of the actuarial assumptions and tables used in the most recent
3 actuarial valuation of the System that is available at the time
4 of the computation. The employer contributions required under
5 this subsection (g) shall be paid in the form of a lump sum
6 within 30 days after receipt of the bill after the participant
7 begins receiving benefits under this Article.
8     The provisions of this subsection (g) do not apply to
9 earnings increases paid to participants under contracts or
10 collective bargaining agreements entered into, amended, or
11 renewed before the effective date of this amendatory Act of the
12 94th General Assembly.
13 (Source: P.A. 93-2, eff. 4-7-03; 94-4, eff. 6-1-05.)
 
14     (40 ILCS 5/15-165)   (from Ch. 108 1/2, par. 15-165)
15     Sec. 15-165. To certify amounts and submit vouchers.
16     (a) The Board shall certify to the Governor on or before
17 November 15 of each year the appropriation required from State
18 funds for the purposes of this System for the following fiscal
19 year. The certification shall include a copy of the actuarial
20 recommendations upon which it is based.
21     On or before May 1, 2004, the Board shall recalculate and
22 recertify to the Governor the amount of the required State
23 contribution to the System for State fiscal year 2005, taking
24 into account the amounts appropriated to and received by the
25 System under subsection (d) of Section 7.2 of the General
26 Obligation Bond Act.
27     On or before July 1, 2005, the Board shall recalculate and
28 recertify to the Governor the amount of the required State
29 contribution to the System for State fiscal year 2006, taking
30 into account the changes in required State contributions made
31 by Public Act 94-4 this amendatory Act of the 94th General
32 Assembly.
33     On or before July 1, 2006, the Board shall recalculate and

 

 

09400HB1815ham002 - 31 - LRB094 03150 EFG 58456 a

1 recertify to the Governor the amount of the required State
2 contribution to the System for State fiscal year 2007, taking
3 into account the changes in required State contributions made
4 by this amendatory Act of the 94th General Assembly.
5     (b) The Board shall certify to the State Comptroller or
6 employer, as the case may be, from time to time, by its
7 president and secretary, with its seal attached, the amounts
8 payable to the System from the various funds.
9     (c) Beginning in State fiscal year 1996, on or as soon as
10 possible after the 15th day of each month the Board shall
11 submit vouchers for payment of State contributions to the
12 System, in a total monthly amount of one-twelfth of the
13 required annual State contribution certified under subsection
14 (a). From the effective date of this amendatory Act of the 93rd
15 General Assembly through June 30, 2004, the Board shall not
16 submit vouchers for the remainder of fiscal year 2004 in excess
17 of the fiscal year 2004 certified contribution amount
18 determined under this Section after taking into consideration
19 the transfer to the System under subsection (b) of Section
20 6z-61 of the State Finance Act. These vouchers shall be paid by
21 the State Comptroller and Treasurer by warrants drawn on the
22 funds appropriated to the System for that fiscal year.
23     If in any month the amount remaining unexpended from all
24 other appropriations to the System for the applicable fiscal
25 year (including the appropriations to the System under Section
26 8.12 of the State Finance Act and Section 1 of the State
27 Pension Funds Continuing Appropriation Act) is less than the
28 amount lawfully vouchered under this Section, the difference
29 shall be paid from the General Revenue Fund under the
30 continuing appropriation authority provided in Section 1.1 of
31 the State Pension Funds Continuing Appropriation Act.
32     (d) So long as the payments received are the full amount
33 lawfully vouchered under this Section, payments received by the
34 System under this Section shall be applied first toward the

 

 

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1 employer contribution to the self-managed plan established
2 under Section 15-158.2. Payments shall be applied second toward
3 the employer's portion of the normal costs of the System, as
4 defined in subsection (f) of Section 15-155. The balance shall
5 be applied toward the unfunded actuarial liabilities of the
6 System.
7     (e) In the event that the System does not receive, as a
8 result of legislative enactment or otherwise, payments
9 sufficient to fully fund the employer contribution to the
10 self-managed plan established under Section 15-158.2 and to
11 fully fund that portion of the employer's portion of the normal
12 costs of the System, as calculated in accordance with Section
13 15-155(a-1), then any payments received shall be applied
14 proportionately to the optional retirement program established
15 under Section 15-158.2 and to the employer's portion of the
16 normal costs of the System, as calculated in accordance with
17 Section 15-155(a-1).
18 (Source: P.A. 93-2, eff. 4-7-03; 93-665, eff. 3-5-04; 94-4,
19 eff. 6-1-05.)
 
