Bill Amendment: IL SB2954 | 2017-2018 | 100th General Assembly
NOTE: For additional amemendments please see the Bill Drafting List
Bill Title: PEN CD-SURS-EMPLOYER CONTRIB
Status: 2018-07-20 - Public Act . . . . . . . . . 100-0624 [SB2954 Detail]
Download: Illinois-2017-SB2954-Senate_Amendment_001.html
Bill Title: PEN CD-SURS-EMPLOYER CONTRIB
Status: 2018-07-20 - Public Act . . . . . . . . . 100-0624 [SB2954 Detail]
Download: Illinois-2017-SB2954-Senate_Amendment_001.html
| |||||||
| |||||||
| |||||||
1 | AMENDMENT TO SENATE BILL 2954
| ||||||
2 | AMENDMENT NO. ______. Amend Senate Bill 2954 by replacing | ||||||
3 | everything after the enacting clause with the following:
| ||||||
4 | "Section 5. The Illinois Pension Code is amended by | ||||||
5 | changing Section 15-155 as follows:
| ||||||
6 | (40 ILCS 5/15-155) (from Ch. 108 1/2, par. 15-155)
| ||||||
7 | Sec. 15-155. Employer contributions.
| ||||||
8 | (a) The State of Illinois shall make contributions by | ||||||
9 | appropriations of
amounts which, together with the other | ||||||
10 | employer contributions from trust,
federal, and other funds, | ||||||
11 | employee contributions, income from investments,
and other | ||||||
12 | income of this System, will be sufficient to meet the cost of
| ||||||
13 | maintaining and administering the System on a 90% funded basis | ||||||
14 | in accordance
with actuarial recommendations.
| ||||||
15 | The Board shall determine the amount of State contributions | ||||||
16 | required for
each fiscal year on the basis of the actuarial |
| |||||||
| |||||||
1 | tables and other assumptions
adopted by the Board and the | ||||||
2 | recommendations of the actuary, using the formula
in subsection | ||||||
3 | (a-1).
| ||||||
4 | (a-1) For State fiscal years 2012 through 2045, the minimum | ||||||
5 | contribution
to the System to be made by the State for each | ||||||
6 | fiscal year shall be an amount
determined by the System to be | ||||||
7 | sufficient to bring the total assets of the
System up to 90% of | ||||||
8 | the total actuarial liabilities of the System by the end of
| ||||||
9 | State fiscal year 2045. In making these determinations, the | ||||||
10 | required State
contribution shall be calculated each year as a | ||||||
11 | level percentage of payroll
over the years remaining to and | ||||||
12 | including fiscal year 2045 and shall be
determined under the | ||||||
13 | projected unit credit actuarial cost method.
| ||||||
14 | For each of State fiscal years 2018, 2019, and 2020, the | ||||||
15 | State shall make an additional contribution to the System equal | ||||||
16 | to 2% of the total payroll of each employee who is deemed to | ||||||
17 | have elected the benefits under Section 1-161 or who has made | ||||||
18 | the election under subsection (c) of Section 1-161. | ||||||
19 | A change in an actuarial or investment assumption that | ||||||
20 | increases or
decreases the required State contribution and | ||||||
21 | first
applies in State fiscal year 2018 or thereafter shall be
| ||||||
22 | implemented in equal annual amounts over a 5-year period
| ||||||
23 | beginning in the State fiscal year in which the actuarial
| ||||||
24 | change first applies to the required State contribution. | ||||||
25 | A change in an actuarial or investment assumption that | ||||||
26 | increases or
decreases the required State contribution and |
| |||||||
| |||||||
1 | first
applied to the State contribution in fiscal year 2014, | ||||||
2 | 2015, 2016, or 2017 shall be
implemented: | ||||||
3 | (i) as already applied in State fiscal years before | ||||||
4 | 2018; and | ||||||
5 | (ii) in the portion of the 5-year period beginning in | ||||||
6 | the State fiscal year in which the actuarial
change first | ||||||
7 | applied that occurs in State fiscal year 2018 or | ||||||
8 | thereafter, by calculating the change in equal annual | ||||||
9 | amounts over that 5-year period and then implementing it at | ||||||
10 | the resulting annual rate in each of the remaining fiscal | ||||||
11 | years in that 5-year period. | ||||||
12 | For State fiscal years 1996 through 2005, the State | ||||||
13 | contribution to
the System, as a percentage of the applicable | ||||||
14 | employee payroll, shall be
increased in equal annual increments | ||||||
15 | so that by State fiscal year 2011, the
State is contributing at | ||||||
16 | the rate required under this Section.
