Bill Text: IL SB1858 | 2009-2010 | 96th General Assembly | Enrolled
Bill Title: If Senate Bill 2520 of the 95th General Assembly becomes law, amends the Chicago Police Article of the Illinois Pension Code to authorize an active member to establish service credit in 6-month increments for certain employment in a law enforcement capacity under the Chicago Municipal Article of the Code or as a law enforcement officer with any agency of the United States government. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Passed) 2011-01-27 - Public Act . . . . . . . . . 96-1511 [SB1858 Detail]
Download: Illinois-2009-SB1858-Enrolled.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. If and only if Senate Bill 3514 (as amended by | ||||||
5 | House Amendment Nos. 3, 4, and 5) becomes law, the Illinois | ||||||
6 | Pension Code is amended by changing Sections 2-124, 2-134, | ||||||
7 | 14-131, 14-135.08, 15-155, 15-165, 16-158, 18-131, and 18-140 | ||||||
8 | as follows:
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9 | (40 ILCS 5/2-124) (from Ch. 108 1/2, par. 2-124)
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10 | Sec. 2-124. Contributions by State.
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11 | (a) The State shall make contributions to the System by
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12 | appropriations of amounts which, together with the | ||||||
13 | contributions of
participants, interest earned on investments, | ||||||
14 | and other income
will meet the cost of maintaining and | ||||||
15 | administering the System on a 90%
funded basis in accordance | ||||||
16 | with actuarial recommendations.
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17 | (b) The Board shall determine the amount of State
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18 | contributions required for each fiscal year on the basis of the
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19 | actuarial tables and other assumptions adopted by the Board and | ||||||
20 | the
prescribed rate of interest, using the formula in | ||||||
21 | subsection (c).
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22 | (c) For State fiscal years 2012 through 2045, the minimum | ||||||
23 | contribution
to the System to be made by the State for each |
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1 | fiscal year shall be an amount
determined by the System to be | ||||||
2 | sufficient to bring the total assets of the
System up to 90% of | ||||||
3 | the total actuarial liabilities of the System by the end of
| ||||||
4 | State fiscal year 2045. In making these determinations, the | ||||||
5 | required State
contribution shall be calculated each year as a | ||||||
6 | level percentage of payroll
over the years remaining to and | ||||||
7 | including fiscal year 2045 and shall be
determined under the | ||||||
8 | projected unit credit actuarial cost method.
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9 | For State fiscal years 1996 through 2005, the State | ||||||
10 | contribution to
the System, as a percentage of the applicable | ||||||
11 | employee payroll, shall be
increased in equal annual increments | ||||||
12 | so that by State fiscal year 2011, the
State is contributing at | ||||||
13 | the rate required under this Section.
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14 | Notwithstanding any other provision of this Article, the | ||||||
15 | total required State
contribution for State fiscal year 2006 is | ||||||
16 | $4,157,000.
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17 | Notwithstanding any other provision of this Article, the | ||||||
18 | total required State
contribution for State fiscal year 2007 is | ||||||
19 | $5,220,300.
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20 | For each of State fiscal years 2008 through 2009, the State | ||||||
21 | contribution to
the System, as a percentage of the applicable | ||||||
22 | employee payroll, shall be
increased in equal annual increments | ||||||
23 | from the required State contribution for State fiscal year | ||||||
24 | 2007, so that by State fiscal year 2011, the
State is | ||||||
25 | contributing at the rate otherwise required under this Section.
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26 | Notwithstanding any other provision of this Article, the |
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1 | total required State contribution for State fiscal year 2010 is | ||||||
2 | $10,454,000 and shall be made from the proceeds of bonds sold | ||||||
3 | in fiscal year 2010 pursuant to Section 7.2 of the General | ||||||
4 | Obligation Bond Act, less (i) the pro rata share of bond sale | ||||||
5 | expenses determined by the System's share of total bond | ||||||
6 | proceeds, (ii) any amounts received from the General Revenue | ||||||
7 | Fund in fiscal year 2010, and (iii) any reduction in bond | ||||||
8 | proceeds due to the issuance of discounted bonds, if | ||||||
9 | applicable. | ||||||
10 | Notwithstanding any other provision of this Article, the
| ||||||
11 | total required State contribution for State fiscal year 2011 is
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12 | the amount recertified by the System on or before April 1, 2011 | ||||||
13 | June 15, 2010 pursuant to Section 2-134 and shall be made from | ||||||
14 | the proceeds of bonds sold
in fiscal year 2011 pursuant to | ||||||
15 | Section 7.2 of the General
Obligation Bond Act, less (i) the | ||||||
16 | pro rata share of bond sale
expenses determined by the System's | ||||||
17 | share of total bond
proceeds, (ii) any amounts received from | ||||||
18 | the General Revenue
Fund in fiscal year 2011, and (iii) any | ||||||
19 | reduction in bond
proceeds due to the issuance of discounted | ||||||
20 | bonds, if
applicable. | ||||||
21 | Beginning in State fiscal year 2046, the minimum State | ||||||
22 | contribution for
each fiscal year shall be the amount needed to | ||||||
23 | maintain the total assets of
the System at 90% of the total | ||||||
24 | actuarial liabilities of the System.
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25 | Amounts received by the System pursuant to Section 25 of | ||||||
26 | the Budget Stabilization Act or Section 8.12 of the State |
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1 | Finance Act in any fiscal year do not reduce and do not | ||||||
2 | constitute payment of any portion of the minimum State | ||||||
3 | contribution required under this Article in that fiscal year. | ||||||
4 | Such amounts shall not reduce, and shall not be included in the | ||||||
5 | calculation of, the required State contributions under this | ||||||
6 | Article in any future year until the System has reached a | ||||||
7 | funding ratio of at least 90%. A reference in this Article to | ||||||
8 | the "required State contribution" or any substantially similar | ||||||
9 | term does not include or apply to any amounts payable to the | ||||||
10 | System under Section 25 of the Budget Stabilization Act.
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11 | Notwithstanding any other provision of this Section, the | ||||||
12 | required State
contribution for State fiscal year 2005 and for | ||||||
13 | fiscal year 2008 and each fiscal year thereafter, as
calculated | ||||||
14 | under this Section and
certified under Section 2-134, shall not | ||||||
15 | exceed an amount equal to (i) the
amount of the required State | ||||||
16 | contribution that would have been calculated under
this Section | ||||||
17 | for that fiscal year if the System had not received any | ||||||
18 | payments
under subsection (d) of Section 7.2 of the General | ||||||
19 | Obligation Bond Act, minus
(ii) the portion of the State's | ||||||
20 | total debt service payments for that fiscal
year on the bonds | ||||||
21 | issued for the purposes of that Section 7.2, as determined
and | ||||||
22 | certified by the Comptroller, that is the same as the System's | ||||||
23 | portion of
the total moneys distributed under subsection (d) of | ||||||
24 | Section 7.2 of the General
Obligation Bond Act. In determining | ||||||
25 | this maximum for State fiscal years 2008 through 2010, however, | ||||||
26 | the amount referred to in item (i) shall be increased, as a |
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1 | percentage of the applicable employee payroll, in equal | ||||||
2 | increments calculated from the sum of the required State | ||||||
3 | contribution for State fiscal year 2007 plus the applicable | ||||||
4 | portion of the State's total debt service payments for fiscal | ||||||
5 | year 2007 on the bonds issued for the purposes of Section 7.2 | ||||||
6 | of the General
Obligation Bond Act, so that, by State fiscal | ||||||
7 | year 2011, the
State is contributing at the rate otherwise | ||||||
8 | required under this Section.
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9 | (d) For purposes of determining the required State | ||||||
10 | contribution to the System, the value of the System's assets | ||||||
11 | shall be equal to the actuarial value of the System's assets, | ||||||
12 | which shall be calculated as follows: | ||||||
13 | As of June 30, 2008, the actuarial value of the System's | ||||||
14 | assets shall be equal to the market value of the assets as of | ||||||
15 | that date. In determining the actuarial value of the System's | ||||||
16 | assets for fiscal years after June 30, 2008, any actuarial | ||||||
17 | gains or losses from investment return incurred in a fiscal | ||||||
18 | year shall be recognized in equal annual amounts over the | ||||||
19 | 5-year period following that fiscal year. | ||||||
20 | (e) For purposes of determining the required State | ||||||
21 | contribution to the system for a particular year, the actuarial | ||||||
22 | value of assets shall be assumed to earn a rate of return equal | ||||||
23 | to the system's actuarially assumed rate of return. | ||||||
24 | (Source: P.A. 95-950, eff. 8-29-08; 96-43, eff. 7-15-09; | ||||||
25 | 09600SB3514ham003.)
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1 | (40 ILCS 5/2-134)
(from Ch. 108 1/2, par. 2-134)
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2 | Sec. 2-134. To certify required State contributions and | ||||||
3 | submit vouchers.
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4 | (a) The Board shall certify to the Governor on or before | ||||||
5 | December 15 of each
year the amount of the required State | ||||||
6 | contribution to the System for the next
fiscal year. The | ||||||
7 | certification shall include a copy of the actuarial
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8 | recommendations upon which it is based.
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9 | On or before May 1, 2004, the Board shall recalculate and | ||||||
10 | recertify to
the Governor the amount of the required State | ||||||
11 | contribution to the System for
State fiscal year 2005, taking | ||||||
12 | into account the amounts appropriated to and
received by the | ||||||
13 | System under subsection (d) of Section 7.2 of the General
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14 | Obligation Bond Act.
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15 | On or before July 1, 2005, the Board shall recalculate and | ||||||
16 | recertify
to the Governor the amount of the required State
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17 | contribution to the System for State fiscal year 2006, taking | ||||||
18 | into account the changes in required State contributions made | ||||||
19 | by this amendatory Act of the 94th General Assembly.
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20 | On or before April 1, 2011 June 15, 2010 , the Board shall | ||||||
21 | recalculate and recertify to the Governor the amount of the | ||||||
22 | required State contribution to the System for State fiscal year | ||||||
23 | 2011, applying the changes made by Public Act 96-889 to the | ||||||
24 | System's assets and liabilities as of June 30, 2009 as though | ||||||
25 | Public Act 96-889 was approved on that date. | ||||||
26 | (b) Beginning in State fiscal year 1996, on or as soon as |
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1 | possible after the
15th day of each month the Board shall | ||||||
2 | submit vouchers for payment of State
contributions to the | ||||||
3 | System, in a total monthly amount of one-twelfth of the
| ||||||
4 | required annual State contribution certified under subsection | ||||||
5 | (a).
From the effective date of this amendatory Act
of the 93rd | ||||||
6 | General Assembly through June 30, 2004, the Board shall not
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7 | submit vouchers for the remainder of fiscal year 2004 in excess | ||||||
8 | of the
fiscal year 2004 certified contribution amount | ||||||
9 | determined
under this Section after taking into consideration | ||||||
10 | the transfer to the
System under subsection (d) of Section | ||||||
11 | 6z-61 of the State Finance Act.
These
vouchers shall be paid by | ||||||
12 | the State Comptroller and Treasurer by warrants drawn
on the | ||||||
13 | funds appropriated to the System for that fiscal year. If in | ||||||
14 | any month
the amount remaining unexpended from all other | ||||||
15 | appropriations to the System for
the applicable fiscal year | ||||||
16 | (including the appropriations to the System under
Section 8.12 | ||||||
17 | of the State Finance Act and Section 1 of the State Pension | ||||||
18 | Funds
Continuing Appropriation Act) is less than the amount | ||||||
19 | lawfully vouchered under
this Section, the difference shall be | ||||||
20 | paid from the General Revenue Fund under
the continuing | ||||||
21 | appropriation authority provided in Section 1.1 of the State
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22 | Pension Funds Continuing Appropriation Act.
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23 | (c) The full amount of any annual appropriation for the | ||||||
24 | System for
State fiscal year 1995 shall be transferred and made | ||||||
25 | available to the System
at the beginning of that fiscal year at | ||||||
26 | the request of the Board.
Any excess funds remaining at the end |
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1 | of any fiscal year from appropriations
shall be retained by the | ||||||
2 | System as a general reserve to meet the System's
accrued | ||||||
3 | liabilities.
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4 | (Source: P.A. 94-4, eff. 6-1-05; 94-536, eff. 8-10-05; 95-331, | ||||||
5 | eff. 8-21-07; 09600SB3514ham003.)
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6 | (40 ILCS 5/14-131)
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7 | Sec. 14-131. Contributions by State.
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8 | (a) The State shall make contributions to the System by | ||||||
9 | appropriations of
amounts which, together with other employer | ||||||
10 | contributions from trust, federal,
and other funds, employee | ||||||
11 | contributions, investment income, and other income,
will be | ||||||
12 | sufficient to meet the cost of maintaining and administering | ||||||
13 | the System
on a 90% funded basis in accordance with actuarial | ||||||
14 | recommendations.