20     (40 ILCS 5/16-158)   (from Ch. 108 1/2, par. 16-158)
21     Sec. 16-158. Contributions by State and other employing
22 units.
23     (a) The State shall make contributions to the System by
24 means of appropriations from the Common School Fund and other
25 State funds of amounts which, together with other employer
26 contributions, employee contributions, investment income, and
27 other income, will be sufficient to meet the cost of
28 maintaining and administering the System on a 90% funded basis
29 in accordance with actuarial recommendations.
30     The Board shall determine the amount of State contributions
31 required for each fiscal year on the basis of the actuarial
32 tables and other assumptions adopted by the Board and the
33 recommendations of the actuary, using the formula in subsection

 

 

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1 (b-3).
2     (a-1) Annually, on or before November 15, the Board shall
3 certify to the Governor the amount of the required State
4 contribution for the coming fiscal year. The certification
5 shall include a copy of the actuarial recommendations upon
6 which it is based.
7     On or before May 1, 2004, the Board shall recalculate and
8 recertify to the Governor the amount of the required State
9 contribution to the System for State fiscal year 2005, taking
10 into account the amounts appropriated to and received by the
11 System under subsection (d) of Section 7.2 of the General
12 Obligation Bond Act.
13     On or before July 1, 2005, the Board shall recalculate and
14 recertify to the Governor the amount of the required State
15 contribution to the System for State fiscal year 2006, taking
16 into account the changes in required State contributions made
17 by Public Act 94-4 this amendatory Act of the 94th General
18 Assembly.
19     On or before July 1, 2006, the Board shall recalculate and
20 recertify to the Governor the amount of the required State
21 contribution to the System for State fiscal year 2007, taking
22 into account the changes in required State contributions made
23 by this amendatory Act of the 94th General Assembly.
24     (b) Through State fiscal year 1995, the State contributions
25 shall be paid to the System in accordance with Section 18-7 of
26 the School Code.
27     (b-1) Beginning in State fiscal year 1996, on the 15th day
28 of each month, or as soon thereafter as may be practicable, the
29 Board shall submit vouchers for payment of State contributions
30 to the System, in a total monthly amount of one-twelfth of the
31 required annual State contribution certified under subsection
32 (a-1). From the effective date of this amendatory Act of the
33 93rd General Assembly through June 30, 2004, the Board shall
34 not submit vouchers for the remainder of fiscal year 2004 in

 

 

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1 excess of the fiscal year 2004 certified contribution amount
2 determined under this Section after taking into consideration
3 the transfer to the System under subsection (a) of Section
4 6z-61 of the State Finance Act. These vouchers shall be paid by
5 the State Comptroller and Treasurer by warrants drawn on the
6 funds appropriated to the System for that fiscal year.
7     If in any month the amount remaining unexpended from all
8 other appropriations to the System for the applicable fiscal
9 year (including the appropriations to the System under Section
10 8.12 of the State Finance Act and Section 1 of the State
11 Pension Funds Continuing Appropriation Act) is less than the
12 amount lawfully vouchered under this subsection, the
13 difference shall be paid from the Common School Fund under the
14 continuing appropriation authority provided in Section 1.1 of
15 the State Pension Funds Continuing Appropriation Act.
16     (b-2) Allocations from the Common School Fund apportioned
17 to school districts not coming under this System shall not be
18 diminished or affected by the provisions of this Article.
19     (b-3) For State fiscal years 2011 through 2045, the minimum
20 contribution to the System to be made by the State for each
21 fiscal year shall be an amount determined by the System to be
22 sufficient to bring the total assets of the System up to 90% of
23 the total actuarial liabilities of the System by the end of
24 State fiscal year 2045. In making these determinations, the
25 required State contribution shall be calculated each year as a
26 level percentage of payroll over the years remaining to and
27 including fiscal year 2045 and shall be determined under the
28 projected unit credit actuarial cost method.
29     For State fiscal years 1996 through 2005, the State
30 contribution to the System, as a percentage of the applicable
31 employee payroll, shall be increased in equal annual increments
32 so that by State fiscal year 2011, the State is contributing at
33 the rate required under this Section; except that in the
34 following specified State fiscal years, the State contribution