| ||||||
17 | Notwithstanding any other provision of this Article, the | ||||||
18 | total required State
contribution for State fiscal year 2006 is | ||||||
19 | $166,641,900.
| ||||||
20 | Notwithstanding any other provision of this Article, the | ||||||
21 | total required State
contribution for State fiscal year 2007 is | ||||||
22 | $252,064,100.
| ||||||
23 | For each of State fiscal years 2008 through 2009, the State | ||||||
24 | contribution to
the System, as a percentage of the applicable | ||||||
25 | employee payroll, shall be
increased in equal annual increments | ||||||
26 | from the required State contribution for State fiscal year |
| |||||||
| |||||||
1 | 2007, so that by State fiscal year 2011, the
State is | ||||||
2 | contributing at the rate otherwise required under this Section.
| ||||||
3 | Notwithstanding any other provision of this Article, the | ||||||
4 | total required State contribution for State fiscal year 2010 is | ||||||
5 | $702,514,000 and shall be made from the State Pensions Fund and | ||||||
6 | proceeds of bonds sold in fiscal year 2010 pursuant to Section | ||||||
7 | 7.2 of the General Obligation Bond Act, less (i) the pro rata | ||||||
8 | share of bond sale expenses determined by the System's share of | ||||||
9 | total bond proceeds, (ii) any amounts received from the General | ||||||
10 | Revenue Fund in fiscal year 2010, (iii) any reduction in bond | ||||||
11 | proceeds due to the issuance of discounted bonds, if | ||||||
12 | applicable. | ||||||
13 | Notwithstanding any other provision of this Article, the
| ||||||
14 | total required State contribution for State fiscal year 2011 is
| ||||||
15 | the amount recertified by the System on or before April 1, 2011 | ||||||
16 | pursuant to Section 15-165 and shall be made from the State | ||||||
17 | Pensions Fund and
proceeds of bonds sold in fiscal year 2011 | ||||||
18 | pursuant to Section
7.2 of the General Obligation Bond Act, | ||||||
19 | less (i) the pro rata
share of bond sale expenses determined by | ||||||
20 | the System's share of
total bond proceeds, (ii) any amounts | ||||||
21 | received from the General
Revenue Fund in fiscal year 2011, and | ||||||
22 | (iii) any reduction in bond
proceeds due to the issuance of | ||||||
23 | discounted bonds, if
applicable. | ||||||
24 | Beginning in State fiscal year 2046, the minimum State | ||||||
25 | contribution for
each fiscal year shall be the amount needed to | ||||||
26 | maintain the total assets of
the System at 90% of the total |
| |||||||
| |||||||
1 | actuarial liabilities of the System.