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15 | For the purposes of this Section and Section 14-135.08, | ||||||
16 | references to State
contributions refer only to employer | ||||||
17 | contributions and do not include employee
contributions that | ||||||
18 | are picked up or otherwise paid by the State or a
department on | ||||||
19 | behalf of the employee.
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20 | (b) The Board shall determine the total amount of State | ||||||
21 | contributions
required for each fiscal year on the basis of the | ||||||
22 | actuarial tables and other
assumptions adopted by the Board, | ||||||
23 | using the formula in subsection (e).
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24 | The Board shall also determine a State contribution rate | ||||||
25 | for each fiscal
year, expressed as a percentage of payroll, |
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1 | based on the total required State
contribution for that fiscal | ||||||
2 | year (less the amount received by the System from
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3 | appropriations under Section 8.12 of the State Finance Act and | ||||||
4 | Section 1 of the
State Pension Funds Continuing Appropriation | ||||||
5 | Act, if any, for the fiscal year
ending on the June 30 | ||||||
6 | immediately preceding the applicable November 15
certification | ||||||
7 | deadline), the estimated payroll (including all forms of
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8 | compensation) for personal services rendered by eligible | ||||||
9 | employees, and the
recommendations of the actuary.
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10 | For the purposes of this Section and Section 14.1 of the | ||||||
11 | State Finance Act,
the term "eligible employees" includes | ||||||
12 | employees who participate in the System,
persons who may elect | ||||||
13 | to participate in the System but have not so elected,
persons | ||||||
14 | who are serving a qualifying period that is required for | ||||||
15 | participation,
and annuitants employed by a department as | ||||||
16 | described in subdivision (a)(1) or
(a)(2) of Section 14-111.
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17 | (c) Contributions shall be made by the several departments | ||||||
18 | for each pay
period by warrants drawn by the State Comptroller | ||||||
19 | against their respective
funds or appropriations based upon | ||||||
20 | vouchers stating the amount to be so
contributed. These amounts | ||||||
21 | shall be based on the full rate certified by the
Board under | ||||||
22 | Section 14-135.08 for that fiscal year.
From the effective date | ||||||
23 | of this amendatory Act of the 93rd General
Assembly through the | ||||||
24 | payment of the final payroll from fiscal year 2004
| ||||||
25 | appropriations, the several departments shall not make | ||||||
26 | contributions
for the remainder of fiscal year 2004 but shall |
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1 | instead make payments
as required under subsection (a-1) of | ||||||
2 | Section 14.1 of the State Finance Act.
The several departments | ||||||
3 | shall resume those contributions at the commencement of
fiscal | ||||||
4 | year 2005.
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5 | (c-1) Notwithstanding subsection (c) of this Section, for | ||||||
6 | fiscal year 2010 only, contributions by the several departments | ||||||
7 | are not required to be made for General Revenue Funds payrolls | ||||||
8 | processed by the Comptroller. Payrolls paid by the several | ||||||
9 | departments from all other State funds must continue to be | ||||||
10 | processed pursuant to subsection (c) of this Section. | ||||||
11 | (c-2) For State fiscal year 2010 only, on or as soon as | ||||||
12 | possible after the 15th day of each month the Board shall | ||||||
13 | submit vouchers for payment of State contributions to the | ||||||
14 | System, in a total monthly amount of one-twelfth of the fiscal | ||||||
15 | year 2010 General Revenue Fund appropriation to the System. | ||||||
16 | (d) If an employee is paid from trust funds or federal | ||||||
17 | funds, the
department or other employer shall pay employer | ||||||
18 | contributions from those funds
to the System at the certified | ||||||
19 | rate, unless the terms of the trust or the
federal-State | ||||||
20 | agreement preclude the use of the funds for that purpose, in
| ||||||
21 | which case the required employer contributions shall be paid by | ||||||
22 | the State.
From the effective date of this amendatory
Act of | ||||||
23 | the 93rd General Assembly through the payment of the final
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24 | payroll from fiscal year 2004 appropriations, the department or | ||||||
25 | other
employer shall not pay contributions for the remainder of | ||||||
26 | fiscal year
2004 but shall instead make payments as required |
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1 | under subsection (a-1) of
Section 14.1 of the State Finance | ||||||
2 | Act. The department or other employer shall
resume payment of
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3 | contributions at the commencement of fiscal year 2005.
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4 | (e) 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 State fiscal years 1996 through 2005, the State | ||||||
15 | contribution to
the System, as a percentage of the applicable | ||||||
16 | employee payroll, shall be
increased in equal annual increments | ||||||
17 | so that by State fiscal year 2011, the
State is contributing at | ||||||
18 | the rate required under this Section; except that
(i) for State | ||||||
19 | fiscal year 1998, for all purposes of this Code and any other
| ||||||
20 | law of this State, the certified percentage of the applicable | ||||||
21 | employee payroll
shall be 5.052% for employees earning eligible | ||||||
22 | creditable service under Section
14-110 and 6.500% for all | ||||||
23 | other employees, notwithstanding any contrary
certification | ||||||
24 | made under Section 14-135.08 before the effective date of this
| ||||||
25 | amendatory Act of 1997, and (ii)
in the following specified | ||||||
26 | State fiscal years, the State contribution to
the System shall |
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1 | not be less than the following indicated percentages of the
| ||||||
2 | applicable employee payroll, even if the indicated percentage | ||||||
3 | will produce a
State contribution in excess of the amount | ||||||
4 | otherwise required under this
subsection and subsection (a):
| ||||||
5 | 9.8% in FY 1999;
10.0% in FY 2000;
10.2% in FY 2001;
10.4% in FY | ||||||
6 | 2002;
10.6% in FY 2003; and
10.8% in FY 2004.
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7 | Notwithstanding any other provision of this Article, the | ||||||
8 | total required State
contribution to the System for State | ||||||
9 | fiscal year 2006 is $203,783,900.
| ||||||
10 | Notwithstanding any other provision of this Article, the | ||||||
11 | total required State
contribution to the System for State | ||||||
12 | fiscal year 2007 is $344,164,400.
| ||||||
13 | For each of State fiscal years 2008 through 2009, the State | ||||||
14 | contribution to
the System, as a percentage of the applicable | ||||||
15 | employee payroll, shall be
increased in equal annual increments | ||||||
16 | from the required State contribution for State fiscal year | ||||||
17 | 2007, so that by State fiscal year 2011, the
State is | ||||||
18 | contributing at the rate otherwise required under this Section.
| ||||||
19 | Notwithstanding any other provision of this Article, the | ||||||
20 | total required State General Revenue Fund contribution for | ||||||
21 | State fiscal year 2010 is $723,703,100 and shall be made from | ||||||
22 | the proceeds of bonds sold in fiscal year 2010 pursuant to | ||||||
23 | Section 7.2 of the General Obligation Bond Act, less (i) the | ||||||
24 | pro rata share of bond sale expenses determined by the System's | ||||||
25 | share of total bond proceeds, (ii) any amounts received from | ||||||
26 | the General Revenue Fund in fiscal year 2010, and (iii) any |
| |||||||
| |||||||
1 | reduction in bond proceeds due to the issuance of discounted | ||||||
2 | bonds, if applicable. | ||||||
3 | Notwithstanding any other provision of this Article, the
| ||||||
4 | total required State General Revenue Fund contribution for
| ||||||
5 | State fiscal year 2011 is the amount recertified by the System | ||||||
6 | on or before April 1, 2011 June 15, 2010 pursuant to Section | ||||||
7 | 14-135.08 and shall be made from
the proceeds of bonds sold in | ||||||
8 | fiscal year 2011 pursuant to
Section 7.2 of the General | ||||||
9 | Obligation Bond Act, less (i) the
pro rata share of bond sale | ||||||
10 | expenses determined by the System's
share of total bond | ||||||
11 | proceeds, (ii) any amounts received from
the General Revenue | ||||||
12 | Fund in fiscal year 2011, and (iii) any
reduction in bond | ||||||
13 | proceeds due to the issuance of discounted
bonds, if | ||||||
14 | applicable. | ||||||
15 | Beginning in State fiscal year 2046, the minimum State | ||||||
16 | contribution for
each fiscal year shall be the amount needed to | ||||||
17 | maintain the total assets of
the System at 90% of the total | ||||||
18 | actuarial liabilities of the System.
| ||||||
19 | Amounts received by the System pursuant to Section 25 of | ||||||
20 | the Budget Stabilization Act or Section 8.12 of the State | ||||||
21 | Finance Act in any fiscal year do not reduce and do not | ||||||
22 | constitute payment of any portion of the minimum State | ||||||
23 | contribution required under this Article in that fiscal year. | ||||||
24 | Such amounts shall not reduce, and shall not be included in the | ||||||
25 | calculation of, the required State contributions under this | ||||||
26 | Article in any future year until the System has reached a |
| |||||||
| |||||||
1 | funding ratio of at least 90%. A reference in this Article to | ||||||
2 | the "required State contribution" or any substantially similar | ||||||
3 | term does not include or apply to any amounts payable to the | ||||||
4 | System under Section 25 of the Budget Stabilization Act.
| ||||||
5 | Notwithstanding any other provision of this Section, the | ||||||
6 | required State
contribution for State fiscal year 2005 and for | ||||||
7 | fiscal year 2008 and each fiscal year thereafter, as
calculated | ||||||
8 | under this Section and
certified under Section 14-135.08, shall | ||||||
9 | not exceed an amount equal to (i) the
amount of the required | ||||||
10 | State contribution that would have been calculated under
this | ||||||
11 | Section for that fiscal year if the System had not received any | ||||||
12 | payments
under subsection (d) of Section 7.2 of the General | ||||||
13 | Obligation Bond Act, minus
(ii) the portion of the State's | ||||||
14 | total debt service payments for that fiscal
year on the bonds | ||||||
15 | issued for the purposes of that Section 7.2, as determined
and | ||||||
16 | certified by the Comptroller, that is the same as the System's | ||||||
17 | portion of
the total moneys distributed under subsection (d) of | ||||||
18 | Section 7.2 of the General
Obligation Bond Act. In determining | ||||||
19 | this maximum for State fiscal years 2008 through 2010, however, | ||||||
20 | the amount referred to in item (i) shall be increased, as a | ||||||
21 | percentage of the applicable employee payroll, in equal | ||||||
22 | increments calculated from the sum of the required State | ||||||
23 | contribution for State fiscal year 2007 plus the applicable | ||||||
24 | portion of the State's total debt service payments for fiscal | ||||||
25 | year 2007 on the bonds issued for the purposes of Section 7.2 | ||||||
26 | of the General
Obligation Bond Act, so that, by State fiscal |
| |||||||
| |||||||
1 | year 2011, the
State is contributing at the rate otherwise | ||||||
2 | required under this Section.
| ||||||
3 | (f) After the submission of all payments for eligible | ||||||
4 | employees
from personal services line items in fiscal year 2004 | ||||||
5 | have been made,
the Comptroller shall provide to the System a | ||||||
6 | certification of the sum
of all fiscal year 2004 expenditures | ||||||
7 | for personal services that would
have been covered by payments | ||||||
8 | to the System under this Section if the
provisions of this | ||||||
9 | amendatory Act of the 93rd General Assembly had not been
| ||||||
10 | enacted. Upon
receipt of the certification, the System shall | ||||||
11 | determine the amount
due to the System based on the full rate | ||||||
12 | certified by the Board under
Section 14-135.08 for fiscal year | ||||||
13 | 2004 in order to meet the State's
obligation under this | ||||||
14 | Section. The System shall compare this amount
due to the amount | ||||||
15 | received by the System in fiscal year 2004 through
payments | ||||||
16 | under this Section and under Section 6z-61 of the State Finance | ||||||
17 | Act.
