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Full Text of SB2642  98th General Assembly

SB2642 98TH GENERAL ASSEMBLY

  
  

 


 
98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
SB2642

 

Introduced 1/21/2014, by Sen. Dale A. Righter

 

SYNOPSIS AS INTRODUCED:
 
30 ILCS 122/20

    Amends the Budget Stabilization Act. Increases the amount transferred from the General Revenue Fund to the Pension Stabilization Fund to 90% (currently 10%) of the specified sums. Provides that the transferred amount is intended to represent nine-tenths (currently one-tenth) of the annual savings to the State resulting from the enactment of Public Act 98-599. Effective immediately.


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FISCAL NOTE ACT MAY APPLY
PENSION IMPACT NOTE ACT MAY APPLY

 

 

A BILL FOR

 

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1    AN ACT concerning finance.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Budget Stabilization Act is amended by
5changing Section 20 as follows:
 
6    (30 ILCS 122/20)
7    (Text of Section before amendment by P.A. 98-599)
8    Sec. 20. Pension Stabilization Fund.
9    (a) The Pension Stabilization Fund is hereby created as a
10special fund in the State treasury. Moneys in the fund shall be
11used for the sole purpose of making payments to the designated
12retirement systems as provided in Section 25.
13    (b) For each fiscal year through State fiscal year 2014,
14when the General Assembly's appropriations and transfers or
15diversions as required by law from general funds do not exceed
1699% of the estimated general funds revenues pursuant to
17subsection (a) of Section 10, the Comptroller shall transfer
18from the General Revenue Fund as provided by this Section a
19total amount equal to 0.5% of the estimated general funds
20revenues to the Pension Stabilization Fund.
21    (c) For each fiscal year through State fiscal year 2014,
22when the General Assembly's appropriations and transfers or
23diversions as required by law from general funds do not exceed

 

 

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198% of the estimated general funds revenues pursuant to
2subsection (b) of Section 10, the Comptroller shall transfer
3from the General Revenue Fund as provided by this Section a
4total amount equal to 1.0% of the estimated general funds
5revenues to the Pension Stabilization Fund.
6    (c-5) In addition to any other amounts required to be
7transferred under this Section, in State fiscal year 2016 and
8each fiscal year thereafter through State fiscal year 2045, or
9when each of the designated retirement systems, as defined in
10Section 25, has achieved 100% funding, whichever occurs first,
11the State Comptroller shall order transferred and the State
12Treasurer shall transfer from the General Revenue Fund to the
13Pension Stabilization Fund an amount equal to 90% of (1) the
14sum of the amounts certified by the designated retirement
15systems under subsection (a-5) of Section 2-134, subsection
16(a-10) of Section 14-135.08, subsection (a-10)_ of Section
1715-165, and subsection (a-10) of Section 16-158 of this Code
18for that fiscal year minus (2) the sum of (i) the transfer
19required under subsection (c-10) of this Section for that
20fiscal year and (ii) the sum of the required State
21contributions certified by the retirement systems under
22subsection (a) of Section 2-134, subsection (a-5) of Section
2314-135.08, subsection (a-5) of Section 15-165, and subsection
24(a-5) of Section 16-158 of this Code for that fiscal year. The
25transferred amount is intended to represent nine-tenths of the
26annual savings to the State resulting from the enactment of

 

 

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1this amendatory Act of the 98th General Assembly.
2    (c-10) In State fiscal year 2019, the State Comptroller
3shall order transferred and the State Treasurer shall transfer
4$364,000,000 from the General Revenue Fund to the Pension
5Stabilization Fund. In State fiscal year 2020 and each fiscal
6year thereafter until terminated under subsection (c-15), the
7State Comptroller shall order transferred and the State
8Treasurer shall transfer $1,000,000,000 from the General
9Revenue Fund to the Pension Stabilization Fund.
10    (c-15) The transfers made beginning in State fiscal year
112020 pursuant to subsection (c-10) of this Section shall
12terminate at the end of State fiscal year 2045 or when each of
13the designated retirement systems, as defined in Section 25,
14has achieved 100% funding, whichever occurs first.
15    (d) The Comptroller shall transfer 1/12 of the total amount
16to be transferred each fiscal year under this Section into the
17Pension Stabilization Fund on the first day of each month of
18that fiscal year or as soon thereafter as possible; except that
19the final transfer of the fiscal year shall be made as soon as
20practical after the August 31 following the end of the fiscal
21year.
22    Until State fiscal year 2015, before Before the final
23transfer for a fiscal year is made, the Comptroller shall
24reconcile the estimated general funds revenues used in
25calculating the other transfers under this Section for that
26fiscal year with the actual general funds revenues for that

 

 

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1fiscal year. The final transfer for the fiscal year shall be
2adjusted so that the total amount transferred under this
3Section for that fiscal year is equal to the percentage
4specified in subsection (b) or (c) of this Section, whichever
5is applicable, of the actual general funds revenues for that
6fiscal year. The actual general funds revenues for the fiscal
7year shall be calculated in a manner consistent with subsection
8(c) of Section 10 of this Act.
9(Source: P.A. 94-839, eff. 6-6-06.)
 
