Full Text of SB3514 96th General Assembly
SB3514enr 96TH GENERAL ASSEMBLY |
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| 1 | | AN ACT concerning finance.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | ARTICLE 5. | 5 | | Section 3. The State Finance Act is amended by changing | 6 | | Section 14.1 as follows:
| 7 | | (30 ILCS 105/14.1)
(from Ch. 127, par. 150.1)
| 8 | | Sec. 14.1. Appropriations for State contributions to the | 9 | | State
Employees' Retirement System; payroll requirements. | 10 | | (a) Appropriations for State contributions to the State
| 11 | | Employees' Retirement System of Illinois shall be expended in | 12 | | the manner
provided in this Section.
Except as otherwise | 13 | | provided in subsections (a-1) and (a-2),
at the time of each | 14 | | payment of salary to an
employee under the personal services | 15 | | line item, payment shall be made to
the State Employees' | 16 | | Retirement System, from the amount appropriated for
State | 17 | | contributions to the State Employees' Retirement System, of an | 18 | | amount
calculated at the rate certified for the applicable | 19 | | fiscal year by the
Board of Trustees of the State Employees' | 20 | | Retirement System under Section
14-135.08 of the Illinois | 21 | | Pension Code. If a line item appropriation to an
employer for | 22 | | this purpose is exhausted or is unavailable due to any |
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| 1 | | limitation on appropriations that may apply, (including, but | 2 | | not limited to, limitations on appropriations from the Road | 3 | | Fund under Section 8.3 of the State Finance Act), the amounts | 4 | | shall be
paid under the continuing appropriation for this | 5 | | purpose contained in the State
Pension Funds Continuing | 6 | | Appropriation Act.
| 7 | | (a-1) Beginning on the effective date of this amendatory | 8 | | Act of the 93rd
General Assembly through the payment of the | 9 | | final payroll from fiscal
year 2004 appropriations, | 10 | | appropriations for State contributions to the
State Employees' | 11 | | Retirement System of Illinois shall be expended in the
manner | 12 | | provided in this subsection (a-1). At the time of each payment | 13 | | of
salary to an employee under the personal services line item | 14 | | from a fund
other than the General Revenue Fund, payment shall | 15 | | be made for deposit
into the General Revenue Fund from the | 16 | | amount appropriated for State
contributions to the State | 17 | | Employees' Retirement System of an amount
calculated at the | 18 | | rate certified for fiscal year 2004 by the Board of
Trustees of | 19 | | the State Employees' Retirement System under Section
14-135.08 | 20 | | of the Illinois Pension Code. This payment shall be made to
the | 21 | | extent that a line item appropriation to an employer for this | 22 | | purpose is
available or unexhausted. No payment from | 23 | | appropriations for State
contributions shall be made in | 24 | | conjunction with payment of salary to an
employee under the | 25 | | personal services line item from the General Revenue
Fund.
| 26 | | (a-2) For fiscal year 2010 only, at the time of each |
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| 1 | | payment of salary to an employee under the personal services | 2 | | line item from a fund other than the General Revenue Fund, | 3 | | payment shall be made for deposit into the State Employees' | 4 | | Retirement System of Illinois from the amount appropriated for | 5 | | State contributions to the State Employees' Retirement System | 6 | | of Illinois of an amount calculated at the rate certified for | 7 | | fiscal year 2010 by the Board of Trustees of the State | 8 | | Employees' Retirement System of Illinois under Section | 9 | | 14-135.08 of the Illinois Pension Code. This payment shall be | 10 | | made to the extent that a line item appropriation to an | 11 | | employer for this purpose is available or unexhausted. For | 12 | | fiscal year 2010 only, no payment from appropriations for State | 13 | | contributions shall be made in conjunction with payment of | 14 | | salary to an employee under the personal services line item | 15 | | from the General Revenue Fund. | 16 | | (a-3) For fiscal year 2011 only, at the time of each | 17 | | payment of salary to an employee under the personal services | 18 | | line item from a fund other than the General Revenue Fund, | 19 | | payment shall be made for deposit into the State Employees' | 20 | | Retirement System of Illinois from the amount appropriated for | 21 | | State contributions to the State Employees' Retirement System | 22 | | of Illinois of an amount calculated at the rate certified for | 23 | | fiscal year 2011 by the Board of Trustees of the State | 24 | | Employees' Retirement System of Illinois under Section | 25 | | 14-135.08 of the Illinois Pension Code. This payment shall be | 26 | | made to the extent that a line item appropriation to an |
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| 1 | | employer for this purpose is available or unexhausted. For | 2 | | fiscal year 2011 only, no payment from appropriations for State | 3 | | contributions shall be made in conjunction with payment of | 4 | | salary to an employee under the personal services line item | 5 | | from the General Revenue Fund. | 6 | | (b) Except during the period beginning on the effective | 7 | | date of this
amendatory
Act of the 93rd General Assembly and | 8 | | ending at the time of the payment of the
final payroll from | 9 | | fiscal year 2004 appropriations, the State Comptroller
shall | 10 | | not approve for payment any payroll
voucher that (1) includes | 11 | | payments of salary to eligible employees in the
State | 12 | | Employees' Retirement System of Illinois and (2) does not | 13 | | include the
corresponding payment of State contributions to | 14 | | that retirement system at the
full rate certified under Section | 15 | | 14-135.08 for that fiscal year for eligible
employees, unless | 16 | | the balance in the fund on which the payroll voucher is drawn
| 17 | | is insufficient to pay the total payroll voucher, or | 18 | | unavailable due to any limitation on appropriations that may | 19 | | apply, including, but not limited to, limitations on | 20 | | appropriations from the Road Fund under Section 8.3 of the | 21 | | State Finance Act. If the State Comptroller
approves a payroll | 22 | | voucher under this Section for which the fund balance is
| 23 | | insufficient to pay the full amount of the required State | 24 | | contribution to the
State Employees' Retirement System, the | 25 | | Comptroller shall promptly so notify
the Retirement System.
| 26 | | (b-1) For fiscal year 2010 and fiscal year 2011 only, the |
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| 1 | | State Comptroller shall not approve for payment any non-General | 2 | | Revenue Fund payroll voucher that (1) includes payments of | 3 | | salary to eligible employees in the State Employees' Retirement | 4 | | System of Illinois and (2) does not include the corresponding | 5 | | payment of State contributions to that retirement system at the | 6 | | full rate certified under Section 14-135.08 for that fiscal | 7 | | year for eligible employees, unless the balance in the fund on | 8 | | which the payroll voucher is drawn is insufficient to pay the | 9 | | total payroll voucher, or unavailable due to any limitation on | 10 | | appropriations that may apply, including, but not limited to, | 11 | | limitations on appropriations from the Road Fund under Section | 12 | | 8.3 of the State Finance Act. If the State Comptroller approves | 13 | | a payroll voucher under this Section for which the fund balance | 14 | | is insufficient to pay the full amount of the required State | 15 | | contribution to the State Employees' Retirement System of | 16 | | Illinois, the Comptroller shall promptly so notify the | 17 | | retirement system. | 18 | | (c) Notwithstanding any other provisions of law, beginning | 19 | | July 1, 2007, required State and employee contributions to the | 20 | | State Employees' Retirement System of Illinois relating to | 21 | | affected legislative staff employees shall be paid out of | 22 | | moneys appropriated for that purpose to the Commission on | 23 | | Government Forecasting and Accountability, rather than out of | 24 | | the lump-sum appropriations otherwise made for the payroll and | 25 | | other costs of those employees. | 26 | | These payments must be made pursuant to payroll vouchers |
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| 1 | | submitted by the employing entity as part of the regular | 2 | | payroll voucher process. | 3 | | For the purpose of this subsection, "affected legislative | 4 | | staff employees" means legislative staff employees paid out of | 5 | | lump-sum appropriations made to the General Assembly, an | 6 | | Officer of the General Assembly, or the Senate Operations | 7 | | Commission, but does not include district-office staff or | 8 | | employees of legislative support services agencies. | 9 | | (Source: P.A. 95-707, eff. 1-11-08; 96-45, eff. 7-15-09.)
| 10 | | Section 5. The General Obligation Bond Act is amended by | 11 | | changing Sections 2, 2.5, 7.2, 9, 11, and 15 as follows: | 12 | | (30 ILCS 330/2) (from Ch. 127, par. 652) | 13 | | Sec. 2. Authorization for Bonds. The State of Illinois is | 14 | | authorized to
issue, sell and provide for the retirement of | 15 | | General Obligation Bonds of
the State of Illinois for the | 16 | | categories and specific purposes expressed in
Sections 2 | 17 | | through 8 of this Act, in the total amount of $41,314,125,743 | 18 | | $37,217,777,443 . | 19 | | The bonds authorized in this Section 2 and in Section 16 of | 20 | | this Act are
herein called "Bonds". | 21 | | Of the total amount of Bonds authorized in this Act, up to | 22 | | $2,200,000,000
in aggregate original principal amount may be | 23 | | issued and sold in accordance
with the Baccalaureate Savings | 24 | | Act in the form of General Obligation
College Savings Bonds. |
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| 1 | | Of the total amount of Bonds authorized in this Act, up to | 2 | | $300,000,000 in
aggregate original principal amount may be | 3 | | issued and sold in accordance
with the Retirement Savings Act | 4 | | in the form of General Obligation
Retirement Savings Bonds. | 5 | | Of the total amount of Bonds authorized in this Act, the | 6 | | additional
$10,000,000,000 authorized by Public Act 93-2 , and | 7 | | the $3,466,000,000 authorized by Public Act 96-43 , and the | 8 | | $4,096,348,300 authorized by this amendatory Act of the 96th | 9 | | General Assembly shall be used solely as provided in Section | 10 | | 7.2. | 11 | | The issuance and sale of Bonds pursuant to the General | 12 | | Obligation Bond
Act is an economical and efficient method of | 13 | | financing the long-term capital needs of
the State. This Act | 14 | | will permit the issuance of a multi-purpose General
Obligation | 15 | | Bond with uniform terms and features. This will not only lower
| 16 | | the cost of registration but also reduce the overall cost of | 17 | | issuing debt
by improving the marketability of Illinois General | 18 | | Obligation Bonds. | 19 | | (Source: P.A. 95-1026, eff. 1-12-09; 96-5, eff. 4-3-09; 96-36, | 20 | | eff. 7-13-09; 96-43, eff. 7-15-09; 96-885, eff. 3-11-10.) | 21 | | (30 ILCS 330/2.5) | 22 | | Sec. 2.5. Limitation on issuance of Bonds. | 23 | | (a) Except as provided in subsection (b), no Bonds may be | 24 | | issued if, after the issuance, in the next State fiscal year | 25 | | after the issuance of the Bonds, the amount of debt service |
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| 1 | | (including principal, whether payable at maturity or pursuant | 2 | | to mandatory sinking fund installments, and interest) on all | 3 | | then-outstanding Bonds, other than Bonds authorized by Public | 4 | | Act 96-43 and other than Bonds authorized by this amendatory | 5 | | Act of the 96th General Assembly this amendatory Act of the | 6 | | 96th General Assembly , would exceed 7% of the aggregate | 7 | | appropriations from the general funds (which consist of the | 8 | | General Revenue Fund, the Common School Fund, the General | 9 | | Revenue Common School Special Account Fund, and the Education | 10 | | Assistance Fund) and the Road Fund for the fiscal year | 11 | | immediately prior to the fiscal year of the issuance. | 12 | | (b) If the Comptroller and Treasurer each consent in | 13 | | writing, Bonds may be issued even if the issuance does not | 14 | | comply with subsection (a).
| 15 | | (Source: P.A. 96-43, eff. 7-15-09.)
| 16 | | (30 ILCS 330/7.2)
| 17 | | Sec. 7.2. State pension funding.
| 18 | | (a) The amount of $10,000,000,000 is authorized to be used | 19 | | for the
purpose of making contributions to the designated | 20 | | retirement systems.
For the purposes of this Section, | 21 | | "designated retirement systems" means
the State Employees' | 22 | | Retirement System of Illinois;
the Teachers' Retirement System | 23 | | of the State of Illinois;
the State Universities Retirement | 24 | | System;
the Judges Retirement System of Illinois; and
the | 25 | | General Assembly Retirement System.
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| 1 | | The amount of $3,466,000,000 of Bonds authorized by Public | 2 | | Act 96-43 this amendatory Act of the 96th General Assembly is | 3 | | authorized to be used for the purpose of making a portion of | 4 | | the State's Fiscal Year 2010 required contributions to the | 5 | | designated retirement systems. | 6 | | The amount of $4,096,348,300 of Bonds authorized by this | 7 | | amendatory Act of the 96th General Assembly is authorized to be | 8 | | used for the purpose of making a portion of the State's Fiscal | 9 | | Year 2011 required contributions to the designated retirement | 10 | | systems. | 11 | | (b) The Pension Contribution Fund is created as a special | 12 | | fund in the
State Treasury.
| 13 | | The proceeds of the additional $10,000,000,000 of Bonds | 14 | | authorized by Public Act 93-2, less the amounts authorized in | 15 | | the
Bond Sale Order to be deposited directly into the | 16 | | capitalized interest account
of the General Obligation Bond | 17 | | Retirement and Interest Fund or otherwise
directly paid out for | 18 | | bond sale expenses under Section 8, shall be deposited
into the | 19 | | Pension Contribution Fund and used as provided in this Section.
| 20 | | The proceeds of the additional $3,466,000,000 of Bonds | 21 | | authorized by Public Act 96-43 this amendatory Act of the 96th | 22 | | General Assembly , less the amounts directly paid out for bond | 23 | | sale expenses under Section 8, shall be deposited into the | 24 | | Pension Contribution Fund, and the Comptroller and the | 25 | | Treasurer shall, as soon as practical, (i) first, transfer from | 26 | | the Pension Contribution Fund to the General Revenue Fund or |
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| 1 | | Common School Fund an amount equal to the amount of payments, | 2 | | if any, made to the designated retirement systems from the | 3 | | General Revenue Fund or Common School Fund in State fiscal year | 4 | | 2010 and (ii) second, make transfers from the Pension | 5 | | Contribution Fund to the designated retirement systems | 6 | | pursuant to Sections 2-124, 14-131, 15-155, 16-158, and 18-131 | 7 | | of the Illinois Pension Code. | 8 | | The proceeds of the additional $4,096,348,300 of Bonds | 9 | | authorized by this amendatory Act of the 96th General Assembly, | 10 | | less the amounts directly paid out for bond sale expenses under | 11 | | Section 8, shall be deposited into the Pension Contribution | 12 | | Fund, and the Comptroller and the Treasurer shall, as soon as | 13 | | practical, (i) first, transfer from the Pension Contribution | 14 | | Fund to the General Revenue Fund or Common School Fund an | 15 | | amount equal to the amount of payments, if any, made to the | 16 | | designated retirement systems from the General Revenue Fund or | 17 | | Common School Fund in State fiscal year 2011 and (ii) second, | 18 | | make transfers from the Pension Contribution Fund to the | 19 | | designated retirement systems pursuant to Sections 2-124, | 20 | | 14-131, 15-155, 16-158, and 18-131 of the Illinois Pension | 21 | | Code. | 22 | | (c) Of the amount of Bond proceeds from the bond sale | 23 | | authorized by Public Act 93-2 first deposited into the Pension
| 24 | | Contribution Fund, there shall be reserved for transfers under | 25 | | this subsection
the sum of $300,000,000, representing the | 26 | | required State contributions to the
designated retirement |
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| 1 | | systems for the last quarter of State fiscal year 2003,
plus | 2 | | the sum of $1,860,000,000, representing the required State | 3 | | contributions
to the designated retirement systems for State | 4 | | fiscal year 2004.
| 5 | | Upon the deposit of sufficient moneys from the bond sale | 6 | | authorized by Public Act 93-2 into the Pension Contribution
| 7 | | Fund, the Comptroller and Treasurer shall immediately transfer | 8 | | the sum of
$300,000,000 from the Pension Contribution Fund to | 9 | | the General Revenue Fund.
| 10 | | Whenever any payment of required State contributions for | 11 | | State fiscal year
2004 is made to one of the designated | 12 | | retirement systems, the Comptroller and
Treasurer shall, as | 13 | | soon as practicable, transfer from the Pension Contribution
| 14 | | Fund to the General Revenue Fund an amount equal to the amount | 15 | | of that payment
to the designated retirement system.