If the amount
due is more than the amount received, the | ||||||
18 | difference shall be termed the
"Fiscal Year 2004 Shortfall" for | ||||||
19 | purposes of this Section, and the
Fiscal Year 2004 Shortfall | ||||||
20 | shall be satisfied under Section 1.2 of the State
Pension Funds | ||||||
21 | Continuing Appropriation Act. If the amount due is less than | ||||||
22 | the
amount received, the
difference shall be termed the "Fiscal | ||||||
23 | Year 2004 Overpayment" for purposes of
this Section, and the | ||||||
24 | Fiscal Year 2004 Overpayment shall be repaid by
the System to | ||||||
25 | the Pension Contribution Fund as soon as practicable
after the | ||||||
26 | certification.
|
| |||||||
| |||||||
1 | (g) For purposes of determining the required State | ||||||
2 | contribution to the System, the value of the System's assets | ||||||
3 | shall be equal to the actuarial value of the System's assets, | ||||||
4 | which shall be calculated as follows: | ||||||
5 | As of June 30, 2008, the actuarial value of the System's | ||||||
6 | assets shall be equal to the market value of the assets as of | ||||||
7 | that date. In determining the actuarial value of the System's | ||||||
8 | assets for fiscal years after June 30, 2008, any actuarial | ||||||
9 | gains or losses from investment return incurred in a fiscal | ||||||
10 | year shall be recognized in equal annual amounts over the | ||||||
11 | 5-year period following that fiscal year. | ||||||
12 | (h) For purposes of determining the required State | ||||||
13 | contribution to the System for a particular year, the actuarial | ||||||
14 | value of assets shall be assumed to earn a rate of return equal | ||||||
15 | to the System's actuarially assumed rate of return. | ||||||
16 | (i) After the submission of all payments for eligible | ||||||
17 | employees from personal services line items paid from the | ||||||
18 | General Revenue Fund in fiscal year 2010 have been made, the | ||||||
19 | Comptroller shall provide to the System a certification of the | ||||||
20 | sum of all fiscal year 2010 expenditures for personal services | ||||||
21 | that would have been covered by payments to the System under | ||||||
22 | this Section if the provisions of this amendatory Act of the | ||||||
23 | 96th General Assembly had not been enacted. Upon receipt of the | ||||||
24 | certification, the System shall determine the amount due to the | ||||||
25 | System based on the full rate certified by the Board under | ||||||
26 | Section 14-135.08 for fiscal year 2010 in order to meet the |
| |||||||
| |||||||
1 | State's obligation under this Section. The System shall compare | ||||||
2 | this amount due to the amount received by the System in fiscal | ||||||
3 | year 2010 through payments under this Section. If the amount | ||||||
4 | due is more than the amount received, the difference shall be | ||||||
5 | termed the "Fiscal Year 2010 Shortfall" for purposes of this | ||||||
6 | Section, and the Fiscal Year 2010 Shortfall shall be satisfied | ||||||
7 | under Section 1.2 of the State Pension Funds Continuing | ||||||
8 | Appropriation Act. If the amount due is less than the amount | ||||||
9 | received, the difference shall be termed the "Fiscal Year 2010 | ||||||
10 | Overpayment" for purposes of this Section, and the Fiscal Year | ||||||
11 | 2010 Overpayment shall be repaid by the System to the General | ||||||
12 | Revenue Fund as soon as practicable after the certification. | ||||||
13 | (j) After the submission of all payments for eligible | ||||||
14 | employees from personal services line items paid from the | ||||||
15 | General Revenue Fund in fiscal year 2011 have been made, the | ||||||
16 | Comptroller shall provide to the System a certification of the | ||||||
17 | sum of all fiscal year 2011 expenditures for personal services | ||||||
18 | that would have been covered by payments to the System under | ||||||
19 | this Section if the provisions of this amendatory Act of the | ||||||
20 | 96th General Assembly had not been enacted. Upon receipt of the | ||||||
21 | certification, the System shall determine the amount due to the | ||||||
22 | System based on the full rate certified by the Board under | ||||||
23 | Section 14-135.08 for fiscal year 2011 in order to meet the | ||||||
24 | State's obligation under this Section. The System shall compare | ||||||
25 | this amount due to the amount received by the System in fiscal | ||||||
26 | year 2011 through payments under this Section. If the amount |
| |||||||
| |||||||
1 | due is more than the amount received, the difference shall be | ||||||
2 | termed the "Fiscal Year 2011 Shortfall" for purposes of this | ||||||
3 | Section, and the Fiscal Year 2011 Shortfall shall be satisfied | ||||||
4 | under Section 1.2 of the State Pension Funds Continuing | ||||||
5 | Appropriation Act. If the amount due is less than the amount | ||||||
6 | received, the difference shall be termed the "Fiscal Year 2011 | ||||||
7 | Overpayment" for purposes of this Section, and the Fiscal Year | ||||||
8 | 2011 Overpayment shall be repaid by the System to the General | ||||||
9 | Revenue Fund as soon as practicable after the certification. | ||||||
10 | (Source: P.A. 95-950, eff. 8-29-08; 96-43, eff. 7-15-09; 96-45, | ||||||
11 | eff. 7-15-09; 09600SB3514ham003; 09600SB3514ham005.)
| ||||||
12 | (40 ILCS 5/14-135.08) (from Ch. 108 1/2, par. 14-135.08)
| ||||||
13 | Sec. 14-135.08. To certify required State contributions. | ||||||
14 | (a)
To certify to the Governor and to each department, on | ||||||
15 | or before
November 15 of each year, the required rate for State | ||||||
16 | contributions to the
System for the next State fiscal year, as | ||||||
17 | determined under subsection (b) of
Section 14-131. The | ||||||
18 | certification to the Governor shall include a copy of the
| ||||||
19 | actuarial recommendations upon which the rate is based.
| ||||||
20 | (b) The certification shall include an additional amount | ||||||
21 | necessary to pay all principal of and interest on those general | ||||||
22 | obligation bonds due the next fiscal year authorized by Section | ||||||
23 | 7.2(a) of the General Obligation Bond Act and issued to provide | ||||||
24 | the proceeds deposited by the State with the System in July | ||||||
25 | 2003, representing deposits other than amounts reserved under |
| |||||||
| |||||||
1 | Section 7.2(c) of the General Obligation Bond Act. For State | ||||||
2 | fiscal year 2005, the Board shall make a supplemental | ||||||
3 | certification of the additional amount necessary to pay all | ||||||
4 | principal of and interest on those general obligation bonds due | ||||||
5 | in State fiscal years 2004 and 2005 authorized by Section | ||||||
6 | 7.2(a) of the General Obligation Bond Act and issued to provide | ||||||
7 | the proceeds deposited by the State with the System in July | ||||||
8 | 2003, representing deposits other than amounts reserved under | ||||||
9 | Section 7.2(c) of the General Obligation Bond Act, as soon as | ||||||
10 | practical after the effective date of this amendatory Act of | ||||||
11 | the 93rd General Assembly.
| ||||||
12 | On or before May 1, 2004, the Board shall recalculate and | ||||||
13 | recertify
to the Governor and to each department the amount of | ||||||
14 | the required State
contribution to the System and the required | ||||||
15 | rates for State contributions
to the System for State fiscal | ||||||
16 | year 2005, taking into account the amounts
appropriated to and | ||||||
17 | received by the System under subsection (d) of Section
7.2 of | ||||||
18 | the General Obligation Bond Act.
| ||||||
19 | On or before July 1, 2005, the Board shall recalculate and | ||||||
20 | recertify
to the Governor and to each department the amount of | ||||||
21 | the required State
contribution to the System and the required | ||||||
22 | rates for State contributions
to the System for State fiscal | ||||||
23 | year 2006, taking into account the changes in required State | ||||||
24 | contributions made by this amendatory Act of the 94th General | ||||||
25 | Assembly.
| ||||||
26 | On or before April 1, 2011 June 15, 2010 , the Board shall |
| |||||||
| |||||||
1 | recalculate and recertify to the Governor and to each | ||||||
2 | department the amount of the required State contribution to the | ||||||
3 | System for State fiscal year 2011, applying the changes made by | ||||||
4 | Public Act 96-889 to the System's assets and liabilities as of | ||||||
5 | June 30, 2009 as though Public Act 96-889 was approved on that | ||||||
6 | date. | ||||||
7 | (Source: P.A. 93-2, eff. 4-7-03; 93-839, eff. 7-30-04; 94-4, | ||||||
8 | eff. 6-1-05; 09600SB3514ham003.)
| ||||||
9 | (40 ILCS 5/15-155) (from Ch. 108 1/2, par. 15-155)
| ||||||
10 | Sec. 15-155. Employer contributions.
| ||||||
11 | (a) The State of Illinois shall make contributions by | ||||||
12 | appropriations of
amounts which, together with the other | ||||||
13 | employer contributions from trust,
federal, and other funds, | ||||||
14 | employee contributions, income from investments,
and other | ||||||
15 | income of this System, will be sufficient to meet the cost of
| ||||||
16 | maintaining and administering the System on a 90% funded basis | ||||||
17 | in accordance
with actuarial recommendations.
| ||||||
18 | The Board shall determine the amount of State contributions | ||||||
19 | required for
each fiscal year on the basis of the actuarial | ||||||
20 | tables and other assumptions
adopted by the Board and the | ||||||
21 | recommendations of the actuary, using the formula
in subsection | ||||||
22 | (a-1).
| ||||||
23 | (a-1) For State fiscal years 2012 through 2045, the minimum | ||||||
24 | contribution
to the System to be made by the State for each | ||||||
25 | fiscal year shall be an amount
determined by the System to be |
| |||||||
| |||||||
1 | sufficient to bring the total assets of the
System up to 90% of | ||||||
2 | the total actuarial liabilities of the System by the end of
| ||||||
3 | State fiscal year 2045. In making these determinations, the | ||||||
4 | required State
contribution shall be calculated each year as a | ||||||
5 | level percentage of payroll
over the years remaining to and | ||||||
6 | including fiscal year 2045 and shall be
determined under the | ||||||
7 | projected unit credit actuarial cost method.
| ||||||
8 | For State fiscal years 1996 through 2005, the State | ||||||
9 | contribution to
the System, as a percentage of the applicable | ||||||
10 | employee payroll, shall be
increased in equal annual increments | ||||||
11 | so that by State fiscal year 2011, the
State is contributing at | ||||||
12 | the rate required under this Section.
| ||||||
13 | Notwithstanding any other provision of this Article, the | ||||||
14 | total required State
contribution for State fiscal year 2006 is | ||||||
15 | $166,641,900.
| ||||||
16 | Notwithstanding any other provision of this Article, the | ||||||
17 | total required State
contribution for State fiscal year 2007 is | ||||||
18 | $252,064,100.
| ||||||
19 | For each of State fiscal years 2008 through 2009, the State | ||||||
20 | contribution to
the System, as a percentage of the applicable | ||||||
21 | employee payroll, shall be
increased in equal annual increments | ||||||
22 | from the required State contribution for State fiscal year | ||||||
23 | 2007, so that by State fiscal year 2011, the
State is | ||||||
24 | contributing at the rate otherwise required under this Section.
| ||||||
25 | Notwithstanding any other provision of this Article, the | ||||||
26 | total required State contribution for State fiscal year 2010 is |
| |||||||
| |||||||
1 | $702,514,000 and shall be made from the State Pensions Fund and | ||||||
2 | proceeds of bonds sold in fiscal year 2010 pursuant to Section | ||||||
3 | 7.2 of the General Obligation Bond Act, less (i) the pro rata | ||||||
4 | share of bond sale expenses determined by the System's share of | ||||||
5 | total bond proceeds, (ii) any amounts received from the General | ||||||
6 | Revenue Fund in fiscal year 2010, (iii) any reduction in bond | ||||||
7 | proceeds due to the issuance of discounted bonds, if | ||||||
8 | applicable. | ||||||
9 | Notwithstanding any other provision of this Article, the
| ||||||
10 | total required State contribution for State fiscal year 2011 is
| ||||||
11 | the amount recertified by the System on or before April 1, 2011 | ||||||
12 | June 15, 2010 pursuant to Section 15-165 and shall be made from | ||||||
13 | the State Pensions Fund and
proceeds of bonds sold in fiscal | ||||||
14 | year 2011 pursuant to Section
7.2 of the General Obligation | ||||||
15 | Bond Act, less (i) the pro rata
share of bond sale expenses | ||||||
16 | determined by the System's share of
total bond proceeds, (ii) | ||||||
17 | any amounts received from the General
Revenue Fund in fiscal | ||||||
18 | year 2011, and (iii) any reduction in bond
proceeds due to the | ||||||
19 | issuance of discounted bonds, if
applicable. | ||||||
20 | Beginning in State fiscal year 2046, the minimum State | ||||||
21 | contribution for
each fiscal year shall be the amount needed to | ||||||
22 | maintain the total assets of
the System at 90% of the total | ||||||
23 | actuarial liabilities of the System.