| ||||||
2 | Amounts received by the System pursuant to Section 25 of | ||||||
3 | the Budget Stabilization Act or Section 8.12 of the State | ||||||
4 | Finance Act in any fiscal year do not reduce and do not | ||||||
5 | constitute payment of any portion of the minimum State | ||||||
6 | contribution required under this Article in that fiscal year. | ||||||
7 | Such amounts shall not reduce, and shall not be included in the | ||||||
8 | calculation of, the required State contributions under this | ||||||
9 | Article in any future year until the System has reached a | ||||||
10 | funding ratio of at least 90%. A reference in this Article to | ||||||
11 | the "required State contribution" or any substantially similar | ||||||
12 | term does not include or apply to any amounts payable to the | ||||||
13 | System under Section 25 of the Budget Stabilization Act. | ||||||
14 | Notwithstanding any other provision of this Section, the | ||||||
15 | required State
contribution for State fiscal year 2005 and for | ||||||
16 | fiscal year 2008 and each fiscal year thereafter, as
calculated | ||||||
17 | under this Section and
certified under Section 15-165, shall | ||||||
18 | not exceed an amount equal to (i) the
amount of the required | ||||||
19 | State contribution that would have been calculated under
this | ||||||
20 | Section for that fiscal year if the System had not received any | ||||||
21 | payments
under subsection (d) of Section 7.2 of the General | ||||||
22 | Obligation Bond Act, minus
(ii) the portion of the State's | ||||||
23 | total debt service payments for that fiscal
year on the bonds | ||||||
24 | issued in fiscal year 2003 for the purposes of that Section | ||||||
25 | 7.2, as determined
and certified by the Comptroller, that is | ||||||
26 | the same as the System's portion of
the total moneys |
| |||||||
| |||||||
1 | distributed under subsection (d) of Section 7.2 of the General
| ||||||
2 | Obligation Bond Act. In determining this maximum for State | ||||||
3 | fiscal years 2008 through 2010, however, the amount referred to | ||||||
4 | in item (i) shall be increased, as a percentage of the | ||||||
5 | applicable employee payroll, in equal increments calculated | ||||||
6 | from the sum of the required State contribution for State | ||||||
7 | fiscal year 2007 plus the applicable portion of the State's | ||||||
8 | total debt service payments for fiscal year 2007 on the bonds | ||||||
9 | issued in fiscal year 2003 for the purposes of Section 7.2 of | ||||||
10 | the General
Obligation Bond Act, so that, by State fiscal year | ||||||
11 | 2011, the
State is contributing at the rate otherwise required | ||||||
12 | under this Section.
| ||||||
13 | (a-2) Beginning in fiscal year 2018, each employer under | ||||||
14 | this Article shall pay to the System a required contribution | ||||||
15 | determined as a percentage of projected payroll and sufficient | ||||||
16 | to produce an annual amount equal to: | ||||||
17 | (i) for each of fiscal years 2018, 2019, and 2020, the | ||||||
18 | defined benefit normal cost of the defined benefit plan, | ||||||
19 | less the employee contribution, for each employee of that | ||||||
20 | employer who has elected or who is deemed to have elected | ||||||
21 | the benefits under Section 1-161 or who has made the | ||||||
22 | election under subsection (c) of Section 1-161; for fiscal | ||||||
23 | year 2021 and each fiscal year thereafter, the defined | ||||||
24 | benefit normal cost of the defined benefit plan, less the | ||||||
25 | employee contribution, plus 2%, for each employee of that | ||||||
26 | employer who has elected or who is deemed to have elected |
| |||||||
| |||||||
1 | the benefits under Section 1-161 or who has made the | ||||||
2 | election under subsection (c) of Section 1-161; plus | ||||||
3 | (ii) the amount required for that fiscal year to | ||||||
4 | amortize any unfunded actuarial accrued liability | ||||||
5 | associated with the present value of liabilities | ||||||
6 | attributable to the employer's account under Section | ||||||
7 | 15-155.2, determined
as a level percentage of payroll over | ||||||
8 | a 30-year rolling amortization period. | ||||||
9 | In determining contributions required under item (i) of | ||||||
10 | this subsection, the System shall determine an aggregate rate | ||||||
11 | for all employers, expressed as a percentage of projected | ||||||
12 | payroll. | ||||||
13 | In determining the contributions required under item (ii) | ||||||
14 | of this subsection, the amount shall be computed by the System | ||||||
15 | on the basis of the actuarial assumptions and tables used in | ||||||
16 | the most recent actuarial valuation of the System that is | ||||||
17 | available at the time of the computation. | ||||||
18 | The contributions required under this subsection (a-2) | ||||||
19 | shall be paid by an employer concurrently with that employer's | ||||||
20 | payroll payment period. The State, as the actual employer of an | ||||||
21 | employee, shall make the required contributions under this | ||||||
22 | subsection. | ||||||
23 | As used in this subsection, "academic year" means the | ||||||
24 | 12-month period beginning September 1. | ||||||
25 | (b) If an employee is paid from trust or federal funds, the | ||||||
26 | employer
shall pay to the Board contributions from those funds |
| |||||||
| |||||||
1 | which are
sufficient to cover the accruing normal costs on | ||||||
2 | behalf of the employee.