Beginning | 16 | | on the effective date of this amendatory Act of the 93rd
| 17 | | General Assembly, the transfers from the Pension Contribution | 18 | | Fund to
the General Revenue Fund shall be suspended until June | 19 | | 30, 2004, and
the remaining balance in the Pension Contribution | 20 | | Fund shall be
transferred directly to the designated retirement | 21 | | systems as provided
in Section 6z-61 of the State Finance Act. | 22 | | On and after July 1, 2004, in the
event that
any amount is on | 23 | | deposit in the Pension Contribution Fund from time to
time, the | 24 | | Comptroller and
Treasurer shall continue to make such transfers | 25 | | based on fiscal year 2005
payments until the entire amount on | 26 | | deposit has been
transferred.
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| 1 | | (d) All amounts deposited into the Pension Contribution | 2 | | Fund, other
than the amounts reserved for the transfers under | 3 | | subsection (c) from the bond sale authorized by Public Act | 4 | | 93-2 , and other than amounts deposited into the Pension | 5 | | Contribution Fund from the bond sale authorized by Public Act | 6 | | 96-43 and other than amounts deposited into the Pension | 7 | | Contribution Fund from the bond sale authorized by this | 8 | | amendatory Act of the 96th General Assembly this amendatory Act | 9 | | of the 96th General Assembly , shall be
appropriated to the | 10 | | designated retirement systems to reduce their actuarial
| 11 | | reserve deficiencies. The amount of the appropriation to each | 12 | | designated
retirement system shall constitute a portion of the | 13 | | total appropriation under
this subsection that is the same as | 14 | | that retirement system's portion of the
total actuarial reserve | 15 | | deficiency of the systems, as most recently determined
by the
| 16 | | Governor's Office of Management and Budget under Section 8.12 | 17 | | of the State Finance Act.
| 18 | | With respect to proceeds from the bond sale authorized by | 19 | | Public Act 93-2 only, within 15 days after any Bond proceeds in | 20 | | excess of the amounts initially
reserved under subsection (c) | 21 | | are deposited into the Pension Contribution
Fund, the
| 22 | | Governor's Office of Management and Budget shall (i) allocate | 23 | | those proceeds among the
designated retirement systems in | 24 | | proportion to their respective actuarial
reserve deficiencies, | 25 | | as most recently determined under Section 8.12 of the
State | 26 | | Finance Act, and (ii) certify those allocations to the |
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| 1 | | designated
retirement systems and the Comptroller.
| 2 | | Upon receiving certification of an allocation under this | 3 | | subsection, a
designated retirement system shall submit to the | 4 | | Comptroller a voucher for
the amount of its allocation. The | 5 | | voucher shall be paid out of the amount
appropriated to that | 6 | | designated retirement system from the Pension Contribution
| 7 | | Fund pursuant to this subsection.
| 8 | | (Source: P.A. 96-43, eff. 7-15-09.)
| 9 | | (30 ILCS 330/9) (from Ch. 127, par. 659)
| 10 | | Sec. 9. Conditions for Issuance and Sale of Bonds - | 11 | | Requirements for
Bonds. | 12 | | (a) Except as otherwise provided in this subsection, Bonds | 13 | | shall be issued and sold from time to time, in one or
more | 14 | | series, in such amounts and at such prices as may be directed | 15 | | by the
Governor, upon recommendation by the Director of the
| 16 | | Governor's Office of Management and Budget.
Bonds shall be in | 17 | | such form (either coupon, registered or book entry), in
such | 18 | | denominations, payable within 25 years from their date, subject | 19 | | to such
terms of redemption with or without premium, bear | 20 | | interest payable at
such times and at such fixed or variable | 21 | | rate or rates, and be dated
as shall be fixed and determined by | 22 | | the Director of
the
Governor's Office of Management and Budget
| 23 | | in the order authorizing the issuance and sale
of any series of | 24 | | Bonds, which order shall be approved by the Governor
and is | 25 | | herein called a "Bond Sale Order"; provided however, that |
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| 1 | | interest
payable at fixed or variable rates shall not exceed | 2 | | that permitted in the
Bond Authorization Act, as now or | 3 | | hereafter amended. Bonds shall be
payable at such place or | 4 | | places, within or without the State of Illinois, and
may be | 5 | | made registrable as to either principal or as to both principal | 6 | | and
interest, as shall be specified in the Bond Sale Order. | 7 | | Bonds may be callable
or subject to purchase and retirement or | 8 | | tender and remarketing as fixed
and determined in the Bond Sale | 9 | | Order. Bonds, other than Bonds issued under Section 3 of this | 10 | | Act for the costs associated with the purchase and | 11 | | implementation of information technology, (i) except for | 12 | | refunding Bonds satisfying the requirements of Section 16 of | 13 | | this Act and sold during fiscal year 2009, 2010, or 2011, must | 14 | | be issued with principal or mandatory redemption amounts in | 15 | | equal amounts, with the first maturity issued occurring within | 16 | | the fiscal year in which the Bonds are issued or within the | 17 | | next succeeding fiscal year and (ii) must mature or be subject | 18 | | to mandatory redemption each fiscal year thereafter up to 25 | 19 | | years, except for refunding Bonds satisfying the requirements | 20 | | of Section 16 of this Act and sold during fiscal year 2009, | 21 | | 2010, or 2011 which must mature or be subject to mandatory | 22 | | redemption each fiscal year thereafter up to 16 years. Bonds | 23 | | issued under Section 3 of this Act for the costs associated | 24 | | with the purchase and implementation of information technology | 25 | | must be issued with principal or mandatory redemption amounts | 26 | | in equal amounts, with the first maturity issued occurring with |
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| 1 | | the fiscal year in which the respective bonds are issued or | 2 | | with the next succeeding fiscal year, with the respective bonds | 3 | | issued maturing or subject to mandatory redemption each fiscal | 4 | | year thereafter up to 10 years. Notwithstanding any provision | 5 | | of this Act to the contrary, the Bonds authorized by Public Act | 6 | | 96-43 shall be payable within 5 years from their date and must | 7 | | be issued with principal or mandatory redemption amounts in | 8 | | equal amounts, with payment of principal or mandatory | 9 | | redemption beginning in the first fiscal year following the | 10 | | fiscal year in which the Bonds are issued.
| 11 | | Notwithstanding any provision of this Act to the contrary, | 12 | | the Bonds authorized by this amendatory Act of the 96th General | 13 | | Assembly shall be payable within 8 years from their date and | 14 | | shall be issued with payment of maturing principal or scheduled | 15 | | mandatory redemptions in accordance with the following | 16 | | schedule, except the following amounts shall be prorated if | 17 | | less than the total additional amount of Bonds authorized by | 18 | | this amendatory Act of the 96th General Assembly are issued: | 19 | | Fiscal Year After Issuance Amount | 20 | | 1-2 $0 | 21 | | 3 $110,712,120 | 22 | | 4 $332,136,360 | 23 | | 5 $664,272,720 | 24 | | 6-8 $996,409,080 | 25 | | In the case of any series of Bonds bearing interest at a | 26 | | variable interest
rate ("Variable Rate Bonds"), in lieu of |
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| 1 | | determining the rate or rates at which
such series of Variable | 2 | | Rate Bonds shall bear interest and the price or prices
at which | 3 | | such Variable Rate Bonds shall be initially sold or remarketed | 4 | | (in the
event of purchase and subsequent resale), the Bond Sale | 5 | | Order may provide that
such interest rates and prices may vary | 6 | | from time to time depending on criteria
established in such | 7 | | Bond Sale Order, which criteria may include, without
| 8 | | limitation, references to indices or variations in interest | 9 | | rates as may, in
the judgment of a remarketing agent, be | 10 | | necessary to cause Variable Rate Bonds
of such series to be | 11 | | remarketable from time to time at a price equal to their
| 12 | | principal amount, and may provide for appointment of a bank, | 13 | | trust company,
investment bank, or other financial institution | 14 | | to serve as remarketing agent
in that connection.
The Bond Sale | 15 | | Order may provide that alternative interest rates or provisions
| 16 | | for establishing alternative interest rates, different | 17 | | security or claim
priorities, or different call or amortization | 18 | | provisions will apply during
such times as Variable Rate Bonds | 19 | | of any series are held by a person providing
credit or | 20 | | liquidity enhancement arrangements for such Bonds as | 21 | | authorized in
subsection (b) of this Section.
The Bond Sale | 22 | | Order may also provide for such variable interest rates to be
| 23 | | established pursuant to a process generally known as an auction | 24 | | rate process
and may provide for appointment of one or more | 25 | | financial institutions to serve
as auction agents and | 26 | | broker-dealers in connection with the establishment of
such |
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| 1 | | interest rates and the sale and remarketing of such Bonds.
| 2 | | (b) In connection with the issuance of any series of Bonds, | 3 | | the State may
enter into arrangements to provide additional | 4 | | security and liquidity for such
Bonds, including, without | 5 | | limitation, bond or interest rate insurance or
letters of | 6 | | credit, lines of credit, bond purchase contracts, or other
| 7 | | arrangements whereby funds are made available to retire or | 8 | | purchase Bonds,
thereby assuring the ability of owners of the | 9 | | Bonds to sell or redeem their
Bonds. The State may enter into | 10 | | contracts and may agree to pay fees to persons
providing such | 11 | | arrangements, but only under circumstances where the Director | 12 | | of
the
Governor's Office of Management and Budget certifies | 13 | | that he or she reasonably expects the total
interest paid or to | 14 | | be paid on the Bonds, together with the fees for the
| 15 | | arrangements (being treated as if interest), would not, taken | 16 | | together, cause
the Bonds to bear interest, calculated to their | 17 | | stated maturity, at a rate in
excess of the rate that the Bonds | 18 | | would bear in the absence of such
arrangements.
| 19 | | The State may, with respect to Bonds issued or anticipated | 20 | | to be issued,
participate in and enter into arrangements with | 21 | | respect to interest rate
protection or exchange agreements, | 22 | | guarantees, or financial futures contracts
for the purpose of | 23 | | limiting, reducing, or managing interest rate exposure.
The | 24 | | authority granted under this paragraph, however, shall not | 25 | | increase the principal amount of Bonds authorized to be issued | 26 | | by law. The arrangements may be executed and delivered by the |
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| 1 | | Director
of the
Governor's Office of Management and Budget on | 2 | | behalf of the State. Net payments for such
arrangements shall | 3 | | constitute interest on the Bonds and shall be paid from the
| 4 | | General Obligation Bond Retirement and Interest Fund. The | 5 | | Director of the
Governor's Office of Management and Budget | 6 | | shall at least annually certify to the Governor and
the
State | 7 | | Comptroller his or her estimate of the amounts of such net | 8 | | payments to
be included in the calculation of interest required | 9 | | to be paid by the State.
| 10 | | (c) Prior to the issuance of any Variable Rate Bonds | 11 | | pursuant to
subsection (a), the Director of the
Governor's | 12 | | Office of Management and Budget shall adopt an
interest rate | 13 | | risk management policy providing that the amount of the State's
| 14 | | variable rate exposure with respect to Bonds shall not exceed | 15 | | 20%. This policy
shall remain in effect while any Bonds are | 16 | | outstanding and the issuance of
Bonds
shall be subject to the | 17 | | terms of such policy. The terms of this policy may be
amended | 18 | | from time to time by the Director of the
Governor's Office of | 19 | | Management and Budget but in no
event shall any amendment cause | 20 | | the permitted level of the State's variable
rate exposure with | 21 | | respect to Bonds to exceed 20%.
| 22 | | (d) "Build America Bonds" in this Section means Bonds | 23 | | authorized by Section 54AA of the Internal Revenue Code of | 24 | | 1986, as amended ("Internal Revenue Code"), and bonds issued | 25 | | from time to time to refund or continue to refund "Build | 26 | | America Bonds". |
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| 1 | | (e) Notwithstanding any other provision of this Section, | 2 | | Qualified School Construction Bonds shall be issued and sold | 3 | | from time to time, in one or more series, in such amounts and | 4 | | at such prices as may be directed by the Governor, upon | 5 | | recommendation by the Director of the Governor's Office of | 6 | | Management and Budget. Qualified School Construction Bonds | 7 | | shall be in such form (either coupon, registered or book | 8 | | entry), in such denominations, payable within 25 years from | 9 | | their date, subject to such terms of redemption with or without | 10 | | premium, and if the Qualified School Construction Bonds are | 11 | | issued with a supplemental coupon, bear interest payable at | 12 | | such times and at such fixed or variable rate or rates, and be | 13 | | dated as shall be fixed and determined by the Director of the | 14 | | Governor's Office of Management and Budget in the order | 15 | | authorizing the issuance and sale of any series of Qualified | 16 | | School Construction Bonds, which order shall be approved by the | 17 | | Governor and is herein called a "Bond Sale Order"; except that | 18 | | interest payable at fixed or variable rates, if any, shall not | 19 | | exceed that permitted in the Bond Authorization Act, as now or | 20 | | hereafter amended. Qualified School Construction Bonds shall | 21 | | be payable at such place or places, within or without the State | 22 | | of Illinois, and may be made registrable as to either principal | 23 | | or as to both principal and interest, as shall be specified in | 24 | | the Bond Sale Order. Qualified School Construction Bonds may be | 25 | | callable or subject to purchase and retirement or tender and | 26 | | remarketing as fixed and determined in the Bond Sale Order. |
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| 1 | | Qualified School Construction Bonds must be issued with | 2 | | principal or mandatory redemption amounts or sinking fund | 3 | | payments into the General Obligation Bond Retirement and | 4 | | Interest Fund (or subaccount therefor) in equal amounts, with | 5 | | the first maturity issued, mandatory redemption payment or | 6 | | sinking fund payment occurring within the fiscal year in which | 7 | | the Qualified School Construction Bonds are issued or within | 8 | | the next succeeding fiscal year, with Qualified School | 9 | | Construction Bonds issued maturing or subject to mandatory | 10 | | redemption or with sinking fund payments thereof deposited each | 11 | | fiscal year thereafter up to 25 years. Sinking fund payments | 12 | | set forth in this subsection shall be permitted only to the | 13 | | extent authorized in Section 54F of the Internal Revenue Code | 14 | | or as otherwise determined by the Director of the Governor's | 15 | | Office of Management and Budget. "Qualified School | 16 | | Construction Bonds" in this subsection means Bonds authorized | 17 | | by Section 54F of the Internal Revenue Code and for bonds | 18 | | issued from time to time to refund or continue to refund such | 19 | | "Qualified School Construction Bonds". | 20 | | (Source: P.A. 96-18, eff. 6-26-09; 96-37, eff. 7-13-09; 96-43, | 21 | | eff. 7-15-09; 96-828, eff. 12-2-09.)
| 22 | | (30 ILCS 330/11) (from Ch. 127, par. 661)
| 23 | | Sec. 11. Sale of Bonds. Except as otherwise provided in | 24 | | this Section,
Bonds shall be sold from time to time pursuant to
| 25 | | notice of sale and public bid or by negotiated sale
in such |
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| 1 | | amounts and at such
times as is directed by the Governor, upon | 2 | | recommendation by the Director of
the
Governor's Office of | 3 | | Management and Budget. At least 25%, based on total principal | 4 | | amount, of all Bonds issued each fiscal year shall be sold | 5 | | pursuant to notice of sale and public bid. At all times during | 6 | | each fiscal year, no more than 75%, based on total principal | 7 | | amount, of the Bonds issued each fiscal year, shall have been | 8 | | sold by negotiated sale. Failure to satisfy the requirements in | 9 | | the preceding 2 sentences shall not affect the validity of any | 10 | | previously issued Bonds; provided that all Bonds authorized by | 11 | | Public Act 96-43 and this amendatory Act of the 96th General | 12 | | Assembly this amendatory Act of the 96th General Assembly shall | 13 | | not be included in determining compliance for any fiscal year | 14 | | with the requirements of the preceding 2 sentences; and further | 15 | | provided that refunding Bonds satisfying the requirements of | 16 | | Section 16 of this Act and sold during fiscal year 2009, 2010, | 17 | | or 2011 shall not be subject to the requirements in the | 18 | | preceding 2 sentences.