| ||||||
24 | Amounts received by the System pursuant to Section 25 of | ||||||
25 | the Budget Stabilization Act or Section 8.12 of the State | ||||||
26 | Finance Act in any fiscal year do not reduce and do not |
| |||||||
| |||||||
1 | constitute payment of any portion of the minimum State | ||||||
2 | contribution required under this Article in that fiscal year. | ||||||
3 | Such amounts shall not reduce, and shall not be included in the | ||||||
4 | calculation of, the required State contributions under this | ||||||
5 | Article in any future year until the System has reached a | ||||||
6 | funding ratio of at least 90%. A reference in this Article to | ||||||
7 | the "required State contribution" or any substantially similar | ||||||
8 | term does not include or apply to any amounts payable to the | ||||||
9 | System under Section 25 of the Budget Stabilization Act. | ||||||
10 | Notwithstanding any other provision of this Section, the | ||||||
11 | required State
contribution for State fiscal year 2005 and for | ||||||
12 | fiscal year 2008 and each fiscal year thereafter, as
calculated | ||||||
13 | under this Section and
certified under Section 15-165, shall | ||||||
14 | not exceed an amount equal to (i) the
amount of the required | ||||||
15 | State contribution that would have been calculated under
this | ||||||
16 | Section for that fiscal year if the System had not received any | ||||||
17 | payments
under subsection (d) of Section 7.2 of the General | ||||||
18 | Obligation Bond Act, minus
(ii) the portion of the State's | ||||||
19 | total debt service payments for that fiscal
year on the bonds | ||||||
20 | issued for the purposes of that Section 7.2, as determined
and | ||||||
21 | certified by the Comptroller, that is the same as the System's | ||||||
22 | portion of
the total moneys distributed under subsection (d) of | ||||||
23 | Section 7.2 of the General
Obligation Bond Act. In determining | ||||||
24 | this maximum for State fiscal years 2008 through 2010, however, | ||||||
25 | the amount referred to in item (i) shall be increased, as a | ||||||
26 | percentage of the applicable employee payroll, in equal |
| |||||||
| |||||||
1 | increments calculated from the sum of the required State | ||||||
2 | contribution for State fiscal year 2007 plus the applicable | ||||||
3 | portion of the State's total debt service payments for fiscal | ||||||
4 | year 2007 on the bonds issued for the purposes of Section 7.2 | ||||||
5 | of the General
Obligation Bond Act, so that, by State fiscal | ||||||
6 | year 2011, the
State is contributing at the rate otherwise | ||||||
7 | required under this Section.
| ||||||
8 | (b) If an employee is paid from trust or federal funds, the | ||||||
9 | employer
shall pay to the Board contributions from those funds | ||||||
10 | which are
sufficient to cover the accruing normal costs on | ||||||
11 | behalf of the employee.
However, universities having employees | ||||||
12 | who are compensated out of local
auxiliary funds, income funds, | ||||||
13 | or service enterprise funds are not required
to pay such | ||||||
14 | contributions on behalf of those employees. The local auxiliary
| ||||||
15 | funds, income funds, and service enterprise funds of | ||||||
16 | universities shall not be
considered trust funds for the | ||||||
17 | purpose of this Article, but funds of alumni
associations, | ||||||
18 | foundations, and athletic associations which are affiliated | ||||||
19 | with
the universities included as employers under this Article | ||||||
20 | and other employers
which do not receive State appropriations | ||||||
21 | are considered to be trust funds for
the purpose of this | ||||||
22 | Article.
| ||||||
23 | (b-1) The City of Urbana and the City of Champaign shall | ||||||
24 | each make
employer contributions to this System for their | ||||||
25 | respective firefighter
employees who participate in this | ||||||
26 | System pursuant to subsection (h) of Section
15-107. The rate |
| |||||||
| |||||||
1 | of contributions to be made by those municipalities shall
be | ||||||
2 | determined annually by the Board on the basis of the actuarial | ||||||
3 | assumptions
adopted by the Board and the recommendations of the | ||||||
4 | actuary, and shall be
expressed as a percentage of salary for | ||||||
5 | each such employee. The Board shall
certify the rate to the | ||||||
6 | affected municipalities as soon as may be practical.
The | ||||||
7 | employer contributions required under this subsection shall be | ||||||
8 | remitted by
the municipality to the System at the same time and | ||||||
9 | in the same manner as
employee contributions.
| ||||||
10 | (c) Through State fiscal year 1995: The total employer | ||||||
11 | contribution shall
be apportioned among the various funds of | ||||||
12 | the State and other employers,
whether trust, federal, or other | ||||||
13 | funds, in accordance with actuarial procedures
approved by the | ||||||
14 | Board. State of Illinois contributions for employers receiving
| ||||||
15 | State appropriations for personal services shall be payable | ||||||
16 | from appropriations
made to the employers or to the System. The | ||||||
17 | contributions for Class I
community colleges covering earnings | ||||||
18 | other than those paid from trust and
federal funds, shall be | ||||||
19 | payable solely from appropriations to the Illinois
Community | ||||||
20 | College Board or the System for employer contributions.
| ||||||
21 | (d) Beginning in State fiscal year 1996, the required State | ||||||
22 | contributions
to the System shall be appropriated directly to | ||||||
23 | the System and shall be payable
through vouchers issued in | ||||||
24 | accordance with subsection (c) of Section 15-165, except as | ||||||
25 | provided in subsection (g).
| ||||||
26 | (e) The State Comptroller shall draw warrants payable to |
| |||||||
| |||||||
1 | the System upon
proper certification by the System or by the | ||||||
2 | employer in accordance with the
appropriation laws and this | ||||||
3 | Code.
| ||||||
4 | (f) Normal costs under this Section means liability for
| ||||||
5 | pensions and other benefits which accrues to the System because | ||||||
6 | of the
credits earned for service rendered by the participants | ||||||
7 | during the
fiscal year and expenses of administering the | ||||||
8 | System, but shall not
include the principal of or any | ||||||
9 | redemption premium or interest on any bonds
issued by the Board | ||||||
10 | or any expenses incurred or deposits required in
connection | ||||||
11 | therewith.
| ||||||
12 | (g) If the amount of a participant's earnings for any | ||||||
13 | academic year used to determine the final rate of earnings, | ||||||
14 | determined on a full-time equivalent basis, exceeds the amount | ||||||
15 | of his or her earnings with the same employer for the previous | ||||||
16 | academic year, determined on a full-time equivalent basis, by | ||||||
17 | more than 6%, the participant's employer shall pay to the | ||||||
18 | System, in addition to all other payments required under this | ||||||
19 | Section and in accordance with guidelines established by the | ||||||
20 | System, the present value of the increase in benefits resulting | ||||||
21 | from the portion of the increase in earnings that is in excess | ||||||
22 | of 6%. This present value shall be computed by the System on | ||||||
23 | the basis of the actuarial assumptions and tables used in the | ||||||
24 | most recent actuarial valuation of the System that is available | ||||||
25 | at the time of the computation. The System may require the | ||||||
26 | employer to provide any pertinent information or |
| |||||||
| |||||||
1 | documentation. | ||||||
2 | Whenever it determines that a payment is or may be required | ||||||
3 | under this subsection (g), the System shall calculate the | ||||||
4 | amount of the payment and bill the employer for that amount. | ||||||
5 | The bill shall specify the calculations used to determine the | ||||||
6 | amount due. If the employer disputes the amount of the bill, it | ||||||
7 | may, within 30 days after receipt of the bill, apply to the | ||||||
8 | System in writing for a recalculation. The application must | ||||||
9 | specify in detail the grounds of the dispute and, if the | ||||||
10 | employer asserts that the calculation is subject to subsection | ||||||
11 | (h) or (i) of this Section, must include an affidavit setting | ||||||
12 | forth and attesting to all facts within the employer's | ||||||
13 | knowledge that are pertinent to the applicability of subsection | ||||||
14 | (h) or (i). Upon receiving a timely application for | ||||||
15 | recalculation, the System shall review the application and, if | ||||||
16 | appropriate, recalculate the amount due.
| ||||||
17 | The employer contributions required under this subsection | ||||||
18 | (f) may be paid in the form of a lump sum within 90 days after | ||||||
19 | receipt of the bill. If the employer contributions are not paid | ||||||
20 | within 90 days after receipt of the bill, then interest will be | ||||||
21 | charged at a rate equal to the System's annual actuarially | ||||||
22 | assumed rate of return on investment compounded annually from | ||||||
23 | the 91st day after receipt of the bill. Payments must be | ||||||
24 | concluded within 3 years after the employer's receipt of the | ||||||
25 | bill. | ||||||
26 | (h) This subsection (h) applies only to payments made or |
| |||||||
| |||||||
1 | salary increases given on or after June 1, 2005 but before July | ||||||
2 | 1, 2011. The changes made by Public Act 94-1057 shall not | ||||||
3 | require the System to refund any payments received before July | ||||||
4 | 31, 2006 (the effective date of Public Act 94-1057). | ||||||
5 | When assessing payment for any amount due under subsection | ||||||
6 | (g), the System shall exclude earnings increases paid to | ||||||
7 | participants under contracts or collective bargaining | ||||||
8 | agreements entered into, amended, or renewed before June 1, | ||||||
9 | 2005.
| ||||||
10 | When assessing payment for any amount due under subsection | ||||||
11 | (g), the System shall exclude earnings increases paid to a | ||||||
12 | participant at a time when the participant is 10 or more years | ||||||
13 | from retirement eligibility under Section 15-135.
| ||||||
14 | When assessing payment for any amount due under subsection | ||||||
15 | (g), the System shall exclude earnings increases resulting from | ||||||
16 | overload work, including a contract for summer teaching, or | ||||||
17 | overtime when the employer has certified to the System, and the | ||||||
18 | System has approved the certification, that: (i) in the case of | ||||||
19 | overloads (A) the overload work is for the sole purpose of | ||||||
20 | academic instruction in excess of the standard number of | ||||||
21 | instruction hours for a full-time employee occurring during the | ||||||
22 | academic year that the overload is paid and (B) the earnings | ||||||
23 | increases are equal to or less than the rate of pay for | ||||||
24 | academic instruction computed using the participant's current | ||||||
25 | salary rate and work schedule; and (ii) in the case of | ||||||
26 | overtime, the overtime was necessary for the educational |
| |||||||
| |||||||
1 | mission. | ||||||
2 | When assessing payment for any amount due under subsection | ||||||
3 | (g), the System shall exclude any earnings increase resulting | ||||||
4 | from (i) a promotion for which the employee moves from one | ||||||
5 | classification to a higher classification under the State | ||||||
6 | Universities Civil Service System, (ii) a promotion in academic | ||||||
7 | rank for a tenured or tenure-track faculty position, or (iii) a | ||||||
8 | promotion that the Illinois Community College Board has | ||||||
9 | recommended in accordance with subsection (k) of this Section. | ||||||
10 | These earnings increases shall be excluded only if the | ||||||
11 | promotion is to a position that has existed and been filled by | ||||||
12 | a member for no less than one complete academic year and the | ||||||
13 | earnings increase as a result of the promotion is an increase | ||||||
14 | that results in an amount no greater than the average salary | ||||||
15 | paid for other similar positions. | ||||||
16 | (i) When assessing payment for any amount due under | ||||||
17 | subsection (g), the System shall exclude any salary increase | ||||||
18 | described in subsection (h) of this Section given on or after | ||||||
19 | July 1, 2011 but before July 1, 2014 under a contract or | ||||||
20 | collective bargaining agreement entered into, amended, or | ||||||
21 | renewed on or after June 1, 2005 but before July 1, 2011. | ||||||
22 | Notwithstanding any other provision of this Section, any | ||||||
23 | payments made or salary increases given after June 30, 2014 | ||||||
24 | shall be used in assessing payment for any amount due under | ||||||
25 | subsection (g) of this Section.
| ||||||
26 | (j) The System shall prepare a report and file copies of |
| |||||||
| |||||||
1 | the report with the Governor and the General Assembly by | ||||||
2 | January 1, 2007 that contains all of the following information: | ||||||
3 | (1) The number of recalculations required by the | ||||||
4 | changes made to this Section by Public Act 94-1057 for each | ||||||
5 | employer. | ||||||
6 | (2) The dollar amount by which each employer's | ||||||
7 | contribution to the System was changed due to | ||||||
8 | recalculations required by Public Act 94-1057. | ||||||
9 | (3) The total amount the System received from each | ||||||
10 | employer as a result of the changes made to this Section by | ||||||
11 | Public Act 94-4. | ||||||
12 | (4) The increase in the required State contribution | ||||||
13 | resulting from the changes made to this Section by Public | ||||||
14 | Act 94-1057. | ||||||
15 | (k) The Illinois Community College Board shall adopt rules | ||||||
16 | for recommending lists of promotional positions submitted to | ||||||
17 | the Board by community colleges and for reviewing the | ||||||
18 | promotional lists on an annual basis. When recommending | ||||||
19 | promotional lists, the Board shall consider the similarity of | ||||||
20 | the positions submitted to those positions recognized for State | ||||||
21 | universities by the State Universities Civil Service System. | ||||||
22 | The Illinois Community College Board shall file a copy of its | ||||||
23 | findings with the System. The System shall consider the | ||||||
24 | findings of the Illinois Community College Board when making | ||||||
25 | determinations under this Section. The System shall not exclude | ||||||
26 | any earnings increases resulting from a promotion when the |
| |||||||
| |||||||
1 | promotion was not submitted by a community college. Nothing in | ||||||
2 | this subsection (k) shall require any community college to | ||||||
3 | submit any information to the Community College Board.