 

 

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1 to the System shall not be less than the following indicated
2 percentages of the applicable employee payroll, even if the
3 indicated percentage will produce a State contribution in
4 excess of the amount otherwise required under this subsection
5 and subsection (a), and notwithstanding any contrary
6 certification made under subsection (a-1) before the effective
7 date of this amendatory Act of 1998: 10.02% in FY 1999; 10.77%
8 in FY 2000; 11.47% in FY 2001; 12.16% in FY 2002; 12.86% in FY
9 2003; and 13.56% in FY 2004.
10     Notwithstanding any other provision of this Article, the
11 total required State contribution for State fiscal year 2006 is
12 $534,627,700.
13     Notwithstanding any other provision of this Article, the
14 total required State contribution for State fiscal year 2007 is
15 $738,014,500.
16     For each of State fiscal years 2007 2008 through 2010, the
17 State contribution to the System, as a percentage of the
18 applicable employee payroll, shall be increased in equal annual
19 increments from the required State contribution for State
20 fiscal year 2005 2007, so that by State fiscal year 2011, the
21 State is contributing at the rate otherwise required under this
22 Section.
23     Beginning in State fiscal year 2046, the minimum State
24 contribution for each fiscal year shall be the amount needed to
25 maintain the total assets of the System at 90% of the total
26 actuarial liabilities of the System.
27     Notwithstanding any other provision of this Section, the
28 required State contribution for State fiscal year 2005 and for
29 fiscal year 2007 2008 and each fiscal year thereafter, as
30 calculated under this Section and certified under subsection
31 (a-1), shall not exceed an amount equal to (i) the amount of
32 the required State contribution that would have been calculated
33 under this Section for that fiscal year if the System had not
34 received any payments under subsection (d) of Section 7.2 of

 

 

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1 the General Obligation Bond Act, minus (ii) the portion of the
2 State's total debt service payments for that fiscal year on the
3 bonds issued for the purposes of that Section 7.2, as
4 determined and certified by the Comptroller, that is the same
5 as the System's portion of the total moneys distributed under
6 subsection (d) of Section 7.2 of the General Obligation Bond
7 Act. In determining this maximum for State fiscal years 2008
8 through 2010, however, the amount referred to in item (i) shall
9 be increased, as a percentage of the applicable employee
10 payroll, in equal increments calculated from the sum of the
11 required State contribution for State fiscal year 2007 plus the
12 applicable portion of the State's total debt service payments
13 for fiscal year 2007 on the bonds issued for the purposes of
14 Section 7.2 of the General Obligation Bond Act, so that, by
15 State fiscal year 2011, the State is contributing at the rate
16 otherwise required under this Section.
17     Amounts received by the System pursuant to Section 25 of
18 the Budget Stabilization Act in any fiscal year do not reduce
19 and do not constitute payment of any portion of the minimum
20 State contribution required under this Article in that fiscal
21 year. Such amounts shall not reduce, and shall not be included
22 in the calculation of, the required State contributions under
23 this Article in any future year until the System has reached a
24 funding ratio of at least 90%. A reference in this Article to
25 the "required State contribution" or any substantially similar
26 term does not include or apply to any amounts payable to the
27 System under Section 25 of the Budget Stabilization Act.
28     (c) Payment of the required State contributions and of all
29 pensions, retirement annuities, death benefits, refunds, and
30 other benefits granted under or assumed by this System, and all
31 expenses in connection with the administration and operation
32 thereof, are obligations of the State.
33     If members are paid from special trust or federal funds
34 which are administered by the employing unit, whether school

 

 

