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1    AN ACT concerning public employee benefits.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4
ARTICLE 5. RETIREMENT CONTRIBUTIONS

 
5    Section 5-5. The State Finance Act is amended by changing
6Sections 8.12 and 14.1 as follows:
 
7    (30 ILCS 105/8.12)   (from Ch. 127, par. 144.12)
8    Sec. 8.12. State Pensions Fund.
9    (a) The moneys in the State Pensions Fund shall be used
10exclusively for the administration of the Uniform Disposition
11of Unclaimed Property Act and for the expenses incurred by the
12Auditor General for administering the provisions of Section
132-8.1 of the Illinois State Auditing Act and for the funding of
14the unfunded liabilities of the designated retirement systems.
15Beginning in State fiscal year 2017 2016, payments to the
16designated retirement systems under this Section shall be in
17addition to, and not in lieu of, any State contributions
18required under the Illinois Pension Code.
19    "Designated retirement systems" means:
20        (1) the State Employees' Retirement System of
21    Illinois;
22        (2) the Teachers' Retirement System of the State of

 

 

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1    Illinois;
2        (3) the State Universities Retirement System;
3        (4) the Judges Retirement System of Illinois; and
4        (5) the General Assembly Retirement System.
5    (b) Each year the General Assembly may make appropriations
6from the State Pensions Fund for the administration of the
7Uniform Disposition of Unclaimed Property Act.
8    Each month, the Commissioner of the Office of Banks and
9Real Estate shall certify to the State Treasurer the actual
10expenditures that the Office of Banks and Real Estate incurred
11conducting unclaimed property examinations under the Uniform
12Disposition of Unclaimed Property Act during the immediately
13preceding month. Within a reasonable time following the
14acceptance of such certification by the State Treasurer, the
15State Treasurer shall pay from its appropriation from the State
16Pensions Fund to the Bank and Trust Company Fund, the Savings
17Bank Regulatory Fund, and the Residential Finance Regulatory
18Fund an amount equal to the expenditures incurred by each Fund
19for that month.
20    Each month, the Director of Financial Institutions shall
21certify to the State Treasurer the actual expenditures that the
22Department of Financial Institutions incurred conducting
23unclaimed property examinations under the Uniform Disposition
24of Unclaimed Property Act during the immediately preceding
25month. Within a reasonable time following the acceptance of
26such certification by the State Treasurer, the State Treasurer

 

 

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1shall pay from its appropriation from the State Pensions Fund
2to the Financial Institution Fund and the Credit Union Fund an
3amount equal to the expenditures incurred by each Fund for that
4month.
5    (c) As soon as possible after the effective date of this
6amendatory Act of the 93rd General Assembly, the General
7Assembly shall appropriate from the State Pensions Fund (1) to
8the State Universities Retirement System the amount certified
9under Section 15-165 during the prior year, (2) to the Judges
10Retirement System of Illinois the amount certified under
11Section 18-140 during the prior year, and (3) to the General
12Assembly Retirement System the amount certified under Section
132-134 during the prior year as part of the required State
14contributions to each of those designated retirement systems;
15except that amounts appropriated under this subsection (c) in
16State fiscal year 2005 shall not reduce the amount in the State
17Pensions Fund below $5,000,000. If the amount in the State
18Pensions Fund does not exceed the sum of the amounts certified
19in Sections 15-165, 18-140, and 2-134 by at least $5,000,000,
20the amount paid to each designated retirement system under this
21subsection shall be reduced in proportion to the amount
22certified by each of those designated retirement systems.
23    (c-5) For fiscal years 2006 through 2016 2015, the General
24Assembly shall appropriate from the State Pensions Fund to the
25State Universities Retirement System the amount estimated to be
26available during the fiscal year in the State Pensions Fund;

 

 

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1provided, however, that the amounts appropriated under this
2subsection (c-5) shall not reduce the amount in the State
3Pensions Fund below $5,000,000.
4    (c-6) For fiscal year 2017 2016 and each fiscal year
5thereafter, as soon as may be practical after any money is
6deposited into the State Pensions Fund from the Unclaimed
7Property Trust Fund, the State Treasurer shall apportion the
8deposited amount among the designated retirement systems as
9defined in subsection (a) to reduce their actuarial reserve
10deficiencies. The State Comptroller and State Treasurer shall
11pay the apportioned amounts to the designated retirement
12systems to fund the unfunded liabilities of the designated
13retirement systems. The amount apportioned to each designated
14retirement system shall constitute a portion of the amount
15estimated to be available for appropriation from the State
16Pensions Fund that is the same as that retirement system's
17portion of the total actual reserve deficiency of the systems,
18as determined annually by the Governor's Office of Management
19and Budget at the request of the State Treasurer. The amounts
20apportioned under this subsection shall not reduce the amount
21in the State Pensions Fund below $5,000,000.
22    (d) The Governor's Office of Management and Budget shall
23determine the individual and total reserve deficiencies of the
24designated retirement systems. For this purpose, the
25Governor's Office of Management and Budget shall utilize the
26latest available audit and actuarial reports of each of the

 

 

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1retirement systems and the relevant reports and statistics of
2the Public Employee Pension Fund Division of the Department of
3Insurance.
4    (d-1) As soon as practicable after the effective date of
5this amendatory Act of the 93rd General Assembly, the
6Comptroller shall direct and the Treasurer shall transfer from
7the State Pensions Fund to the General Revenue Fund, as funds
8become available, a sum equal to the amounts that would have
9been paid from the State Pensions Fund to the Teachers'
10Retirement System of the State of Illinois, the State
11Universities Retirement System, the Judges Retirement System
12of Illinois, the General Assembly Retirement System, and the
13State Employees' Retirement System of Illinois after the
14effective date of this amendatory Act during the remainder of
15fiscal year 2004 to the designated retirement systems from the
16appropriations provided for in this Section if the transfers
17provided in Section 6z-61 had not occurred. The transfers
18described in this subsection (d-1) are to partially repay the
19General Revenue Fund for the costs associated with the bonds
20used to fund the moneys transferred to the designated
21retirement systems under Section 6z-61.
22    (e) The changes to this Section made by this amendatory Act
23of 1994 shall first apply to distributions from the Fund for
24State fiscal year 1996.
25(Source: P.A. 97-72, eff. 7-1-11; 97-732, eff. 6-30-12; 98-24,
26eff. 6-19-13; 98-463, eff. 8-16-13; 98-674, eff. 6-30-14;

 

 

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198-1081, eff. 1-1-15; revised 10-1-14.)
 
