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1 AN ACT concerning public employee benefits.
2 Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4 Section 5. If and only if Senate Bill 3514 (as amended by
5House Amendment Nos. 3, 4, and 5) becomes law, the Illinois
6Pension Code is amended by changing Sections 2-124, 2-134,
714-131, 14-135.08, 15-155, 15-165, 16-158, 18-131, and 18-140
8as follows:
9 (40 ILCS 5/2-124) (from Ch. 108 1/2, par. 2-124)
10 Sec. 2-124. Contributions by State.
11 (a) The State shall make contributions to the System by
12appropriations of amounts which, together with the
13contributions of participants, interest earned on investments,
14and other income will meet the cost of maintaining and
15administering the System on a 90% funded basis in accordance
16with actuarial recommendations.
17 (b) The Board shall determine the amount of State
18contributions required for each fiscal year on the basis of the
19actuarial tables and other assumptions adopted by the Board and
20the prescribed rate of interest, using the formula in
21subsection (c).
22 (c) For State fiscal years 2012 through 2045, the minimum
23contribution to the System to be made by the State for each

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1fiscal year shall be an amount determined by the System to be
2sufficient to bring the total assets of the System up to 90% of
3the total actuarial liabilities of the System by the end of
4State fiscal year 2045. In making these determinations, the
5required State contribution shall be calculated each year as a
6level percentage of payroll over the years remaining to and
7including fiscal year 2045 and shall be determined under the
8projected unit credit actuarial cost method.
9 For State fiscal years 1996 through 2005, the State
10contribution to the System, as a percentage of the applicable
11employee payroll, shall be increased in equal annual increments
12so that by State fiscal year 2011, the State is contributing at
13the rate required under this Section.
14 Notwithstanding any other provision of this Article, the
15total required State contribution for State fiscal year 2006 is
16$4,157,000.
17 Notwithstanding any other provision of this Article, the
18total required State contribution for State fiscal year 2007 is
19$5,220,300.
20 For each of State fiscal years 2008 through 2009, the State
21contribution to the System, as a percentage of the applicable
22employee payroll, shall be increased in equal annual increments
23from the required State contribution for State fiscal year
242007, so that by State fiscal year 2011, the State is
25contributing at the rate otherwise required under this Section.
26 Notwithstanding any other provision of this Article, the

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1total required State contribution for State fiscal year 2010 is
2$10,454,000 and shall be made from the proceeds of bonds sold
3in fiscal year 2010 pursuant to Section 7.2 of the General
4Obligation Bond Act, less (i) the pro rata share of bond sale
5expenses determined by the System's share of total bond
6proceeds, (ii) any amounts received from the General Revenue
7Fund in fiscal year 2010, and (iii) any reduction in bond
8proceeds due to the issuance of discounted bonds, if
9applicable.
10 Notwithstanding any other provision of this Article, the
11total required State contribution for State fiscal year 2011 is
12the amount recertified by the System on or before April 1, 2011
13June 15, 2010 pursuant to Section 2-134 and shall be made from
14the proceeds of bonds sold in fiscal year 2011 pursuant to
15Section 7.2 of the General Obligation Bond Act, less (i) the
16pro rata share of bond sale expenses determined by the System's
17share of total bond proceeds, (ii) any amounts received from
18the General Revenue Fund in fiscal year 2011, and (iii) any
19reduction in bond proceeds due to the issuance of discounted
20bonds, if applicable.
21 Beginning in State fiscal year 2046, the minimum State
22contribution for each fiscal year shall be the amount needed to
23maintain the total assets of the System at 90% of the total
24actuarial liabilities of the System.
25 Amounts received by the System pursuant to Section 25 of
26the Budget Stabilization Act or Section 8.12 of the State