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1 district or other unit, the employing unit shall pay to the
2 System from such funds the full accruing retirement costs based
3 upon that service, as determined by the System. Employer
4 contributions, based on salary paid to members from federal
5 funds, may be forwarded by the distributing agency of the State
6 of Illinois to the System prior to allocation, in an amount
7 determined in accordance with guidelines established by such
8 agency and the System.
9     (d) Effective July 1, 1986, any employer of a teacher as
10 defined in paragraph (8) of Section 16-106 shall pay the
11 employer's normal cost of benefits based upon the teacher's
12 service, in addition to employee contributions, as determined
13 by the System. Such employer contributions shall be forwarded
14 monthly in accordance with guidelines established by the
15 System.
16     However, with respect to benefits granted under Section
17 16-133.4 or 16-133.5 to a teacher as defined in paragraph (8)
18 of Section 16-106, the employer's contribution shall be 12%
19 (rather than 20%) of the member's highest annual salary rate
20 for each year of creditable service granted, and the employer
21 shall also pay the required employee contribution on behalf of
22 the teacher. For the purposes of Sections 16-133.4 and
23 16-133.5, a teacher as defined in paragraph (8) of Section
24 16-106 who is serving in that capacity while on leave of
25 absence from another employer under this Article shall not be
26 considered an employee of the employer from which the teacher
27 is on leave.
28     (e) Beginning July 1, 1998, every employer of a teacher
29 shall pay to the System an employer contribution computed as
30 follows:
31         (1) Beginning July 1, 1998 through June 30, 1999, the
32     employer contribution shall be equal to 0.3% of each
33     teacher's salary.
34         (2) Beginning July 1, 1999 and thereafter, the employer

 

 

09400HB1815ham002 - 38 - LRB094 03150 EFG 58456 a

1     contribution shall be equal to 0.58% of each teacher's
2     salary.
3 The school district or other employing unit may pay these
4 employer contributions out of any source of funding available
5 for that purpose and shall forward the contributions to the
6 System on the schedule established for the payment of member
7 contributions.
8     These employer contributions are intended to offset a
9 portion of the cost to the System of the increases in
10 retirement benefits resulting from this amendatory Act of 1998.
11     Each employer of teachers is entitled to a credit against
12 the contributions required under this subsection (e) with
13 respect to salaries paid to teachers for the period January 1,
14 2002 through June 30, 2003, equal to the amount paid by that
15 employer under subsection (a-5) of Section 6.6 of the State
16 Employees Group Insurance Act of 1971 with respect to salaries
17 paid to teachers for that period.
18     The additional 1% employee contribution required under
19 Section 16-152 by this amendatory Act of 1998 is the
20 responsibility of the teacher and not the teacher's employer,
21 unless the employer agrees, through collective bargaining or
22 otherwise, to make the contribution on behalf of the teacher.
23     If an employer is required by a contract in effect on May
24 1, 1998 between the employer and an employee organization to
25 pay, on behalf of all its full-time employees covered by this
26 Article, all mandatory employee contributions required under
27 this Article, then the employer shall be excused from paying
28 the employer contribution required under this subsection (e)
29 for the balance of the term of that contract. The employer and
30 the employee organization shall jointly certify to the System
31 the existence of the contractual requirement, in such form as
32 the System may prescribe. This exclusion shall cease upon the
33 termination, extension, or renewal of the contract at any time
34 after May 1, 1998.

 

 

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1     (f) If the amount of a teacher's salary for any school year
2 used to determine final average salary exceeds the amount of
3 his or her salary with the same employer for the previous
4 school year by more than 6%, the teacher's employer shall pay
5 to the System, in addition to all other payments required under
6 this Section and in accordance with guidelines established by
7 the System, the present value of the increase in benefits
8 resulting from the portion of the increase in salary that is in
9 excess of 6%. This present value shall be computed by the
10 System on the basis of the actuarial assumptions and tables
11 used in the most recent actuarial valuation of the System that
12 is available at the time of the computation. The employer
13 contributions required under this subsection (f) shall be paid
14 in the form of a lump sum within 30 days after receipt of the
15 bill after the teacher begins receiving benefits under this
16 Article.
17     The provisions of this subsection (f) do not apply to
18 salary increases paid to teachers under contracts or collective
19 bargaining agreements entered into, amended, or renewed before
20 the effective date of this amendatory Act of the 94th General
21 Assembly.
22 (Source: P.A. 93-2, eff. 4-7-03; 93-665, eff. 3-5-04; 94-4,
23 eff. 6-1-05.)
 
