Illinois General Assembly - Full Text of SB2822
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Full Text of SB2822  99th General Assembly

SB2822ham003 99TH GENERAL ASSEMBLY

Rep. Barbara Flynn Currie

Filed: 6/30/2016

 

 


 

 


 
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1
AMENDMENT TO SENATE BILL 2822

2    AMENDMENT NO. ______. Amend Senate Bill 2822 by replacing
3everything after the enacting clause with the following:
 
4    "Section 5. The Illinois Pension Code is amended by
5changing Section 17-127 as follows:
 
6    (40 ILCS 5/17-127)  (from Ch. 108 1/2, par. 17-127)
7    Sec. 17-127. Financing; revenues for the Fund.
8    (a) The revenues for the Fund shall consist of: (1) amounts
9paid into the Fund by contributors thereto and from employer
10contributions and State appropriations in accordance with this
11Article; (2) amounts contributed to the Fund by an Employer;
12(3) amounts contributed to the Fund pursuant to any law now in
13force or hereafter to be enacted; (4) contributions from any
14other source; and (5) the earnings on investments.
15    (b) The General Assembly finds that for many years the
16State has contributed to the Fund an annual amount that is

 

 

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1between 20% and 30% of the amount of the annual State
2contribution to the Article 16 retirement system, and the
3General Assembly declares that it is its goal and intention to
4continue this level of contribution to the Fund in the future.
5    (c) Beginning in State fiscal year 1999, the State shall
6include in its annual contribution to the Fund an additional
7amount equal to 0.544% of the Fund's total teacher payroll;
8except that this additional contribution need not be made in a
9fiscal year if the Board has certified in the previous fiscal
10year that the Fund is at least 90% funded, based on actuarial
11determinations. These additional State contributions are
12intended to offset a portion of the cost to the Fund of the
13increases in retirement benefits resulting from this
14amendatory Act of 1998.
15    (d) In addition to any other contribution required under
16this Article, including the contribution required under
17subsection (c), for State fiscal year 2017, the State shall
18contribute the amount of $215,200,000 to the Fund. This amount
19shall be deemed a portion of the employer's required
20contribution.
21(Source: P.A. 90-548, eff. 12-4-97; 90-566, eff. 1-2-98;
2290-582, eff. 5-27-98; 90-655, eff. 7-30-98.)
 
23    Section 10. The State Pension Funds Continuing
24Appropriation Act is amended by changing Section 1.1 as
25follows:
 

 

 

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1    (40 ILCS 15/1.1)
2    Sec. 1.1. Appropriations to certain retirement systems.
3    (a) There is hereby appropriated from the General Revenue
4Fund to the General Assembly Retirement System, on a continuing
5monthly basis, the amount, if any, by which the total available
6amount of all other appropriations to that retirement system
7for the payment of State contributions is less than the total
8amount of the vouchers for required State contributions
9lawfully submitted by the retirement system for that month
10under Section 2-134 of the Illinois Pension Code.
11    (b) There is hereby appropriated from the General Revenue
12Fund to the State Universities Retirement System, on a
13continuing monthly basis, the amount, if any, by which the
14total available amount of all other appropriations to that
15retirement system for the payment of State contributions,
16including any deficiency in the required contributions of the
17optional retirement program established under Section 15-158.2
18of the Illinois Pension Code, is less than the total amount of
19the vouchers for required State contributions lawfully
20submitted by the retirement system for that month under Section
2115-165 of the Illinois Pension Code.
22    (c) There is hereby appropriated from the Common School
23Fund to the Teachers' Retirement System of the State of
24Illinois, on a continuing monthly basis, the amount, if any, by
25which the total available amount of all other appropriations to

 

 

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1that retirement system for the payment of State contributions
2is less than the total amount of the vouchers for required
3State contributions lawfully submitted by the retirement
4system for that month under Section 16-158 of the Illinois
5Pension Code.
6    (d) There is hereby appropriated from the General Revenue
7Fund to the Judges Retirement System of Illinois, on a
8continuing monthly basis, the amount, if any, by which the
9total available amount of all other appropriations to that
10retirement system for the payment of State contributions is
11less than the total amount of the vouchers for required State
12contributions lawfully submitted by the retirement system for
13that month under Section 18-140 of the Illinois Pension Code.
14    (e) The continuing appropriations provided by subsections
15(a), (b), (c), and (d) of this Section shall first be available
16in State fiscal year 1996. The continuing appropriations
17provided by subsection (h) of this Section shall first be
18available as provided in that subsection (h).
19    (f) For State fiscal year 2010 only, the continuing
20appropriations provided by this Section are equal to the amount
21certified by each System on or before December 31, 2008, less
22(i) the gross proceeds of the bonds sold in fiscal year 2010
23under the authorization contained in subsection (a) of Section
247.2 of the General Obligation Bond Act and (ii) any amounts
25received from the State Pensions Fund.
26    (g) For State fiscal year 2011 only, the continuing

 

 

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1appropriations provided by this Section are equal to the amount
2certified by each System on or before April 1, 2011, less (i)
3the gross proceeds of the bonds sold in fiscal year 2011 under
4the authorization contained in subsection (a) of Section 7.2 of
5the General Obligation Bond Act and (ii) any amounts received
6from the State Pensions Fund.
7    (h) For State fiscal year 2017, there is hereby
8appropriated from the Common School Fund to the Public School
9Teachers' Pension and Retirement Fund of Chicago the amount, if
10any, by which the total available amount of all other State
11appropriations to that Retirement Fund for the payment of State
12contributions under subsection (d) of Section 17-127 of the
13Illinois Pension Code is less than the total amount of required
14State contributions under subsection (d) of Section 17-127.
15(Source: P.A. 96-43, eff. 7-15-09; 96-1497, eff. 1-14-11;
1696-1511, eff. 1-27-11.)".