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1Finance Act in any fiscal year do not reduce and do not
2constitute payment of any portion of the minimum State
3contribution required under this Article in that fiscal year.
4Such amounts shall not reduce, and shall not be included in the
5calculation of, the required State contributions under this
6Article in any future year until the System has reached a
7funding ratio of at least 90%. A reference in this Article to
8the "required State contribution" or any substantially similar
9term does not include or apply to any amounts payable to the
10System under Section 25 of the Budget Stabilization Act.
11 Notwithstanding any other provision of this Section, the
12required State contribution for State fiscal year 2005 and for
13fiscal year 2008 and each fiscal year thereafter, as calculated
14under this Section and certified under Section 2-134, shall not
15exceed an amount equal to (i) the amount of the required State
16contribution that would have been calculated under this Section
17for that fiscal year if the System had not received any
18payments under subsection (d) of Section 7.2 of the General
19Obligation Bond Act, minus (ii) the portion of the State's
20total debt service payments for that fiscal year on the bonds
21issued for the purposes of that Section 7.2, as determined and
22certified by the Comptroller, that is the same as the System's
23portion of the total moneys distributed under subsection (d) of
24Section 7.2 of the General Obligation Bond Act. In determining
25this maximum for State fiscal years 2008 through 2010, however,
26the amount referred to in item (i) shall be increased, as a

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1percentage of the applicable employee payroll, in equal
2increments calculated from the sum of the required State
3contribution for State fiscal year 2007 plus the applicable
4portion of the State's total debt service payments for fiscal
5year 2007 on the bonds issued for the purposes of Section 7.2
6of the General Obligation Bond Act, so that, by State fiscal
7year 2011, the State is contributing at the rate otherwise
8required under this Section.
9 (d) For purposes of determining the required State
10contribution to the System, the value of the System's assets
11shall be equal to the actuarial value of the System's assets,
12which shall be calculated as follows:
13 As of June 30, 2008, the actuarial value of the System's
14assets shall be equal to the market value of the assets as of
15that date. In determining the actuarial value of the System's
16assets for fiscal years after June 30, 2008, any actuarial
17gains or losses from investment return incurred in a fiscal
18year shall be recognized in equal annual amounts over the
195-year period following that fiscal year.
20 (e) For purposes of determining the required State
21contribution to the system for a particular year, the actuarial
22value of assets shall be assumed to earn a rate of return equal
23to the system's actuarially assumed rate of return.
24(Source: P.A. 95-950, eff. 8-29-08; 96-43, eff. 7-15-09;
2509600SB3514ham003.)

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1 (40 ILCS 5/2-134) (from Ch. 108 1/2, par. 2-134)
2 Sec. 2-134. To certify required State contributions and
3submit vouchers.
4 (a) The Board shall certify to the Governor on or before
5December 15 of each year the amount of the required State
6contribution to the System for the next fiscal year. The
7certification shall include a copy of the actuarial
8recommendations upon which it is based.
9 On or before May 1, 2004, the Board shall recalculate and
10recertify to the Governor the amount of the required State
11contribution to the System for State fiscal year 2005, taking
12into account the amounts appropriated to and received by the
13System under subsection (d) of Section 7.2 of the General
14Obligation Bond Act.
15 On or before July 1, 2005, the Board shall recalculate and
16recertify to the Governor the amount of the required State
17contribution to the System for State fiscal year 2006, taking
18into account the changes in required State contributions made
19by this amendatory Act of the 94th General Assembly.
20 On or before April 1, 2011 June 15, 2010, the Board shall
21recalculate and recertify to the Governor the amount of the
22required State contribution to the System for State fiscal year
232011, applying the changes made by Public Act 96-889 to the
24System's assets and liabilities as of June 30, 2009 as though
25Public 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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1possible after the 15th day of each month the Board shall
2submit vouchers for payment of State contributions to the
3System, in a total monthly amount of one-twelfth of the
4required annual State contribution certified under subsection
5(a). From the effective date of this amendatory Act of the 93rd
6General Assembly through June 30, 2004, the Board shall not
7submit vouchers for the remainder of fiscal year 2004 in excess
8of the fiscal year 2004 certified contribution amount
9determined under this Section after taking into consideration
10the transfer to the System under subsection (d) of Section
116z-61 of the State Finance Act. These vouchers shall be paid by
12the State Comptroller and Treasurer by warrants drawn on the
13funds appropriated to the System for that fiscal year. If in
14any month the amount remaining unexpended from all other
15appropriations to the System for the applicable fiscal year
16(including the appropriations to the System under Section 8.12
17of the State Finance Act and Section 1 of the State Pension
18Funds Continuing Appropriation Act) is less than the amount
19lawfully vouchered under this Section, the difference shall be
20paid from the General Revenue Fund under the continuing
21appropriation authority provided in Section 1.1 of the State
22Pension Funds Continuing Appropriation Act.
23 (c) The full amount of any annual appropriation for the
24System for State fiscal year 1995 shall be transferred and made
25available to the System at the beginning of that fiscal year at
26the request of the Board. Any excess funds remaining at the end