| ||||||
4 | (l) For purposes of determining the required State | ||||||
5 | contribution to the System, the value of the System's assets | ||||||
6 | shall be equal to the actuarial value of the System's assets, | ||||||
7 | which shall be calculated as follows: | ||||||
8 | As of June 30, 2008, the actuarial value of the System's | ||||||
9 | assets shall be equal to the market value of the assets as of | ||||||
10 | that date. In determining the actuarial value of the System's | ||||||
11 | assets for fiscal years after June 30, 2008, any actuarial | ||||||
12 | gains or losses from investment return incurred in a fiscal | ||||||
13 | year shall be recognized in equal annual amounts over the | ||||||
14 | 5-year period following that fiscal year. | ||||||
15 | (m) For purposes of determining the required State | ||||||
16 | contribution to the system for a particular year, the actuarial | ||||||
17 | value of assets shall be assumed to earn a rate of return equal | ||||||
18 | to the system's actuarially assumed rate of return. | ||||||
19 | (Source: P.A. 95-331, eff. 8-21-07; 95-950, eff. 8-29-08; | ||||||
20 | 96-43, eff. 7-15-09; 09600SB3514ham003.)
| ||||||
21 | (40 ILCS 5/15-165)
(from Ch. 108 1/2, par. 15-165)
| ||||||
22 | Sec. 15-165. To certify amounts and submit vouchers.
| ||||||
23 | (a) The Board shall certify to the Governor on or before | ||||||
24 | November 15 of each
year the appropriation required from State | ||||||
25 | funds for the purposes of this
System for the following fiscal |
| |||||||
| |||||||
1 | year. The certification shall include a copy
of the actuarial | ||||||
2 | recommendations upon which it is based.
| ||||||
3 | On or before May 1, 2004, the Board shall recalculate and | ||||||
4 | recertify to
the Governor the amount of the required State | ||||||
5 | contribution to the System for
State fiscal year 2005, taking | ||||||
6 | into account the amounts appropriated to and
received by the | ||||||
7 | System under subsection (d) of Section 7.2 of the General
| ||||||
8 | Obligation Bond Act.
| ||||||
9 | On or before July 1, 2005, the Board shall recalculate and | ||||||
10 | recertify
to the Governor the amount of the required State
| ||||||
11 | contribution to the System for State fiscal year 2006, taking | ||||||
12 | into account the changes in required State contributions made | ||||||
13 | by this amendatory Act of the 94th General Assembly.
| ||||||
14 | On or before April 1, 2011 June 15, 2010 , the Board shall | ||||||
15 | recalculate and recertify to the Governor the amount of the | ||||||
16 | required State contribution to the System for State fiscal year | ||||||
17 | 2011, applying the changes made by Public Act 96-889 to the | ||||||
18 | System's assets and liabilities as of June 30, 2009 as though | ||||||
19 | Public Act 96-889 was approved on that date. | ||||||
20 | (b) The Board shall certify to the State Comptroller or | ||||||
21 | employer, as the
case may be, from time to time, by its | ||||||
22 | president and secretary, with its seal
attached, the amounts | ||||||
23 | payable to the System from the various funds.
| ||||||
24 | (c) Beginning in State fiscal year 1996, on or as soon as | ||||||
25 | possible after the
15th day of each month the Board shall | ||||||
26 | submit vouchers for payment of State
contributions to the |
| |||||||
| |||||||
1 | System, in a total monthly amount of one-twelfth of the
| ||||||
2 | required annual State contribution certified under subsection | ||||||
3 | (a).
From the effective date of this amendatory Act
of the 93rd | ||||||
4 | General Assembly through June 30, 2004, the Board shall not
| ||||||
5 | submit vouchers for the remainder of fiscal year 2004 in excess | ||||||
6 | of the
fiscal year 2004 certified contribution amount | ||||||
7 | determined
under this Section after taking into consideration | ||||||
8 | the transfer to the
System under subsection (b) of Section | ||||||
9 | 6z-61 of the State Finance Act.
These
vouchers shall be paid by | ||||||
10 | the State Comptroller and Treasurer by warrants drawn
on the | ||||||
11 | funds appropriated to the System for that fiscal year.
| ||||||
12 | If in any month the amount remaining unexpended from all | ||||||
13 | other
appropriations to the System for the applicable fiscal | ||||||
14 | year (including the
appropriations to the System under Section | ||||||
15 | 8.12 of the State Finance Act and
Section 1 of the State | ||||||
16 | Pension Funds Continuing Appropriation Act) is less than
the | ||||||
17 | amount lawfully vouchered under this Section, the difference | ||||||
18 | shall be paid
from the General Revenue Fund under the | ||||||
19 | continuing appropriation authority
provided in Section 1.1 of | ||||||
20 | the State Pension Funds Continuing Appropriation
Act.
| ||||||
21 | (d) So long as the payments received are the full amount | ||||||
22 | lawfully
vouchered under this Section, payments received by the | ||||||
23 | System under this
Section shall be applied first toward the | ||||||
24 | employer contribution to the
self-managed plan established | ||||||
25 | under Section 15-158.2. Payments shall be
applied second toward | ||||||
26 | the employer's portion of the normal costs of the System,
as |
| |||||||
| |||||||
1 | defined in subsection (f) of Section 15-155. The balance shall | ||||||
2 | be applied
toward the unfunded actuarial liabilities of the | ||||||
3 | System.
| ||||||
4 | (e) In the event that the System does not receive, as a | ||||||
5 | result of
legislative enactment or otherwise, payments | ||||||
6 | sufficient to
fully fund the employer contribution to the | ||||||
7 | self-managed plan
established under Section 15-158.2 and to | ||||||
8 | fully fund that portion of the
employer's portion of the normal | ||||||
9 | costs of the System, as calculated in
accordance with Section | ||||||
10 | 15-155(a-1), then any payments received shall be
applied | ||||||
11 | proportionately to the optional retirement program established | ||||||
12 | under
Section 15-158.2 and to the employer's portion of the | ||||||
13 | normal costs of the
System, as calculated in accordance with | ||||||
14 | Section 15-155(a-1).
| ||||||
15 | (Source: P.A. 93-2, eff. 4-7-03; 93-665, eff. 3-5-04; 94-4, | ||||||
16 | eff. 6-1-05; 09600SB3514ham003.)
| ||||||
17 | (40 ILCS 5/16-158)
(from Ch. 108 1/2, par. 16-158)
| ||||||
18 | Sec. 16-158. Contributions by State and other employing | ||||||
19 | units.
| ||||||
20 | (a) The State shall make contributions to the System by | ||||||
21 | means of
appropriations from the Common School Fund and other | ||||||
22 | State funds of amounts
which, together with other employer | ||||||
23 | contributions, employee contributions,
investment income, and | ||||||
24 | other income, will be sufficient to meet the cost of
| ||||||
25 | maintaining and administering the System on a 90% funded basis |
| |||||||
| |||||||
1 | in accordance
with actuarial recommendations.
| ||||||
2 | The Board shall determine the amount of State contributions | ||||||
3 | required for
each fiscal year on the basis of the actuarial | ||||||
4 | tables and other assumptions
adopted by the Board and the | ||||||
5 | recommendations of the actuary, using the formula
in subsection | ||||||
6 | (b-3).
| ||||||
7 | (a-1) Annually, on or before November 15, the Board shall | ||||||
8 | certify to the
Governor the amount of the required State | ||||||
9 | contribution for the coming fiscal
year. The certification | ||||||
10 | shall include a copy of the actuarial recommendations
upon | ||||||
11 | which it is based.
| ||||||
12 | On or before May 1, 2004, the Board shall recalculate and | ||||||
13 | recertify to
the Governor the amount of the required State | ||||||
14 | contribution to the System for
State fiscal year 2005, taking | ||||||
15 | into account the amounts appropriated to and
received by the | ||||||
16 | System under subsection (d) of Section 7.2 of the General
| ||||||
17 | Obligation Bond Act.
| ||||||
18 | On or before April 1, 2011 July 1, 2005 , the Board shall | ||||||
19 | recalculate and recertify
to the Governor the amount of the | ||||||
20 | required State
contribution to the System for State fiscal year | ||||||
21 | 2006, taking into account the changes in required State | ||||||
22 | contributions made by this amendatory Act of the 94th General | ||||||
23 | Assembly.
| ||||||
24 | On or before June 15, 2010, the Board shall recalculate and | ||||||
25 | recertify to the Governor the amount of the required State | ||||||
26 | contribution to the System for State fiscal year 2011, applying |
| |||||||
| |||||||
1 | the changes made by Public Act 96-889 to the System's assets | ||||||
2 | and liabilities as of June 30, 2009 as though Public Act 96-889 | ||||||
3 | was approved on that date. | ||||||
4 | (b) Through State fiscal year 1995, the State contributions | ||||||
5 | shall be
paid to the System in accordance with Section 18-7 of | ||||||
6 | the School Code.
| ||||||
7 | (b-1) Beginning in State fiscal year 1996, on the 15th day | ||||||
8 | of each month,
or as soon thereafter as may be practicable, the | ||||||
9 | Board shall submit vouchers
for payment of State contributions | ||||||
10 | to the System, in a total monthly amount of
one-twelfth of the | ||||||
11 | required annual State contribution certified under
subsection | ||||||
12 | (a-1).
From the
effective date of this amendatory Act of the | ||||||
13 | 93rd General Assembly
through June 30, 2004, the Board shall | ||||||
14 | not submit vouchers for the
remainder of fiscal year 2004 in | ||||||
15 | excess of the fiscal year 2004
certified contribution amount | ||||||
16 | determined under this Section
after taking into consideration | ||||||
17 | the transfer to the System
under subsection (a) of Section | ||||||
18 | 6z-61 of the State Finance Act.
These vouchers shall be paid by | ||||||
19 | the State Comptroller and
Treasurer by warrants drawn on the | ||||||
20 | funds appropriated to the System for that
fiscal year.
| ||||||
21 | If in any month the amount remaining unexpended from all | ||||||
22 | other appropriations
to the System for the applicable fiscal | ||||||
23 | year (including the appropriations to
the System under Section | ||||||
24 | 8.12 of the State Finance Act and Section 1 of the
State | ||||||
25 | Pension Funds Continuing Appropriation Act) is less than the | ||||||
26 | amount
lawfully vouchered under this subsection, the |
| |||||||
| |||||||
1 | difference shall be paid from the
Common School Fund under the | ||||||
2 | continuing appropriation authority provided in
Section 1.1 of | ||||||
3 | the State Pension Funds Continuing Appropriation Act.
| ||||||
4 | (b-2) Allocations from the Common School Fund apportioned | ||||||
5 | to school
districts not coming under this System shall not be | ||||||
6 | diminished or affected by
the provisions of this Article.
| ||||||
7 | (b-3) For State fiscal years 2012 through 2045, the minimum | ||||||
8 | contribution
to the System to be made by the State for each | ||||||
9 | fiscal year shall be an amount
determined by the System to be | ||||||
10 | sufficient to bring the total assets of the
System up to 90% of | ||||||
11 | the total actuarial liabilities of the System by the end of
| ||||||
12 | State fiscal year 2045. In making these determinations, the | ||||||
13 | required State
contribution shall be calculated each year as a | ||||||
14 | level percentage of payroll
over the years remaining to and | ||||||
15 | including fiscal year 2045 and shall be
determined under the | ||||||
16 | projected unit credit actuarial cost method.
| ||||||
17 | For State fiscal years 1996 through 2005, the State | ||||||
18 | contribution to the
System, as a percentage of the applicable | ||||||
19 | employee payroll, shall be increased
in equal annual increments | ||||||
20 | so that by State fiscal year 2011, the State is
contributing at | ||||||
21 | the rate required under this Section; except that in the
| ||||||
22 | following specified State fiscal years, the State contribution | ||||||
23 | to the System
shall not be less than the following indicated | ||||||
24 | percentages of the applicable
employee payroll, even if the | ||||||
25 | indicated percentage will produce a State
contribution in | ||||||
26 | excess of the amount otherwise required under this subsection
|
| |||||||
| |||||||
1 | and subsection (a), and notwithstanding any contrary | ||||||
2 | certification made under
subsection (a-1) before the effective | ||||||
3 | date of this amendatory Act of 1998:
10.02% in FY 1999;
10.77% | ||||||
4 | in FY 2000;
11.47% in FY 2001;
12.16% in FY 2002;
12.86% in FY | ||||||
5 | 2003; and
13.56% in FY 2004.
| ||||||
6 | Notwithstanding any other provision of this Article, the | ||||||
7 | total required State
contribution for State fiscal year 2006 is | ||||||
8 | $534,627,700.
