Rep. Kevin A. McCarthy

Filed: 11/16/2010

 

 


 

 


 
09600HB1566ham001LRB096 24361 JDS 43944 a

1
AMENDMENT TO HOUSE BILL 1566

2    AMENDMENT NO. ______. Amend House Bill 1566 by replacing
3everything after the enacting clause with the following:
 
4    "Section 5. The Illinois Pension Code is amended by
5changing Sections 2-134, 14-135.08, 15-165, 16-158, and 18-140
6as follows:
 
7    (40 ILCS 5/2-134)   (from Ch. 108 1/2, par. 2-134)
8    Sec. 2-134. To certify required State contributions and
9submit vouchers.
10    (a) The Board shall certify to the Governor on or before
11December 15 of each year the amount of the required State
12contribution to the System for the next fiscal year. The
13certification shall include a copy of the actuarial
14recommendations upon which it is based.
15    On or before May 1, 2004, the Board shall recalculate and
16recertify to the Governor the amount of the required State

 

 

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1contribution to the System for State fiscal year 2005, taking
2into account the amounts appropriated to and received by the
3System under subsection (d) of Section 7.2 of the General
4Obligation Bond Act.
5    On or before July 1, 2005, the Board shall recalculate and
6recertify to the Governor the amount of the required State
7contribution to the System for State fiscal year 2006, taking
8into account the changes in required State contributions made
9by this amendatory Act of the 94th General Assembly.
10    On or before February 1, 2011, the Board shall recalculate
11and recertify to the Governor the amount of the required State
12contribution to the System for all of State fiscal year 2011,
13taking into account Public Act 96-889.
14    (b) Beginning in State fiscal year 1996, on or as soon as
15possible after the 15th day of each month the Board shall
16submit vouchers for payment of State contributions to the
17System, in a total monthly amount of one-twelfth of the
18required annual State contribution certified under subsection
19(a). From the effective date of this amendatory Act of the 93rd
20General Assembly through June 30, 2004, the Board shall not
21submit vouchers for the remainder of fiscal year 2004 in excess
22of the fiscal year 2004 certified contribution amount
23determined under this Section after taking into consideration
24the transfer to the System under subsection (d) of Section
256z-61 of the State Finance Act. These vouchers shall be paid by
26the State Comptroller and Treasurer by warrants drawn on the

 

 

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1funds appropriated to the System for that fiscal year. If in
2any month the amount remaining unexpended from all other
3appropriations to the System for the applicable fiscal year
4(including the appropriations to the System under Section 8.12
5of the State Finance Act and Section 1 of the State Pension
6Funds Continuing Appropriation Act) is less than the amount
7lawfully vouchered under this Section, the difference shall be
8paid from the General Revenue Fund under the continuing
9appropriation authority provided in Section 1.1 of the State
10Pension Funds Continuing Appropriation Act.
11    (c) The full amount of any annual appropriation for the
12System for State fiscal year 1995 shall be transferred and made
13available to the System at the beginning of that fiscal year at
14the request of the Board. Any excess funds remaining at the end
15of any fiscal year from appropriations shall be retained by the
16System as a general reserve to meet the System's accrued
17liabilities.
18(Source: P.A. 94-4, eff. 6-1-05; 94-536, eff. 8-10-05; 95-331,
19eff. 8-21-07.)
 
20    (40 ILCS 5/14-135.08)  (from Ch. 108 1/2, par. 14-135.08)
21    Sec. 14-135.08. To certify required State contributions.
22    (a) To certify to the Governor and to each department, on
23or before November 15 of each year, the required rate for State
24contributions to the System for the next State fiscal year, as
25determined under subsection (b) of Section 14-131. The

 

 