However, universities having employees | ||||||
3 | who are compensated out of local
auxiliary funds, income funds, | ||||||
4 | or service enterprise funds are not required
to pay such | ||||||
5 | contributions on behalf of those employees. The local auxiliary
| ||||||
6 | funds, income funds, and service enterprise funds of | ||||||
7 | universities shall not be
considered trust funds for the | ||||||
8 | purpose of this Article, but funds of alumni
associations, | ||||||
9 | foundations, and athletic associations which are affiliated | ||||||
10 | with
the universities included as employers under this Article | ||||||
11 | and other employers
which do not receive State appropriations | ||||||
12 | are considered to be trust funds for
the purpose of this | ||||||
13 | Article.
| ||||||
14 | (b-1) The City of Urbana and the City of Champaign shall | ||||||
15 | each make
employer contributions to this System for their | ||||||
16 | respective firefighter
employees who participate in this | ||||||
17 | System pursuant to subsection (h) of Section
15-107. The rate | ||||||
18 | of contributions to be made by those municipalities shall
be | ||||||
19 | determined annually by the Board on the basis of the actuarial | ||||||
20 | assumptions
adopted by the Board and the recommendations of the | ||||||
21 | actuary, and shall be
expressed as a percentage of salary for | ||||||
22 | each such employee. The Board shall
certify the rate to the | ||||||
23 | affected municipalities as soon as may be practical.
The | ||||||
24 | employer contributions required under this subsection shall be | ||||||
25 | remitted by
the municipality to the System at the same time and | ||||||
26 | in the same manner as
employee contributions.
|
| |||||||
| |||||||
1 | (c) Through State fiscal year 1995: The total employer | ||||||
2 | contribution shall
be apportioned among the various funds of | ||||||
3 | the State and other employers,
whether trust, federal, or other | ||||||
4 | funds, in accordance with actuarial procedures
approved by the | ||||||
5 | Board. State of Illinois contributions for employers receiving
| ||||||
6 | State appropriations for personal services shall be payable | ||||||
7 | from appropriations
made to the employers or to the System. The | ||||||
8 | contributions for Class I
community colleges covering earnings | ||||||
9 | other than those paid from trust and
federal funds, shall be | ||||||
10 | payable solely from appropriations to the Illinois
Community | ||||||
11 | College Board or the System for employer contributions.
| ||||||
12 | (d) Beginning in State fiscal year 1996, the required State | ||||||
13 | contributions
to the System shall be appropriated directly to | ||||||
14 | the System and shall be payable
through vouchers issued in | ||||||
15 | accordance with subsection (c) of Section 15-165, except as | ||||||
16 | provided in subsection (g).
| ||||||
17 | (e) The State Comptroller shall draw warrants payable to | ||||||
18 | the System upon
proper certification by the System or by the | ||||||
19 | employer in accordance with the
appropriation laws and this | ||||||
20 | Code.
| ||||||
21 | (f) Normal costs under this Section means liability for
| ||||||
22 | pensions and other benefits which accrues to the System because | ||||||
23 | of the
credits earned for service rendered by the participants | ||||||
24 | during the
fiscal year and expenses of administering the | ||||||
25 | System, but shall not
include the principal of or any | ||||||
26 | redemption premium or interest on any bonds
issued by the Board |
| |||||||
| |||||||
1 | or any expenses incurred or deposits required in
connection | ||||||
2 | therewith.