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1of any fiscal year from appropriations shall be retained by the
2System as a general reserve to meet the System's accrued
3liabilities.
4(Source: P.A. 94-4, eff. 6-1-05; 94-536, eff. 8-10-05; 95-331,
5eff. 8-21-07; 09600SB3514ham003.)
6 (40 ILCS 5/14-131)
7 Sec. 14-131. Contributions by State.
8 (a) The State shall make contributions to the System by
9appropriations of amounts which, together with other employer
10contributions from trust, federal, and other funds, employee
11contributions, investment income, and other income, will be
12sufficient to meet the cost of maintaining and administering
13the System on a 90% funded basis in accordance with actuarial
14recommendations.
15 For the purposes of this Section and Section 14-135.08,
16references to State contributions refer only to employer
17contributions and do not include employee contributions that
18are picked up or otherwise paid by the State or a department on
19behalf of the employee.
20 (b) The Board shall determine the total amount of State
21contributions required for each fiscal year on the basis of the
22actuarial tables and other assumptions adopted by the Board,
23using the formula in subsection (e).
24 The Board shall also determine a State contribution rate
25for each fiscal year, expressed as a percentage of payroll,

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1based on the total required State contribution for that fiscal
2year (less the amount received by the System from
3appropriations under Section 8.12 of the State Finance Act and
4Section 1 of the State Pension Funds Continuing Appropriation
5Act, if any, for the fiscal year ending on the June 30
6immediately preceding the applicable November 15 certification
7deadline), the estimated payroll (including all forms of
8compensation) for personal services rendered by eligible
9employees, and the recommendations of the actuary.
10 For the purposes of this Section and Section 14.1 of the
11State Finance Act, the term "eligible employees" includes
12employees who participate in the System, persons who may elect
13to participate in the System but have not so elected, persons
14who are serving a qualifying period that is required for
15participation, and annuitants employed by a department as
16described in subdivision (a)(1) or (a)(2) of Section 14-111.
17 (c) Contributions shall be made by the several departments
18for each pay period by warrants drawn by the State Comptroller
19against their respective funds or appropriations based upon
20vouchers stating the amount to be so contributed. These amounts
21shall be based on the full rate certified by the Board under
22Section 14-135.08 for that fiscal year. From the effective date
23of this amendatory Act of the 93rd General Assembly through the
24payment of the final payroll from fiscal year 2004
25appropriations, the several departments shall not make
26contributions for the remainder of fiscal year 2004 but shall