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1certification to the Governor shall include a copy of the
2actuarial recommendations upon which the rate is based.
3    (b) The certification shall include an additional amount
4necessary to pay all principal of and interest on those general
5obligation bonds due the next fiscal year authorized by Section
67.2(a) of the General Obligation Bond Act and issued to provide
7the proceeds deposited by the State with the System in July
82003, representing deposits other than amounts reserved under
9Section 7.2(c) of the General Obligation Bond Act. For State
10fiscal year 2005, the Board shall make a supplemental
11certification of the additional amount necessary to pay all
12principal of and interest on those general obligation bonds due
13in State fiscal years 2004 and 2005 authorized by Section
147.2(a) of the General Obligation Bond Act and issued to provide
15the proceeds deposited by the State with the System in July
162003, representing deposits other than amounts reserved under
17Section 7.2(c) of the General Obligation Bond Act, as soon as
18practical after the effective date of this amendatory Act of
19the 93rd General Assembly.
20    On or before May 1, 2004, the Board shall recalculate and
21recertify to the Governor and to each department the amount of
22the required State contribution to the System and the required
23rates for State contributions to the System for State fiscal
24year 2005, taking into account the amounts appropriated to and
25received by the System under subsection (d) of Section 7.2 of
26the General Obligation Bond Act.

 

 

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1    On or before July 1, 2005, the Board shall recalculate and
2recertify to the Governor and to each department the amount of
3the required State contribution to the System and the required
4rates for State contributions to the System for State fiscal
5year 2006, taking into account the changes in required State
6contributions made by this amendatory Act of the 94th General
7Assembly.
8    On or before February 1, 2011, the Board shall recalculate
9and recertify to the Governor the amount of the required State
10contribution to the System for all of State fiscal year 2011,
11taking into account Public Act 96-889.
12(Source: P.A. 93-2, eff. 4-7-03; 93-839, eff. 7-30-04; 94-4,
13eff. 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
17November 15 of each year the appropriation required from State
18funds for the purposes of this System for the following fiscal
19year. The certification shall include a copy of the actuarial
20recommendations upon which it is based.
21    On or before May 1, 2004, the Board shall recalculate and
22recertify to the Governor the amount of the required State
23contribution to the System for State fiscal year 2005, taking
24into account the amounts appropriated to and received by the
25System under subsection (d) of Section 7.2 of the General

 

 

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1Obligation Bond Act.
2    On or before July 1, 2005, the Board shall recalculate and
3recertify to the Governor the amount of the required State
4contribution to the System for State fiscal year 2006, taking
5into account the changes in required State contributions made
6by this amendatory Act of the 94th General Assembly.
7    On or before February 1, 2011, the Board shall recalculate
8and recertify to the Governor the amount of the required State
9contribution to the System for all of State fiscal year 2011,
10taking into account Public Act 96-889.
11    (b) The Board shall certify to the State Comptroller or
12employer, as the case may be, from time to time, by its
13president and secretary, with its seal attached, the amounts
14payable to the System from the various funds.
15    (c) Beginning in State fiscal year 1996, on or as soon as
16possible after the 15th day of each month the Board shall
17submit vouchers for payment of State contributions to the
18System, in a total monthly amount of one-twelfth of the
19required annual State contribution certified under subsection
20(a). From the effective date of this amendatory Act of the 93rd
21General Assembly through June 30, 2004, the Board shall not
22submit vouchers for the remainder of fiscal year 2004 in excess
23of the fiscal year 2004 certified contribution amount
24determined under this Section after taking into consideration
25the transfer to the System under subsection (b) of Section
266z-61 of the State Finance Act. These vouchers shall be paid by

 

 