| ||||||
9 | Notwithstanding any other provision of this Article, the | ||||||
10 | total required State
contribution for State fiscal year 2007 is | ||||||
11 | $738,014,500.
| ||||||
12 | For each of State fiscal years 2008 through 2009, the State | ||||||
13 | contribution to
the System, as a percentage of the applicable | ||||||
14 | employee payroll, shall be
increased in equal annual increments | ||||||
15 | from the required State contribution for State fiscal year | ||||||
16 | 2007, so that by State fiscal year 2011, the
State is | ||||||
17 | contributing at the rate otherwise required under this Section.
| ||||||
18 | Notwithstanding any other provision of this Article, the | ||||||
19 | total required State contribution for State fiscal year 2010 is | ||||||
20 | $2,089,268,000 and shall be made from the proceeds of bonds | ||||||
21 | sold in fiscal year 2010 pursuant to Section 7.2 of the General | ||||||
22 | Obligation Bond Act, less (i) the pro rata share of bond sale | ||||||
23 | expenses determined by the System's share of total bond | ||||||
24 | proceeds, (ii) any amounts received from the Common School Fund | ||||||
25 | in fiscal year 2010, and (iii) any reduction in bond proceeds | ||||||
26 | due to the issuance of discounted bonds, if applicable. |
| |||||||
| |||||||
1 | Notwithstanding any other provision of this Article, the
| ||||||
2 | total required State contribution for State fiscal year 2011 is
| ||||||
3 | the amount recertified by the System on or before April 1, 2011 | ||||||
4 | June 15, 2010 pursuant to subsection (a-1) of this Section and | ||||||
5 | shall be made from the proceeds of bonds
sold in fiscal year | ||||||
6 | 2011 pursuant to Section 7.2 of the General
Obligation Bond | ||||||
7 | Act, less (i) the pro rata share of bond sale
expenses | ||||||
8 | determined by the System's share of total bond
proceeds, (ii) | ||||||
9 | any amounts received from the Common School Fund
in fiscal year | ||||||
10 | 2011, and (iii) any reduction in bond proceeds
due to the | ||||||
11 | issuance of discounted bonds, if applicable. This amount shall | ||||||
12 | include, in addition to the amount certified by the System, an | ||||||
13 | amount necessary to meet employer contributions required by the | ||||||
14 | State as an employer under paragraph (e) of this Section, which | ||||||
15 | may also be used by the System for contributions required by | ||||||
16 | paragraph (a) of Section 16-127. | ||||||
17 | Beginning in State fiscal year 2046, the minimum State | ||||||
18 | contribution for
each fiscal year shall be the amount needed to | ||||||
19 | maintain the total assets of
the System at 90% of the total | ||||||
20 | actuarial liabilities of the System.
| ||||||
21 | Amounts received by the System pursuant to Section 25 of | ||||||
22 | the Budget Stabilization Act or Section 8.12 of the State | ||||||
23 | Finance Act in any fiscal year do not reduce and do not | ||||||
24 | constitute payment of any portion of the minimum State | ||||||
25 | contribution required under this Article in that fiscal year. | ||||||
26 | Such amounts shall not reduce, and shall not be included in the |
| |||||||
| |||||||
1 | calculation of, the required State contributions under this | ||||||
2 | Article in any future year until the System has reached a | ||||||
3 | funding ratio of at least 90%. A reference in this Article to | ||||||
4 | the "required State contribution" or any substantially similar | ||||||
5 | term does not include or apply to any amounts payable to the | ||||||
6 | System under Section 25 of the Budget Stabilization Act. | ||||||
7 | Notwithstanding any other provision of this Section, the | ||||||
8 | required State
contribution for State fiscal year 2005 and for | ||||||
9 | fiscal year 2008 and each fiscal year thereafter, as
calculated | ||||||
10 | under this Section and
certified under subsection (a-1), shall | ||||||
11 | not exceed an amount equal to (i) the
amount of the required | ||||||
12 | State contribution that would have been calculated under
this | ||||||
13 | Section for that fiscal year if the System had not received any | ||||||
14 | payments
under subsection (d) of Section 7.2 of the General | ||||||
15 | Obligation Bond Act, minus
(ii) the portion of the State's | ||||||
16 | total debt service payments for that fiscal
year on the bonds | ||||||
17 | issued for the purposes of that Section 7.2, as determined
and | ||||||
18 | certified by the Comptroller, that is the same as the System's | ||||||
19 | portion of
the total moneys distributed under subsection (d) of | ||||||
20 | Section 7.2 of the General
Obligation Bond Act. In determining | ||||||
21 | this maximum for State fiscal years 2008 through 2010, however, | ||||||
22 | the amount referred to in item (i) shall be increased, as a | ||||||
23 | percentage of the applicable employee payroll, in equal | ||||||
24 | increments calculated from the sum of the required State | ||||||
25 | contribution for State fiscal year 2007 plus the applicable | ||||||
26 | portion of the State's total debt service payments for fiscal |
| |||||||
| |||||||
1 | year 2007 on the bonds issued for the purposes of Section 7.2 | ||||||
2 | of the General
Obligation Bond Act, so that, by State fiscal | ||||||
3 | year 2011, the
State is contributing at the rate otherwise | ||||||
4 | required under this Section.
| ||||||
5 | (c) Payment of the required State contributions and of all | ||||||
6 | pensions,
retirement annuities, death benefits, refunds, and | ||||||
7 | other benefits granted
under or assumed by this System, and all | ||||||
8 | expenses in connection with the
administration and operation | ||||||
9 | thereof, are obligations of the State.
| ||||||
10 | If members are paid from special trust or federal funds | ||||||
11 | which are
administered by the employing unit, whether school | ||||||
12 | district or other
unit, the employing unit shall pay to the | ||||||
13 | System from such
funds the full accruing retirement costs based | ||||||
14 | upon that
service, as determined by the System. Employer | ||||||
15 | contributions, based on
salary paid to members from federal | ||||||
16 | funds, may be forwarded by the distributing
agency of the State | ||||||
17 | of Illinois to the System prior to allocation, in an
amount | ||||||
18 | determined in accordance with guidelines established by such
| ||||||
19 | agency and the System.
| ||||||
20 | (d) Effective July 1, 1986, any employer of a teacher as | ||||||
21 | defined in
paragraph (8) of Section 16-106 shall pay the | ||||||
22 | employer's normal cost
of benefits based upon the teacher's | ||||||
23 | service, in addition to
employee contributions, as determined | ||||||
24 | by the System. Such employer
contributions shall be forwarded | ||||||
25 | monthly in accordance with guidelines
established by the | ||||||
26 | System.
|
| |||||||
| |||||||
1 | However, with respect to benefits granted under Section | ||||||
2 | 16-133.4 or
16-133.5 to a teacher as defined in paragraph (8) | ||||||
3 | of Section 16-106, the
employer's contribution shall be 12% | ||||||
4 | (rather than 20%) of the member's
highest annual salary rate | ||||||
5 | for each year of creditable service granted, and
the employer | ||||||
6 | shall also pay the required employee contribution on behalf of
| ||||||
7 | the teacher. For the purposes of Sections 16-133.4 and | ||||||
8 | 16-133.5, a teacher
as defined in paragraph (8) of Section | ||||||
9 | 16-106 who is serving in that capacity
while on leave of | ||||||
10 | absence from another employer under this Article shall not
be | ||||||
11 | considered an employee of the employer from which the teacher | ||||||
12 | is on leave.
| ||||||
13 | (e) Beginning July 1, 1998, every employer of a teacher
| ||||||
14 | shall pay to the System an employer contribution computed as | ||||||
15 | follows:
| ||||||
16 | (1) Beginning July 1, 1998 through June 30, 1999, the | ||||||
17 | employer
contribution shall be equal to 0.3% of each | ||||||
18 | teacher's salary.
| ||||||
19 | (2) Beginning July 1, 1999 and thereafter, the employer
| ||||||
20 | contribution shall be equal to 0.58% of each teacher's | ||||||
21 | salary.
| ||||||
22 | The school district or other employing unit may pay these | ||||||
23 | employer
contributions out of any source of funding available | ||||||
24 | for that purpose and
shall forward the contributions to the | ||||||
25 | System on the schedule established
for the payment of member | ||||||
26 | contributions.
|
| |||||||
| |||||||
1 | These employer contributions are intended to offset a | ||||||
2 | portion of the cost
to the System of the increases in | ||||||
3 | retirement benefits resulting from this
amendatory Act of 1998.
| ||||||
4 | Each employer of teachers is entitled to a credit against | ||||||
5 | the contributions
required under this subsection (e) with | ||||||
6 | respect to salaries paid to teachers
for the period January 1, | ||||||
7 | 2002 through June 30, 2003, equal to the amount paid
by that | ||||||
8 | employer under subsection (a-5) of Section 6.6 of the State | ||||||
9 | Employees
Group Insurance Act of 1971 with respect to salaries | ||||||
10 | paid to teachers for that
period.
| ||||||
11 | The additional 1% employee contribution required under | ||||||
12 | Section 16-152 by
this amendatory Act of 1998 is the | ||||||
13 | responsibility of the teacher and not the
teacher's employer, | ||||||
14 | unless the employer agrees, through collective bargaining
or | ||||||
15 | otherwise, to make the contribution on behalf of the teacher.
| ||||||
16 | If an employer is required by a contract in effect on May | ||||||
17 | 1, 1998 between the
employer and an employee organization to | ||||||
18 | pay, on behalf of all its full-time
employees
covered by this | ||||||
19 | Article, all mandatory employee contributions required under
| ||||||
20 | this Article, then the employer shall be excused from paying | ||||||
21 | the employer
contribution required under this subsection (e) | ||||||
22 | for the balance of the term
of that contract. The employer and | ||||||
23 | the employee organization shall jointly
certify to the System | ||||||
24 | the existence of the contractual requirement, in such
form as | ||||||
25 | the System may prescribe. This exclusion shall cease upon the
| ||||||
26 | termination, extension, or renewal of the contract at any time |
| |||||||
| |||||||
1 | after May 1,
1998.
| ||||||
2 | (f) If the amount of a teacher's salary for any school year | ||||||
3 | used to determine final average salary exceeds the member's | ||||||
4 | annual full-time salary rate with the same employer for the | ||||||
5 | previous school year by more than 6%, the teacher's employer | ||||||
6 | shall pay to the System, in addition to all other payments | ||||||
7 | required under this Section and in accordance with guidelines | ||||||
8 | established by the System, the present value of the increase in | ||||||
9 | benefits resulting from the portion of the increase in salary | ||||||
10 | that is in excess of 6%. This present value shall be computed | ||||||
11 | by the System on the basis of the actuarial assumptions and | ||||||
12 | tables used in the most recent actuarial valuation of the | ||||||
13 | System that is available at the time of the computation. If a | ||||||
14 | teacher's salary for the 2005-2006 school year is used to | ||||||
15 | determine final average salary under this subsection (f), then | ||||||
16 | the changes made to this subsection (f) by Public Act 94-1057 | ||||||
17 | shall apply in calculating whether the increase in his or her | ||||||
18 | salary is in excess of 6%. For the purposes of this Section, | ||||||
19 | change in employment under Section 10-21.12 of the School Code | ||||||
20 | on or after June 1, 2005 shall constitute a change in employer. | ||||||
21 | The System may require the employer to provide any pertinent | ||||||
22 | information or documentation.