2    (30 ILCS 105/14.1)   (from Ch. 127, par. 150.1)
3    Sec. 14.1. Appropriations for State contributions to the
4State Employees' Retirement System; payroll requirements.
5    (a) Appropriations for State contributions to the State
6Employees' Retirement System of Illinois shall be expended in
7the manner provided in this Section. Except as otherwise
8provided in subsections (a-1), (a-2), (a-3), and (a-4) at the
9time of each payment of salary to an employee under the
10personal services line item, payment shall be made to the State
11Employees' Retirement System, from the amount appropriated for
12State contributions to the State Employees' Retirement System,
13of an amount calculated at the rate certified for the
14applicable fiscal year by the Board of Trustees of the State
15Employees' Retirement System under Section 14-135.08 of the
16Illinois Pension Code. If a line item appropriation to an
17employer for this purpose is exhausted or is unavailable due to
18any limitation on appropriations that may apply, (including,
19but not limited to, limitations on appropriations from the Road
20Fund under Section 8.3 of the State Finance Act), the amounts
21shall be paid under the continuing appropriation for this
22purpose contained in the State Pension Funds Continuing
23Appropriation Act.
24    (a-1) Beginning on the effective date of this amendatory
25Act of the 93rd General Assembly through the payment of the

 

 

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1final payroll from fiscal year 2004 appropriations,
2appropriations for State contributions to the State Employees'
3Retirement System of Illinois shall be expended in the manner
4provided in this subsection (a-1). At the time of each payment
5of salary to an employee under the personal services line item
6from a fund other than the General Revenue Fund, payment shall
7be made for deposit into the General Revenue Fund from the
8amount appropriated for State contributions to the State
9Employees' Retirement System of an amount calculated at the
10rate certified for fiscal year 2004 by the Board of Trustees of
11the State Employees' Retirement System under Section 14-135.08
12of the Illinois Pension Code. This payment shall be made to the
13extent that a line item appropriation to an employer for this
14purpose is available or unexhausted. No payment from
15appropriations for State contributions shall be made in
16conjunction with payment of salary to an employee under the
17personal services line item from the General Revenue Fund.
18    (a-2) For fiscal year 2010 only, at the time of each
19payment of salary to an employee under the personal services
20line item from a fund other than the General Revenue Fund,
21payment shall be made for deposit into the State Employees'
22Retirement System of Illinois from the amount appropriated for
23State contributions to the State Employees' Retirement System
24of Illinois of an amount calculated at the rate certified for
25fiscal year 2010 by the Board of Trustees of the State
26Employees' Retirement System of Illinois under Section

 

 

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114-135.08 of the Illinois Pension Code. This payment shall be
2made to the extent that a line item appropriation to an
3employer for this purpose is available or unexhausted. For
4fiscal year 2010 only, no payment from appropriations for State
5contributions shall be made in conjunction with payment of
6salary to an employee under the personal services line item
7from the General Revenue Fund.
8    (a-3) For fiscal year 2011 only, at the time of each
9payment of salary to an employee under the personal services
10line item from a fund other than the General Revenue Fund,
11payment shall be made for deposit into the State Employees'
12Retirement System of Illinois from the amount appropriated for
13State contributions to the State Employees' Retirement System
14of Illinois of an amount calculated at the rate certified for
15fiscal year 2011 by the Board of Trustees of the State
16Employees' Retirement System of Illinois under Section
1714-135.08 of the Illinois Pension Code. This payment shall be
18made to the extent that a line item appropriation to an
19employer for this purpose is available or unexhausted. For
20fiscal year 2011 only, no payment from appropriations for State
21contributions shall be made in conjunction with payment of
22salary to an employee under the personal services line item
23from the General Revenue Fund.
24    (a-4) In fiscal years 2012 through 2016 2015 only, at the
25time of each payment of salary to an employee under the
26personal services line item from a fund other than the General

 

 

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1Revenue Fund, payment shall be made for deposit into the State
2Employees' Retirement System of Illinois from the amount
3appropriated for State contributions to the State Employees'
4Retirement System of Illinois of an amount calculated at the
5rate certified for the applicable fiscal year by the Board of
6Trustees of the State Employees' Retirement System of Illinois
7under Section 14-135.08 of the Illinois Pension Code. In fiscal
8years 2012 through 2016 2015 only, no payment from
9appropriations for State contributions shall be made in
10conjunction with payment of salary to an employee under the
11personal services line item from the General Revenue Fund.
12    (b) Except during the period beginning on the effective
13date of this amendatory Act of the 93rd General Assembly and
14ending at the time of the payment of the final payroll from
15fiscal year 2004 appropriations, the State Comptroller shall
16not approve for payment any payroll voucher that (1) includes
17payments of salary to eligible employees in the State
18Employees' Retirement System of Illinois and (2) does not
19include the corresponding payment of State contributions to
20that retirement system at the full rate certified under Section
2114-135.08 for that fiscal year for eligible employees, unless
22the balance in the fund on which the payroll voucher is drawn
23is insufficient to pay the total payroll voucher, or
24unavailable due to any limitation on appropriations that may
25apply, including, but not limited to, limitations on
26appropriations from the Road Fund under Section 8.3 of the

 

 

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1State Finance Act. If the State Comptroller approves a payroll
2voucher under this Section for which the fund balance is
3insufficient to pay the full amount of the required State
4contribution to the State Employees' Retirement System, the
5Comptroller shall promptly so notify the Retirement System.
6    (b-1) For fiscal year 2010 and fiscal year 2011 only, the
7State Comptroller shall not approve for payment any non-General
8Revenue Fund payroll voucher that (1) includes payments of
9salary to eligible employees in the State Employees' Retirement
10System of Illinois and (2) does not include the corresponding
11payment of State contributions to that retirement system at the
12full rate certified under Section 14-135.08 for that fiscal
13year for eligible employees, unless the balance in the fund on
14which the payroll voucher is drawn is insufficient to pay the
15total payroll voucher, or unavailable due to any limitation on
16appropriations that may apply, including, but not limited to,
17limitations on appropriations from the Road Fund under Section
188.3 of the State Finance Act. If the State Comptroller approves
19a payroll voucher under this Section for which the fund balance
20is insufficient to pay the full amount of the required State
21contribution to the State Employees' Retirement System of
22Illinois, the Comptroller shall promptly so notify the
23retirement system.
24    (c) Notwithstanding any other provisions of law, beginning
25July 1, 2007, required State and employee contributions to the
26State Employees' Retirement System of Illinois relating to

 

 

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1affected legislative staff employees shall be paid out of
2moneys appropriated for that purpose to the Commission on
3Government Forecasting and Accountability, rather than out of
4the lump-sum appropriations otherwise made for the payroll and
5other costs of those employees.
6    These payments must be made pursuant to payroll vouchers
7submitted by the employing entity as part of the regular
8payroll voucher process.
9    For the purpose of this subsection, "affected legislative
10staff employees" means legislative staff employees paid out of
11lump-sum appropriations made to the General Assembly, an
12Officer of the General Assembly, or the Senate Operations
13Commission, but does not include district-office staff or
14employees of legislative support services agencies.
15(Source: P.A. 97-72, eff. 7-1-11; 97-732, eff. 6-30-12; 98-24,
16eff. 6-19-13; 98-674, eff. 6-30-14.)
 