| 19 | | If
any Bonds, including refunding Bonds, are to be sold by | 20 | | negotiated
sale, the
Director of the
Governor's Office of | 21 | | Management and Budget
shall comply with the
competitive request | 22 | | for proposal process set forth in the Illinois
Procurement Code | 23 | | and all other applicable requirements of that Code.
| 24 | | If Bonds are to be sold pursuant to notice of sale and | 25 | | public bid, the
Director of the
Governor's Office of Management | 26 | | and Budget shall, from time to time, as Bonds are to be sold, |
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| 1 | | advertise
the sale of the Bonds in at least 2 daily newspapers, | 2 | | one of which is
published in the City of Springfield and one in | 3 | | the City of Chicago. The sale
of the Bonds shall also be
| 4 | | advertised in the volume of the Illinois Procurement Bulletin | 5 | | that is
published by the Department of Central Management | 6 | | Services. Each of
the advertisements for
proposals shall be | 7 | | published once at least
10 days prior to the date fixed
for the | 8 | | opening of the bids. The Director of the
Governor's Office of | 9 | | Management and Budget may
reschedule the date of sale upon the | 10 | | giving of such additional notice as the
Director deems adequate | 11 | | to inform prospective bidders of
such change; provided, | 12 | | however, that all other conditions of the sale shall
continue | 13 | | as originally advertised.
| 14 | | Executed Bonds shall, upon payment therefor, be delivered | 15 | | to the purchaser,
and the proceeds of Bonds shall be paid into | 16 | | the State Treasury as directed by
Section 12 of this Act.
| 17 | | (Source: P.A. 96-18, eff. 6-26-09; 96-43, eff. 7-15-09.)
| 18 | | (30 ILCS 330/15) (from Ch. 127, par. 665)
| 19 | | Sec. 15. Computation of Principal and Interest; transfers.
| 20 | | (a) Upon each delivery of Bonds authorized to be issued | 21 | | under this Act,
the Comptroller shall compute and certify to | 22 | | the Treasurer the total amount
of principal of, interest on, | 23 | | and premium, if any, on Bonds issued that will
be payable in | 24 | | order to retire such Bonds, the amount of principal of,
| 25 | | interest on and premium, if any, on such Bonds that will be |
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| 1 | | payable on each
payment date according to the tenor of such | 2 | | Bonds during the then current and
each succeeding fiscal year, | 3 | | and the amount of sinking fund payments needed to be deposited | 4 | | in connection with Qualified School Construction Bonds | 5 | | authorized by subsection (e) of Section 9.
With respect to the | 6 | | interest payable on variable rate bonds, such
certifications | 7 | | shall be calculated at the maximum rate of interest that
may be | 8 | | payable during the fiscal year, after taking into account any | 9 | | credits
permitted in the related indenture or other instrument | 10 | | against the amount
of such interest required to be appropriated | 11 | | for such period pursuant to
subsection (c) of Section 14 of | 12 | | this Act. With respect to the interest
payable, such | 13 | | certifications shall include the amounts certified by the
| 14 | | Director of the
Governor's Office of Management and Budget | 15 | | under subsection (b) of Section 9 of
this Act.
| 16 | | On or before the last day of each month the State Treasurer | 17 | | and Comptroller
shall transfer from (1) the Road Fund with | 18 | | respect to Bonds issued under
paragraph (a) of Section 4 of | 19 | | this Act or Bonds issued for the purpose of
refunding such | 20 | | bonds, and from (2) the General
Revenue Fund, with respect to | 21 | | all other Bonds issued under this Act, to the
General | 22 | | Obligation Bond Retirement and Interest Fund an amount | 23 | | sufficient to
pay the aggregate of the principal of, interest | 24 | | on, and premium, if any, on
Bonds payable, by their terms on | 25 | | the next payment date divided by the number of
full calendar | 26 | | months between the date of such Bonds and the first such |
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| 1 | | payment
date, and thereafter, divided by the number of months | 2 | | between each succeeding
payment date after the first. Such | 3 | | computations and transfers shall be
made for each series of | 4 | | Bonds issued and delivered. Interest payable on
variable rate | 5 | | bonds shall be calculated at the maximum rate of interest that
| 6 | | may be payable for the relevant period, after taking into | 7 | | account any credits
permitted in the related indenture or other | 8 | | instrument against the amount of
such interest required to be | 9 | | appropriated for such period pursuant to
subsection (c) of | 10 | | Section 14 of this Act. Computations of interest shall
include | 11 | | the amounts certified by the Director of the
Governor's Office | 12 | | of Management and Budget
under subsection (b) of Section 9 of | 13 | | this Act. Interest for which moneys
have already been deposited | 14 | | into the capitalized interest account within the
General | 15 | | Obligation Bond Retirement and Interest Fund shall not be | 16 | | included
in the calculation of the amounts to be transferred | 17 | | under this subsection. Notwithstanding any other provision in | 18 | | this Section, the transfer provisions provided in this | 19 | | paragraph shall not apply to transfers made in fiscal year 2010 | 20 | | or fiscal year 2011 with respect to Bonds issued in fiscal year | 21 | | 2010 or fiscal year 2011 pursuant to Section 7.2 of this Act. | 22 | | In the case of transfers made in fiscal year 2010 or fiscal | 23 | | year 2011 with respect to the Bonds issued in fiscal year 2010 | 24 | | or fiscal year 2011 pursuant to Section 7.2 of this Act, on or | 25 | | before the 15th day of the month prior to the required debt | 26 | | service payment, the State Treasurer and Comptroller shall |
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| 1 | | transfer from the General Revenue Fund to the General | 2 | | Obligation Bond Retirement and Interest Fund an amount | 3 | | sufficient to pay the aggregate of the principal of, interest | 4 | | on, and premium, if any, on the Bonds payable in that next | 5 | | month.
| 6 | | The transfer of monies herein and above directed is not | 7 | | required if monies
in the General Obligation Bond Retirement | 8 | | and Interest Fund are more than
the amount otherwise to be | 9 | | transferred as herein above provided, and if the
Governor or | 10 | | his authorized representative notifies the State Treasurer and
| 11 | | Comptroller of such fact in writing.
| 12 | | (b) After the effective date of this Act, the balance of, | 13 | | and monies
directed to be included in the Capital Development | 14 | | Bond Retirement and
Interest Fund, Anti-Pollution Bond | 15 | | Retirement and Interest Fund,
Transportation Bond, Series A | 16 | | Retirement and Interest Fund, Transportation
Bond, Series B | 17 | | Retirement and Interest Fund, and Coal Development Bond
| 18 | | Retirement and Interest Fund shall be transferred to and | 19 | | deposited in the
General Obligation Bond Retirement and | 20 | | Interest Fund. This Fund shall be
used to make debt service | 21 | | payments on the State's general obligation Bonds
heretofore | 22 | | issued which are now outstanding and payable from the Funds | 23 | | herein
listed as well as on Bonds issued under this Act.
| 24 | | (c) The unused portion of federal funds received for a | 25 | | capital
facilities project, as authorized by Section 3 of this | 26 | | Act, for which
monies from the Capital Development Fund have |
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| 1 | | been expended shall be
deposited upon completion of the project | 2 | | in the General Obligation Bond
Retirement and Interest Fund. | 3 | | Any federal funds received as reimbursement
for the completed | 4 | | construction of a capital facilities project, as
authorized by | 5 | | Section 3 of this Act, for which monies from the Capital
| 6 | | Development Fund have been expended shall be deposited in the | 7 | | General
Obligation Bond Retirement and Interest Fund.
| 8 | | (Source: P.A. 96-43, eff. 7-15-09; 96-828, eff. 12-2-09.)
| 9 | | Section 10. The Illinois Pension Code is amended by | 10 | | changing Sections 2-124, 2-134, 14-131, 14-135.08, 15-155, | 11 | | 15-165, 16-158, 18-131, and 18-140 as follows:
| 12 | | (40 ILCS 5/2-124) (from Ch. 108 1/2, par. 2-124)
| 13 | | Sec. 2-124. Contributions by State.
| 14 | | (a) The State shall make contributions to the System by
| 15 | | appropriations of amounts which, together with the | 16 | | contributions of
participants, interest earned on investments, | 17 | | and other income
will meet the cost of maintaining and | 18 | | administering the System on a 90%
funded basis in accordance | 19 | | with actuarial recommendations.
| 20 | | (b) The Board shall determine the amount of State
| 21 | | contributions required for each fiscal year on the basis of the
| 22 | | actuarial tables and other assumptions adopted by the Board and | 23 | | the
prescribed rate of interest, using the formula in | 24 | | subsection (c).
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| 1 | | (c) For State fiscal years 2012 2011 through 2045, the | 2 | | minimum contribution
to the System to be made by the State for | 3 | | each fiscal year shall be an amount
determined by the System to | 4 | | be sufficient to bring the total assets of the
System up to 90% | 5 | | of the total actuarial liabilities of the System by the end of
| 6 | | State fiscal year 2045. In making these determinations, the | 7 | | required State
contribution shall be calculated each year as a | 8 | | level percentage of payroll
over the years remaining to and | 9 | | including fiscal year 2045 and shall be
determined under the | 10 | | projected unit credit actuarial cost method.
| 11 | | For State fiscal years 1996 through 2005, the State | 12 | | contribution to
the System, as a percentage of the applicable | 13 | | employee payroll, shall be
increased in equal annual increments | 14 | | so that by State fiscal year 2011, the
State is contributing at | 15 | | the rate required under this Section.
| 16 | | Notwithstanding any other provision of this Article, the | 17 | | total required State
contribution for State fiscal year 2006 is | 18 | | $4,157,000.
| 19 | | Notwithstanding any other provision of this Article, the | 20 | | total required State
contribution for State fiscal year 2007 is | 21 | | $5,220,300.
| 22 | | For each of State fiscal years 2008 through 2009, the State | 23 | | contribution to
the System, as a percentage of the applicable | 24 | | employee payroll, shall be
increased in equal annual increments | 25 | | from the required State contribution for State fiscal year | 26 | | 2007, so that by State fiscal year 2011, the
State is |
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| 1 | | contributing at the rate otherwise required under this Section.
| 2 | | Notwithstanding any other provision of this Article, the | 3 | | total required State contribution for State fiscal year 2010 is | 4 | | $10,454,000 and shall be made from the proceeds of bonds sold | 5 | | in fiscal year 2010 pursuant to Section 7.2 of the General | 6 | | Obligation Bond Act, less (i) the pro rata share of bond sale | 7 | | expenses determined by the System's share of total bond | 8 | | proceeds, (ii) any amounts received from the General Revenue | 9 | | Fund in fiscal year 2010, and (iii) any reduction in bond | 10 | | proceeds due to the issuance of discounted bonds, if | 11 | | applicable. | 12 | | Notwithstanding any other provision of this Article, the
| 13 | | total required State contribution for State fiscal year 2011 is
| 14 | | the amount recertified by the System on or before June 15, 2010 | 15 | | pursuant to Section 2-134 and shall be made from the proceeds | 16 | | of bonds sold
in fiscal year 2011 pursuant to Section 7.2 of | 17 | | the General
Obligation Bond Act, less (i) the pro rata share of | 18 | | bond sale
expenses determined by the System's share of total | 19 | | bond
proceeds, (ii) any amounts received from the General | 20 | | Revenue
Fund in fiscal year 2011, and (iii) any reduction in | 21 | | bond
proceeds due to the issuance of discounted bonds, if
| 22 | | applicable. | 23 | | Beginning in State fiscal year 2046, the minimum State | 24 | | contribution for
each fiscal year shall be the amount needed to | 25 | | maintain the total assets of
the System at 90% of the total | 26 | | actuarial liabilities of the System.
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| 1 | | Amounts received by the System pursuant to Section 25 of | 2 | | the Budget Stabilization Act or Section 8.12 of the State | 3 | | Finance Act in any fiscal year do not reduce and do not | 4 | | constitute payment of any portion of the minimum State | 5 | | contribution required under this Article in that fiscal year. | 6 | | Such amounts shall not reduce, and shall not be included in the | 7 | | calculation of, the required State contributions under this | 8 | | Article in any future year until the System has reached a | 9 | | funding ratio of at least 90%. A reference in this Article to | 10 | | the "required State contribution" or any substantially similar | 11 | | term does not include or apply to any amounts payable to the | 12 | | System under Section 25 of the Budget Stabilization Act.
| 13 | | Notwithstanding any other provision of this Section, the | 14 | | required State
contribution for State fiscal year 2005 and for | 15 | | fiscal year 2008 and each fiscal year thereafter, as
calculated | 16 | | under this Section and
certified under Section 2-134, shall not | 17 | | exceed an amount equal to (i) the
amount of the required State | 18 | | contribution that would have been calculated under
this Section | 19 | | for that fiscal year if the System had not received any | 20 | | payments
under subsection (d) of Section 7.2 of the General | 21 | | Obligation Bond Act, minus
(ii) the portion of the State's | 22 | | total debt service payments for that fiscal
year on the bonds | 23 | | issued for the purposes of that Section 7.2, as determined
and | 24 | | certified by the Comptroller, that is the same as the System's | 25 | | portion of
the total moneys distributed under subsection (d) of | 26 | | Section 7.2 of the General
Obligation Bond Act. In determining |
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| 1 | | this maximum for State fiscal years 2008 through 2010, however, | 2 | | the amount referred to in item (i) shall be increased, as a | 3 | | percentage of the applicable employee payroll, in equal | 4 | | increments calculated from the sum of the required State | 5 | | contribution for State fiscal year 2007 plus the applicable | 6 | | portion of the State's total debt service payments for fiscal | 7 | | year 2007 on the bonds issued for the purposes of Section 7.2 | 8 | | of the General
Obligation Bond Act, so that, by State fiscal | 9 | | year 2011, the
State is contributing at the rate otherwise | 10 | | required under this Section.
| 11 | | (d) For purposes of determining the required State | 12 | | contribution to the System, the value of the System's assets | 13 | | shall be equal to the actuarial value of the System's assets, | 14 | | which shall be calculated as follows: | 15 | | As of June 30, 2008, the actuarial value of the System's | 16 | | assets shall be equal to the market value of the assets as of | 17 | | that date. In determining the actuarial value of the System's | 18 | | assets for fiscal years after June 30, 2008, any actuarial | 19 | | gains or losses from investment return incurred in a fiscal | 20 | | year shall be recognized in equal annual amounts over the | 21 | | 5-year period following that fiscal year. | 22 | | (e) For purposes of determining the required State | 23 | | contribution to the system for a particular year, the actuarial | 24 | | value of assets shall be assumed to earn a rate of return equal | 25 | | to the system's actuarially assumed rate of return. | 26 | | (Source: P.A. 95-950, eff. 8-29-08; 96-43, eff. 7-15-09.)