| ||||||
3 | (g) If the amount of a participant's earnings for any | ||||||
4 | academic year used to determine the final rate of earnings, | ||||||
5 | determined on a full-time equivalent basis, exceeds the amount | ||||||
6 | of his or her earnings with the same employer for the previous | ||||||
7 | academic year, determined on a full-time equivalent basis, by | ||||||
8 | more than 6%, the participant's employer shall pay to the | ||||||
9 | System, in addition to all other payments required under this | ||||||
10 | Section and in accordance with guidelines established by the | ||||||
11 | System, the present value of the increase in benefits resulting | ||||||
12 | from the portion of the increase in earnings that is in excess | ||||||
13 | of 6%. This present value shall be computed by the System on | ||||||
14 | the basis of the actuarial assumptions and tables used in the | ||||||
15 | most recent actuarial valuation of the System that is available | ||||||
16 | at the time of the computation. The System may require the | ||||||
17 | employer to provide any pertinent information or | ||||||
18 | documentation. | ||||||
19 | Whenever it determines that a payment is or may be required | ||||||
20 | under this subsection (g), the System shall calculate the | ||||||
21 | amount of the payment and bill the employer for that amount. | ||||||
22 | The bill shall specify the calculations used to determine the | ||||||
23 | amount due. If the employer disputes the amount of the bill, it | ||||||
24 | may, within 30 days after receipt of the bill, apply to the | ||||||
25 | System in writing for a recalculation. The application must | ||||||
26 | specify in detail the grounds of the dispute and, if the |
| |||||||
| |||||||
1 | employer asserts that the calculation is subject to subsection | ||||||
2 | (h) or (i) of this Section, must include an affidavit setting | ||||||
3 | forth and attesting to all facts within the employer's | ||||||
4 | knowledge that are pertinent to the applicability of subsection | ||||||
5 | (h) or (i). Upon receiving a timely application for | ||||||
6 | recalculation, the System shall review the application and, if | ||||||
7 | appropriate, recalculate the amount due.
| ||||||
8 | The employer contributions required under this subsection | ||||||
9 | (g) may be paid in the form of a lump sum within 90 days after | ||||||
10 | receipt of the bill. If the employer contributions are not paid | ||||||
11 | within 90 days after receipt of the bill, then interest will be | ||||||
12 | charged at a rate equal to the System's annual actuarially | ||||||
13 | assumed rate of return on investment compounded annually from | ||||||
14 | the 91st day after receipt of the bill. Payments must be | ||||||
15 | concluded within 3 years after the employer's receipt of the | ||||||
16 | bill. | ||||||
17 | When assessing payment for any amount due under this | ||||||
18 | subsection (g), the System shall include earnings, to the | ||||||
19 | extent not established by a participant under Section 15-113.11 | ||||||
20 | or 15-113.12, that would have been paid to the participant had | ||||||
21 | the participant not taken (i) periods of voluntary or | ||||||
22 | involuntary furlough occurring on or after July 1, 2015 and on | ||||||
23 | or before June 30, 2017 or (ii) periods of voluntary pay | ||||||
24 | reduction in lieu of furlough occurring on or after July 1, | ||||||
25 | 2015 and on or before June 30, 2017. Determining earnings that | ||||||
26 | would have been paid to a participant had the participant not |
| |||||||
| |||||||
1 | taken periods of voluntary or involuntary furlough or periods | ||||||
2 | of voluntary pay reduction shall be the responsibility of the | ||||||
3 | employer, and shall be reported in a manner prescribed by the | ||||||
4 | System. | ||||||
5 | (h) This subsection (h) applies only to payments made or | ||||||
6 | salary increases given on or after June 1, 2005 but before July | ||||||
7 | 1, 2011. The changes made by Public Act 94-1057 shall not | ||||||
8 | require the System to refund any payments received before July | ||||||
9 | 31, 2006 (the effective date of Public Act 94-1057). | ||||||
10 | When assessing payment for any amount due under subsection | ||||||
11 | (g), the System shall exclude earnings increases paid to | ||||||
12 | participants under contracts or collective bargaining | ||||||
13 | agreements entered into, amended, or renewed before June 1, | ||||||
14 | 2005.
| ||||||
15 | When assessing payment for any amount due under subsection | ||||||
16 | (g), the System shall exclude earnings increases paid to a | ||||||
17 | participant at a time when the participant is 10 or more years | ||||||
18 | from retirement eligibility under Section 15-135.