17    Section 5-10. The Illinois Pension Code is amended by
18changing Sections 3-125, 4-118, 7-172.1, 7-195.1, 7-210,
197-214, and 14-131 and by adding Sections 9-184.5, 10-107.5,
2012-149.5, 13-503.5, and 22-104 as follows:
 
21    (40 ILCS 5/3-125)  (from Ch. 108 1/2, par. 3-125)
22    Sec. 3-125. Financing.
23    (a) The city council or the board of trustees of the
24municipality shall annually levy a tax upon all the taxable

 

 

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1property of the municipality at the rate on the dollar which
2will produce an amount which, when added to the deductions from
3the salaries or wages of police officers, and revenues
4available from other sources, will equal a sum sufficient to
5meet the annual requirements of the police pension fund. The
6annual requirements to be provided by such tax levy are equal
7to (1) the normal cost of the pension fund for the year
8involved, plus (2) an amount sufficient to bring the total
9assets of the pension fund up to 90% of the total actuarial
10liabilities of the pension fund by the end of municipal fiscal
11year 2040, as annually updated and determined by an enrolled
12actuary employed by the Illinois Department of Insurance or by
13an enrolled actuary retained by the pension fund or the
14municipality. In making these determinations, the required
15minimum employer contribution shall be calculated each year as
16a level percentage of payroll over the years remaining up to
17and including fiscal year 2040 and shall be determined under
18the projected unit credit actuarial cost method. The tax shall
19be levied and collected in the same manner as the general taxes
20of the municipality, and in addition to all other taxes now or
21hereafter authorized to be levied upon all property within the
22municipality, and shall be in addition to the amount authorized
23to be levied for general purposes as provided by Section 8-3-1
24of the Illinois Municipal Code, approved May 29, 1961, as
25amended. The tax shall be forwarded directly to the treasurer
26of the board within 30 business days after receipt by the

 

 

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1county.
2    (b) For purposes of determining the required employer
3contribution to a pension fund, the value of the pension fund's
4assets shall be equal to the actuarial value of the pension
5fund's assets, which shall be calculated as follows:
6        (1) On March 30, 2011, the actuarial value of a pension
7    fund's assets shall be equal to the market value of the
8    assets as of that date.
9        (2) In determining the actuarial value of the System's
10    assets for fiscal years after March 30, 2011, any actuarial
11    gains or losses from investment return incurred in a fiscal
12    year shall be recognized in equal annual amounts over the
13    5-year period following that fiscal year.
14    (c) If a participating municipality fails to transmit to
15the fund contributions required of it under this Article for
16more than 90 days after the payment of those contributions is
17due, the fund may, after giving notice to the municipality,
18certify to the State Comptroller the amounts of the delinquent
19payments in accordance with any applicable rules of the
20Comptroller, and the Comptroller must, beginning in fiscal year
212016, deduct and remit to deposit into the fund the certified
22amounts or a portion of those amounts from the following
23proportions of payments grants of State funds to the
24municipality:
25        (1) in fiscal year 2016, one-third of the total amount
26    of any payments grants of State funds to the municipality;

 

 

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1        (2) in fiscal year 2017, two-thirds of the total amount
2    of any payments grants of State funds to the municipality;
3    and
4        (3) in fiscal year 2018 and each fiscal year
5    thereafter, the total amount of any payments grants of
6    State funds to the municipality.
7    The State Comptroller may not deduct from any payments
8grants of State funds to the municipality more than the amount
9of delinquent payments certified to the State Comptroller by
10the fund.
11    (d) The police pension fund shall consist of the following
12moneys which shall be set apart by the treasurer of the
13municipality:
14        (1) All moneys derived from the taxes levied hereunder;
15        (2) Contributions by police officers under Section
16    3-125.1;
17        (3) All moneys accumulated by the municipality under
18    any previous legislation establishing a fund for the
19    benefit of disabled or retired police officers;
20        (4) Donations, gifts or other transfers authorized by
21    this Article.
22    (e) The Commission on Government Forecasting and
23Accountability shall conduct a study of all funds established
24under this Article and shall report its findings to the General
25Assembly on or before January 1, 2013. To the fullest extent
26possible, the study shall include, but not be limited to, the

 

 

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1following:
2        (1) fund balances;
3        (2) historical employer contribution rates for each
4    fund;
5        (3) the actuarial formulas used as a basis for employer
6    contributions, including the actual assumed rate of return
7    for each year, for each fund;
8        (4) available contribution funding sources;
9        (5) the impact of any revenue limitations caused by
10    PTELL and employer home rule or non-home rule status; and
11        (6) existing statutory funding compliance procedures
12    and funding enforcement mechanisms for all municipal
13    pension funds.
14(Source: P.A. 95-530, eff. 8-28-07; 96-1495, eff. 1-1-11.)
 
15    (40 ILCS 5/4-118)  (from Ch. 108 1/2, par. 4-118)
16    Sec. 4-118. Financing.
17    (a) The city council or the board of trustees of the
18municipality shall annually levy a tax upon all the taxable
19property of the municipality at the rate on the dollar which
20will produce an amount which, when added to the deductions from
21the salaries or wages of firefighters and revenues available
22from other sources, will equal a sum sufficient to meet the
23annual actuarial requirements of the pension fund, as
24determined by an enrolled actuary employed by the Illinois
25Department of Insurance or by an enrolled actuary retained by

 

 

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1the pension fund or municipality. For the purposes of this
2Section, the annual actuarial requirements of the pension fund
3are equal to (1) the normal cost of the pension fund, or 17.5%
4of the salaries and wages to be paid to firefighters for the
5year involved, whichever is greater, plus (2) an annual amount
6sufficient to bring the total assets of the pension fund up to
790% of the total actuarial liabilities of the pension fund by
8the end of municipal fiscal year 2040, as annually updated and
9determined by an enrolled actuary employed by the Illinois
10Department of Insurance or by an enrolled actuary retained by
11the pension fund or the municipality. In making these
12determinations, the required minimum employer contribution
13shall be calculated each year as a level percentage of payroll
14over the years remaining up to and including fiscal year 2040
15and shall be determined under the projected unit credit
16actuarial cost method. The amount to be applied towards the
17amortization of the unfunded accrued liability in any year
18shall not be less than the annual amount required to amortize
19the unfunded accrued liability, including interest, as a level
20percentage of payroll over the number of years remaining in the
2140 year amortization period.
22    (a-5) For purposes of determining the required employer
23contribution to a pension fund, the value of the pension fund's
24assets shall be equal to the actuarial value of the pension
25fund's assets, which shall be calculated as follows:
26        (1) On March 30, 2011, the actuarial value of a pension

 

 