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| 1 | | (40 ILCS 5/2-134)
(from Ch. 108 1/2, par. 2-134)
| 2 | | Sec. 2-134. To certify required State contributions and | 3 | | submit vouchers.
| 4 | | (a) The Board shall certify to the Governor on or before | 5 | | December 15 of each
year the amount of the required State | 6 | | contribution to the System for the next
fiscal year. The | 7 | | certification shall include a copy of the actuarial
| 8 | | recommendations upon which it is based.
| 9 | | On or before May 1, 2004, the Board shall recalculate and | 10 | | recertify to
the Governor the amount of the required State | 11 | | contribution to the System for
State fiscal year 2005, taking | 12 | | into account the amounts appropriated to and
received by the | 13 | | System under subsection (d) of Section 7.2 of the General
| 14 | | Obligation Bond Act.
| 15 | | On or before July 1, 2005, the Board shall recalculate and | 16 | | recertify
to the Governor the amount of the required State
| 17 | | contribution to the System for State fiscal year 2006, taking | 18 | | into account the changes in required State contributions made | 19 | | by this amendatory Act of the 94th General Assembly.
| 20 | | On or before June 15, 2010, the Board shall recalculate and | 21 | | recertify to the Governor the amount of the required State | 22 | | contribution to the System for State fiscal year 2011, applying | 23 | | the changes made by Public Act 96-889 to the System's assets | 24 | | and liabilities as of June 30, 2009 as though Public Act 96-889 | 25 | | was approved on that date. |
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| 1 | | (b) Beginning in State fiscal year 1996, on or as soon as | 2 | | possible after the
15th day of each month the Board shall | 3 | | submit vouchers for payment of State
contributions to the | 4 | | System, in a total monthly amount of one-twelfth of the
| 5 | | required annual State contribution certified under subsection | 6 | | (a).
From the effective date of this amendatory Act
of the 93rd | 7 | | General Assembly through June 30, 2004, the Board shall not
| 8 | | submit vouchers for the remainder of fiscal year 2004 in excess | 9 | | of the
fiscal year 2004 certified contribution amount | 10 | | determined
under this Section after taking into consideration | 11 | | the transfer to the
System under subsection (d) of Section | 12 | | 6z-61 of the State Finance Act.
These
vouchers shall be paid by | 13 | | the State Comptroller and Treasurer by warrants drawn
on the | 14 | | funds appropriated to the System for that fiscal year. If in | 15 | | any month
the amount remaining unexpended from all other | 16 | | appropriations to the System for
the applicable fiscal year | 17 | | (including the appropriations to the System under
Section 8.12 | 18 | | of the State Finance Act and Section 1 of the State Pension | 19 | | Funds
Continuing Appropriation Act) is less than the amount | 20 | | lawfully vouchered under
this Section, the difference shall be | 21 | | paid from the General Revenue Fund under
the continuing | 22 | | appropriation authority provided in Section 1.1 of the State
| 23 | | Pension Funds Continuing Appropriation Act.
| 24 | | (c) The full amount of any annual appropriation for the | 25 | | System for
State fiscal year 1995 shall be transferred and made | 26 | | available to the System
at the beginning of that fiscal year at |
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| 1 | | the request of the Board.
Any excess funds remaining at the end | 2 | | of any fiscal year from appropriations
shall be retained by the | 3 | | System as a general reserve to meet the System's
accrued | 4 | | liabilities.
| 5 | | (Source: P.A. 94-4, eff. 6-1-05; 94-536, eff. 8-10-05; 95-331, | 6 | | eff. 8-21-07.)
| 7 | | (40 ILCS 5/14-131)
| 8 | | Sec. 14-131. Contributions by State.
| 9 | | (a) The State shall make contributions to the System by | 10 | | appropriations of
amounts which, together with other employer | 11 | | contributions from trust, federal,
and other funds, employee | 12 | | contributions, investment income, and other income,
will be | 13 | | sufficient to meet the cost of maintaining and administering | 14 | | the System
on a 90% funded basis in accordance with actuarial | 15 | | recommendations.
| 16 | | For the purposes of this Section and Section 14-135.08, | 17 | | references to State
contributions refer only to employer | 18 | | contributions and do not include employee
contributions that | 19 | | are picked up or otherwise paid by the State or a
department on | 20 | | behalf of the employee.
| 21 | | (b) The Board shall determine the total amount of State | 22 | | contributions
required for each fiscal year on the basis of the | 23 | | actuarial tables and other
assumptions adopted by the Board, | 24 | | using the formula in subsection (e).
| 25 | | The Board shall also determine a State contribution rate |
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| 1 | | for each fiscal
year, expressed as a percentage of payroll, | 2 | | based on the total required State
contribution for that fiscal | 3 | | year (less the amount received by the System from
| 4 | | appropriations under Section 8.12 of the State Finance Act and | 5 | | Section 1 of the
State Pension Funds Continuing Appropriation | 6 | | Act, if any, for the fiscal year
ending on the June 30 | 7 | | immediately preceding the applicable November 15
certification | 8 | | deadline), the estimated payroll (including all forms of
| 9 | | compensation) for personal services rendered by eligible | 10 | | employees, and the
recommendations of the actuary.
| 11 | | For the purposes of this Section and Section 14.1 of the | 12 | | State Finance Act,
the term "eligible employees" includes | 13 | | employees who participate in the System,
persons who may elect | 14 | | to participate in the System but have not so elected,
persons | 15 | | who are serving a qualifying period that is required for | 16 | | participation,
and annuitants employed by a department as | 17 | | described in subdivision (a)(1) or
(a)(2) of Section 14-111.
| 18 | | (c) Contributions shall be made by the several departments | 19 | | for each pay
period by warrants drawn by the State Comptroller | 20 | | against their respective
funds or appropriations based upon | 21 | | vouchers stating the amount to be so
contributed. These amounts | 22 | | shall be based on the full rate certified by the
Board under | 23 | | Section 14-135.08 for that fiscal year.
From the effective date | 24 | | of this amendatory Act of the 93rd General
Assembly through the | 25 | | payment of the final payroll from fiscal year 2004
| 26 | | appropriations, the several departments shall not make |
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| 1 | | contributions
for the remainder of fiscal year 2004 but shall | 2 | | instead make payments
as required under subsection (a-1) of | 3 | | Section 14.1 of the State Finance Act.
The several departments | 4 | | shall resume those contributions at the commencement of
fiscal | 5 | | year 2005.
| 6 | | (c-1) Notwithstanding subsection (c) of this Section, for | 7 | | fiscal year 2010 only, contributions by the several departments | 8 | | are not required to be made for General Revenue Funds payrolls | 9 | | processed by the Comptroller. Payrolls paid by the several | 10 | | departments from all other State funds must continue to be | 11 | | processed pursuant to subsection (c) of this Section. | 12 | | (c-2) For State fiscal year 2010 only, on or as soon as | 13 | | possible after the 15th day of each month the Board shall | 14 | | submit vouchers for payment of State contributions to the | 15 | | System, in a total monthly amount of one-twelfth of the fiscal | 16 | | year 2010 General Revenue Fund appropriation to the System. | 17 | | (d) If an employee is paid from trust funds or federal | 18 | | funds, the
department or other employer shall pay employer | 19 | | contributions from those funds
to the System at the certified | 20 | | rate, unless the terms of the trust or the
federal-State | 21 | | agreement preclude the use of the funds for that purpose, in
| 22 | | which case the required employer contributions shall be paid by | 23 | | the State.
From the effective date of this amendatory
Act of | 24 | | the 93rd General Assembly through the payment of the final
| 25 | | payroll from fiscal year 2004 appropriations, the department or | 26 | | other
employer shall not pay contributions for the remainder of |
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| 1 | | fiscal year
2004 but shall instead make payments as required | 2 | | under subsection (a-1) of
Section 14.1 of the State Finance | 3 | | Act. The department or other employer shall
resume payment of
| 4 | | contributions at the commencement of fiscal year 2005.
| 5 | | (e) For State fiscal years 2012 2011 through 2045, the | 6 | | minimum contribution
to the System to be made by the State for | 7 | | each fiscal year shall be an amount
determined by the System to | 8 | | be sufficient to bring the total assets of the
System up to 90% | 9 | | of the total actuarial liabilities of the System by the end
of | 10 | | State fiscal year 2045. In making these determinations, the | 11 | | required State
contribution shall be calculated each year as a | 12 | | level percentage of payroll
over the years remaining to and | 13 | | including fiscal year 2045 and shall be
determined under the | 14 | | projected unit credit actuarial cost method.
| 15 | | For State fiscal years 1996 through 2005, the State | 16 | | contribution to
the System, as a percentage of the applicable | 17 | | employee payroll, shall be
increased in equal annual increments | 18 | | so that by State fiscal year 2011, the
State is contributing at | 19 | | the rate required under this Section; except that
(i) for State | 20 | | fiscal year 1998, for all purposes of this Code and any other
| 21 | | law of this State, the certified percentage of the applicable | 22 | | employee payroll
shall be 5.052% for employees earning eligible | 23 | | creditable service under Section
14-110 and 6.500% for all | 24 | | other employees, notwithstanding any contrary
certification | 25 | | made under Section 14-135.08 before the effective date of this
| 26 | | amendatory Act of 1997, and (ii)
in the following specified |
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| 1 | | State fiscal years, the State contribution to
the System shall | 2 | | not be less than the following indicated percentages of the
| 3 | | applicable employee payroll, even if the indicated percentage | 4 | | will produce a
State contribution in excess of the amount | 5 | | otherwise required under this
subsection and subsection (a):
| 6 | | 9.8% in FY 1999;
10.0% in FY 2000;
10.2% in FY 2001;
10.4% in FY | 7 | | 2002;
10.6% in FY 2003; and
10.8% in FY 2004.
| 8 | | Notwithstanding any other provision of this Article, the | 9 | | total required State
contribution to the System for State | 10 | | fiscal year 2006 is $203,783,900.
| 11 | | Notwithstanding any other provision of this Article, the | 12 | | total required State
contribution to the System for State | 13 | | fiscal year 2007 is $344,164,400.
| 14 | | For each of State fiscal years 2008 through 2009, the State | 15 | | contribution to
the System, as a percentage of the applicable | 16 | | employee payroll, shall be
increased in equal annual increments | 17 | | from the required State contribution for State fiscal year | 18 | | 2007, so that by State fiscal year 2011, the
State is | 19 | | contributing at the rate otherwise required under this Section.
| 20 | | Notwithstanding any other provision of this Article, the | 21 | | total required State General Revenue Fund contribution for | 22 | | State fiscal year 2010 is $723,703,100 and shall be made from | 23 | | the proceeds of bonds sold in fiscal year 2010 pursuant to | 24 | | Section 7.2 of the General Obligation Bond Act, less (i) the | 25 | | pro rata share of bond sale expenses determined by the System's | 26 | | share of total bond proceeds, (ii) any amounts received from |
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| 1 | | the General Revenue Fund in fiscal year 2010, and (iii) any | 2 | | reduction in bond proceeds due to the issuance of discounted | 3 | | bonds, if applicable. | 4 | | Notwithstanding any other provision of this Article, the
| 5 | | total required State General Revenue Fund contribution for
| 6 | | State fiscal year 2011 is the amount recertified by the System | 7 | | on or before June 15, 2010 pursuant to Section 14-135.08 and | 8 | | shall be made from
the proceeds of bonds sold in fiscal year | 9 | | 2011 pursuant to
Section 7.2 of the General Obligation Bond | 10 | | Act, less (i) the
pro rata share of bond sale expenses | 11 | | determined by the System's
share of total bond proceeds, (ii) | 12 | | any amounts received from
the General Revenue Fund in fiscal | 13 | | year 2011, and (iii) any
reduction in bond proceeds due to the | 14 | | issuance of discounted
bonds, if applicable. | 15 | | Beginning in State fiscal year 2046, the minimum State | 16 | | contribution for
each fiscal year shall be the amount needed to | 17 | | maintain the total assets of
the System at 90% of the total | 18 | | actuarial liabilities of the System.
| 19 | | Amounts received by the System pursuant to Section 25 of | 20 | | the Budget Stabilization Act or Section 8.12 of the State | 21 | | Finance Act in any fiscal year do not reduce and do not | 22 | | constitute payment of any portion of the minimum State | 23 | | contribution required under this Article in that fiscal year. | 24 | | Such amounts shall not reduce, and shall not be included in the | 25 | | calculation of, the required State contributions under this | 26 | | Article in any future year until the System has reached a |
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| 1 | | funding ratio of at least 90%. A reference in this Article to | 2 | | the "required State contribution" or any substantially similar | 3 | | term does not include or apply to any amounts payable to the | 4 | | System under Section 25 of the Budget Stabilization Act.
| 5 | | Notwithstanding any other provision of this Section, the | 6 | | required State
contribution for State fiscal year 2005 and for | 7 | | fiscal year 2008 and each fiscal year thereafter, as
calculated | 8 | | under this Section and
certified under Section 14-135.08, shall | 9 | | not exceed an amount equal to (i) the
amount of the required | 10 | | State contribution that would have been calculated under
this | 11 | | Section for that fiscal year if the System had not received any | 12 | | payments
under subsection (d) of Section 7.2 of the General | 13 | | Obligation Bond Act, minus
(ii) the portion of the State's | 14 | | total debt service payments for that fiscal
year on the bonds | 15 | | issued for the purposes of that Section 7.2, as determined
and | 16 | | certified by the Comptroller, that is the same as the System's | 17 | | portion of
the total moneys distributed under subsection (d) of | 18 | | Section 7.2 of the General
Obligation Bond Act. In determining | 19 | | this maximum for State fiscal years 2008 through 2010, however, | 20 | | the amount referred to in item (i) shall be increased, as a | 21 | | percentage of the applicable employee payroll, in equal | 22 | | increments calculated from the sum of the required State | 23 | | contribution for State fiscal year 2007 plus the applicable | 24 | | portion of the State's total debt service payments for fiscal | 25 | | year 2007 on the bonds issued for the purposes of Section 7.2 | 26 | | of the General
Obligation Bond Act, so that, by State fiscal |
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| 1 | | year 2011, the
State is contributing at the rate otherwise | 2 | | required under this Section.
| 3 | | (f) After the submission of all payments for eligible | 4 | | employees
from personal services line items in fiscal year 2004 | 5 | | have been made,
the Comptroller shall provide to the System a | 6 | | certification of the sum
of all fiscal year 2004 expenditures | 7 | | for personal services that would
have been covered by payments | 8 | | to the System under this Section if the
provisions of this | 9 | | amendatory Act of the 93rd General Assembly had not been
| 10 | | enacted. Upon
receipt of the certification, the System shall | 11 | | determine the amount
due to the System based on the full rate | 12 | | certified by the Board under
Section 14-135.08 for fiscal year | 13 | | 2004 in order to meet the State's
obligation under this | 14 | | Section. The System shall compare this amount
due to the amount | 15 | | received by the System in fiscal year 2004 through
payments | 16 | | under this Section and under Section 6z-61 of the State Finance | 17 | | Act.
If the amount
due is more than the amount received, the | 18 | | difference shall be termed the
"Fiscal Year 2004 Shortfall" for | 19 | | purposes of this Section, and the
Fiscal Year 2004 Shortfall | 20 | | shall be satisfied under Section 1.2 of the State
Pension Funds | 21 | | Continuing Appropriation Act. If the amount due is less than | 22 | | the
amount received, the
difference shall be termed the "Fiscal | 23 | | Year 2004 Overpayment" for purposes of
this Section, and the | 24 | | Fiscal Year 2004 Overpayment shall be repaid by
the System to | 25 | | the Pension Contribution Fund as soon as practicable
after the | 26 | | certification.
