(40 ILCS 15/1)
Sec. 1. Appropriations from State Pensions Fund. (a) For the purpose of making
up any deficiency in the appropriations to the designated retirement systems
that are required to be made under Section 8.12 of the State Finance Act, there
is hereby appropriated, on a continuing annual basis in each fiscal year, from
the State Pensions Fund to each designated retirement system, the amount, if
any, by which the total appropriation to that system from the State Pensions
Fund for that fiscal year is less than the amount required to be appropriated
to that retirement system under Section 8.12 of the State Finance Act.
The annual appropriation under this Section to each designated retirement
system shall take effect on July 1 for the State fiscal year beginning on that
date.
The amount of any continuing appropriation used by a retirement system
under this Section for a given fiscal year shall be charged against the
unexpended amount of any appropriation to that retirement system for
that fiscal year under Section 8.12 of the State Finance Act that subsequently
becomes available, subject to Section 8.3 of the State Finance Act.
"Designated retirement systems" means the State Employees' Retirement
System of Illinois, the Teachers' Retirement System of the State of
Illinois, the State Universities Retirement System, the Judges Retirement
System of Illinois, and the General Assembly Retirement System.
The appropriations made in this Section are appropriated to the designated
retirement systems for the funding of the unfunded liabilities of the designated retirement systems and are in addition to, and not in lieu of, any State contributions required under the Illinois Pension Code.
(b) For State fiscal year 2011 only, a continuing appropriation is provided to the State Universities' Retirement System that shall not exceed the amount certified by the System on or before December 31, 2009; however, the continuing appropriation shall not reduce the amount in the State Pensions Fund below $5,000,000. (Source: P.A. 95-950, eff. 8-29-08; 96-959, eff. 7-1-10.)
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