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1    fund's assets shall be equal to the market value of the
2    assets as of that date.
3        (2) In determining the actuarial value of the pension
4    fund's assets for fiscal years after March 30, 2011, any
5    actuarial gains or losses from investment return incurred
6    in a fiscal year shall be recognized in equal annual
7    amounts over the 5-year period following that fiscal year.
8    (b) The tax shall be levied and collected in the same
9manner as the general taxes of the municipality, and shall be
10in addition to all other taxes now or hereafter authorized to
11be levied upon all property within the municipality, and in
12addition to the amount authorized to be levied for general
13purposes, under Section 8-3-1 of the Illinois Municipal Code or
14under Section 14 of the Fire Protection District Act. The tax
15shall be forwarded directly to the treasurer of the board
16within 30 business days of receipt by the county (or, in the
17case of amounts added to the tax levy under subsection (f),
18used by the municipality to pay the employer contributions
19required under subsection (b-1) of Section 15-155 of this
20Code).
21    (b-5) If a participating municipality fails to transmit to
22the fund contributions required of it under this Article for
23more than 90 days after the payment of those contributions is
24due, the fund may, after giving notice to the municipality,
25certify to the State Comptroller the amounts of the delinquent
26payments in accordance with any applicable rules of the

 

 

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1Comptroller, and the Comptroller must, beginning in fiscal year
22016, deduct and remit to deposit into the fund the certified
3amounts or a portion of those amounts from the following
4proportions of payments grants of State funds to the
5municipality:
6        (1) in fiscal year 2016, one-third of the total amount
7    of any payments grants of State funds to the municipality;
8        (2) in fiscal year 2017, two-thirds of the total amount
9    of any payments grants of State funds to the municipality;
10    and
11        (3) in fiscal year 2018 and each fiscal year
12    thereafter, the total amount of any payments grants of
13    State funds to the municipality.
14    The State Comptroller may not deduct from any payments
15grants of State funds to the municipality more than the amount
16of delinquent payments certified to the State Comptroller by
17the fund.
18    (c) The board shall make available to the membership and
19the general public for inspection and copying at reasonable
20times the most recent Actuarial Valuation Balance Sheet and Tax
21Levy Requirement issued to the fund by the Department of
22Insurance.
23    (d) The firefighters' pension fund shall consist of the
24following moneys which shall be set apart by the treasurer of
25the municipality: (1) all moneys derived from the taxes levied
26hereunder; (2) contributions by firefighters as provided under

 

 

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1Section 4-118.1; (3) all rewards in money, fees, gifts, and
2emoluments that may be paid or given for or on account of
3extraordinary service by the fire department or any member
4thereof, except when allowed to be retained by competitive
5awards; and (4) any money, real estate or personal property
6received by the board.
7    (e) For the purposes of this Section, "enrolled actuary"
8means an actuary: (1) who is a member of the Society of
9Actuaries or the American Academy of Actuaries; and (2) who is
10enrolled under Subtitle C of Title III of the Employee
11Retirement Income Security Act of 1974, or who has been engaged
12in providing actuarial services to one or more public
13retirement systems for a period of at least 3 years as of July
141, 1983.
15    (f) The corporate authorities of a municipality that
16employs a person who is described in subdivision (d) of Section
174-106 may add to the tax levy otherwise provided for in this
18Section an amount equal to the projected cost of the employer
19contributions required to be paid by the municipality to the
20State Universities Retirement System under subsection (b-1) of
21Section 15-155 of this Code.
22    (g) The Commission on Government Forecasting and
23Accountability shall conduct a study of all funds established
24under this Article and shall report its findings to the General
25Assembly on or before January 1, 2013. To the fullest extent
26possible, the study shall include, but not be limited to, the

 

 

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1following:
2        (1) fund balances;
3        (2) historical employer contribution rates for each
4    fund;
5        (3) the actuarial formulas used as a basis for employer
6    contributions, including the actual assumed rate of return
7    for each year, for each fund;
8        (4) available contribution funding sources;
9        (5) the impact of any revenue limitations caused by
10    PTELL and employer home rule or non-home rule status; and
11        (6) existing statutory funding compliance procedures
12    and funding enforcement mechanisms for all municipal
13    pension funds.
14(Source: P.A. 96-1495, eff. 1-1-11.)
 
15    (40 ILCS 5/7-172.1)  (from Ch. 108 1/2, par. 7-172.1)
16    Sec. 7-172.1. Actions to enforce payments by
17municipalities and instrumentalities.
18    (a) If any participating municipality or participating
19instrumentality fails to transmit to the Fund contributions
20required of it under this Article or contributions collected by
21it from its participating employees for the purposes of this
22Article for more than 90 days after the payment of such
23contributions is due, the Fund, after giving notice to such
24municipality or instrumentality, may certify to the State
25Comptroller the amounts of such delinquent payments in

 

 

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1accordance with any applicable rules of the Comptroller, and
2the Comptroller shall deduct the amounts so certified or any
3part thereof from any payments grants of State funds to the
4municipality or instrumentality involved and shall remit pay
5the amount so deducted to the Fund. If State funds from which
6such deductions may be made are not available, the Fund may
7proceed against the municipality or instrumentality to recover
8the amounts of such delinquent payments in the appropriate
9circuit court.
10    (b) If any participating municipality fails to transmit to
11the Fund contributions required of it under this Article or
12contributions collected by it from its participating employees
13for the purposes of this Article for more than 90 days after
14the payment of such contributions is due, the Fund, after
15giving notice to such municipality, may certify the fact of
16such delinquent payment to the county treasurer of the county
17in which such municipality is located, who shall thereafter
18remit the amounts collected from the tax levied by the
19municipality under Section 7-171 directly to the Fund.
20    (c) If reports furnished to the Fund by the municipality or
21instrumentality involved are inadequate for the computation of
22the amounts of such delinquent payments, the Fund may provide
23for such audit of the records of the municipality or
24instrumentality as may be required to establish the amounts of
25such delinquent payments. The municipality or instrumentality
26shall make its records available to the Fund for the purpose of

 

 

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1such audit. The cost of such audit shall be added to the amount
2of the delinquent payments and shall be recovered by the Fund
3from the municipality or instrumentality at the same time and
4in the same manner as the delinquent payments are recovered.
5(Source: P.A. 86-273.)
 