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| 1 | | (g) For purposes of determining the required State | 2 | | contribution to the System, the value of the System's assets | 3 | | shall be equal to the actuarial value of the System's assets, | 4 | | which shall be calculated as follows: | 5 | | As of June 30, 2008, the actuarial value of the System's | 6 | | assets shall be equal to the market value of the assets as of | 7 | | that date. In determining the actuarial value of the System's | 8 | | assets for fiscal years after June 30, 2008, any actuarial | 9 | | gains or losses from investment return incurred in a fiscal | 10 | | year shall be recognized in equal annual amounts over the | 11 | | 5-year period following that fiscal year. | 12 | | (h) For purposes of determining the required State | 13 | | contribution to the System for a particular year, the actuarial | 14 | | value of assets shall be assumed to earn a rate of return equal | 15 | | to the System's actuarially assumed rate of return. | 16 | | (i) (g) After the submission of all payments for eligible | 17 | | employees from personal services line items paid from the | 18 | | General Revenue Fund in fiscal year 2010 have been made, the | 19 | | Comptroller shall provide to the System a certification of the | 20 | | sum of all fiscal year 2010 expenditures for personal services | 21 | | that would have been covered by payments to the System under | 22 | | this Section if the provisions of this amendatory Act of the | 23 | | 96th General Assembly had not been enacted. Upon receipt of the | 24 | | certification, the System shall determine the amount due to the | 25 | | System based on the full rate certified by the Board under | 26 | | Section 14-135.08 for fiscal year 2010 in order to meet the |
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| 1 | | State's obligation under this Section. The System shall compare | 2 | | this amount due to the amount received by the System in fiscal | 3 | | year 2010 through payments under this Section. If the amount | 4 | | due is more than the amount received, the difference shall be | 5 | | termed the "Fiscal Year 2010 Shortfall" for purposes of this | 6 | | Section, and the Fiscal Year 2010 Shortfall shall be satisfied | 7 | | under Section 1.2 of the State Pension Funds Continuing | 8 | | Appropriation Act. If the amount due is less than the amount | 9 | | received, the difference shall be termed the "Fiscal Year 2010 | 10 | | Overpayment" for purposes of this Section, and the Fiscal Year | 11 | | 2010 Overpayment shall be repaid by the System to the General | 12 | | Revenue Fund as soon as practicable after the certification. | 13 | | (j) After the submission of all payments for eligible | 14 | | employees from personal services line items paid from the | 15 | | General Revenue Fund in fiscal year 2011 have been made, the | 16 | | Comptroller shall provide to the System a certification of the | 17 | | sum of all fiscal year 2011 expenditures for personal services | 18 | | that would have been covered by payments to the System under | 19 | | this Section if the provisions of this amendatory Act of the | 20 | | 96th General Assembly had not been enacted. Upon receipt of the | 21 | | certification, the System shall determine the amount due to the | 22 | | System based on the full rate certified by the Board under | 23 | | Section 14-135.08 for fiscal year 2011 in order to meet the | 24 | | State's obligation under this Section. The System shall compare | 25 | | this amount due to the amount received by the System in fiscal | 26 | | year 2011 through payments under this Section. If the amount |
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| 1 | | due is more than the amount received, the difference shall be | 2 | | termed the "Fiscal Year 2011 Shortfall" for purposes of this | 3 | | Section, and the Fiscal Year 2011 Shortfall shall be satisfied | 4 | | under Section 1.2 of the State Pension Funds Continuing | 5 | | Appropriation Act. If the amount due is less than the amount | 6 | | received, the difference shall be termed the "Fiscal Year 2011 | 7 | | Overpayment" for purposes of this Section, and the Fiscal Year | 8 | | 2011 Overpayment shall be repaid by the System to the General | 9 | | Revenue Fund as soon as practicable after the certification. | 10 | | (Source: P.A. 95-950, eff. 8-29-08; 96-43, eff. 7-15-09; 96-45, | 11 | | eff. 7-15-09; revised 11-3-09.)
| 12 | | (40 ILCS 5/14-135.08) (from Ch. 108 1/2, par. 14-135.08)
| 13 | | Sec. 14-135.08. To certify required State contributions. | 14 | | (a)
To certify to the Governor and to each department, on | 15 | | or before
November 15 of each year, the required rate for State | 16 | | contributions to the
System for the next State fiscal year, as | 17 | | determined under subsection (b) of
Section 14-131. The | 18 | | certification to the Governor shall include a copy of the
| 19 | | actuarial recommendations upon which the rate is based.
| 20 | | (b) The certification shall include an additional amount | 21 | | necessary to pay all principal of and interest on those general | 22 | | obligation bonds due the next fiscal year authorized by Section | 23 | | 7.2(a) of the General Obligation Bond Act and issued to provide | 24 | | the proceeds deposited by the State with the System in July | 25 | | 2003, representing deposits other than amounts reserved under |
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| 1 | | Section 7.2(c) of the General Obligation Bond Act. For State | 2 | | fiscal year 2005, the Board shall make a supplemental | 3 | | certification of the additional amount necessary to pay all | 4 | | principal of and interest on those general obligation bonds due | 5 | | in State fiscal years 2004 and 2005 authorized by Section | 6 | | 7.2(a) of the General Obligation Bond Act and issued to provide | 7 | | the proceeds deposited by the State with the System in July | 8 | | 2003, representing deposits other than amounts reserved under | 9 | | Section 7.2(c) of the General Obligation Bond Act, as soon as | 10 | | practical after the effective date of this amendatory Act of | 11 | | the 93rd General Assembly.
| 12 | | On or before May 1, 2004, the Board shall recalculate and | 13 | | recertify
to the Governor and to each department the amount of | 14 | | the required State
contribution to the System and the required | 15 | | rates for State contributions
to the System for State fiscal | 16 | | year 2005, taking into account the amounts
appropriated to and | 17 | | received by the System under subsection (d) of Section
7.2 of | 18 | | the General Obligation Bond Act.
| 19 | | On or before July 1, 2005, the Board shall recalculate and | 20 | | recertify
to the Governor and to each department the amount of | 21 | | the required State
contribution to the System and the required | 22 | | rates for State contributions
to the System for State fiscal | 23 | | year 2006, taking into account the changes in required State | 24 | | contributions made by this amendatory Act of the 94th General | 25 | | Assembly.
| 26 | | On or before June 15, 2010, the Board shall recalculate and |
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| 1 | | recertify to the Governor and to each department the amount of | 2 | | the required State contribution to the System for State fiscal | 3 | | year 2011, applying the changes made by Public Act 96-889 to | 4 | | the System's assets and liabilities as of June 30, 2009 as | 5 | | though Public Act 96-889 was approved on that date. | 6 | | (Source: P.A. 93-2, eff. 4-7-03; 93-839, eff. 7-30-04; 94-4, | 7 | | eff. 6-1-05.)
| 8 | | (40 ILCS 5/15-155) (from Ch. 108 1/2, par. 15-155)
| 9 | | Sec. 15-155. Employer contributions.
| 10 | | (a) The State of Illinois shall make contributions by | 11 | | appropriations of
amounts which, together with the other | 12 | | employer contributions from trust,
federal, and other funds, | 13 | | employee contributions, income from investments,
and other | 14 | | income of this System, will be sufficient to meet the cost of
| 15 | | maintaining and administering the System on a 90% funded basis | 16 | | in accordance
with actuarial recommendations.
| 17 | | The Board shall determine the amount of State contributions | 18 | | required for
each fiscal year on the basis of the actuarial | 19 | | tables and other assumptions
adopted by the Board and the | 20 | | recommendations of the actuary, using the formula
in subsection | 21 | | (a-1).
| 22 | | (a-1) For State fiscal years 2012 2011 through 2045, the | 23 | | minimum contribution
to the System to be made by the State for | 24 | | each fiscal year shall be an amount
determined by the System to | 25 | | be sufficient to bring the total assets of the
System up to 90% |
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| 1 | | of the total actuarial liabilities of the System by the end of
| 2 | | State fiscal year 2045. In making these determinations, the | 3 | | required State
contribution shall be calculated each year as a | 4 | | level percentage of payroll
over the years remaining to and | 5 | | including fiscal year 2045 and shall be
determined under the | 6 | | projected unit credit actuarial cost method.
| 7 | | For State fiscal years 1996 through 2005, the State | 8 | | contribution to
the System, as a percentage of the applicable | 9 | | employee payroll, shall be
increased in equal annual increments | 10 | | so that by State fiscal year 2011, the
State is contributing at | 11 | | the rate required under this Section.
| 12 | | Notwithstanding any other provision of this Article, the | 13 | | total required State
contribution for State fiscal year 2006 is | 14 | | $166,641,900.
| 15 | | Notwithstanding any other provision of this Article, the | 16 | | total required State
contribution for State fiscal year 2007 is | 17 | | $252,064,100.
| 18 | | For each of State fiscal years 2008 through 2009, the State | 19 | | contribution to
the System, as a percentage of the applicable | 20 | | employee payroll, shall be
increased in equal annual increments | 21 | | from the required State contribution for State fiscal year | 22 | | 2007, so that by State fiscal year 2011, the
State is | 23 | | contributing at the rate otherwise required under this Section.
| 24 | | Notwithstanding any other provision of this Article, the | 25 | | total required State contribution for State fiscal year 2010 is | 26 | | $702,514,000 and shall be made from the State Pensions Fund and |
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| 1 | | proceeds of bonds sold in fiscal year 2010 pursuant to Section | 2 | | 7.2 of the General Obligation Bond Act, less (i) the pro rata | 3 | | share of bond sale expenses determined by the System's share of | 4 | | total bond proceeds, (ii) any amounts received from the General | 5 | | Revenue Fund in fiscal year 2010, (iii) any reduction in bond | 6 | | proceeds due to the issuance of discounted bonds, if | 7 | | applicable. | 8 | | Notwithstanding any other provision of this Article, the
| 9 | | total required State contribution for State fiscal year 2011 is
| 10 | | the amount recertified by the System on or before June 15, 2010 | 11 | | pursuant to Section 15-165 and shall be made from the State | 12 | | Pensions Fund and
proceeds of bonds sold in fiscal year 2011 | 13 | | pursuant to Section
7.2 of the General Obligation Bond Act, | 14 | | less (i) the pro rata
share of bond sale expenses determined by | 15 | | the System's share of
total bond proceeds, (ii) any amounts | 16 | | received from the General
Revenue Fund in fiscal year 2011, and | 17 | | (iii) any reduction in bond
proceeds due to the issuance of | 18 | | discounted bonds, if
applicable. | 19 | | Beginning in State fiscal year 2046, the minimum State | 20 | | contribution for
each fiscal year shall be the amount needed to | 21 | | maintain the total assets of
the System at 90% of the total | 22 | | actuarial liabilities of the System.
| 23 | | Amounts received by the System pursuant to Section 25 of | 24 | | the Budget Stabilization Act or Section 8.12 of the State | 25 | | Finance Act in any fiscal year do not reduce and do not | 26 | | constitute payment of any portion of the minimum State |
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| 1 | | contribution required under this Article in that fiscal year. | 2 | | Such amounts shall not reduce, and shall not be included in the | 3 | | calculation of, the required State contributions under this | 4 | | Article in any future year until the System has reached a | 5 | | funding ratio of at least 90%. A reference in this Article to | 6 | | the "required State contribution" or any substantially similar | 7 | | term does not include or apply to any amounts payable to the | 8 | | System under Section 25 of the Budget Stabilization Act. | 9 | | Notwithstanding any other provision of this Section, the | 10 | | required State
contribution for State fiscal year 2005 and for | 11 | | fiscal year 2008 and each fiscal year thereafter, as
calculated | 12 | | under this Section and
certified under Section 15-165, shall | 13 | | not exceed an amount equal to (i) the
amount of the required | 14 | | State contribution that would have been calculated under
this | 15 | | Section for that fiscal year if the System had not received any | 16 | | payments
under subsection (d) of Section 7.2 of the General | 17 | | Obligation Bond Act, minus
(ii) the portion of the State's | 18 | | total debt service payments for that fiscal
year on the bonds | 19 | | issued for the purposes of that Section 7.2, as determined
and | 20 | | certified by the Comptroller, that is the same as the System's | 21 | | portion of
the total moneys distributed under subsection (d) of | 22 | | Section 7.2 of the General
Obligation Bond Act. In determining | 23 | | this maximum for State fiscal years 2008 through 2010, however, | 24 | | the amount referred to in item (i) shall be increased, as a | 25 | | percentage of the applicable employee payroll, in equal | 26 | | increments calculated from the sum of the required State |
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| 1 | | contribution for State fiscal year 2007 plus the applicable | 2 | | portion of the State's total debt service payments for fiscal | 3 | | year 2007 on the bonds issued for the purposes of Section 7.2 | 4 | | of the General
Obligation Bond Act, so that, by State fiscal | 5 | | year 2011, the
State is contributing at the rate otherwise | 6 | | required under this Section.
| 7 | | (b) If an employee is paid from trust or federal funds, the | 8 | | employer
shall pay to the Board contributions from those funds | 9 | | which are
sufficient to cover the accruing normal costs on | 10 | | behalf of the employee.
However, universities having employees | 11 | | who are compensated out of local
auxiliary funds, income funds, | 12 | | or service enterprise funds are not required
to pay such | 13 | | contributions on behalf of those employees. The local auxiliary
| 14 | | funds, income funds, and service enterprise funds of | 15 | | universities shall not be
considered trust funds for the | 16 | | purpose of this Article, but funds of alumni
associations, | 17 | | foundations, and athletic associations which are affiliated | 18 | | with
the universities included as employers under this Article | 19 | | and other employers
which do not receive State appropriations | 20 | | are considered to be trust funds for
the purpose of this | 21 | | Article.
| 22 | | (b-1) The City of Urbana and the City of Champaign shall | 23 | | each make
employer contributions to this System for their | 24 | | respective firefighter
employees who participate in this | 25 | | System pursuant to subsection (h) of Section
15-107. The rate | 26 | | of contributions to be made by those municipalities shall
be |
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| 1 | | determined annually by the Board on the basis of the actuarial | 2 | | assumptions
adopted by the Board and the recommendations of the | 3 | | actuary, and shall be
expressed as a percentage of salary for | 4 | | each such employee. The Board shall
certify the rate to the | 5 | | affected municipalities as soon as may be practical.
The | 6 | | employer contributions required under this subsection shall be | 7 | | remitted by
the municipality to the System at the same time and | 8 | | in the same manner as
employee contributions.
| 9 | | (c) Through State fiscal year 1995: The total employer | 10 | | contribution shall
be apportioned among the various funds of | 11 | | the State and other employers,
whether trust, federal, or other | 12 | | funds, in accordance with actuarial procedures
approved by the | 13 | | Board. State of Illinois contributions for employers receiving
| 14 | | State appropriations for personal services shall be payable | 15 | | from appropriations
made to the employers or to the System. The | 16 | | contributions for Class I
community colleges covering earnings | 17 | | other than those paid from trust and
federal funds, shall be | 18 | | payable solely from appropriations to the Illinois
Community | 19 | | College Board or the System for employer contributions.
| 20 | | (d) Beginning in State fiscal year 1996, the required State | 21 | | contributions
to the System shall be appropriated directly to | 22 | | the System and shall be payable
through vouchers issued in | 23 | | accordance with subsection (c) of Section 15-165, except as | 24 | | provided in subsection (g).
| 25 | | (e) The State Comptroller shall draw warrants payable to | 26 | | the System upon
proper certification by the System or by the |
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| 1 | | employer in accordance with the
appropriation laws and this | 2 | | Code.
| 3 | | (f) Normal costs under this Section means liability for
| 4 | | pensions and other benefits which accrues to the System because | 5 | | of the
credits earned for service rendered by the participants | 6 | | during the
fiscal year and expenses of administering the | 7 | | System, but shall not
include the principal of or any | 8 | | redemption premium or interest on any bonds
issued by the Board | 9 | | or any expenses incurred or deposits required in
connection | 10 | | therewith.
| 11 | | (g) If the amount of a participant's earnings for any | 12 | | academic year used to determine the final rate of earnings, | 13 | | determined on a full-time equivalent basis, exceeds the amount | 14 | | of his or her earnings with the same employer for the previous | 15 | | academic year, determined on a full-time equivalent basis, by | 16 | | more than 6%, the participant's employer shall pay to the | 17 | | System, in addition to all other payments required under this | 18 | | Section and in accordance with guidelines established by the | 19 | | System, the present value of the increase in benefits resulting | 20 | | from the portion of the increase in earnings that is in excess | 21 | | of 6%. This present value shall be computed by the System on | 22 | | the basis of the actuarial assumptions and tables used in the | 23 | | most recent actuarial valuation of the System that is available | 24 | | at the time of the computation. The System may require the | 25 | | employer to provide any pertinent information or | 26 | | documentation. |
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| 1 | | Whenever it determines that a payment is or may be required | 2 | | under this subsection (g), the System shall calculate the | 3 | | amount of the payment and bill the employer for that amount. | 4 | | The bill shall specify the calculations used to determine the | 5 | | amount due. If the employer disputes the amount of the bill, it | 6 | | may, within 30 days after receipt of the bill, apply to the | 7 | | System in writing for a recalculation. The application must | 8 | | specify in detail the grounds of the dispute and, if the | 9 | | employer asserts that the calculation is subject to subsection | 10 | | (h) or (i) of this Section, must include an affidavit setting | 11 | | forth and attesting to all facts within the employer's | 12 | | knowledge that are pertinent to the applicability of subsection | 13 | | (h) or (i). Upon receiving a timely application for | 14 | | recalculation, the System shall review the application and, if | 15 | | appropriate, recalculate the amount due.