24     (40 ILCS 5/18-131)  (from Ch. 108 1/2, par. 18-131)
25     Sec. 18-131. Financing; employer contributions.
26     (a) The State of Illinois shall make contributions to this
27 System by appropriations of the amounts which, together with
28 the contributions of participants, net earnings on
29 investments, and other income, will meet the costs of
30 maintaining and administering this System on a 90% funded basis
31 in accordance with actuarial recommendations.
32     (b) The Board shall determine the amount of State
33 contributions required for each fiscal year on the basis of the

 

 

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1 actuarial tables and other assumptions adopted by the Board and
2 the prescribed rate of interest, using the formula in
3 subsection (c).
4     (c) For State fiscal years 2011 through 2045, the minimum
5 contribution to the System to be made by the State for each
6 fiscal year shall be an amount determined by the System to be
7 sufficient to bring the total assets of the System up to 90% of
8 the total actuarial liabilities of the System by the end of
9 State fiscal year 2045. In making these determinations, the
10 required State contribution shall be calculated each year as a
11 level percentage of payroll over the years remaining to and
12 including fiscal year 2045 and shall be determined under the
13 projected unit credit actuarial cost method.
14     For State fiscal years 1996 through 2005, the State
15 contribution to the System, as a percentage of the applicable
16 employee payroll, shall be increased in equal annual increments
17 so that by State fiscal year 2011, the State is contributing at
18 the rate required under this Section.
19     Notwithstanding any other provision of this Article, the
20 total required State contribution for State fiscal year 2006 is
21 $29,189,400.
22     Notwithstanding any other provision of this Article, the
23 total required State contribution for State fiscal year 2007 is
24 $35,236,800.
25     For each of State fiscal years 2007 2008 through 2010, the
26 State contribution to the System, as a percentage of the
27 applicable employee payroll, shall be increased in equal annual
28 increments from the required State contribution for State
29 fiscal year 2005 2007, so that by State fiscal year 2011, the
30 State is contributing at the rate otherwise required under this
31 Section.
32     Beginning in State fiscal year 2046, the minimum State
33 contribution for each fiscal year shall be the amount needed to
34 maintain the total assets of the System at 90% of the total

 

 

09400HB1815ham002 - 41 - LRB094 03150 EFG 58456 a

1 actuarial liabilities of the System.
2     Notwithstanding any other provision of this Section, the
3 required State contribution for State fiscal year 2005 and for
4 fiscal year 2007 2008 and each fiscal year thereafter, as
5 calculated under this Section and certified under Section
6 18-140, shall not exceed an amount equal to (i) the amount of
7 the required State contribution that would have been calculated
8 under this Section for that fiscal year if the System had not
9 received any payments under subsection (d) of Section 7.2 of
10 the General Obligation Bond Act, minus (ii) the portion of the
11 State's total debt service payments for that fiscal year on the
12 bonds issued for the purposes of that Section 7.2, as
13 determined and certified by the Comptroller, that is the same
14 as the System's portion of the total moneys distributed under
15 subsection (d) of Section 7.2 of the General Obligation Bond
16 Act. In determining this maximum for State fiscal years 2008
17 through 2010, however, the amount referred to in item (i) shall
18 be increased, as a percentage of the applicable employee
19 payroll, in equal increments calculated from the sum of the
20 required State contribution for State fiscal year 2007 plus the
21 applicable portion of the State's total debt service payments
22 for fiscal year 2007 on the bonds issued for the purposes of
23 Section 7.2 of the General Obligation Bond Act, so that, by
24 State fiscal year 2011, the State is contributing at the rate
25 otherwise required under this Section.
26     Amounts received by the System pursuant to Section 25 of
27 the Budget Stabilization Act in any fiscal year do not reduce
28 and do not constitute payment of any portion of the minimum
29 State contribution required under this Article in that fiscal
30 year. Such amounts shall not reduce, and shall not be included
31 in the calculation of, the required State contributions under
32 this Article in any future year until the System has reached a
33 funding ratio of at least 90%. A reference in this Article to
34 the "required State contribution" or any substantially similar

 

 

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1 term does not include or apply to any amounts payable to the
2 System under Section 25 of the Budget Stabilization Act.
3 (Source: P.A. 93-2, eff. 4-7-03; 94-4, eff. 6-1-05.)
 