10    (Text of Section after amendment by P.A. 98-599)
11    Sec. 20. Pension Stabilization Fund.
12    (a) The Pension Stabilization Fund is hereby created as a
13special fund in the State treasury. Moneys in the fund shall be
14used for the sole purpose of making payments to the designated
15retirement systems as provided in Section 25.
16    (b) For each fiscal year through State fiscal year 2014,
17when the General Assembly's appropriations and transfers or
18diversions as required by law from general funds do not exceed
1999% of the estimated general funds revenues pursuant to
20subsection (a) of Section 10, the Comptroller shall transfer
21from the General Revenue Fund as provided by this Section a
22total amount equal to 0.5% of the estimated general funds
23revenues to the Pension Stabilization Fund.
24    (c) For each fiscal year through State fiscal year 2014,
25when the General Assembly's appropriations and transfers or

 

 

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1diversions as required by law from general funds do not exceed
298% of the estimated general funds revenues pursuant to
3subsection (b) of Section 10, the Comptroller shall transfer
4from the General Revenue Fund as provided by this Section a
5total amount equal to 1.0% of the estimated general funds
6revenues to the Pension Stabilization Fund.
7    (c-5) In addition to any other amounts required to be
8transferred under this Section, in State fiscal year 2016 and
9each fiscal year thereafter through State fiscal year 2045, or
10when each of the designated retirement systems, as defined in
11Section 25, has achieved 100% funding, whichever occurs first,
12the State Comptroller shall order transferred and the State
13Treasurer shall transfer from the General Revenue Fund to the
14Pension Stabilization Fund an amount equal to 90% 10% of (1)
15the sum of the amounts certified by the designated retirement
16systems under subsection (a-5) of Section 2-134, subsection
17(a-10) of Section 14-135.08, subsection (a-10) of Section
1815-165, and subsection (a-10) of Section 16-158 of this Code
19for that fiscal year minus (2) the sum of (i) the transfer
20required under subsection (c-10) of this Section for that
21fiscal year and (ii) the sum of the required State
22contributions certified by the retirement systems under
23subsection (a) of Section 2-134, subsection (a-5) of Section
2414-135.08, subsection (a-5) of Section 15-165, and subsection
25(a-5) of Section 16-158 of this Code for that fiscal year. The
26transferred amount is intended to represent nine-tenths

 

 

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1one-tenth of the annual savings to the State resulting from the
2enactment of this amendatory Act of the 98th General Assembly.
3    (c-10) In State fiscal year 2019, the State Comptroller
4shall order transferred and the State Treasurer shall transfer
5$364,000,000 from the General Revenue Fund to the Pension
6Stabilization Fund. In State fiscal year 2020 and each fiscal
7year thereafter until terminated under subsection (c-15), the
8State Comptroller shall order transferred and the State
9Treasurer shall transfer $1,000,000,000 from the General
10Revenue Fund to the Pension Stabilization Fund.
11    (c-15) The transfers made beginning in State fiscal year
122020 pursuant to subsection (c-10) of this Section shall
13terminate at the end of State fiscal year 2045 or when each of
14the designated retirement systems, as defined in Section 25,
15has achieved 100% funding, whichever occurs first.
16    (d) The Comptroller shall transfer 1/12 of the total amount
17to be transferred each fiscal year under this Section into the
18Pension Stabilization Fund on the first day of each month of
19that fiscal year or as soon thereafter as possible; except that
20the final transfer of the fiscal year shall be made as soon as
21practical after the August 31 following the end of the fiscal
22year.
23    Until State fiscal year 2015, before the final transfer for
24a fiscal year is made, the Comptroller shall reconcile the
25estimated general funds revenues used in calculating the other
26transfers under this Section for that fiscal year with the

 

 

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1actual general funds revenues for that fiscal year. The final
2transfer for the fiscal year shall be adjusted so that the
3total amount transferred under this Section for that fiscal
4year is equal to the percentage specified in subsection (b) or
5(c) of this Section, whichever is applicable, of the actual
6general funds revenues for that fiscal year. The actual general
7funds revenues for the fiscal year shall be calculated in a
8manner consistent with subsection (c) of Section 10 of this
9Act.
10(Source: P.A. 98-599, eff. 6-1-14.)
 
11    Section 95. No acceleration or delay. Where this Act makes
12changes in a statute that is represented in this Act by text
13that is not yet or no longer in effect (for example, a Section
14represented by multiple versions), the use of that text does
15not accelerate or delay the taking effect of (i) the changes
16made by this Act or (ii) provisions derived from any other
17Public Act.
 
18    Section 99. Effective date. This Act takes effect upon
19becoming law.