6    (40 ILCS 5/7-195.1)  (from Ch. 108 1/2, par. 7-195.1)
7    Sec. 7-195.1. To establish and maintain a revolving
8account. To establish and maintain a revolving account in a
9bank or savings and loan association, approved by the State
10Treasurer as a State depositary and having capital funds,
11represented by capital, surplus, and undivided profits, of at
12least 5 million dollars, for the purpose of making payments of
13annuities, benefits, and administrative expenses and payments
14to the State Agency provided in Section 7-170. All funds
15deposited in such account shall be placed in the name of the
16Fund fund and shall be withdrawn only by a check or draft upon
17the bank or savings and loan association signed by the
18president of the board or the executive director, as the board
19may direct. In case the president or executive director, whose
20signature appears upon any check or draft, after attaching his
21signature ceases to hold office before the delivery thereof to
22the payee, his signature nevertheless shall be valid and
23sufficient for all purposes with the same effect as if he had
24remained in office until delivery thereof. The revolving
25account shall be created by resolution of the board. The State

 

 

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1Comptroller, upon receipt of a copy of such resolution and a
2voucher designating the payment of $300,000 into the revolving
3account, shall draw his warrant on the State Treasurer for
4payment of same to the Fund for deposit in the revolving
5account. The monies in the revolving account shall be held and
6expenditures shall be made by the Fund for the purposes herein
7set forth. The Fund shall reimburse the revolving account for
8expenditures for such purposes and the Comptroller, upon
9receipt of vouchers signed as provided in Section 7-210 and
10including a statement of expenditures made from the revolving
11account, shall draw his warrant on the State Treasurer for the
12payment of the amount of such expenditures to the Fund for
13deposit in the revolving account.
14    No bank or savings and loan association shall receive
15investment funds as permitted by this Section, unless it has
16complied with the requirements established pursuant to Section
176 of the Public Funds Investment Act "An Act relating to
18certain investments of public funds by public agencies",
19approved July 23, 1943, as now or hereafter amended. The
20limitations set forth in such Section 6 shall be applicable
21only at the time of investment and shall not require the
22liquidation of any investment at any time.
23(Source: P.A. 83-541.)
 
24    (40 ILCS 5/7-210)  (from Ch. 108 1/2, par. 7-210)
25    Sec. 7-210. Funds.

 

 

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1    (a) All money received by the board shall immediately be
2deposited with the custodian State Treasurer for the account of
3the Fund fund, or in the case of funds received under Section
47-199.1, in a separate account maintained for that purpose. All
5payments from the accounts of the Fund shall be made by the
6custodian only, and only by a check or draft signed by the
7president of the board or the executive director, as the board
8may direct. Such checks and drafts All disbursements of funds
9held by the State Treasurer shall be made only upon warrants of
10the State Comptroller drawn upon the Treasurer as custodian of
11this fund upon vouchers signed by the person or persons
12designated for such purpose by resolution of the board. The
13Comptroller is authorized to draw such warrants upon vouchers
14so signed, including warrants payable to the Fund for deposit
15in a revolving account authorized by Section 7-195.1. The
16Treasurer shall accept all warrants so signed and shall be
17released from liability for all payments made thereon. Vouchers
18shall be drawn only upon proper authorization by the board as
19properly recorded in the official minute books of the meetings
20of the board.
21    (b) (Blank). All securities of the fund when received shall
22be deposited with the State Treasurer who shall provide
23adequate safe deposit facilities for their preservation and
24have custody of them.
25    (c) The assets of the Fund fund shall be invested as one
26fund, and no particular person, municipality, or

 

 

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1instrumentality thereof or participating instrumentality shall
2have any right in any specific security or in any item of cash
3other than an undivided interest in the whole.
4    (d) Except as provided in subsection (d-5), whenever any
5employees of a municipality or participating instrumentality
6have been or shall be excluded from participation in this Fund
7fund by virtue of the application of paragraph b of Section
87-109 (2), the board shall issue a check or draft voucher
9authorizing the Comptroller to draw his warrant upon the
10Treasurer as custodian of this fund in an amount equal to the
11accumulated contributions of such employees. Such check or
12draft warrant shall be drawn in favor of the appropriate fund
13of the pension or retirement fund in which such employees have
14or shall become participants. Such transfer shall terminate any
15further rights of such employees under this Fund fund.
16    (d-5) Upon creation of a newly established Article 3 police
17pension fund by referendum under Section 3-145 or by census
18under Section 3-105, the following amounts shall be transferred
19from this Fund to the new police pension fund, within 30 days
20after an application therefor is received from the new pension
21fund:
22        (1) the amounts actually contributed to this Fund as
23    employee contributions by or on behalf of the police
24    officers transferring to the new pension fund for their
25    service as police officers of the municipality that is
26    establishing the new pension fund, plus interest on those

 

 

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1    amounts at the rate of 6% per year, compounded annually,
2    from the date of contribution to the date of transfer to
3    the new pension fund, and
4        (2) an amount representing employer contributions,
5    equal to the total amount determined under item (1).
6This transfer terminates any further rights of such police
7officers in this Fund arising out of their service as police
8officers of the municipality that is establishing the new
9pension fund.
10    (e) If a participating instrumentality terminates
11participation because it fails to meet the requirements of
12Section 7-108, it shall pay to the Fund fund the amount equal
13to any net debit balance in its municipality reserve account
14and account receivable. Its successors, and assigns and
15transferees of its assets shall be obligated to make this
16payment to the extent of the value of assets transferred to
17them. The Fund fund shall pay an amount equal to any net credit
18balance to the participating instrumentality, its successors
19or assigns. Any remaining net debit or credit balance not
20collectible or payable shall be transferred to the terminated
21municipality reserve account. The Fund fund shall pay to each
22employee of the participating instrumentality an amount equal
23to his credits in the employee reserves. The employees shall
24have no further rights to any benefits from the Fund fund,
25except that annuities awarded prior to the date of termination
26shall continue to be paid.

 

 

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1(Source: P.A. 98-729, eff. 7-26-14.)
 
2    (40 ILCS 5/7-214)  (from Ch. 108 1/2, par. 7-214)
3    Sec. 7-214. Custodian State treasurer. The Board shall
4appoint one or more custodians to receive and hold the assets
5of the Fund on such terms as the Board may agree. The State
6Treasurer shall be the treasurer of the fund and shall be
7responsible for the proper handling of all the assets of the
8fund in accordance with this Article. He shall furnish a
9corporate surety bond of such amount as the board designates,
10which bond shall indemnify the board against any loss which may
11result from any action or failure to act by the treasurer or
12any of his agents. All charges incidental to the procuring and
13giving of such bond shall be paid by the board.
14(Source: Laws 1963, p. 161.)
 
15    (40 ILCS 5/9-184.5 new)
16    Sec. 9-184.5. Delinquent contributions; deduction from
17payments of State funds to the county. If the county fails to
18transmit to the Fund contributions required of it under this
19Article by December 31st of the year in which such
20contributions are due, the Fund may, after giving notice to the
21county, certify to the State Comptroller the amounts of the
22delinquent payments in accordance with any applicable rules of
23the Comptroller, and the Comptroller must, beginning in payment
24year 2016, deduct and remit to the Fund the certified amounts

 

 

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1from payments of State funds to the county.
2    The State Comptroller may not deduct from any payments of
3State funds to the county more than the amount of delinquent
4payments certified to the State Comptroller by the Fund.
 