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1the State Comptroller and Treasurer by warrants drawn on the
2funds appropriated to the System for that fiscal year.
3    If in any month the amount remaining unexpended from all
4other appropriations to the System for the applicable fiscal
5year (including the appropriations to the System under Section
68.12 of the State Finance Act and Section 1 of the State
7Pension Funds Continuing Appropriation Act) is less than the
8amount lawfully vouchered under this Section, the difference
9shall be paid from the General Revenue Fund under the
10continuing appropriation authority provided in Section 1.1 of
11the State Pension Funds Continuing Appropriation Act.
12    (d) So long as the payments received are the full amount
13lawfully vouchered under this Section, payments received by the
14System under this Section shall be applied first toward the
15employer contribution to the self-managed plan established
16under Section 15-158.2. Payments shall be applied second toward
17the employer's portion of the normal costs of the System, as
18defined in subsection (f) of Section 15-155. The balance shall
19be applied toward the unfunded actuarial liabilities of the
20System.
21    (e) In the event that the System does not receive, as a
22result of legislative enactment or otherwise, payments
23sufficient to fully fund the employer contribution to the
24self-managed plan established under Section 15-158.2 and to
25fully fund that portion of the employer's portion of the normal
26costs of the System, as calculated in accordance with Section

 

 

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115-155(a-1), then any payments received shall be applied
2proportionately to the optional retirement program established
3under Section 15-158.2 and to the employer's portion of the
4normal costs of the System, as calculated in accordance with
5Section 15-155(a-1).
6(Source: P.A. 93-2, eff. 4-7-03; 93-665, eff. 3-5-04; 94-4,
7eff. 6-1-05.)
 
8    (40 ILCS 5/16-158)   (from Ch. 108 1/2, par. 16-158)
9    Sec. 16-158. Contributions by State and other employing
10units.
11    (a) The State shall make contributions to the System by
12means of appropriations from the Common School Fund and other
13State funds of amounts which, together with other employer
14contributions, employee contributions, investment income, and
15other income, will be sufficient to meet the cost of
16maintaining and administering the System on a 90% funded basis
17in accordance with actuarial recommendations.
18    The Board shall determine the amount of State contributions
19required for each fiscal year on the basis of the actuarial
20tables and other assumptions adopted by the Board and the
21recommendations of the actuary, using the formula in subsection
22(b-3).
23    (a-1) Annually, on or before November 15, the Board shall
24certify to the Governor the amount of the required State
25contribution for the coming fiscal year. The certification

 

 

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1shall include a copy of the actuarial recommendations upon
2which it is based.
3    On or before May 1, 2004, the Board shall recalculate and
4recertify to the Governor the amount of the required State
5contribution to the System for State fiscal year 2005, taking
6into account the amounts appropriated to and received by the
7System under subsection (d) of Section 7.2 of the General
8Obligation Bond Act.
9    On or before July 1, 2005, the Board shall recalculate and
10recertify to the Governor the amount of the required State
11contribution to the System for State fiscal year 2006, taking
12into account the changes in required State contributions made
13by this amendatory Act of the 94th General Assembly.
14    On or before February 1, 2011, the Board shall recalculate
15and recertify to the Governor the amount of the required State
16contribution to the System for all of State fiscal year 2011,
17taking into account Public Act 96-889.
18    (b) Through State fiscal year 1995, the State contributions
19shall be paid to the System in accordance with Section 18-7 of
20the School Code.
21    (b-1) Beginning in State fiscal year 1996, on the 15th day
22of each month, or as soon thereafter as may be practicable, the
23Board shall submit vouchers for payment of State contributions
24to the System, in a total monthly amount of one-twelfth of the
25required annual State contribution certified under subsection
26(a-1). From the effective date of this amendatory Act of the

 

 

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193rd General Assembly through June 30, 2004, the Board shall
2not submit vouchers for the remainder of fiscal year 2004 in
3excess of the fiscal year 2004 certified contribution amount
4determined under this Section after taking into consideration
5the transfer to the System under subsection (a) of Section
66z-61 of the State Finance Act. These vouchers shall be paid by
7the State Comptroller and Treasurer by warrants drawn on the
8funds appropriated to the System for that fiscal year.
9    If in any month the amount remaining unexpended from all
10other appropriations to the System for the applicable fiscal
11year (including the appropriations to the System under Section
128.12 of the State Finance Act and Section 1 of the State
13Pension Funds Continuing Appropriation Act) is less than the
14amount lawfully vouchered under this subsection, the
15difference shall be paid from the Common School Fund under the
16continuing appropriation authority provided in Section 1.1 of
17the State Pension Funds Continuing Appropriation Act.
18    (b-2) Allocations from the Common School Fund apportioned
19to school districts not coming under this System shall not be
20diminished or affected by the provisions of this Article.
21    (b-3) For State fiscal years 2011 through 2045, the minimum
22contribution to the System to be made by the State for each
23fiscal year shall be an amount determined by the System to be
24sufficient to bring the total assets of the System up to 90% of
25the total actuarial liabilities of the System by the end of
26State fiscal year 2045. In making these determinations, the