| 16 | | The employer contributions required under this subsection | 17 | | (f) may be paid in the form of a lump sum within 90 days after | 18 | | receipt of the bill. If the employer contributions are not paid | 19 | | within 90 days after receipt of the bill, then interest will be | 20 | | charged at a rate equal to the System's annual actuarially | 21 | | assumed rate of return on investment compounded annually from | 22 | | the 91st day after receipt of the bill. Payments must be | 23 | | concluded within 3 years after the employer's receipt of the | 24 | | bill. | 25 | | (h) This subsection (h) applies only to payments made or | 26 | | salary increases given on or after June 1, 2005 but before July |
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| 1 | | 1, 2011. The changes made by Public Act 94-1057 shall not | 2 | | require the System to refund any payments received before July | 3 | | 31, 2006 (the effective date of Public Act 94-1057). | 4 | | When assessing payment for any amount due under subsection | 5 | | (g), the System shall exclude earnings increases paid to | 6 | | participants under contracts or collective bargaining | 7 | | agreements entered into, amended, or renewed before June 1, | 8 | | 2005.
| 9 | | When assessing payment for any amount due under subsection | 10 | | (g), the System shall exclude earnings increases paid to a | 11 | | participant at a time when the participant is 10 or more years | 12 | | from retirement eligibility under Section 15-135.
| 13 | | When assessing payment for any amount due under subsection | 14 | | (g), the System shall exclude earnings increases resulting from | 15 | | overload work, including a contract for summer teaching, or | 16 | | overtime when the employer has certified to the System, and the | 17 | | System has approved the certification, that: (i) in the case of | 18 | | overloads (A) the overload work is for the sole purpose of | 19 | | academic instruction in excess of the standard number of | 20 | | instruction hours for a full-time employee occurring during the | 21 | | academic year that the overload is paid and (B) the earnings | 22 | | increases are equal to or less than the rate of pay for | 23 | | academic instruction computed using the participant's current | 24 | | salary rate and work schedule; and (ii) in the case of | 25 | | overtime, the overtime was necessary for the educational | 26 | | mission. |
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| 1 | | When assessing payment for any amount due under subsection | 2 | | (g), the System shall exclude any earnings increase resulting | 3 | | from (i) a promotion for which the employee moves from one | 4 | | classification to a higher classification under the State | 5 | | Universities Civil Service System, (ii) a promotion in academic | 6 | | rank for a tenured or tenure-track faculty position, or (iii) a | 7 | | promotion that the Illinois Community College Board has | 8 | | recommended in accordance with subsection (k) of this Section. | 9 | | These earnings increases shall be excluded only if the | 10 | | promotion is to a position that has existed and been filled by | 11 | | a member for no less than one complete academic year and the | 12 | | earnings increase as a result of the promotion is an increase | 13 | | that results in an amount no greater than the average salary | 14 | | paid for other similar positions. | 15 | | (i) When assessing payment for any amount due under | 16 | | subsection (g), the System shall exclude any salary increase | 17 | | described in subsection (h) of this Section given on or after | 18 | | July 1, 2011 but before July 1, 2014 under a contract or | 19 | | collective bargaining agreement entered into, amended, or | 20 | | renewed on or after June 1, 2005 but before July 1, 2011. | 21 | | Notwithstanding any other provision of this Section, any | 22 | | payments made or salary increases given after June 30, 2014 | 23 | | shall be used in assessing payment for any amount due under | 24 | | subsection (g) of this Section.
| 25 | | (j) The System shall prepare a report and file copies of | 26 | | the report with the Governor and the General Assembly by |
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| 1 | | January 1, 2007 that contains all of the following information: | 2 | | (1) The number of recalculations required by the | 3 | | changes made to this Section by Public Act 94-1057 for each | 4 | | employer. | 5 | | (2) The dollar amount by which each employer's | 6 | | contribution to the System was changed due to | 7 | | recalculations required by Public Act 94-1057. | 8 | | (3) The total amount the System received from each | 9 | | employer as a result of the changes made to this Section by | 10 | | Public Act 94-4. | 11 | | (4) The increase in the required State contribution | 12 | | resulting from the changes made to this Section by Public | 13 | | Act 94-1057. | 14 | | (k) The Illinois Community College Board shall adopt rules | 15 | | for recommending lists of promotional positions submitted to | 16 | | the Board by community colleges and for reviewing the | 17 | | promotional lists on an annual basis. When recommending | 18 | | promotional lists, the Board shall consider the similarity of | 19 | | the positions submitted to those positions recognized for State | 20 | | universities by the State Universities Civil Service System. | 21 | | The Illinois Community College Board shall file a copy of its | 22 | | findings with the System. The System shall consider the | 23 | | findings of the Illinois Community College Board when making | 24 | | determinations under this Section. The System shall not exclude | 25 | | any earnings increases resulting from a promotion when the | 26 | | promotion was not submitted by a community college. Nothing in |
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| 1 | | this subsection (k) shall require any community college to | 2 | | submit any information to the Community College Board.
| 3 | | (l) For purposes of determining the required State | 4 | | contribution to the System, the value of the System's assets | 5 | | shall be equal to the actuarial value of the System's assets, | 6 | | which shall be calculated as follows: | 7 | | As of June 30, 2008, the actuarial value of the System's | 8 | | assets shall be equal to the market value of the assets as of | 9 | | that date. In determining the actuarial value of the System's | 10 | | assets for fiscal years after June 30, 2008, 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 | | (m) For purposes of determining the required State | 15 | | contribution to the system for a particular year, the actuarial | 16 | | value of assets shall be assumed to earn a rate of return equal | 17 | | to the system's actuarially assumed rate of return. | 18 | | (Source: P.A. 95-331, eff. 8-21-07; 95-950, eff. 8-29-08; | 19 | | 96-43, eff. 7-15-09.)
| 20 | | (40 ILCS 5/15-165)
(from Ch. 108 1/2, par. 15-165)
| 21 | | Sec. 15-165. To certify amounts and submit vouchers.
| 22 | | (a) The Board shall certify to the Governor on or before | 23 | | November 15 of each
year the appropriation required from State | 24 | | funds for the purposes of this
System for the following fiscal | 25 | | year. The certification shall include a copy
of the actuarial |
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| 1 | | recommendations upon which it is based.
| 2 | | On or before May 1, 2004, the Board shall recalculate and | 3 | | recertify to
the Governor the amount of the required State | 4 | | contribution to the System for
State fiscal year 2005, taking | 5 | | into account the amounts appropriated to and
received by the | 6 | | System under subsection (d) of Section 7.2 of the General
| 7 | | Obligation Bond Act.
| 8 | | On or before July 1, 2005, the Board shall recalculate and | 9 | | recertify
to the Governor the amount of the required State
| 10 | | contribution to the System for State fiscal year 2006, taking | 11 | | into account the changes in required State contributions made | 12 | | by this amendatory Act of the 94th General Assembly.
| 13 | | On or before June 15, 2010, the Board shall recalculate and | 14 | | recertify to the Governor the amount of the required State | 15 | | contribution to the System for State fiscal year 2011, applying | 16 | | the changes made by Public Act 96-889 to the System's assets | 17 | | and liabilities as of June 30, 2009 as though Public Act 96-889 | 18 | | was approved on that date. | 19 | | (b) The Board shall certify to the State Comptroller or | 20 | | employer, as the
case may be, from time to time, by its | 21 | | president and secretary, with its seal
attached, the amounts | 22 | | payable to the System from the various funds.
| 23 | | (c) Beginning in State fiscal year 1996, on or as soon as | 24 | | possible after the
15th day of each month the Board shall | 25 | | submit vouchers for payment of State
contributions to the | 26 | | System, in a total monthly amount of one-twelfth of the
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| 1 | | required annual State contribution certified under subsection | 2 | | (a).
From the effective date of this amendatory Act
of the 93rd | 3 | | General Assembly through June 30, 2004, the Board shall not
| 4 | | submit vouchers for the remainder of fiscal year 2004 in excess | 5 | | of the
fiscal year 2004 certified contribution amount | 6 | | determined
under this Section after taking into consideration | 7 | | the transfer to the
System under subsection (b) of Section | 8 | | 6z-61 of the State Finance Act.
These
vouchers shall be paid by | 9 | | the State Comptroller and Treasurer by warrants drawn
on the | 10 | | funds appropriated to the System for that fiscal year.
| 11 | | If in any month the amount remaining unexpended from all | 12 | | other
appropriations to the System for the applicable fiscal | 13 | | year (including the
appropriations to the System under Section | 14 | | 8.12 of the State Finance Act and
Section 1 of the State | 15 | | Pension Funds Continuing Appropriation Act) is less than
the | 16 | | amount lawfully vouchered under this Section, the difference | 17 | | shall be paid
from the General Revenue Fund under the | 18 | | continuing appropriation authority
provided in Section 1.1 of | 19 | | the State Pension Funds Continuing Appropriation
Act.
| 20 | | (d) So long as the payments received are the full amount | 21 | | lawfully
vouchered under this Section, payments received by the | 22 | | System under this
Section shall be applied first toward the | 23 | | employer contribution to the
self-managed plan established | 24 | | under Section 15-158.2. Payments shall be
applied second toward | 25 | | the employer's portion of the normal costs of the System,
as | 26 | | defined in subsection (f) of Section 15-155. The balance shall |
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| 1 | | be applied
toward the unfunded actuarial liabilities of the | 2 | | System.
| 3 | | (e) In the event that the System does not receive, as a | 4 | | result of
legislative enactment or otherwise, payments | 5 | | sufficient to
fully fund the employer contribution to the | 6 | | self-managed plan
established under Section 15-158.2 and to | 7 | | fully fund that portion of the
employer's portion of the normal | 8 | | costs of the System, as calculated in
accordance with Section | 9 | | 15-155(a-1), then any payments received shall be
applied | 10 | | proportionately to the optional retirement program established | 11 | | under
Section 15-158.2 and to the employer's portion of the | 12 | | normal costs of the
System, as calculated in accordance with | 13 | | Section 15-155(a-1).
| 14 | | (Source: P.A. 93-2, eff. 4-7-03; 93-665, eff. 3-5-04; 94-4, | 15 | | eff. 6-1-05.)
| 16 | | (40 ILCS 5/16-158)
(from Ch. 108 1/2, par. 16-158)
| 17 | | Sec. 16-158. Contributions by State and other employing | 18 | | units.
| 19 | | (a) The State shall make contributions to the System by | 20 | | means of
appropriations from the Common School Fund and other | 21 | | State funds of amounts
which, together with other employer | 22 | | contributions, employee contributions,
investment income, and | 23 | | other income, will be sufficient to meet the cost of
| 24 | | maintaining and administering the System on a 90% funded basis | 25 | | in accordance
with actuarial recommendations.
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| 1 | | The Board shall determine the amount of State contributions | 2 | | required for
each fiscal year on the basis of the actuarial | 3 | | tables and other assumptions
adopted by the Board and the | 4 | | recommendations of the actuary, using the formula
in subsection | 5 | | (b-3).
| 6 | | (a-1) Annually, on or before November 15, the Board shall | 7 | | certify to the
Governor the amount of the required State | 8 | | contribution for the coming fiscal
year. The certification | 9 | | shall include a copy of the actuarial recommendations
upon | 10 | | which it is based.
| 11 | | On or before May 1, 2004, the Board shall recalculate and | 12 | | recertify to
the Governor the amount of the required State | 13 | | contribution to the System for
State fiscal year 2005, taking | 14 | | into account the amounts appropriated to and
received by the | 15 | | System under subsection (d) of Section 7.2 of the General
| 16 | | Obligation Bond Act.
| 17 | | On or before July 1, 2005, the Board shall recalculate and | 18 | | recertify
to the Governor the amount of the required State
| 19 | | contribution to the System for State fiscal year 2006, taking | 20 | | into account the changes in required State contributions made | 21 | | by this amendatory Act of the 94th General Assembly.
| 22 | | On or before June 15, 2010, the Board shall recalculate and | 23 | | recertify to the Governor the amount of the required State | 24 | | contribution to the System for State fiscal year 2011, applying | 25 | | the changes made by Public Act 96-889 to the System's assets | 26 | | and liabilities as of June 30, 2009 as though Public Act 96-889 |
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| 1 | | was approved on that date. | 2 | | (b) Through State fiscal year 1995, the State contributions | 3 | | shall be
paid to the System in accordance with Section 18-7 of | 4 | | the School Code.
| 5 | | (b-1) Beginning in State fiscal year 1996, on the 15th day | 6 | | of each month,
or as soon thereafter as may be practicable, the | 7 | | Board shall submit vouchers
for payment of State contributions | 8 | | to the System, in a total monthly amount of
one-twelfth of the | 9 | | required annual State contribution certified under
subsection | 10 | | (a-1).
From the
effective date of this amendatory Act of the | 11 | | 93rd General Assembly
through June 30, 2004, the Board shall | 12 | | not submit vouchers for the
remainder of fiscal year 2004 in | 13 | | excess of the fiscal year 2004
certified contribution amount | 14 | | determined under this Section
after taking into consideration | 15 | | the transfer to the System
under subsection (a) of Section | 16 | | 6z-61 of the State Finance Act.
These vouchers shall be paid by | 17 | | the State Comptroller and
Treasurer by warrants drawn on the | 18 | | funds appropriated to the System for that
fiscal year.
| 19 | | If in any month the amount remaining unexpended from all | 20 | | other appropriations
to the System for the applicable fiscal | 21 | | year (including the appropriations to
the System under Section | 22 | | 8.12 of the State Finance Act and Section 1 of the
State | 23 | | Pension Funds Continuing Appropriation Act) is less than the | 24 | | amount
lawfully vouchered under this subsection, the | 25 | | difference shall be paid from the
Common School Fund under the | 26 | | continuing appropriation authority provided in
Section 1.1 of |
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| 1 | | the State Pension Funds Continuing Appropriation Act.
| 2 | | (b-2) Allocations from the Common School Fund apportioned | 3 | | to school
districts not coming under this System shall not be | 4 | | diminished or affected by
the provisions of this Article.
| 5 | | (b-3) For State fiscal years 2012 2011 through 2045, the | 6 | | minimum contribution
to the System to be made by the State for | 7 | | each fiscal year shall be an amount
determined by the System to | 8 | | be sufficient to bring the total assets of the
System up to 90% | 9 | | of the total actuarial liabilities of the System by the end of
| 10 | | State fiscal year 2045. In making these determinations, the | 11 | | required State
contribution shall be calculated each year as a | 12 | | level percentage of payroll
over the years remaining to and | 13 | | including fiscal year 2045 and shall be
determined under the | 14 | | projected unit credit actuarial cost method.
| 15 | | For State fiscal years 1996 through 2005, the State | 16 | | contribution to the
System, as a percentage of the applicable | 17 | | employee payroll, shall be increased
in equal annual increments | 18 | | so that by State fiscal year 2011, the State is
contributing at | 19 | | the rate required under this Section; except that in the
| 20 | | following specified State fiscal years, the State contribution | 21 | | to the System
shall not be less than the following indicated | 22 | | percentages of the applicable
employee payroll, even if the | 23 | | indicated percentage will produce a State
contribution in | 24 | | excess of the amount otherwise required under this subsection
| 25 | | and subsection (a), and notwithstanding any contrary | 26 | | certification made under
subsection (a-1) before the effective |
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| 1 | | date of this amendatory Act of 1998:
10.02% in FY 1999;
10.77% | 2 | | in FY 2000;
11.47% in FY 2001;
12.16% in FY 2002;
12.86% in FY | 3 | | 2003; and
13.56% in FY 2004.