5    (40 ILCS 5/10-107.5 new)
6    Sec. 10-107.5. Delinquent contributions; deduction from
7payments of State funds to the district. If the district fails
8to transmit to the Fund contributions required of it under this
9Article by December 31st of the year in which such
10contributions are due, the Fund may, after giving notice to the
11district, certify to the State Comptroller the amounts of the
12delinquent payments in accordance with any applicable rules of
13the Comptroller, and the Comptroller must, beginning in payment
14year 2016, deduct and remit to the Fund the certified amounts
15from payments of State funds to the district.
16    The State Comptroller may not deduct from any payments of
17State funds to the district more than the amount of delinquent
18payments certified to the State Comptroller by the Fund.
 
19    (40 ILCS 5/12-149.5 new)
20    Sec. 12-149.5. Delinquent contributions; deduction from
21payments of State funds to the employer. If the employer fails
22to transmit to the Fund contributions required of it under this
23Article by December 31st of the year in which such
24contributions are due, the Fund may, after giving notice to the

 

 

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1employer, certify to the State Comptroller the amounts of the
2delinquent payments in accordance with any applicable rules of
3the Comptroller, and the Comptroller must, beginning in payment
4year 2016, deduct and remit to the Fund the certified amounts
5from payments of State funds to the employer.
6    The State Comptroller may not deduct from any payments of
7State funds to the employer more than the amount of delinquent
8payments certified to the State Comptroller by the Fund.
 
9    (40 ILCS 5/13-503.5 new)
10    Sec. 13-503.5. Delinquent contributions; deduction from
11payments of State funds to the employer. If the employer fails
12to transmit to the Fund contributions required of it under this
13Article by December 31st of the year in which such
14contributions are due, the Fund may, after giving notice to the
15employer, certify to the State Comptroller the amounts of the
16delinquent payments in accordance with any applicable rules of
17the Comptroller, and the Comptroller must, beginning in payment
18year 2016, deduct and remit to the Fund the certified amounts
19from payments of State funds to the employer.
20    The State Comptroller may not deduct from any payments of
21State funds to the employer more than the amount of delinquent
22payments certified to the State Comptroller by the Fund.
 
23    (40 ILCS 5/14-131)
24    (Text of Section WITHOUT the changes made by P.A. 98-599,

 

 

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1which has been held unconstitutional)
2    Sec. 14-131. Contributions by State.
3    (a) The State shall make contributions to the System by
4appropriations of amounts which, together with other employer
5contributions from trust, federal, and other funds, employee
6contributions, investment income, and other income, will be
7sufficient to meet the cost of maintaining and administering
8the System on a 90% funded basis in accordance with actuarial
9recommendations.
10    For the purposes of this Section and Section 14-135.08,
11references to State contributions refer only to employer
12contributions and do not include employee contributions that
13are picked up or otherwise paid by the State or a department on
14behalf of the employee.
15    (b) The Board shall determine the total amount of State
16contributions required for each fiscal year on the basis of the
17actuarial tables and other assumptions adopted by the Board,
18using the formula in subsection (e).
19    The Board shall also determine a State contribution rate
20for each fiscal year, expressed as a percentage of payroll,
21based on the total required State contribution for that fiscal
22year (less the amount received by the System from
23appropriations under Section 8.12 of the State Finance Act and
24Section 1 of the State Pension Funds Continuing Appropriation
25Act, if any, for the fiscal year ending on the June 30
26immediately preceding the applicable November 15 certification

 

 

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1deadline), the estimated payroll (including all forms of
2compensation) for personal services rendered by eligible
3employees, and the recommendations of the actuary.
4    For the purposes of this Section and Section 14.1 of the
5State Finance Act, the term "eligible employees" includes
6employees who participate in the System, persons who may elect
7to participate in the System but have not so elected, persons
8who are serving a qualifying period that is required for
9participation, and annuitants employed by a department as
10described in subdivision (a)(1) or (a)(2) of Section 14-111.
11    (c) Contributions shall be made by the several departments
12for each pay period by warrants drawn by the State Comptroller
13against their respective funds or appropriations based upon
14vouchers stating the amount to be so contributed. These amounts
15shall be based on the full rate certified by the Board under
16Section 14-135.08 for that fiscal year. From the effective date
17of this amendatory Act of the 93rd General Assembly through the
18payment of the final payroll from fiscal year 2004
19appropriations, the several departments shall not make
20contributions for the remainder of fiscal year 2004 but shall
21instead make payments as required under subsection (a-1) of
22Section 14.1 of the State Finance Act. The several departments
23shall resume those contributions at the commencement of fiscal
24year 2005.
25    (c-1) Notwithstanding subsection (c) of this Section, for
26fiscal years 2010, 2012, 2013, 2014, and 2015, and 2016 only,

 

 

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1contributions by the several departments are not required to be
2made for General Revenue Funds payrolls processed by the
3Comptroller. Payrolls paid by the several departments from all
4other State funds must continue to be processed pursuant to
5subsection (c) of this Section.
6    (c-2) For State fiscal years 2010, 2012, 2013, 2014, and
72015, and 2016 only, on or as soon as possible after the 15th
8day of each month, the Board shall submit vouchers for payment
9of State contributions to the System, in a total monthly amount
10of one-twelfth of the fiscal year General Revenue Fund
11contribution as certified by the System pursuant to Section
1214-135.08 of the Illinois Pension Code.
13    (d) If an employee is paid from trust funds or federal
14funds, the department or other employer shall pay employer
15contributions from those funds to the System at the certified
16rate, unless the terms of the trust or the federal-State
17agreement preclude the use of the funds for that purpose, in
18which case the required employer contributions shall be paid by
19the State. From the effective date of this amendatory Act of
20the 93rd General Assembly through the payment of the final
21payroll from fiscal year 2004 appropriations, the department or
22other employer shall not pay contributions for the remainder of
23fiscal year 2004 but shall instead make payments as required
24under subsection (a-1) of Section 14.1 of the State Finance
25Act. The department or other employer shall resume payment of
26contributions at the commencement of fiscal year 2005.

 

 

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1    (e) For State fiscal years 2012 through 2045, the minimum
2contribution to the System to be made by the State for each
3fiscal year shall be an amount determined by the System to be
4sufficient to bring the total assets of the System up to 90% of
5the total actuarial liabilities of the System by the end of
6State fiscal year 2045. In making these determinations, the
7required State contribution shall be calculated each year as a
8level percentage of payroll over the years remaining to and
9including fiscal year 2045 and shall be determined under the
10projected unit credit actuarial cost method.
11    For State fiscal years 1996 through 2005, the State
12contribution to the System, as a percentage of the applicable
13employee payroll, shall be increased in equal annual increments
14so that by State fiscal year 2011, the State is contributing at
15the rate required under this Section; except that (i) for State
16fiscal year 1998, for all purposes of this Code and any other
17law of this State, the certified percentage of the applicable
18employee payroll shall be 5.052% for employees earning eligible
19creditable service under Section 14-110 and 6.500% for all
20other employees, notwithstanding any contrary certification
21made under Section 14-135.08 before the effective date of this
22amendatory Act of 1997, and (ii) in the following specified
23State fiscal years, the State contribution to the System shall
24not be less than the following indicated percentages of the
25applicable employee payroll, even if the indicated percentage
26will produce a State contribution in excess of the amount