 

 

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1required State contribution shall be calculated each year as a
2level percentage of payroll over the years remaining to and
3including fiscal year 2045 and shall be determined under the
4projected unit credit actuarial cost method.
5    For State fiscal years 1996 through 2005, the State
6contribution to the System, as a percentage of the applicable
7employee payroll, shall be increased in equal annual increments
8so that by State fiscal year 2011, the State is contributing at
9the rate required under this Section; except that in the
10following specified State fiscal years, the State contribution
11to the System shall not be less than the following indicated
12percentages of the applicable employee payroll, even if the
13indicated percentage will produce a State contribution in
14excess of the amount otherwise required under this subsection
15and subsection (a), and notwithstanding any contrary
16certification made under subsection (a-1) before the effective
17date of this amendatory Act of 1998: 10.02% in FY 1999; 10.77%
18in FY 2000; 11.47% in FY 2001; 12.16% in FY 2002; 12.86% in FY
192003; and 13.56% in FY 2004.
20    Notwithstanding any other provision of this Article, the
21total required State contribution for State fiscal year 2006 is
22$534,627,700.
23    Notwithstanding any other provision of this Article, the
24total required State contribution for State fiscal year 2007 is
25$738,014,500.
26    For each of State fiscal years 2008 through 2009, the State

 

 

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1contribution to the System, as a percentage of the applicable
2employee payroll, shall be increased in equal annual increments
3from the required State contribution for State fiscal year
42007, so that by State fiscal year 2011, the State is
5contributing at the rate otherwise required under this Section.
6    Notwithstanding any other provision of this Article, the
7total required State contribution for State fiscal year 2010 is
8$2,089,268,000 and shall be made from the proceeds of bonds
9sold in fiscal year 2010 pursuant to Section 7.2 of the General
10Obligation Bond Act, less (i) the pro rata share of bond sale
11expenses determined by the System's share of total bond
12proceeds, (ii) any amounts received from the Common School Fund
13in fiscal year 2010, and (iii) any reduction in bond proceeds
14due to the issuance of discounted bonds, if applicable.
15    Beginning in State fiscal year 2046, the minimum State
16contribution for each fiscal year shall be the amount needed to
17maintain the total assets of the System at 90% of the total
18actuarial liabilities of the System.
19    Amounts received by the System pursuant to Section 25 of
20the Budget Stabilization Act or Section 8.12 of the State
21Finance Act in any fiscal year do not reduce and do not
22constitute payment of any portion of the minimum State
23contribution required under this Article in that fiscal year.
24Such amounts shall not reduce, and shall not be included in the
25calculation of, the required State contributions under this
26Article in any future year until the System has reached a

 

 

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

 

 

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1year 2011, the State is contributing at the rate otherwise
2required under this Section.
3    (c) Payment of the required State contributions and of all
4pensions, retirement annuities, death benefits, refunds, and
5other benefits granted under or assumed by this System, and all
6expenses in connection with the administration and operation
7thereof, are obligations of the State.
8    If members are paid from special trust or federal funds
9which are administered by the employing unit, whether school
10district or other unit, the employing unit shall pay to the
11System from such funds the full accruing retirement costs based
12upon that service, as determined by the System. Employer
13contributions, based on salary paid to members from federal
14funds, may be forwarded by the distributing agency of the State
15of Illinois to the System prior to allocation, in an amount
16determined in accordance with guidelines established by such
17agency and the System.
18    (d) Effective July 1, 1986, any employer of a teacher as
19defined in paragraph (8) of Section 16-106 shall pay the
20employer's normal cost of benefits based upon the teacher's
21service, in addition to employee contributions, as determined
22by the System. Such employer contributions shall be forwarded
23monthly in accordance with guidelines established by the
24System.
25    However, with respect to benefits granted under Section
2616-133.4 or 16-133.5 to a teacher as defined in paragraph (8)