| 4 | | Notwithstanding any other provision of this Article, the | 5 | | total required State
contribution for State fiscal year 2006 is | 6 | | $534,627,700.
| 7 | | Notwithstanding any other provision of this Article, the | 8 | | total required State
contribution for State fiscal year 2007 is | 9 | | $738,014,500.
| 10 | | For each of State fiscal years 2008 through 2009, the State | 11 | | contribution to
the System, as a percentage of the applicable | 12 | | employee payroll, shall be
increased in equal annual increments | 13 | | from the required State contribution for State fiscal year | 14 | | 2007, so that by State fiscal year 2011, the
State is | 15 | | contributing at the rate otherwise required under this Section.
| 16 | | Notwithstanding any other provision of this Article, the | 17 | | total required State contribution for State fiscal year 2010 is | 18 | | $2,089,268,000 and shall be made from the proceeds of bonds | 19 | | sold in fiscal year 2010 pursuant to Section 7.2 of the General | 20 | | Obligation Bond Act, less (i) the pro rata share of bond sale | 21 | | expenses determined by the System's share of total bond | 22 | | proceeds, (ii) any amounts received from the Common School Fund | 23 | | in fiscal year 2010, and (iii) any reduction in bond proceeds | 24 | | due to the issuance of discounted bonds, if applicable. | 25 | | Notwithstanding any other provision of this Article, the
| 26 | | total required State contribution for State fiscal year 2011 is
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| 1 | | the amount recertified by the System on or before June 15, 2010 | 2 | | pursuant to subsection (a-1) of this Section and shall be made | 3 | | from the proceeds of bonds
sold in fiscal year 2011 pursuant to | 4 | | Section 7.2 of the General
Obligation Bond Act, less (i) the | 5 | | pro rata share of bond sale
expenses determined by the System's | 6 | | share of total bond
proceeds, (ii) any amounts received from | 7 | | the Common School Fund
in fiscal year 2011, and (iii) any | 8 | | reduction in bond proceeds
due to the issuance of discounted | 9 | | bonds, if applicable. This amount shall include, in addition to | 10 | | the amount certified by the System, an amount necessary to meet | 11 | | employer contributions required by the State as an employer | 12 | | under paragraph (e) of this Section, which may also be used by | 13 | | the System for contributions required by paragraph (a) of | 14 | | Section 16-127. | 15 | | Beginning in State fiscal year 2046, the minimum State | 16 | | contribution for
each fiscal year shall be the amount needed to | 17 | | maintain the total assets of
the System at 90% of the total | 18 | | actuarial liabilities of the System.
| 19 | | Amounts received by the System pursuant to Section 25 of | 20 | | the Budget Stabilization Act or Section 8.12 of the State | 21 | | Finance Act in any fiscal year do not reduce and do not | 22 | | constitute payment of any portion of the minimum State | 23 | | contribution required under this Article in that fiscal year. | 24 | | Such amounts shall not reduce, and shall not be included in the | 25 | | calculation of, the required State contributions under this | 26 | | Article in any future year until the System has reached a |
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| 1 | | funding ratio of at least 90%. A reference in this Article to | 2 | | the "required State contribution" or any substantially similar | 3 | | term does not include or apply to any amounts payable to the | 4 | | System under Section 25 of the Budget Stabilization Act. | 5 | | Notwithstanding any other provision of this Section, the | 6 | | required State
contribution for State fiscal year 2005 and for | 7 | | fiscal year 2008 and each fiscal year thereafter, as
calculated | 8 | | under this Section and
certified under subsection (a-1), shall | 9 | | not exceed an amount equal to (i) the
amount of the required | 10 | | State contribution that would have been calculated under
this | 11 | | Section for that fiscal year if the System had not received any | 12 | | payments
under subsection (d) of Section 7.2 of the General | 13 | | Obligation Bond Act, minus
(ii) the portion of the State's | 14 | | total debt service payments for that fiscal
year on the bonds | 15 | | issued for the purposes of that Section 7.2, as determined
and | 16 | | certified by the Comptroller, that is the same as the System's | 17 | | portion of
the total moneys distributed under subsection (d) of | 18 | | Section 7.2 of the General
Obligation Bond Act. In determining | 19 | | this maximum for State fiscal years 2008 through 2010, however, | 20 | | the amount referred to in item (i) shall be increased, as a | 21 | | percentage of the applicable employee payroll, in equal | 22 | | increments calculated from the sum of the required State | 23 | | contribution for State fiscal year 2007 plus the applicable | 24 | | portion of the State's total debt service payments for fiscal | 25 | | year 2007 on the bonds issued for the purposes of Section 7.2 | 26 | | of the General
Obligation Bond Act, so that, by State fiscal |
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| 1 | | year 2011, the
State is contributing at the rate otherwise | 2 | | required under this Section.
| 3 | | (c) Payment of the required State contributions and of all | 4 | | pensions,
retirement annuities, death benefits, refunds, and | 5 | | other benefits granted
under or assumed by this System, and all | 6 | | expenses in connection with the
administration and operation | 7 | | thereof, are obligations of the State.
| 8 | | If members are paid from special trust or federal funds | 9 | | which are
administered by the employing unit, whether school | 10 | | district or other
unit, the employing unit shall pay to the | 11 | | System from such
funds the full accruing retirement costs based | 12 | | upon that
service, as determined by the System. Employer | 13 | | contributions, based on
salary paid to members from federal | 14 | | funds, may be forwarded by the distributing
agency of the State | 15 | | of Illinois to the System prior to allocation, in an
amount | 16 | | determined in accordance with guidelines established by such
| 17 | | agency and the System.
| 18 | | (d) Effective July 1, 1986, any employer of a teacher as | 19 | | defined in
paragraph (8) of Section 16-106 shall pay the | 20 | | employer's normal cost
of benefits based upon the teacher's | 21 | | service, in addition to
employee contributions, as determined | 22 | | by the System. Such employer
contributions shall be forwarded | 23 | | monthly in accordance with guidelines
established by the | 24 | | System.
| 25 | | However, with respect to benefits granted under Section | 26 | | 16-133.4 or
16-133.5 to a teacher as defined in paragraph (8) |
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| 1 | | of Section 16-106, the
employer's contribution shall be 12% | 2 | | (rather than 20%) of the member's
highest annual salary rate | 3 | | for each year of creditable service granted, and
the employer | 4 | | shall also pay the required employee contribution on behalf of
| 5 | | the teacher. For the purposes of Sections 16-133.4 and | 6 | | 16-133.5, a teacher
as defined in paragraph (8) of Section | 7 | | 16-106 who is serving in that capacity
while on leave of | 8 | | absence from another employer under this Article shall not
be | 9 | | considered an employee of the employer from which the teacher | 10 | | is on leave.
| 11 | | (e) Beginning July 1, 1998, every employer of a teacher
| 12 | | shall pay to the System an employer contribution computed as | 13 | | follows:
| 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.
| 20 | | The school district or other employing unit may pay these | 21 | | employer
contributions out of any source of funding available | 22 | | for that purpose and
shall forward the contributions to the | 23 | | System on the schedule established
for the payment of member | 24 | | contributions.
| 25 | | These employer contributions are intended to offset a | 26 | | portion of the cost
to the System of the increases in |
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| 1 | | retirement benefits resulting from this
amendatory Act of 1998.
| 2 | | Each employer of teachers is entitled to a credit against | 3 | | the contributions
required under this subsection (e) with | 4 | | respect to salaries paid to teachers
for the period January 1, | 5 | | 2002 through June 30, 2003, equal to the amount paid
by that | 6 | | employer under subsection (a-5) of Section 6.6 of the State | 7 | | Employees
Group Insurance Act of 1971 with respect to salaries | 8 | | paid to teachers for that
period.
| 9 | | The additional 1% employee contribution required under | 10 | | Section 16-152 by
this amendatory Act of 1998 is the | 11 | | responsibility of the teacher and not the
teacher's employer, | 12 | | unless the employer agrees, through collective bargaining
or | 13 | | otherwise, to make the contribution on behalf of the teacher.
| 14 | | If an employer is required by a contract in effect on May | 15 | | 1, 1998 between the
employer and an employee organization to | 16 | | pay, on behalf of all its full-time
employees
covered by this | 17 | | Article, all mandatory employee contributions required under
| 18 | | this Article, then the employer shall be excused from paying | 19 | | the employer
contribution required under this subsection (e) | 20 | | for the balance of the term
of that contract. The employer and | 21 | | the employee organization shall jointly
certify to the System | 22 | | the existence of the contractual requirement, in such
form as | 23 | | the System may prescribe. This exclusion shall cease upon the
| 24 | | termination, extension, or renewal of the contract at any time | 25 | | after May 1,
1998.
| 26 | | (f) If the amount of a teacher's salary for any school year |
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| 1 | | used to determine final average salary exceeds the member's | 2 | | annual full-time salary rate with the same employer for the | 3 | | previous school year by more than 6%, the teacher's employer | 4 | | shall pay to the System, in addition to all other payments | 5 | | required under this Section and in accordance with guidelines | 6 | | established by the System, the present value of the increase in | 7 | | benefits resulting from the portion of the increase in salary | 8 | | that is in excess of 6%. This present value shall be computed | 9 | | by the System on the basis of the actuarial assumptions and | 10 | | tables used in the most recent actuarial valuation of the | 11 | | System that is available at the time of the computation. If a | 12 | | teacher's salary for the 2005-2006 school year is used to | 13 | | determine final average salary under this subsection (f), then | 14 | | the changes made to this subsection (f) by Public Act 94-1057 | 15 | | shall apply in calculating whether the increase in his or her | 16 | | salary is in excess of 6%. For the purposes of this Section, | 17 | | change in employment under Section 10-21.12 of the School Code | 18 | | on or after June 1, 2005 shall constitute a change in employer. | 19 | | The System may require the employer to provide any pertinent | 20 | | information or documentation.
The changes made to this | 21 | | subsection (f) by this amendatory Act of the 94th General | 22 | | Assembly apply without regard to whether the teacher was in | 23 | | service on or after its effective date.
| 24 | | Whenever it determines that a payment is or may be required | 25 | | under this subsection, the System shall calculate the amount of | 26 | | the payment and bill the employer for that amount. The bill |
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| 1 | | shall specify the calculations used to determine the amount | 2 | | due. If the employer disputes the amount of the bill, it may, | 3 | | within 30 days after receipt of the bill, apply to the System | 4 | | in writing for a recalculation. The application must specify in | 5 | | detail the grounds of the dispute and, if the employer asserts | 6 | | that the calculation is subject to subsection (g) or (h) of | 7 | | this Section, must include an affidavit setting forth and | 8 | | attesting to all facts within the employer's knowledge that are | 9 | | pertinent to the applicability of that subsection. Upon | 10 | | receiving a timely application for recalculation, the System | 11 | | shall review the application and, if appropriate, recalculate | 12 | | the 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 | 15 | | receipt of the bill. If the employer contributions are not paid | 16 | | within 90 days after receipt of the bill, then interest will be | 17 | | charged at a rate equal to the System's annual actuarially | 18 | | assumed rate of return on investment compounded annually from | 19 | | the 91st day after receipt of the bill. Payments must be | 20 | | concluded within 3 years after the employer's receipt of the | 21 | | bill.
| 22 | | (g) This subsection (g) applies only to payments made or | 23 | | salary increases given on or after June 1, 2005 but before July | 24 | | 1, 2011. The changes made by Public Act 94-1057 shall not | 25 | | require the System to refund any payments received before
July | 26 | | 31, 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 | 3 | | under contracts or collective bargaining agreements entered | 4 | | into, 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 | 7 | | teacher at a time when the teacher is 10 or more years from | 8 | | retirement 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 | 11 | | overload work, including summer school, when the school | 12 | | district has certified to the System, and the System has | 13 | | approved the certification, that (i) the overload work is for | 14 | | the sole purpose of classroom instruction in excess of the | 15 | | standard number of classes for a full-time teacher in a school | 16 | | district during a school year and (ii) the salary increases are | 17 | | equal to or less than the rate of pay for classroom instruction | 18 | | computed 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 | 21 | | a promotion (i) for which the employee is required to hold a | 22 | | certificate or supervisory endorsement issued by the State | 23 | | Teacher Certification Board that is a different certification | 24 | | or supervisory endorsement than is required for the teacher's | 25 | | previous position and (ii) to a position that has existed and | 26 | | been filled by a member for no less than one complete academic |
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| 1 | | year and the salary increase from the promotion is an increase | 2 | | that results in an amount no greater than the lesser of the | 3 | | average salary paid for other similar positions in the district | 4 | | requiring the same certification or the amount stipulated in | 5 | | the collective bargaining agreement for a similar position | 6 | | requiring 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 | 9 | | the State of Illinois or the State Board of Education over | 10 | | which the employer does not have discretion, notwithstanding | 11 | | that the payment is included in the computation of final | 12 | | average salary.
| 13 | | (h) When assessing payment for any amount due under | 14 | | subsection (f), the System shall exclude any salary increase | 15 | | described in subsection (g) of this Section given on or after | 16 | | July 1, 2011 but before July 1, 2014 under a contract or | 17 | | collective bargaining agreement entered into, amended, or | 18 | | renewed on or after June 1, 2005 but before July 1, 2011. | 19 | | Notwithstanding any other provision of this Section, any | 20 | | payments made or salary increases given after June 30, 2014 | 21 | | shall be used in assessing payment for any amount due under | 22 | | subsection (f) of this Section.
| 23 | | (i) The System shall prepare a report and file copies of | 24 | | the report with the Governor and the General Assembly by | 25 | | January 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 | 13 | | contribution to the System, the value of the System's assets | 14 | | shall be equal to the actuarial value of the System's assets, | 15 | | which shall be calculated as follows: | 16 | | As of June 30, 2008, the actuarial value of the System's | 17 | | assets shall be equal to the market value of the assets as of | 18 | | that date. In determining the actuarial value of the System's | 19 | | assets for fiscal years after June 30, 2008, any actuarial | 20 | | gains or losses from investment return incurred in a fiscal | 21 | | year shall be recognized in equal annual amounts over the | 22 | | 5-year period following that fiscal year. | 23 | | (k) For purposes of determining the required State | 24 | | contribution to the system for a particular year, the actuarial | 25 | | value of assets shall be assumed to earn a rate of return equal | 26 | | to 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; | 2 | | 96-43, eff. 7-15-09.)
| 3 | | (40 ILCS 5/18-131) (from Ch. 108 1/2, par. 18-131)
| 4 | | Sec. 18-131. Financing; employer contributions.
| 5 | | (a) The State of Illinois shall make contributions to this | 6 | | System by
appropriations of the amounts which, together with | 7 | | the contributions of
participants, net earnings on | 8 | | investments, and other income, will meet the
costs of | 9 | | maintaining and administering this System on a 90% funded basis | 10 | | in
accordance with actuarial recommendations.
| 11 | | (b) The Board shall determine the amount of State | 12 | | contributions
required for each fiscal year on the basis of the | 13 | | actuarial tables and other
assumptions adopted by the Board and | 14 | | the prescribed rate of interest, using
the formula in | 15 | | subsection (c).
| 16 | | (c) For State fiscal years 2012 2011 through 2045, the | 17 | | minimum contribution
to the System to be made by the State for | 18 | | each fiscal year shall be an amount
determined by the System to | 19 | | be sufficient to bring the total assets of the
System up to 90% | 20 | | of the total actuarial liabilities of the System by the end of
| 21 | | State fiscal year 2045. In making these determinations, the | 22 | | required State
contribution shall be calculated each year as a | 23 | | level percentage of payroll
over the years remaining to and | 24 | | including fiscal year 2045 and shall be
determined under the | 25 | | projected unit credit actuarial cost method.