| ||||||
19 | When assessing payment for any amount due under subsection | ||||||
20 | (g), the System shall exclude earnings increases resulting from | ||||||
21 | overload work, including a contract for summer teaching, or | ||||||
22 | overtime when the employer has certified to the System, and the | ||||||
23 | System has approved the certification, that: (i) in the case of | ||||||
24 | overloads (A) the overload work is for the sole purpose of | ||||||
25 | academic instruction in excess of the standard number of | ||||||
26 | instruction hours for a full-time employee occurring during the |
| |||||||
| |||||||
1 | academic year that the overload is paid and (B) the earnings | ||||||
2 | increases are equal to or less than the rate of pay for | ||||||
3 | academic instruction computed using the participant's current | ||||||
4 | salary rate and work schedule; and (ii) in the case of | ||||||
5 | overtime, the overtime was necessary for the educational | ||||||
6 | mission. | ||||||
7 | When assessing payment for any amount due under subsection | ||||||
8 | (g), the System shall exclude any earnings increase resulting | ||||||
9 | from (i) a promotion for which the employee moves from one | ||||||
10 | classification to a higher classification under the State | ||||||
11 | Universities Civil Service System, (ii) a promotion in academic | ||||||
12 | rank for a tenured or tenure-track faculty position, or (iii) a | ||||||
13 | promotion that the Illinois Community College Board has | ||||||
14 | recommended in accordance with subsection (k) of this Section. | ||||||
15 | These earnings increases shall be excluded only if the | ||||||
16 | promotion is to a position that has existed and been filled by | ||||||
17 | a member for no less than one complete academic year and the | ||||||
18 | earnings increase as a result of the promotion is an increase | ||||||
19 | that results in an amount no greater than the average salary | ||||||
20 | paid for other similar positions. | ||||||
21 | (i) When assessing payment for any amount due under | ||||||
22 | subsection (g), the System shall exclude any salary increase | ||||||
23 | described in subsection (h) of this Section given on or after | ||||||
24 | July 1, 2011 but before July 1, 2014 under a contract or | ||||||
25 | collective bargaining agreement entered into, amended, or | ||||||
26 | renewed on or after June 1, 2005 but before July 1, 2011. |
| |||||||
| |||||||
1 | Notwithstanding any other provision of this Section, any | ||||||
2 | payments made or salary increases given after June 30, 2014 | ||||||
3 | shall be used in assessing payment for any amount due under | ||||||
4 | subsection (g) of this Section.
| ||||||
5 | (j) The System shall prepare a report and file copies of | ||||||
6 | the report with the Governor and the General Assembly by | ||||||
7 | January 1, 2007 that contains all of the following information: | ||||||
8 | (1) The number of recalculations required by the | ||||||
9 | changes made to this Section by Public Act 94-1057 for each | ||||||
10 | employer. | ||||||
11 | (2) The dollar amount by which each employer's | ||||||
12 | contribution to the System was changed due to | ||||||
13 | recalculations required by Public Act 94-1057. | ||||||
14 | (3) The total amount the System received from each | ||||||
15 | employer as a result of the changes made to this Section by | ||||||
16 | Public Act 94-4. | ||||||
17 | (4) The increase in the required State contribution | ||||||
18 | resulting from the changes made to this Section by Public | ||||||
19 | Act 94-1057. | ||||||
20 | (j-5) For State fiscal academic years beginning on or after | ||||||
21 | July 1, 2017, if the amount of a participant's earnings for any | ||||||
22 | State fiscal school year , determined on a full-time equivalent | ||||||
23 | basis, exceeds the amount of the salary set by law for the | ||||||
24 | Governor that is in effect on July 1 of that fiscal year , the | ||||||
25 | participant's employer shall pay to the System, in addition to | ||||||
26 | all other payments required under this Section and in |
| |||||||
| |||||||
1 | accordance with guidelines established by the System, an amount | ||||||
2 | determined by the System to be equal to the employer normal | ||||||
3 | cost, as established by the System and expressed as a total | ||||||
4 | percentage of payroll, multiplied by the amount of earnings in | ||||||
5 | excess of the amount of the salary set by law for the Governor. | ||||||
6 | This amount shall be computed by the System on the basis of the | ||||||
7 | actuarial assumptions and tables used in the most recent | ||||||
8 | actuarial valuation of the System that is available at the time | ||||||