The changes made to this | ||||||
23 | subsection (f) by this amendatory Act of the 94th General | ||||||
24 | Assembly apply without regard to whether the teacher was in | ||||||
25 | service on or after its effective date.
| ||||||
26 | Whenever it determines that a payment is or may be required |
| |||||||
| |||||||
1 | under this subsection, the System shall calculate the amount of | ||||||
2 | the payment and bill the employer for that amount. The bill | ||||||
3 | shall specify the calculations used to determine the amount | ||||||
4 | due. If the employer disputes the amount of the bill, it may, | ||||||
5 | within 30 days after receipt of the bill, apply to the System | ||||||
6 | in writing for a recalculation. The application must specify in | ||||||
7 | detail the grounds of the dispute and, if the employer asserts | ||||||
8 | that the calculation is subject to subsection (g) or (h) of | ||||||
9 | this Section, must include an affidavit setting forth and | ||||||
10 | attesting to all facts within the employer's knowledge that are | ||||||
11 | pertinent to the applicability of that subsection. Upon | ||||||
12 | receiving a timely application for recalculation, the System | ||||||
13 | shall review the application and, if appropriate, recalculate | ||||||
14 | the amount due.
| ||||||
15 | The employer contributions required under this subsection | ||||||
16 | (f) may be paid in the form of a lump sum within 90 days after | ||||||
17 | receipt of the bill. If the employer contributions are not paid | ||||||
18 | within 90 days after receipt of the bill, then interest will be | ||||||
19 | charged at a rate equal to the System's annual actuarially | ||||||
20 | assumed rate of return on investment compounded annually from | ||||||
21 | the 91st day after receipt of the bill. Payments must be | ||||||
22 | concluded within 3 years after the employer's receipt of the | ||||||
23 | bill.
| ||||||
24 | (g) This subsection (g) applies only to payments made or | ||||||
25 | salary increases given on or after June 1, 2005 but before July | ||||||
26 | 1, 2011. The changes made by Public Act 94-1057 shall not |
| |||||||
| |||||||
1 | require the System to refund any payments received before
July | ||||||
2 | 31, 2006 (the effective date of Public Act 94-1057). | ||||||
3 | When assessing payment for any amount due under subsection | ||||||
4 | (f), the System shall exclude salary increases paid to teachers | ||||||
5 | under contracts or collective bargaining agreements entered | ||||||
6 | into, amended, or renewed before June 1, 2005.
| ||||||
7 | When assessing payment for any amount due under subsection | ||||||
8 | (f), the System shall exclude salary increases paid to a | ||||||
9 | teacher at a time when the teacher is 10 or more years from | ||||||
10 | retirement eligibility under Section 16-132 or 16-133.2.
| ||||||
11 | When assessing payment for any amount due under subsection | ||||||
12 | (f), the System shall exclude salary increases resulting from | ||||||
13 | overload work, including summer school, when the school | ||||||
14 | district has certified to the System, and the System has | ||||||
15 | approved the certification, that (i) the overload work is for | ||||||
16 | the sole purpose of classroom instruction in excess of the | ||||||
17 | standard number of classes for a full-time teacher in a school | ||||||
18 | district during a school year and (ii) the salary increases are | ||||||
19 | equal to or less than the rate of pay for classroom instruction | ||||||
20 | computed on the teacher's current salary and work schedule.
| ||||||
21 | When assessing payment for any amount due under subsection | ||||||
22 | (f), the System shall exclude a salary increase resulting from | ||||||
23 | a promotion (i) for which the employee is required to hold a | ||||||
24 | certificate or supervisory endorsement issued by the State | ||||||
25 | Teacher Certification Board that is a different certification | ||||||
26 | or supervisory endorsement than is required for the teacher's |
| |||||||
| |||||||
1 | previous position and (ii) to a position that has existed and | ||||||
2 | been filled by a member for no less than one complete academic | ||||||
3 | year and the salary increase from the promotion is an increase | ||||||
4 | that results in an amount no greater than the lesser of the | ||||||
5 | average salary paid for other similar positions in the district | ||||||
6 | requiring the same certification or the amount stipulated in | ||||||
7 | the collective bargaining agreement for a similar position | ||||||
8 | requiring the same certification.
| ||||||
9 | When assessing payment for any amount due under subsection | ||||||
10 | (f), the System shall exclude any payment to the teacher from | ||||||
11 | the State of Illinois or the State Board of Education over | ||||||
12 | which the employer does not have discretion, notwithstanding | ||||||
13 | that the payment is included in the computation of final | ||||||
14 | average salary.
| ||||||
15 | (h) When assessing payment for any amount due under | ||||||
16 | subsection (f), the System shall exclude any salary increase | ||||||
17 | described in subsection (g) of this Section given on or after | ||||||
18 | July 1, 2011 but before July 1, 2014 under a contract or | ||||||
19 | collective bargaining agreement entered into, amended, or | ||||||
20 | renewed on or after June 1, 2005 but before July 1, 2011. | ||||||
21 | Notwithstanding any other provision of this Section, any | ||||||
22 | payments made or salary increases given after June 30, 2014 | ||||||
23 | shall be used in assessing payment for any amount due under | ||||||
24 | subsection (f) of this Section.
| ||||||
25 | (i) The System shall prepare a report and file copies of | ||||||
26 | the report with the Governor and the General Assembly by |
| |||||||
| |||||||
1 | January 1, 2007 that contains all of the following information: | ||||||
2 | (1) The number of recalculations required by the | ||||||
3 | changes made to this Section by Public Act 94-1057 for each | ||||||
4 | employer. | ||||||
5 | (2) The dollar amount by which each employer's | ||||||
6 | contribution to the System was changed due to | ||||||
7 | recalculations required by Public Act 94-1057. | ||||||
8 | (3) The total amount the System received from each | ||||||
9 | employer as a result of the changes made to this Section by | ||||||
10 | Public Act 94-4. | ||||||
11 | (4) The increase in the required State contribution | ||||||
12 | resulting from the changes made to this Section by Public | ||||||
13 | Act 94-1057.
| ||||||
14 | (j) For purposes of determining the required State | ||||||
15 | contribution to the System, the value of the System's assets | ||||||
16 | shall be equal to the actuarial value of the System's assets, | ||||||
17 | which shall be calculated as follows: | ||||||
18 | As of June 30, 2008, the actuarial value of the System's | ||||||
19 | assets shall be equal to the market value of the assets as of | ||||||
20 | that date. In determining the actuarial value of the System's | ||||||
21 | assets for fiscal years after June 30, 2008, any actuarial | ||||||
22 | gains or losses from investment return incurred in a fiscal | ||||||
23 | year shall be recognized in equal annual amounts over the | ||||||
24 | 5-year period following that fiscal year. | ||||||
25 | (k) For purposes of determining the required State | ||||||
26 | contribution to the system for a particular year, the actuarial |
| |||||||
| |||||||
1 | value of assets shall be assumed to earn a rate of return equal | ||||||
2 | to the system's actuarially assumed rate of return. | ||||||
3 | (Source: P.A. 95-331, eff. 8-21-07; 95-950, eff. 8-29-08; | ||||||
4 | 96-43, eff. 7-15-09; 09600SB3514ham003.)
| ||||||
5 | (40 ILCS 5/18-131) (from Ch. 108 1/2, par. 18-131)
| ||||||
6 | Sec. 18-131. Financing; employer contributions.
| ||||||
7 | (a) The State of Illinois shall make contributions to this | ||||||
8 | System by
appropriations of the amounts which, together with | ||||||
9 | the contributions of
participants, net earnings on | ||||||
10 | investments, and other income, will meet the
costs of | ||||||
11 | maintaining and administering this System on a 90% funded basis | ||||||
12 | in
accordance with actuarial recommendations.
| ||||||
13 | (b) The Board shall determine the amount of State | ||||||
14 | contributions
required for each fiscal year on the basis of the | ||||||
15 | actuarial tables and other
assumptions adopted by the Board and | ||||||
16 | the prescribed rate of interest, using
the formula in | ||||||
17 | subsection (c).
| ||||||
18 | (c) For State fiscal years 2012 through 2045, the minimum | ||||||
19 | contribution
to the System to be made by the State for each | ||||||
20 | fiscal year shall be an amount
determined by the System to be | ||||||
21 | sufficient to bring the total assets of the
System up to 90% of | ||||||
22 | the total actuarial liabilities of the System by the end of
| ||||||
23 | State fiscal year 2045. In making these determinations, the | ||||||
24 | required State
contribution shall be calculated each year as a | ||||||
25 | level percentage of payroll
over the years remaining to and |
| |||||||
| |||||||
1 | including fiscal year 2045 and shall be
determined under the | ||||||
2 | projected unit credit actuarial cost method.
| ||||||
3 | For State fiscal years 1996 through 2005, the State | ||||||
4 | contribution to
the System, as a percentage of the applicable | ||||||
5 | employee payroll, shall be
increased in equal annual increments | ||||||
6 | so that by State fiscal year 2011, the
State is contributing at | ||||||
7 | the rate required under this Section.
| ||||||
8 | Notwithstanding any other provision of this Article, the | ||||||
9 | total required State
contribution for State fiscal year 2006 is | ||||||
10 | $29,189,400.
| ||||||
11 | Notwithstanding any other provision of this Article, the | ||||||
12 | total required State
contribution for State fiscal year 2007 is | ||||||
13 | $35,236,800.
| ||||||
14 | For each of State fiscal years 2008 through 2009, the State | ||||||
15 | contribution to
the System, as a percentage of the applicable | ||||||
16 | employee payroll, shall be
increased in equal annual increments | ||||||
17 | from the required State contribution for State fiscal year | ||||||
18 | 2007, so that by State fiscal year 2011, the
State is | ||||||
19 | contributing at the rate otherwise required under this Section.
| ||||||
20 | Notwithstanding any other provision of this Article, the | ||||||
21 | total required State contribution for State fiscal year 2010 is | ||||||
22 | $78,832,000 and shall be made from the proceeds of bonds sold | ||||||
23 | in fiscal year 2010 pursuant to Section 7.2 of the General | ||||||
24 | Obligation Bond Act, less (i) the pro rata share of bond sale | ||||||
25 | expenses determined by the System's share of total bond | ||||||
26 | proceeds, (ii) any amounts received from the General Revenue |
| |||||||
| |||||||
1 | Fund in fiscal year 2010, and (iii) any reduction in bond | ||||||
2 | proceeds due to the issuance of discounted bonds, if | ||||||
3 | applicable. | ||||||
4 | Notwithstanding any other provision of this Article, the | ||||||
5 | total required State contribution for State fiscal year 2011 is
| ||||||
6 | the amount recertified by the System on or before April 1, 2011 | ||||||
7 | June 15, 2010 pursuant to Section 18-140 and shall be made from | ||||||
8 | the proceeds of bonds sold
in fiscal year 2011 pursuant to | ||||||
9 | Section 7.2 of the General
Obligation Bond Act, less (i) the | ||||||
10 | pro rata share of bond sale
expenses determined by the System's | ||||||
11 | share of total bond
proceeds, (ii) any amounts received from | ||||||
12 | the General Revenue
Fund in fiscal year 2011, and (iii) any | ||||||
13 | reduction in bond
proceeds due to the issuance of discounted | ||||||
14 | bonds, if
applicable. | ||||||
15 | Beginning in State fiscal year 2046, the minimum State | ||||||
16 | contribution for
each fiscal year shall be the amount needed to | ||||||
17 | maintain the total assets of
the System at 90% of the total | ||||||
18 | actuarial liabilities of the System.
| ||||||
19 | Amounts received by the System pursuant to Section 25 of | ||||||
20 | the Budget Stabilization Act or Section 8.12 of the State | ||||||
21 | Finance Act in any fiscal year do not reduce and do not | ||||||
22 | constitute payment of any portion of the minimum State | ||||||
23 | contribution required under this Article in that fiscal year. | ||||||
24 | Such amounts shall not reduce, and shall not be included in the | ||||||
25 | calculation of, the required State contributions under this | ||||||
26 | Article in any future year until the System has reached a |
| |||||||
| |||||||
1 | funding ratio of at least 90%. A reference in this Article to | ||||||
2 | the "required State contribution" or any substantially similar | ||||||
3 | term does not include or apply to any amounts payable to the | ||||||
4 | System under Section 25 of the Budget Stabilization Act.
| ||||||
5 | Notwithstanding any other provision of this Section, the | ||||||
6 | required State
contribution for State fiscal year 2005 and for | ||||||
7 | fiscal year 2008 and each fiscal year thereafter, as
calculated | ||||||
8 | under this Section and
certified under Section 18-140, shall | ||||||
9 | not exceed an amount equal to (i) the
amount of the required | ||||||
10 | State contribution that would have been calculated under
this | ||||||
11 | Section for that fiscal year if the System had not received any | ||||||
12 | payments
under subsection (d) of Section 7.2 of the General | ||||||
13 | Obligation Bond Act, minus
(ii) the portion of the State's | ||||||
14 | total debt service payments for that fiscal
year on the bonds | ||||||
15 | issued for the purposes of that Section 7.2, as determined
and | ||||||
16 | certified by the Comptroller, that is the same as the System's | ||||||
17 | portion of
the total moneys distributed under subsection (d) of | ||||||
18 | Section 7.2 of the General
Obligation Bond Act. In determining | ||||||
19 | this maximum for State fiscal years 2008 through 2010, however, | ||||||
20 | the amount referred to in item (i) shall be increased, as a | ||||||
21 | percentage of the applicable employee payroll, in equal | ||||||
22 | increments calculated from the sum of the required State | ||||||
23 | contribution for State fiscal year 2007 plus the applicable | ||||||
24 | portion of the State's total debt service payments for fiscal | ||||||
25 | year 2007 on the bonds issued for the purposes of Section 7.2 | ||||||
26 | of the General
Obligation Bond Act, so that, by State fiscal |
| |||||||
| |||||||
1 | year 2011, the
State is contributing at the rate otherwise | ||||||
2 | required under this Section.