 

 

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1otherwise required under this subsection and subsection (a):
29.8% in FY 1999; 10.0% in FY 2000; 10.2% in FY 2001; 10.4% in FY
32002; 10.6% in FY 2003; and 10.8% in FY 2004.
4    Notwithstanding any other provision of this Article, the
5total required State contribution to the System for State
6fiscal year 2006 is $203,783,900.
7    Notwithstanding any other provision of this Article, the
8total required State contribution to the System for State
9fiscal year 2007 is $344,164,400.
10    For each of State fiscal years 2008 through 2009, the State
11contribution to the System, as a percentage of the applicable
12employee payroll, shall be increased in equal annual increments
13from the required State contribution for State fiscal year
142007, so that by State fiscal year 2011, the State is
15contributing at the rate otherwise required under this Section.
16    Notwithstanding any other provision of this Article, the
17total required State General Revenue Fund contribution for
18State fiscal year 2010 is $723,703,100 and shall be made from
19the proceeds of bonds sold in fiscal year 2010 pursuant to
20Section 7.2 of the General Obligation Bond Act, less (i) the
21pro rata share of bond sale expenses determined by the System's
22share of total bond proceeds, (ii) any amounts received from
23the General Revenue Fund in fiscal year 2010, and (iii) any
24reduction in bond proceeds due to the issuance of discounted
25bonds, if applicable.
26    Notwithstanding any other provision of this Article, the

 

 

SB0842 Enrolled- 35 -LRB099 06842 EFG 26916 b

1total required State General Revenue Fund contribution for
2State fiscal year 2011 is the amount recertified by the System
3on or before April 1, 2011 pursuant to Section 14-135.08 and
4shall be made from the proceeds of bonds sold in fiscal year
52011 pursuant to Section 7.2 of the General Obligation Bond
6Act, less (i) the pro rata share of bond sale expenses
7determined by the System's share of total bond proceeds, (ii)
8any amounts received from the General Revenue Fund in fiscal
9year 2011, and (iii) any reduction in bond proceeds due to the
10issuance of discounted bonds, if applicable.
11    Beginning in State fiscal year 2046, the minimum State
12contribution for each fiscal year shall be the amount needed to
13maintain the total assets of the System at 90% of the total
14actuarial liabilities of the System.
15    Amounts received by the System pursuant to Section 25 of
16the Budget Stabilization Act or Section 8.12 of the State
17Finance Act in any fiscal year do not reduce and do not
18constitute payment of any portion of the minimum State
19contribution required under this Article in that fiscal year.
20Such amounts shall not reduce, and shall not be included in the
21calculation of, the required State contributions under this
22Article in any future year until the System has reached a
23funding ratio of at least 90%. A reference in this Article to
24the "required State contribution" or any substantially similar
25term does not include or apply to any amounts payable to the
26System under Section 25 of the Budget Stabilization Act.

 

 

SB0842 Enrolled- 36 -LRB099 06842 EFG 26916 b

1    Notwithstanding any other provision of this Section, the
2required State contribution for State fiscal year 2005 and for
3fiscal year 2008 and each fiscal year thereafter, as calculated
4under this Section and certified under Section 14-135.08, shall
5not exceed an amount equal to (i) the amount of the required
6State contribution that would have been calculated under this
7Section for that fiscal year if the System had not received any
8payments under subsection (d) of Section 7.2 of the General
9Obligation Bond Act, minus (ii) the portion of the State's
10total debt service payments for that fiscal year on the bonds
11issued in fiscal year 2003 for the purposes of that Section
127.2, as determined and certified by the Comptroller, that is
13the same as the System's portion of the total moneys
14distributed under subsection (d) of Section 7.2 of the General
15Obligation Bond Act. In determining this maximum for State
16fiscal years 2008 through 2010, however, the amount referred to
17in item (i) shall be increased, as a percentage of the
18applicable employee payroll, in equal increments calculated
19from the sum of the required State contribution for State
20fiscal year 2007 plus the applicable portion of the State's
21total debt service payments for fiscal year 2007 on the bonds
22issued in fiscal year 2003 for the purposes of Section 7.2 of
23the General Obligation Bond Act, so that, by State fiscal year
242011, the State is contributing at the rate otherwise required
25under this Section.
26    (f) After the submission of all payments for eligible

 

 

SB0842 Enrolled- 37 -LRB099 06842 EFG 26916 b

1employees from personal services line items in fiscal year 2004
2have been made, the Comptroller shall provide to the System a
3certification of the sum of all fiscal year 2004 expenditures
4for personal services that would have been covered by payments
5to the System under this Section if the provisions of this
6amendatory Act of the 93rd General Assembly had not been
7enacted. Upon receipt of the certification, the System shall
8determine the amount due to the System based on the full rate
9certified by the Board under Section 14-135.08 for fiscal year
102004 in order to meet the State's obligation under this
11Section. The System shall compare this amount due to the amount
12received by the System in fiscal year 2004 through payments
13under this Section and under Section 6z-61 of the State Finance
14Act. If the amount due is more than the amount received, the
15difference shall be termed the "Fiscal Year 2004 Shortfall" for
16purposes of this Section, and the Fiscal Year 2004 Shortfall
17shall be satisfied under Section 1.2 of the State Pension Funds
18Continuing Appropriation Act. If the amount due is less than
19the amount received, the difference shall be termed the "Fiscal
20Year 2004 Overpayment" for purposes of this Section, and the
21Fiscal Year 2004 Overpayment shall be repaid by the System to
22the Pension Contribution Fund as soon as practicable after the
23certification.
24    (g) For purposes of determining the required State
25contribution to the System, the value of the System's assets
26shall be equal to the actuarial value of the System's assets,

 

 

SB0842 Enrolled- 38 -LRB099 06842 EFG 26916 b

1which shall be calculated as follows:
2    As of June 30, 2008, the actuarial value of the System's
3assets shall be equal to the market value of the assets as of
4that date. In determining the actuarial value of the System's
5assets for fiscal years after June 30, 2008, any actuarial
6gains or losses from investment return incurred in a fiscal
7year shall be recognized in equal annual amounts over the
85-year period following that fiscal year.
9    (h) For purposes of determining the required State
10contribution to the System for a particular year, the actuarial
11value of assets shall be assumed to earn a rate of return equal
12to the System's actuarially assumed rate of return.
13    (i) After the submission of all payments for eligible
14employees from personal services line items paid from the
15General Revenue Fund in fiscal year 2010 have been made, the
16Comptroller shall provide to the System a certification of the
17sum of all fiscal year 2010 expenditures for personal services
18that would have been covered by payments to the System under
19this Section if the provisions of this amendatory Act of the
2096th General Assembly had not been enacted. Upon receipt of the
21certification, the System shall determine the amount due to the
22System based on the full rate certified by the Board under
23Section 14-135.08 for fiscal year 2010 in order to meet the
24State's obligation under this Section. The System shall compare
25this amount due to the amount received by the System in fiscal
26year 2010 through payments under this Section. If the amount