 

 

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1of Section 16-106, the employer's contribution shall be 12%
2(rather than 20%) of the member's highest annual salary rate
3for each year of creditable service granted, and the employer
4shall also pay the required employee contribution on behalf of
5the teacher. For the purposes of Sections 16-133.4 and
616-133.5, a teacher as defined in paragraph (8) of Section
716-106 who is serving in that capacity while on leave of
8absence from another employer under this Article shall not be
9considered an employee of the employer from which the teacher
10is on leave.
11    (e) Beginning July 1, 1998, every employer of a teacher
12shall pay to the System an employer contribution computed as
13follows:
14        (1) Beginning July 1, 1998 through June 30, 1999, the
15    employer contribution shall be equal to 0.3% of each
16    teacher's salary.
17        (2) Beginning July 1, 1999 and thereafter, the employer
18    contribution shall be equal to 0.58% of each teacher's
19    salary.
20The school district or other employing unit may pay these
21employer contributions out of any source of funding available
22for that purpose and shall forward the contributions to the
23System on the schedule established for the payment of member
24contributions.
25    These employer contributions are intended to offset a
26portion of the cost to the System of the increases in

 

 

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1retirement benefits resulting from this amendatory Act of 1998.
2    Each employer of teachers is entitled to a credit against
3the contributions required under this subsection (e) with
4respect to salaries paid to teachers for the period January 1,
52002 through June 30, 2003, equal to the amount paid by that
6employer under subsection (a-5) of Section 6.6 of the State
7Employees Group Insurance Act of 1971 with respect to salaries
8paid to teachers for that period.
9    The additional 1% employee contribution required under
10Section 16-152 by this amendatory Act of 1998 is the
11responsibility of the teacher and not the teacher's employer,
12unless the employer agrees, through collective bargaining or
13otherwise, to make the contribution on behalf of the teacher.
14    If an employer is required by a contract in effect on May
151, 1998 between the employer and an employee organization to
16pay, on behalf of all its full-time employees covered by this
17Article, all mandatory employee contributions required under
18this Article, then the employer shall be excused from paying
19the employer contribution required under this subsection (e)
20for the balance of the term of that contract. The employer and
21the employee organization shall jointly certify to the System
22the existence of the contractual requirement, in such form as
23the System may prescribe. This exclusion shall cease upon the
24termination, extension, or renewal of the contract at any time
25after May 1, 1998.
26    (f) If the amount of a teacher's salary for any school year

 

 

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1used to determine final average salary exceeds the member's
2annual full-time salary rate with the same employer for the
3previous school year by more than 6%, the teacher's employer
4shall pay to the System, in addition to all other payments
5required under this Section and in accordance with guidelines
6established by the System, the present value of the increase in
7benefits resulting from the portion of the increase in salary
8that is in excess of 6%. This present value shall be computed
9by the System on the basis of the actuarial assumptions and
10tables used in the most recent actuarial valuation of the
11System that is available at the time of the computation. If a
12teacher's salary for the 2005-2006 school year is used to
13determine final average salary under this subsection (f), then
14the changes made to this subsection (f) by Public Act 94-1057
15shall apply in calculating whether the increase in his or her
16salary is in excess of 6%. For the purposes of this Section,
17change in employment under Section 10-21.12 of the School Code
18on or after June 1, 2005 shall constitute a change in employer.
19The System may require the employer to provide any pertinent
20information or documentation. The changes made to this
21subsection (f) by this amendatory Act of the 94th General
22Assembly apply without regard to whether the teacher was in
23service on or after its effective date.
24    Whenever it determines that a payment is or may be required
25under this subsection, the System shall calculate the amount of
26the payment and bill the employer for that amount. The bill