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| 1 | | For State fiscal years 1996 through 2005, the State | 2 | | contribution to
the System, as a percentage of the applicable | 3 | | employee payroll, shall be
increased in equal annual increments | 4 | | so that by State fiscal year 2011, the
State is contributing at | 5 | | the rate required under this Section.
| 6 | | Notwithstanding any other provision of this Article, the | 7 | | total required State
contribution for State fiscal year 2006 is | 8 | | $29,189,400.
| 9 | | Notwithstanding any other provision of this Article, the | 10 | | total required State
contribution for State fiscal year 2007 is | 11 | | $35,236,800.
| 12 | | For each of State fiscal years 2008 through 2009, the State | 13 | | contribution to
the System, as a percentage of the applicable | 14 | | employee payroll, shall be
increased in equal annual increments | 15 | | from the required State contribution for State fiscal year | 16 | | 2007, so that by State fiscal year 2011, the
State is | 17 | | contributing at the rate otherwise required under this Section.
| 18 | | Notwithstanding any other provision of this Article, the | 19 | | total required State contribution for State fiscal year 2010 is | 20 | | $78,832,000 and shall be made from the proceeds of bonds sold | 21 | | in fiscal year 2010 pursuant to Section 7.2 of the General | 22 | | Obligation Bond Act, less (i) the pro rata share of bond sale | 23 | | expenses determined by the System's share of total bond | 24 | | proceeds, (ii) any amounts received from the General Revenue | 25 | | Fund in fiscal year 2010, and (iii) any reduction in bond | 26 | | proceeds due to the issuance of discounted bonds, if |
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| 1 | | applicable. | 2 | | Notwithstanding any other provision of this Article, the | 3 | | total required State contribution for State fiscal year 2011 is
| 4 | | the amount recertified by the System on or before June 15, 2010 | 5 | | pursuant to Section 18-140 and shall be made from the proceeds | 6 | | of bonds sold
in fiscal year 2011 pursuant to Section 7.2 of | 7 | | the General
Obligation Bond Act, less (i) the pro rata share of | 8 | | bond sale
expenses determined by the System's share of total | 9 | | bond
proceeds, (ii) any amounts received from the General | 10 | | Revenue
Fund in fiscal year 2011, and (iii) any reduction in | 11 | | bond
proceeds due to the issuance of discounted bonds, if
| 12 | | applicable. | 13 | | Beginning in State fiscal year 2046, the minimum State | 14 | | contribution for
each fiscal year shall be the amount needed to | 15 | | maintain the total assets of
the System at 90% of the total | 16 | | actuarial liabilities of the System.
| 17 | | Amounts received by the System pursuant to Section 25 of | 18 | | the Budget Stabilization Act or Section 8.12 of the State | 19 | | Finance Act in any fiscal year do not reduce and do not | 20 | | constitute payment of any portion of the minimum State | 21 | | contribution required under this Article in that fiscal year. | 22 | | Such amounts shall not reduce, and shall not be included in the | 23 | | calculation of, the required State contributions under this | 24 | | Article in any future year until the System has reached a | 25 | | funding ratio of at least 90%. A reference in this Article to | 26 | | the "required State contribution" or any substantially similar |
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| 1 | | term does not include or apply to any amounts payable to the | 2 | | System under Section 25 of the Budget Stabilization Act.
| 3 | | Notwithstanding any other provision of this Section, the | 4 | | required State
contribution for State fiscal year 2005 and for | 5 | | fiscal year 2008 and each fiscal year thereafter, as
calculated | 6 | | under this Section and
certified under Section 18-140, shall | 7 | | not exceed an amount equal to (i) the
amount of the required | 8 | | State contribution that would have been calculated under
this | 9 | | Section for that fiscal year if the System had not received any | 10 | | payments
under subsection (d) of Section 7.2 of the General | 11 | | Obligation Bond Act, minus
(ii) the portion of the State's | 12 | | total debt service payments for that fiscal
year on the bonds | 13 | | issued for the purposes of that Section 7.2, as determined
and | 14 | | certified by the Comptroller, that is the same as the System's | 15 | | portion of
the total moneys distributed under subsection (d) of | 16 | | Section 7.2 of the General
Obligation Bond Act. In determining | 17 | | this maximum for State fiscal years 2008 through 2010, however, | 18 | | the amount referred to in item (i) shall be increased, as a | 19 | | percentage of the applicable employee payroll, in equal | 20 | | increments calculated from the sum of the required State | 21 | | contribution for State fiscal year 2007 plus the applicable | 22 | | portion of the State's total debt service payments for fiscal | 23 | | year 2007 on the bonds issued for the purposes of Section 7.2 | 24 | | of the General
Obligation Bond Act, so that, by State fiscal | 25 | | year 2011, the
State is contributing at the rate otherwise | 26 | | required under this Section.
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| 1 | | (d) For purposes of determining the required State | 2 | | contribution to the System, the value of the System's assets | 3 | | shall be equal to the actuarial value of the System's assets, | 4 | | which shall be calculated as follows: | 5 | | As of June 30, 2008, the actuarial value of the System's | 6 | | assets shall be equal to the market value of the assets as of | 7 | | that date. In determining the actuarial value of the System's | 8 | | assets for fiscal years after June 30, 2008, any actuarial | 9 | | gains or losses from investment return incurred in a fiscal | 10 | | year shall be recognized in equal annual amounts over the | 11 | | 5-year period following that fiscal year. | 12 | | (e) For purposes of determining the required State | 13 | | contribution to the system for a particular year, the actuarial | 14 | | value of assets shall be assumed to earn a rate of return equal | 15 | | to the system's actuarially assumed rate of return. | 16 | | (Source: P.A. 95-950, eff. 8-29-08; 96-43, eff. 7-15-09.)
| 17 | | (40 ILCS 5/18-140)
(from Ch. 108 1/2, par. 18-140)
| 18 | | Sec. 18-140. To certify required State contributions and | 19 | | submit vouchers.
| 20 | | (a) The Board shall certify to the Governor, on or before | 21 | | November 15 of
each year, the amount of the required State | 22 | | contribution to the System for the
following fiscal year. The | 23 | | certification shall include a copy of the actuarial
| 24 | | recommendations upon which it is based.
| 25 | | On or before May 1, 2004, the Board shall recalculate and |
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| 1 | | recertify to
the Governor the amount of the required State | 2 | | contribution to the System for
State fiscal year 2005, taking | 3 | | into account the amounts appropriated to and
received by the | 4 | | System under subsection (d) of Section 7.2 of the General
| 5 | | Obligation Bond Act.
| 6 | | On or before July 1, 2005, the Board shall recalculate and | 7 | | recertify
to the Governor the amount of the required State
| 8 | | contribution to the System for State fiscal year 2006, taking | 9 | | into account the changes in required State contributions made | 10 | | by this amendatory Act of the 94th General Assembly.
| 11 | | On or before June 15, 2010, the Board shall recalculate and | 12 | | recertify to the Governor the amount of the required State | 13 | | contribution to the System for State fiscal year 2011, applying | 14 | | the changes made by Public Act 96-889 to the System's assets | 15 | | and liabilities as of June 30, 2009 as though Public Act 96-889 | 16 | | was approved on that date. | 17 | | (b) Beginning in State fiscal year 1996, on or as soon as | 18 | | possible after
the 15th day of each month the Board shall | 19 | | submit vouchers for payment of State
contributions to the | 20 | | System, in a total monthly amount of one-twelfth of the
| 21 | | required annual State contribution certified under subsection | 22 | | (a).
From the effective date of this amendatory Act
of the 93rd | 23 | | General Assembly through June 30, 2004, the Board shall not
| 24 | | submit vouchers for the remainder of fiscal year 2004 in excess | 25 | | of the
fiscal year 2004 certified contribution amount | 26 | | determined
under this Section after taking into consideration |
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| 1 | | the transfer to the
System under subsection (c) of Section | 2 | | 6z-61 of the State Finance Act.
These
vouchers shall be paid by | 3 | | the State Comptroller and Treasurer by warrants drawn
on the | 4 | | funds appropriated to the System for that fiscal year.
| 5 | | If in any month the amount remaining unexpended from all | 6 | | other
appropriations to the System for the applicable fiscal | 7 | | year (including the
appropriations to the System under Section | 8 | | 8.12 of the State Finance Act and
Section 1 of the State | 9 | | Pension Funds Continuing Appropriation Act) is less than
the | 10 | | amount lawfully vouchered under this Section, the difference | 11 | | shall be paid
from the General Revenue Fund under the | 12 | | continuing appropriation authority
provided in Section 1.1 of | 13 | | the State Pension Funds Continuing Appropriation
Act.
| 14 | | (Source: P.A. 93-2, eff. 4-7-03; 93-665, eff. 3-5-04; 94-4, | 15 | | eff. 6-1-05.)
| 16 | | Section 15. The State Pension Funds Continuing | 17 | | Appropriation Act is amended by changing Sections 1.1 and 1.2 | 18 | | and by adding Section 1.8 as follows:
| 19 | | (40 ILCS 15/1.1)
| 20 | | Sec. 1.1. Appropriations to certain retirement systems.
| 21 | | (a) There is hereby appropriated from the General Revenue | 22 | | Fund to the
General Assembly Retirement System, on a continuing | 23 | | monthly basis, the amount,
if any, by which the total available | 24 | | amount of all other appropriations to that
retirement system |
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| 1 | | for the payment of State contributions is less than the total
| 2 | | amount of the vouchers for required State contributions | 3 | | lawfully submitted by
the retirement system for that month | 4 | | under Section 2-134 of the Illinois
Pension Code.
| 5 | | (b) There is hereby appropriated from the General Revenue | 6 | | Fund to the
State Universities Retirement System, on a | 7 | | continuing monthly basis, the
amount, if any, by which the | 8 | | total available amount of all other appropriations
to that | 9 | | retirement system for the payment of State contributions, | 10 | | including
any deficiency in the required contributions of the | 11 | | optional
retirement program established under Section 15-158.2 | 12 | | of the Illinois Pension
Code,
is less than
the total amount of | 13 | | the vouchers for required State contributions lawfully
| 14 | | submitted by the retirement system for that month under Section | 15 | | 15-165 of the
Illinois Pension Code.
| 16 | | (c) There is hereby appropriated from the Common School | 17 | | Fund to the
Teachers' Retirement System of the State of | 18 | | Illinois,
on a continuing monthly basis, the amount, if any, by | 19 | | which the total
available amount of all other appropriations to | 20 | | that retirement system for the
payment of State contributions | 21 | | is less than the total amount of the vouchers
for required | 22 | | State contributions lawfully submitted by the retirement | 23 | | system
for that month under Section 16-158 of the Illinois | 24 | | Pension Code.
| 25 | | (d) There is hereby appropriated from the General Revenue | 26 | | Fund to the Judges
Retirement System of Illinois, on a |
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| 1 | | continuing monthly basis, the amount, if
any, by which the | 2 | | total available amount of all other appropriations to that
| 3 | | retirement system for the payment of State contributions is | 4 | | less than the total
amount of the vouchers for required State | 5 | | contributions lawfully submitted by
the retirement system for | 6 | | that month under Section 18-140 of the Illinois
Pension Code.
| 7 | | (e) The continuing appropriations provided by this Section | 8 | | shall first
be available in State fiscal year 1996.
| 9 | | (f) For State fiscal year 2010 only, the continuing | 10 | | appropriations provided by this Section are equal to the amount | 11 | | certified by each System on or before December 31, 2008, less | 12 | | (i) the gross proceeds of the bonds sold in fiscal year 2010 | 13 | | under the authorization contained in subsection (a) of Section | 14 | | 7.2 of the General Obligation Bond Act and (ii) any amounts | 15 | | received from the State Pensions Fund. | 16 | | (g) For State fiscal year 2011 only, the continuing | 17 | | appropriations provided by this Section are equal to the amount
| 18 | | certified by each System on or before June 15, 2010, less
(i) | 19 | | the gross proceeds of the bonds sold in fiscal year 2011
under | 20 | | the authorization contained in subsection (a) of Section
7.2 of | 21 | | the General Obligation Bond Act and (ii) any amounts
received | 22 | | from the State Pensions Fund. | 23 | | (Source: P.A. 96-43, eff. 7-15-09.)
| 24 | | (40 ILCS 15/1.2)
| 25 | | Sec. 1.2. Appropriations for the State Employees' |
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| 1 | | Retirement System.
| 2 | | (a) From each fund from which an amount is appropriated for | 3 | | personal
services to a department or other employer under | 4 | | Article 14 of the Illinois
Pension Code, there is hereby | 5 | | appropriated to that department or other
employer, on a | 6 | | continuing annual basis for each State fiscal year, an
| 7 | | additional amount equal to the amount, if any, by which (1) an | 8 | | amount equal
to the percentage of the personal services line | 9 | | item for that department or
employer from that fund for that | 10 | | fiscal year that the Board of Trustees of
the State Employees' | 11 | | Retirement System of Illinois has certified under Section
| 12 | | 14-135.08 of the Illinois Pension Code to be necessary to meet | 13 | | the State's
obligation under Section 14-131 of the Illinois | 14 | | Pension Code for that fiscal
year, exceeds (2) the amounts | 15 | | otherwise appropriated to that department or
employer from that | 16 | | fund for State contributions to the State Employees'
Retirement | 17 | | System for that fiscal year.
From the effective
date of this | 18 | | amendatory Act of the 93rd General Assembly
through the final | 19 | | payment from a department or employer's
personal services line | 20 | | item for fiscal year 2004, payments to
the State Employees' | 21 | | Retirement System that otherwise would
have been made under | 22 | | this subsection (a) shall be governed by
the provisions in | 23 | | subsection (a-1).
| 24 | | (a-1) If a Fiscal Year 2004 Shortfall is certified under | 25 | | subsection (f) of
Section 14-131 of the Illinois Pension Code, | 26 | | there is hereby appropriated
to the State Employees' Retirement |
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| 1 | | System of Illinois on a
continuing basis from the General | 2 | | Revenue Fund an additional
aggregate amount equal to the Fiscal | 3 | | Year 2004 Shortfall.
| 4 | | (a-2) If a Fiscal Year 2010 Shortfall is certified under | 5 | | subsection (g) of Section 14-131 of the Illinois Pension Code, | 6 | | there is hereby appropriated to the State Employees' Retirement | 7 | | System of Illinois on a continuing basis from the General | 8 | | Revenue Fund an additional aggregate amount equal to the Fiscal | 9 | | Year 2010 Shortfall. | 10 | | (b) The continuing appropriations provided for by this | 11 | | Section shall first
be available in State fiscal year 1996.
| 12 | | (c) Beginning in Fiscal Year 2005, any continuing | 13 | | appropriation under this Section arising out of an | 14 | | appropriation for personal services from the Road Fund to the | 15 | | Department of State Police or the Secretary of State shall be | 16 | | payable from the General Revenue Fund rather than the Road | 17 | | Fund.
| 18 | | (d) For State fiscal year 2010 only, a continuing | 19 | | appropriation is provided to the State Employees' Retirement | 20 | | System equal to the amount certified by the System on or before | 21 | | December 31, 2008, less the gross proceeds of the bonds sold in | 22 | | fiscal year 2010 under the authorization contained in | 23 | | subsection (a) of Section 7.2 of the General Obligation Bond | 24 | | Act. | 25 | | (e) For State fiscal year 2011 only, a continuing
| 26 | | appropriation is provided to the State Employees' Retirement
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| 1 | | System equal to the amount certified by the System on or before
| 2 | | June 15, 2010, less the gross proceeds of the bonds sold in
| 3 | | fiscal year 2011 under the authorization contained in
| 4 | | subsection (a) of Section 7.2 of the General Obligation Bond
| 5 | | Act. | 6 | | (Source: P.A. 96-43, eff. 7-15-09; 96-45, eff. 7-15-09; revised | 7 | | 11-3-09.)
| 8 | | (40 ILCS 15/1.8 new) | 9 | | Sec. 1.8. Suspension of appropriations for fiscal year | 10 | | 2011. Notwithstanding any other provision of this Act, no | 11 | | appropriation otherwise required from the General Revenue Fund | 12 | | or the Common School Fund under this Act is required to be made | 13 | | prior to September 30, 2010; however, after September 30th the | 14 | | system shall be immediately appropriated an amount that would | 15 | | have been otherwise available through this Act. | 16 | | ARTICLE 99.
| 17 | | Section 99. Effective date. This Act takes effect upon | 18 | | becoming law.
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