| ||||||
3 | (d) For purposes of determining the required State | ||||||
4 | contribution to the System, the value of the System's assets | ||||||
5 | shall be equal to the actuarial value of the System's assets, | ||||||
6 | which shall be calculated as follows: | ||||||
7 | As of June 30, 2008, the actuarial value of the System's | ||||||
8 | assets shall be equal to the market value of the assets as of | ||||||
9 | that date. In determining the actuarial value of the System's | ||||||
10 | assets for fiscal years after June 30, 2008, any actuarial | ||||||
11 | gains or losses from investment return incurred in a fiscal | ||||||
12 | year shall be recognized in equal annual amounts over the | ||||||
13 | 5-year period following that fiscal year. | ||||||
14 | (e) For purposes of determining the required State | ||||||
15 | contribution to the system for a particular year, the actuarial | ||||||
16 | value of assets shall be assumed to earn a rate of return equal | ||||||
17 | to the system's actuarially assumed rate of return. | ||||||
18 | (Source: P.A. 95-950, eff. 8-29-08; 96-43, eff. 7-15-09; | ||||||
19 | 09600SB3514ham003.)
| ||||||
20 | (40 ILCS 5/18-140)
(from Ch. 108 1/2, par. 18-140)
| ||||||
21 | Sec. 18-140. To certify required State contributions and | ||||||
22 | submit vouchers.
| ||||||
23 | (a) The Board shall certify to the Governor, on or before | ||||||
24 | November 15 of
each year, the amount of the required State | ||||||
25 | contribution to the System for the
following fiscal year. The |
| |||||||
| |||||||
1 | certification shall include a copy of the actuarial
| ||||||
2 | recommendations upon which it is based.
| ||||||
3 | On or before May 1, 2004, the Board shall recalculate and | ||||||
4 | recertify to
the Governor the amount of the required State | ||||||
5 | contribution to the System for
State fiscal year 2005, taking | ||||||
6 | into account the amounts appropriated to and
received by the | ||||||
7 | System under subsection (d) of Section 7.2 of the General
| ||||||
8 | Obligation Bond Act.
| ||||||
9 | On or before July 1, 2005, the Board shall recalculate and | ||||||
10 | recertify
to the Governor the amount of the required State
| ||||||
11 | contribution to the System for State fiscal year 2006, taking | ||||||
12 | into account the changes in required State contributions made | ||||||
13 | by this amendatory Act of the 94th General Assembly.
| ||||||
14 | On or before April 1, 2011 June 15, 2010 , the Board shall | ||||||
15 | recalculate and recertify to the Governor the amount of the | ||||||
16 | required State contribution to the System for State fiscal year | ||||||
17 | 2011, applying the changes made by Public Act 96-889 to the | ||||||
18 | System's assets and liabilities as of June 30, 2009 as though | ||||||
19 | Public Act 96-889 was approved on that date. | ||||||
20 | (b) Beginning in State fiscal year 1996, on or as soon as | ||||||
21 | possible after
the 15th day of each month the Board shall | ||||||
22 | submit vouchers for payment of State
contributions to the | ||||||
23 | System, in a total monthly amount of one-twelfth of the
| ||||||
24 | required annual State contribution certified under subsection | ||||||
25 | (a).
From the effective date of this amendatory Act
of the 93rd | ||||||
26 | General Assembly through June 30, 2004, the Board shall not
|
| |||||||
| |||||||
1 | submit vouchers for the remainder of fiscal year 2004 in excess | ||||||
2 | of the
fiscal year 2004 certified contribution amount | ||||||
3 | determined
under this Section after taking into consideration | ||||||
4 | the transfer to the
System under subsection (c) of Section | ||||||
5 | 6z-61 of the State Finance Act.
These
vouchers shall be paid by | ||||||
6 | the State Comptroller and Treasurer by warrants drawn
on the | ||||||
7 | funds appropriated to the System for that fiscal year.
| ||||||
8 | If in any month the amount remaining unexpended from all | ||||||
9 | other
appropriations to the System for the applicable fiscal | ||||||
10 | year (including the
appropriations to the System under Section | ||||||
11 | 8.12 of the State Finance Act and
Section 1 of the State | ||||||
12 | Pension Funds Continuing Appropriation Act) is less than
the | ||||||
13 | amount lawfully vouchered under this Section, the difference | ||||||
14 | shall be paid
from the General Revenue Fund under the | ||||||
15 | continuing appropriation authority
provided in Section 1.1 of | ||||||
16 | the State Pension Funds Continuing Appropriation
Act.
| ||||||
17 | (Source: P.A. 93-2, eff. 4-7-03; 93-665, eff. 3-5-04; 94-4, | ||||||
18 | eff. 6-1-05; 09600SB3514ham003.)
| ||||||
19 | Section 10. If and only if Senate Bill 3514 (as amended by | ||||||
20 | House Amendment Nos. 3, 4, and 5) becomes law, the State | ||||||
21 | Pension Funds Continuing Appropriation Act is amended by | ||||||
22 | changing Sections 1.1 and 1.2 as follows:
| ||||||
23 | (40 ILCS 15/1.1)
| ||||||
24 | Sec. 1.1. Appropriations to certain retirement systems.
|
| |||||||
| |||||||
1 | (a) There is hereby appropriated from the General Revenue | ||||||
2 | Fund to the
General Assembly Retirement System, on a continuing | ||||||
3 | monthly basis, the amount,
if any, by which the total available | ||||||
4 | amount of all other appropriations to that
retirement system | ||||||
5 | for the payment of State contributions is less than the total
| ||||||
6 | amount of the vouchers for required State contributions | ||||||
7 | lawfully submitted by
the retirement system for that month | ||||||
8 | under Section 2-134 of the Illinois
Pension Code.
| ||||||
9 | (b) There is hereby appropriated from the General Revenue | ||||||
10 | Fund to the
State Universities Retirement System, on a | ||||||
11 | continuing monthly basis, the
amount, if any, by which the | ||||||
12 | total available amount of all other appropriations
to that | ||||||
13 | retirement system for the payment of State contributions, | ||||||
14 | including
any deficiency in the required contributions of the | ||||||
15 | optional
retirement program established under Section 15-158.2 | ||||||
16 | of the Illinois Pension
Code,
is less than
the total amount of | ||||||
17 | the vouchers for required State contributions lawfully
| ||||||
18 | submitted by the retirement system for that month under Section | ||||||
19 | 15-165 of the
Illinois Pension Code.
| ||||||
20 | (c) There is hereby appropriated from the Common School | ||||||
21 | Fund to the
Teachers' Retirement System of the State of | ||||||
22 | Illinois,
on a continuing monthly basis, the amount, if any, by | ||||||
23 | which the total
available amount of all other appropriations to | ||||||
24 | that retirement system for the
payment of State contributions | ||||||
25 | is less than the total amount of the vouchers
for required | ||||||
26 | State contributions lawfully submitted by the retirement |
| |||||||
| |||||||
1 | system
for that month under Section 16-158 of the Illinois | ||||||
2 | Pension Code.
| ||||||
3 | (d) There is hereby appropriated from the General Revenue | ||||||
4 | Fund to the Judges
Retirement System of Illinois, on a | ||||||
5 | continuing monthly basis, the amount, if
any, by which the | ||||||
6 | total available amount of all other appropriations to that
| ||||||
7 | retirement system for the payment of State contributions is | ||||||
8 | less than the total
amount of the vouchers for required State | ||||||
9 | contributions lawfully submitted by
the retirement system for | ||||||
10 | that month under Section 18-140 of the Illinois
Pension Code.
| ||||||
11 | (e) The continuing appropriations provided by this Section | ||||||
12 | shall first
be available in State fiscal year 1996.
| ||||||
13 | (f) For State fiscal year 2010 only, the continuing | ||||||
14 | appropriations provided by this Section are equal to the amount | ||||||
15 | certified by each System on or before December 31, 2008, less | ||||||
16 | (i) the gross proceeds of the bonds sold in fiscal year 2010 | ||||||
17 | under the authorization contained in subsection (a) of Section | ||||||
18 | 7.2 of the General Obligation Bond Act and (ii) any amounts | ||||||
19 | received from the State Pensions Fund. | ||||||
20 | (g) For State fiscal year 2011 only, the continuing | ||||||
21 | appropriations provided by this Section are equal to the amount
| ||||||
22 | certified by each System on or before April 1, 2011 June 15, | ||||||
23 | 2010 , less
(i) the gross proceeds of the bonds sold in fiscal | ||||||
24 | year 2011
under the authorization contained in subsection (a) | ||||||
25 | of Section
7.2 of the General Obligation Bond Act and (ii) any | ||||||
26 | amounts
received from the State Pensions Fund. |
| |||||||
| |||||||
1 | (Source: P.A. 96-43, eff. 7-15-09; 09600SB3514ham003.)
| ||||||
2 | (40 ILCS 15/1.2)
| ||||||
3 | Sec. 1.2. Appropriations for the State Employees' | ||||||
4 | Retirement System.
| ||||||
5 | (a) From each fund from which an amount is appropriated for | ||||||
6 | personal
services to a department or other employer under | ||||||
7 | Article 14 of the Illinois
Pension Code, there is hereby | ||||||
8 | appropriated to that department or other
employer, on a | ||||||
9 | continuing annual basis for each State fiscal year, an
| ||||||
10 | additional amount equal to the amount, if any, by which (1) an | ||||||
11 | amount equal
to the percentage of the personal services line | ||||||
12 | item for that department or
employer from that fund for that | ||||||
13 | fiscal year that the Board of Trustees of
the State Employees' | ||||||
14 | Retirement System of Illinois has certified under Section
| ||||||
15 | 14-135.08 of the Illinois Pension Code to be necessary to meet | ||||||
16 | the State's
obligation under Section 14-131 of the Illinois | ||||||
17 | Pension Code for that fiscal
year, exceeds (2) the amounts | ||||||
18 | otherwise appropriated to that department or
employer from that | ||||||
19 | fund for State contributions to the State Employees'
Retirement | ||||||
20 | System for that fiscal year.
From the effective
date of this | ||||||
21 | amendatory Act of the 93rd General Assembly
through the final | ||||||
22 | payment from a department or employer's
personal services line | ||||||
23 | item for fiscal year 2004, payments to
the State Employees' | ||||||
24 | Retirement System that otherwise would
have been made under | ||||||
25 | this subsection (a) shall be governed by
the provisions in |
| |||||||
| |||||||
1 | subsection (a-1).
| ||||||
2 | (a-1) If a Fiscal Year 2004 Shortfall is certified under | ||||||
3 | subsection (f) of
Section 14-131 of the Illinois Pension Code, | ||||||
4 | there is hereby appropriated
to the State Employees' Retirement | ||||||
5 | System of Illinois on a
continuing basis from the General | ||||||
6 | Revenue Fund an additional
aggregate amount equal to the Fiscal | ||||||
7 | Year 2004 Shortfall.
| ||||||
8 | (a-2) If a Fiscal Year 2010 Shortfall is certified under | ||||||
9 | subsection (g) of Section 14-131 of the Illinois Pension Code, | ||||||
10 | there is hereby appropriated to the State Employees' Retirement | ||||||
11 | System of Illinois on a continuing basis from the General | ||||||
12 | Revenue Fund an additional aggregate amount equal to the Fiscal | ||||||
13 | Year 2010 Shortfall. | ||||||
14 | (b) The continuing appropriations provided for by this | ||||||
15 | Section shall first
be available in State fiscal year 1996.
| ||||||
16 | (c) Beginning in Fiscal Year 2005, any continuing | ||||||
17 | appropriation under this Section arising out of an | ||||||
18 | appropriation for personal services from the Road Fund to the | ||||||
19 | Department of State Police or the Secretary of State shall be | ||||||
20 | payable from the General Revenue Fund rather than the Road | ||||||
21 | Fund.
| ||||||
22 | (d) For State fiscal year 2010 only, a continuing | ||||||
23 | appropriation is provided to the State Employees' Retirement | ||||||
24 | System equal to the amount certified by the System on or before | ||||||
25 | December 31, 2008, less the gross proceeds of the bonds sold in | ||||||
26 | fiscal year 2010 under the authorization contained in |
| |||||||
| |||||||
1 | subsection (a) of Section 7.2 of the General Obligation Bond | ||||||
2 | Act. | ||||||
3 | (e) For State fiscal year 2011 only, a continuing
| ||||||
4 | appropriation is provided to the State Employees' Retirement
| ||||||
5 | System equal to the amount certified by the System on or before
| ||||||
6 | April 1, 2011 June 15, 2010 , less the gross proceeds of the | ||||||
7 | bonds sold in
fiscal year 2011 under the authorization | ||||||
8 | contained in
subsection (a) of Section 7.2 of the General | ||||||
9 | Obligation Bond
Act. | ||||||
10 | (Source: P.A. 96-43, eff. 7-15-09; 96-45, eff. 7-15-09; | ||||||
11 | 09600SB3514ham003.)
|