4     (40 ILCS 5/18-140)   (from Ch. 108 1/2, par. 18-140)
5     Sec. 18-140. To certify required State contributions and
6 submit vouchers.
7     (a) The Board shall certify to the Governor, on or before
8 November 15 of each year, the amount of the required State
9 contribution to the System for the following fiscal year. The
10 certification shall include a copy of the actuarial
11 recommendations upon which it is based.
12     On or before May 1, 2004, the Board shall recalculate and
13 recertify to the Governor the amount of the required State
14 contribution to the System for State fiscal year 2005, taking
15 into account the amounts appropriated to and received by the
16 System under subsection (d) of Section 7.2 of the General
17 Obligation Bond Act.
18     On or before July 1, 2005, the Board shall recalculate and
19 recertify to the Governor the amount of the required State
20 contribution to the System for State fiscal year 2006, taking
21 into account the changes in required State contributions made
22 by Public Act 94-4 this amendatory Act of the 94th General
23 Assembly.
24     On or before July 1, 2006, the Board shall recalculate and
25 recertify to the Governor the amount of the required State
26 contribution to the System for State fiscal year 2007, taking
27 into account the changes in required State contributions made
28 by this amendatory Act of the 94th General Assembly.
29     (b) Beginning in State fiscal year 1996, on or as soon as
30 possible after the 15th day of each month the Board shall
31 submit vouchers for payment of State contributions to the
32 System, in a total monthly amount of one-twelfth of the
33 required annual State contribution certified under subsection

 

 

09400HB1815ham002 - 43 - LRB094 03150 EFG 58456 a

1 (a). From the effective date of this amendatory Act of the 93rd
2 General Assembly through June 30, 2004, the Board shall not
3 submit vouchers for the remainder of fiscal year 2004 in excess
4 of the fiscal year 2004 certified contribution amount
5 determined under this Section after taking into consideration
6 the transfer to the System under subsection (c) of Section
7 6z-61 of the State Finance Act. These vouchers shall be paid by
8 the State Comptroller and Treasurer by warrants drawn on the
9 funds appropriated to the System for that fiscal year.
10     If in any month the amount remaining unexpended from all
11 other appropriations to the System for the applicable fiscal
12 year (including the appropriations to the System under Section
13 8.12 of the State Finance Act and Section 1 of the State
14 Pension Funds Continuing Appropriation Act) is less than the
15 amount lawfully vouchered under this Section, the difference
16 shall be paid from the General Revenue Fund under the
17 continuing appropriation authority provided in Section 1.1 of
18 the State Pension Funds Continuing Appropriation Act.
19 (Source: P.A. 93-2, eff. 4-7-03; 93-665, eff. 3-5-04; 94-4,
20 eff. 6-1-05.)
 
21     Section 20. The State Pension Funds Continuing
22 Appropriation Act is amended by adding Section 1.7 as follows:
 
23     (40 ILCS 15/1.7 new)
24     Sec. 1.7. Appropriations from the Pension Stabilization
25 Fund.
26     (a) All of the moneys deposited from time to time into the
27 Pension Stabilization Fund are hereby appropriated, on a
28 continuing basis, to the State Comptroller for the purpose of
29 making distributions to the designated retirement systems as
30 provided in Section 25 of the Budget Stabilization Act.
31     (b) The appropriations made under this Section are in
32 addition to, and do not affect, the amounts subject to

 

 

09400HB1815ham002 - 44 - LRB094 03150 EFG 58456 a

1 appropriation under any other Section of this Act.
 
2     Section 99. Effective date. This Act takes effect upon
3 becoming law.".