Bill Text: IL HB2652 | 2013-2014 | 98th General Assembly | Introduced
Bill Title: Amends the Chicago Teacher Article of the Illinois Pension Code. Provides that, beginning in State fiscal year 2014, the State shall make annual contributions to the Fund. For State fiscal year 2014, the contribution shall be $343,860,000. For each year thereafter, the Board shall certify to the Governor by December 15th the amount of the required State contribution for the coming fiscal year. The certified contribution shall be equal to 10% of the certified State contribution to the downstate Teachers' Retirement System. Effective immediately.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Failed) 2014-12-03 - Session Sine Die [HB2652 Detail]
Download: Illinois-2013-HB2652-Introduced.html
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1 | AN ACT concerning public employee benefits.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Illinois Pension Code is amended by changing | ||||||||||||||||||||||||
5 | Section 17-127 as follows:
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6 | (40 ILCS 5/17-127) (from Ch. 108 1/2, par. 17-127)
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7 | Sec. 17-127. Financing; revenues for the Fund.
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8 | (a) The revenues for the Fund shall consist of: (1) amounts | ||||||||||||||||||||||||
9 | paid into
the Fund by contributors thereto and from employer | ||||||||||||||||||||||||
10 | contributions and State
appropriations in accordance with this | ||||||||||||||||||||||||
11 | Article; (2) amounts contributed to the
Fund by an Employer; | ||||||||||||||||||||||||
12 | (3) amounts contributed to the Fund pursuant to any law
now in | ||||||||||||||||||||||||
13 | force or hereafter to be enacted; (4) contributions from any | ||||||||||||||||||||||||
14 | other
source; and (5) the earnings on investments.
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15 | (b) The General Assembly finds that for many years the | ||||||||||||||||||||||||
16 | State has
contributed to the Fund an annual amount that is | ||||||||||||||||||||||||
17 | between 20% and 30% of the
amount of the annual State | ||||||||||||||||||||||||
18 | contribution to the Article 16 retirement system,
and the | ||||||||||||||||||||||||
19 | General Assembly declares that it is its goal and intention to | ||||||||||||||||||||||||
20 | continue
this level of contribution to the Fund in the future.
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21 | (c) For Beginning in State fiscal year 1999 through State | ||||||||||||||||||||||||
22 | fiscal year 2013 , the State shall include in its annual
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23 | contribution to the Fund an additional amount equal to 0.544% |
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1 | of the Fund's
total teacher payroll; except that this | ||||||
2 | additional contribution need not be
made in a fiscal year if | ||||||
3 | the Board has certified in the previous fiscal year
that the | ||||||
4 | Fund is at least 90% funded, based on actuarial determinations. | ||||||
5 | These
additional State contributions are intended to offset a | ||||||
6 | portion of the cost to
the Fund of the increases in retirement | ||||||
7 | benefits resulting from Public Act 90-582 this amendatory
Act | ||||||
8 | of 1998 .
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9 | (d) Beginning in State fiscal year 2014, the State shall | ||||||
10 | make annual contributions to the Fund. For State fiscal year | ||||||
11 | 2014, the contribution shall be $343,860,000. For each year | ||||||
12 | thereafter, the Board shall certify to the Governor by December | ||||||
13 | 15th the amount of the required State contribution to the Fund | ||||||
14 | for the coming fiscal year. The certified contribution shall be | ||||||
15 | equal to 10% of the contribution certified for the coming | ||||||
16 | fiscal year under subsection (a-1) of Section 16-158 of this | ||||||
17 | Code. | ||||||
18 | (Source: P.A. 90-548, eff. 12-4-97; 90-566, eff. 1-2-98; | ||||||
19 | 90-582, eff.
5-27-98; 90-655, eff. 7-30-98.)
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20 | Section 99. Effective date. This Act takes effect upon | ||||||
21 | becoming law.
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