 

 

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1shall specify the calculations used to determine the amount
2due. If the employer disputes the amount of the bill, it may,
3within 30 days after receipt of the bill, apply to the System
4in writing for a recalculation. The application must specify in
5detail the grounds of the dispute and, if the employer asserts
6that the calculation is subject to subsection (g) or (h) of
7this Section, must include an affidavit setting forth and
8attesting to all facts within the employer's knowledge that are
9pertinent to the applicability of that subsection. Upon
10receiving a timely application for recalculation, the System
11shall review the application and, if appropriate, recalculate
12the amount due.
13    The employer contributions required under this subsection
14(f) may be paid in the form of a lump sum within 90 days after
15receipt of the bill. If the employer contributions are not paid
16within 90 days after receipt of the bill, then interest will be
17charged at a rate equal to the System's annual actuarially
18assumed rate of return on investment compounded annually from
19the 91st day after receipt of the bill. Payments must be
20concluded within 3 years after the employer's receipt of the
21bill.
22    (g) This subsection (g) applies only to payments made or
23salary increases given on or after June 1, 2005 but before July
241, 2011. The changes made by Public Act 94-1057 shall not
25require the System to refund any payments received before July
2631, 2006 (the effective date of Public Act 94-1057).

 

 

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1    When assessing payment for any amount due under subsection
2(f), the System shall exclude salary increases paid to teachers
3under contracts or collective bargaining agreements entered
4into, amended, or renewed before June 1, 2005.
5    When assessing payment for any amount due under subsection
6(f), the System shall exclude salary increases paid to a
7teacher at a time when the teacher is 10 or more years from
8retirement eligibility under Section 16-132 or 16-133.2.
9    When assessing payment for any amount due under subsection
10(f), the System shall exclude salary increases resulting from
11overload work, including summer school, when the school
12district has certified to the System, and the System has
13approved the certification, that (i) the overload work is for
14the sole purpose of classroom instruction in excess of the
15standard number of classes for a full-time teacher in a school
16district during a school year and (ii) the salary increases are
17equal to or less than the rate of pay for classroom instruction
18computed on the teacher's current salary and work schedule.
19    When assessing payment for any amount due under subsection
20(f), the System shall exclude a salary increase resulting from
21a promotion (i) for which the employee is required to hold a
22certificate or supervisory endorsement issued by the State
23Teacher Certification Board that is a different certification
24or supervisory endorsement than is required for the teacher's
25previous position and (ii) to a position that has existed and
26been filled by a member for no less than one complete academic

 

 

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1year and the salary increase from the promotion is an increase
2that results in an amount no greater than the lesser of the
3average salary paid for other similar positions in the district
4requiring the same certification or the amount stipulated in
5the collective bargaining agreement for a similar position
6requiring the same certification.
7    When assessing payment for any amount due under subsection
8(f), the System shall exclude any payment to the teacher from
9the State of Illinois or the State Board of Education over
10which the employer does not have discretion, notwithstanding
11that the payment is included in the computation of final
12average salary.
13    (h) When assessing payment for any amount due under
14subsection (f), the System shall exclude any salary increase
15described in subsection (g) of this Section given on or after
16July 1, 2011 but before July 1, 2014 under a contract or
17collective bargaining agreement entered into, amended, or
18renewed on or after June 1, 2005 but before July 1, 2011.
19Notwithstanding any other provision of this Section, any
20payments made or salary increases given after June 30, 2014
21shall be used in assessing payment for any amount due under
22subsection (f) of this Section.
23    (i) The System shall prepare a report and file copies of
24the report with the Governor and the General Assembly by
25January 1, 2007 that contains all of the following information:
26        (1) The number of recalculations required by the