 

 

SB0842 Enrolled- 39 -LRB099 06842 EFG 26916 b

1due is more than the amount received, the difference shall be
2termed the "Fiscal Year 2010 Shortfall" for purposes of this
3Section, and the Fiscal Year 2010 Shortfall shall be satisfied
4under Section 1.2 of the State Pension Funds Continuing
5Appropriation Act. If the amount due is less than the amount
6received, the difference shall be termed the "Fiscal Year 2010
7Overpayment" for purposes of this Section, and the Fiscal Year
82010 Overpayment shall be repaid by the System to the General
9Revenue Fund as soon as practicable after the certification.
10    (j) After the submission of all payments for eligible
11employees from personal services line items paid from the
12General Revenue Fund in fiscal year 2011 have been made, the
13Comptroller shall provide to the System a certification of the
14sum of all fiscal year 2011 expenditures for personal services
15that would have been covered by payments to the System under
16this Section if the provisions of this amendatory Act of the
1796th General Assembly had not been enacted. Upon receipt of the
18certification, the System shall determine the amount due to the
19System based on the full rate certified by the Board under
20Section 14-135.08 for fiscal year 2011 in order to meet the
21State's obligation under this Section. The System shall compare
22this amount due to the amount received by the System in fiscal
23year 2011 through payments under this Section. If the amount
24due is more than the amount received, the difference shall be
25termed the "Fiscal Year 2011 Shortfall" for purposes of this
26Section, and the Fiscal Year 2011 Shortfall shall be satisfied

 

 

SB0842 Enrolled- 40 -LRB099 06842 EFG 26916 b

1under Section 1.2 of the State Pension Funds Continuing
2Appropriation Act. If the amount due is less than the amount
3received, the difference shall be termed the "Fiscal Year 2011
4Overpayment" for purposes of this Section, and the Fiscal Year
52011 Overpayment shall be repaid by the System to the General
6Revenue Fund as soon as practicable after the certification.
7    (k) For fiscal years 2012 through 2016 2015 only, after the
8submission of all payments for eligible employees from personal
9services line items paid from the General Revenue Fund in the
10fiscal year have been made, the Comptroller shall provide to
11the System a certification of the sum of all expenditures in
12the fiscal year for personal services. Upon receipt of the
13certification, the System shall determine the amount due to the
14System based on the full rate certified by the Board under
15Section 14-135.08 for the fiscal year in order to meet the
16State's obligation under this Section. The System shall compare
17this amount due to the amount received by the System for the
18fiscal year. If the amount due is more than the amount
19received, the difference shall be termed the "Prior Fiscal Year
20Shortfall" for purposes of this Section, and the Prior Fiscal
21Year Shortfall shall be satisfied under Section 1.2 of the
22State Pension Funds Continuing Appropriation Act. If the amount
23due is less than the amount received, the difference shall be
24termed the "Prior Fiscal Year Overpayment" for purposes of this
25Section, and the Prior Fiscal Year Overpayment shall be repaid
26by the System to the General Revenue Fund as soon as

 

 

SB0842 Enrolled- 41 -LRB099 06842 EFG 26916 b

1practicable after the certification.
2(Source: P.A. 97-72, eff. 7-1-11; 97-732, eff. 6-30-12; 98-24,
3eff. 6-19-13; 98-674, eff. 6-30-14.)
 
4    (40 ILCS 5/22-104 new)
5    Sec. 22-104. Delinquent contributions; deduction from
6payments of State funds to the employer. If an employer of
7participants in a pension fund or retirement plan subject to
8this Division fails to transmit contributions required of it by
9that pension fund or retirement plan by December 31st of the
10year in which such contributions are due, the pension fund or
11retirement plan may, after giving notice to the employer,
12certify to the State Comptroller the amounts of the delinquent
13payments in accordance with any applicable rules of the
14Comptroller, and the Comptroller must, beginning in payment
15year 2016, deduct and remit to that pension fund or retirement
16plan the certified amounts from payments of State funds to the
17employer.
18    The State Comptroller may not deduct from any payments of
19State funds to the employer more than the amount of delinquent
20payments certified to the State Comptroller by the employer.
 
21    Section 5-15. The Uniform Disposition of Unclaimed
22Property Act is amended by changing Section 18 as follows:
 
23    (765 ILCS 1025/18)  (from Ch. 141, par. 118)

 

 

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1    Sec. 18. Deposit of funds received under the Act.
2    (a) The State Treasurer shall retain all funds received
3under this Act, including the proceeds from the sale of
4abandoned property under Section 17, in a trust fund. The State
5Treasurer may deposit any amount in the Trust Fund into the
6State Pensions Fund during the fiscal year at his or her
7discretion; however, he or she shall, on April 15 and October
815 of each year, deposit any amount in the trust fund exceeding
9$2,500,000 into the State Pensions Fund. If on either April 15
10or October 15, the State Treasurer determines that a balance of
11$2,500,000 is insufficient for the prompt payment of unclaimed
12property claims authorized under this Act, the Treasurer may
13retain more than $2,500,000 in the Unclaimed Property Trust
14Fund in order to ensure the prompt payment of claims. Beginning
15in State fiscal year 2017 2016, all amounts that are deposited
16into the State Pensions Fund from the Unclaimed Property Trust
17Fund shall be apportioned to the designated retirement systems
18as provided in subsection (c-6) of Section 8.12 of the State
19Finance Act to reduce their actuarial reserve deficiencies. He
20or she shall make prompt payment of claims he or she duly
21allows as provided for in this Act for the trust fund. Before
22making the deposit the State Treasurer shall record the name
23and last known address of each person appearing from the
24holders' reports to be entitled to the abandoned property. The
25record shall be available for public inspection during
26reasonable business hours.

 

 

SB0842 Enrolled- 43 -LRB099 06842 EFG 26916 b

1    (b) Before making any deposit to the credit of the State
2Pensions Fund, the State Treasurer may deduct: (1) any costs in
3connection with sale of abandoned property, (2) any costs of
4mailing and publication in connection with any abandoned
5property, and (3) any costs in connection with the maintenance
6of records or disposition of claims made pursuant to this Act.
7The State Treasurer shall semiannually file an itemized report
8of all such expenses with the Legislative Audit Commission.
9(Source: P.A. 97-732, eff. 6-30-12; 98-19, eff. 6-10-13; 98-24,
10eff. 6-19-13; 98-674, eff. 6-30-14; 98-756, eff. 7-16-14.)
 
11
ARTICLE 99. EFFECTIVE DATE

 
12    Section 99-99. Effective date. This Act takes effect July
131, 2015.