9 | of the computation. The System may require the employer to | ||||||
10 | provide any pertinent information or documentation. | ||||||
11 | Whenever it determines that a payment is or may be required | ||||||
12 | under this subsection, the System shall calculate the amount of | ||||||
13 | the payment and bill the employer for that amount. The bill | ||||||
14 | shall specify the calculation calculations used to determine | ||||||
15 | the amount due. If the employer disputes the amount of the | ||||||
16 | bill, it may, within 30 days after receipt of the bill, apply | ||||||
17 | to the System in writing for a recalculation. The application | ||||||
18 | must specify in detail the grounds of the dispute. Upon | ||||||
19 | receiving a timely application for recalculation, the System | ||||||
20 | shall review the application and, if appropriate, recalculate | ||||||
21 | the amount due. | ||||||
22 | The employer contributions required under this subsection | ||||||
23 | may be paid in the form of a lump sum within 90 days after | ||||||
24 | issuance receipt of the bill. If the employer contributions are | ||||||
25 | not paid within 90 days after issuance receipt of the bill, | ||||||
26 | then interest will be charged at a rate equal to the System's |
| |||||||
| |||||||
1 | annual actuarially assumed rate of return on investment | ||||||
2 | compounded annually from the 91st day after issuance receipt of | ||||||
3 | the bill. All payments Payments must be received concluded | ||||||
4 | within 3 years after issuance the employer's receipt of the | ||||||
5 | bill. If the employer fails to make complete payment, including | ||||||
6 | applicable interest, within 3 years, then the System may, after | ||||||
7 | giving notice to the employer, certify the delinquent amount to | ||||||
8 | the State Comptroller, and the Comptroller shall thereupon | ||||||
9 | deduct the certified delinquent amount from State funds payable | ||||||
10 | to the employer and pay them instead to the System. | ||||||
11 | This subsection (j-5) does not apply to a participant's | ||||||
12 | earnings to the extent an employer pays the employer normal | ||||||
13 | cost of such earnings. | ||||||
14 | The changes made to this subsection (j-5) by this | ||||||
15 | amendatory Act of the 100th General Assembly are intended to | ||||||
16 | apply retroactively to July 6, 2017 (the effective date of | ||||||
17 | Public Act 100-23). | ||||||
18 | (k) The Illinois Community College Board shall adopt rules | ||||||
19 | for recommending lists of promotional positions submitted to | ||||||
20 | the Board by community colleges and for reviewing the | ||||||
21 | promotional lists on an annual basis. When recommending | ||||||
22 | promotional lists, the Board shall consider the similarity of | ||||||
23 | the positions submitted to those positions recognized for State | ||||||
24 | universities by the State Universities Civil Service System. | ||||||
25 | The Illinois Community College Board shall file a copy of its | ||||||
26 | findings with the System. The System shall consider the |
| |||||||
| |||||||
1 | findings of the Illinois Community College Board when making | ||||||
2 | determinations under this Section. The System shall not exclude | ||||||
3 | any earnings increases resulting from a promotion when the | ||||||
4 | promotion was not submitted by a community college. Nothing in | ||||||
5 | this subsection (k) shall require any community college to | ||||||
6 | submit any information to the Community College Board.
| ||||||
7 | (l) For purposes of determining the required State | ||||||
8 | contribution to the System, the value of the System's assets | ||||||
9 | shall be equal to the actuarial value of the System's assets, | ||||||
10 | which shall be calculated as follows: | ||||||
11 | As of June 30, 2008, the actuarial value of the System's | ||||||
12 | assets shall be equal to the market value of the assets as of | ||||||
13 | that date. In determining the actuarial value of the System's | ||||||
14 | assets for fiscal years after June 30, 2008, any actuarial | ||||||
15 | gains or losses from investment return incurred in a fiscal | ||||||
16 | year shall be recognized in equal annual amounts over the | ||||||
17 | 5-year period following that fiscal year. | ||||||
18 | (m) For purposes of determining the required State | ||||||
19 | contribution to the system for a particular year, the actuarial | ||||||
20 | value of assets shall be assumed to earn a rate of return equal | ||||||
21 | to the system's actuarially assumed rate of return. | ||||||
22 | (Source: P.A. 99-897, eff. 1-1-17; 100-23, eff. 7-6-17.)
| ||||||
23 | Section 99. Effective date. This Act takes effect upon | ||||||
24 | becoming law.".
|