 

 

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1    changes made to this Section by Public Act 94-1057 for each
2    employer.
3        (2) The dollar amount by which each employer's
4    contribution to the System was changed due to
5    recalculations required by Public Act 94-1057.
6        (3) The total amount the System received from each
7    employer as a result of the changes made to this Section by
8    Public Act 94-4.
9        (4) The increase in the required State contribution
10    resulting from the changes made to this Section by Public
11    Act 94-1057.
12    (j) For purposes of determining the required State
13contribution to the System, the value of the System's assets
14shall be equal to the actuarial value of the System's assets,
15which shall be calculated as follows:
16    As of June 30, 2008, the actuarial value of the System's
17assets shall be equal to the market value of the assets as of
18that date. In determining the actuarial value of the System's
19assets for fiscal years after June 30, 2008, any actuarial
20gains or losses from investment return incurred in a fiscal
21year shall be recognized in equal annual amounts over the
225-year period following that fiscal year.
23    (k) For purposes of determining the required State
24contribution to the system for a particular year, the actuarial
25value of assets shall be assumed to earn a rate of return equal
26to the system's actuarially assumed rate of return.

 

 

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1(Source: P.A. 95-331, eff. 8-21-07; 95-950, eff. 8-29-08;
296-43, eff. 7-15-09.)
 
3    (40 ILCS 5/18-140)   (from Ch. 108 1/2, par. 18-140)
4    Sec. 18-140. To certify required State contributions and
5submit vouchers.
6    (a) The Board shall certify to the Governor, on or before
7November 15 of each year, the amount of the required State
8contribution to the System for the following fiscal year. The
9certification shall include a copy of the actuarial
10recommendations upon which it is based.
11    On or before May 1, 2004, the Board shall recalculate and
12recertify to the Governor the amount of the required State
13contribution to the System for State fiscal year 2005, taking
14into account the amounts appropriated to and received by the
15System under subsection (d) of Section 7.2 of the General
16Obligation Bond Act.
17    On or before July 1, 2005, the Board shall recalculate and
18recertify to the Governor the amount of the required State
19contribution to the System for State fiscal year 2006, taking
20into account the changes in required State contributions made
21by this amendatory Act of the 94th General Assembly.
22    On or before February 1, 2011, the Board shall recalculate
23and recertify to the Governor the amount of the required State
24contribution to the System for all of State fiscal year 2011,
25taking into account Public Act 96-889.

 

 

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1    (b) Beginning in State fiscal year 1996, on or as soon as
2possible after the 15th day of each month the Board shall
3submit vouchers for payment of State contributions to the
4System, in a total monthly amount of one-twelfth of the
5required annual State contribution certified under subsection
6(a). From the effective date of this amendatory Act of the 93rd
7General Assembly through June 30, 2004, the Board shall not
8submit vouchers for the remainder of fiscal year 2004 in excess
9of the fiscal year 2004 certified contribution amount
10determined under this Section after taking into consideration
11the transfer to the System under subsection (c) of Section
126z-61 of the State Finance Act. These vouchers shall be paid by
13the State Comptroller and Treasurer by warrants drawn on the
14funds appropriated to the System for that fiscal year.
15    If in any month the amount remaining unexpended from all
16other appropriations to the System for the applicable fiscal
17year (including the appropriations to the System under Section
188.12 of the State Finance Act and Section 1 of the State
19Pension Funds Continuing Appropriation Act) is less than the
20amount lawfully vouchered under this Section, the difference
21shall be paid from the General Revenue Fund under the
22continuing appropriation authority provided in Section 1.1 of
23the State Pension Funds Continuing Appropriation Act.
24(Source: P.A. 93-2, eff. 4-7-03; 93-665, eff. 3-5-04; 94-4,
25eff. 6-1-05.)
 

 

 

09600HB1566ham001- 24 -LRB096 24361 JDS 43944 a

1    Section 99. Effective date. This Act takes effect upon
2becoming law.".