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1instead make payments as required under subsection (a-1) of
2Section 14.1 of the State Finance Act. The several departments
3shall resume those contributions at the commencement of fiscal
4year 2005.
5 (c-1) Notwithstanding subsection (c) of this Section, for
6fiscal year 2010 only, contributions by the several departments
7are not required to be made for General Revenue Funds payrolls
8processed by the Comptroller. Payrolls paid by the several
9departments from all other State funds must continue to be
10processed pursuant to subsection (c) of this Section.
11 (c-2) For State fiscal year 2010 only, on or as soon as
12possible after the 15th day of each month the Board shall
13submit vouchers for payment of State contributions to the
14System, in a total monthly amount of one-twelfth of the fiscal
15year 2010 General Revenue Fund appropriation to the System.
16 (d) If an employee is paid from trust funds or federal
17funds, the department or other employer shall pay employer
18contributions from those funds to the System at the certified
19rate, unless the terms of the trust or the federal-State
20agreement preclude the use of the funds for that purpose, in
21which case the required employer contributions shall be paid by
22the State. From the effective date of this amendatory Act of
23the 93rd General Assembly through the payment of the final
24payroll from fiscal year 2004 appropriations, the department or
25other employer shall not pay contributions for the remainder of
26fiscal year 2004 but shall instead make payments as required

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1under subsection (a-1) of Section 14.1 of the State Finance
2Act. The department or other employer shall resume payment of
3contributions at the commencement of fiscal year 2005.
4 (e) For State fiscal years 2012 through 2045, the minimum
5contribution to the System to be made by the State for each
6fiscal year shall be an amount determined by the System to be
7sufficient to bring the total assets of the System up to 90% of
8the total actuarial liabilities of the System by the end of
9State fiscal year 2045. In making these determinations, the
10required State contribution shall be calculated each year as a
11level percentage of payroll over the years remaining to and
12including fiscal year 2045 and shall be determined under the
13projected unit credit actuarial cost method.
14 For State fiscal years 1996 through 2005, the State
15contribution to the System, as a percentage of the applicable
16employee payroll, shall be increased in equal annual increments
17so that by State fiscal year 2011, the State is contributing at
18the rate required under this Section; except that (i) for State
19fiscal year 1998, for all purposes of this Code and any other
20law of this State, the certified percentage of the applicable
21employee payroll shall be 5.052% for employees earning eligible
22creditable service under Section 14-110 and 6.500% for all
23other employees, notwithstanding any contrary certification
24made under Section 14-135.08 before the effective date of this
25amendatory Act of 1997, and (ii) in the following specified
26State fiscal years, the State contribution to the System shall

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1not be less than the following indicated percentages of the
2applicable employee payroll, even if the indicated percentage
3will produce a State contribution in excess of the amount
4otherwise required under this subsection and subsection (a):
59.8% in FY 1999; 10.0% in FY 2000; 10.2% in FY 2001; 10.4% in FY
62002; 10.6% in FY 2003; and 10.8% in FY 2004.
7 Notwithstanding any other provision of this Article, the
8total required State contribution to the System for State
9fiscal year 2006 is $203,783,900.
10 Notwithstanding any other provision of this Article, the
11total required State contribution to the System for State
12fiscal year 2007 is $344,164,400.
13 For each of State fiscal years 2008 through 2009, the State
14contribution to the System, as a percentage of the applicable
15employee payroll, shall be increased in equal annual increments
16from the required State contribution for State fiscal year
172007, so that by State fiscal year 2011, the State is
18contributing at the rate otherwise required under this Section.
19 Notwithstanding any other provision of this Article, the
20total required State General Revenue Fund contribution for
21State fiscal year 2010 is $723,703,100 and shall be made from
22the proceeds of bonds sold in fiscal year 2010 pursuant to
23Section 7.2 of the General Obligation Bond Act, less (i) the
24pro rata share of bond sale expenses determined by the System's
25share of total bond proceeds, (ii) any amounts received from
26the General Revenue Fund in fiscal year 2010, and (iii) any

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1reduction in bond proceeds due to the issuance of discounted
2bonds, if applicable.
3 Notwithstanding any other provision of this Article, the
4total required State General Revenue Fund contribution for
5State fiscal year 2011 is the amount recertified by the System
6on or before April 1, 2011 June 15, 2010 pursuant to Section
714-135.08 and shall be made from the proceeds of bonds sold in
8fiscal year 2011 pursuant to Section 7.2 of the General
9Obligation Bond Act, less (i) the pro rata share of bond sale
10expenses determined by the System's share of total bond
11proceeds, (ii) any amounts received from the General Revenue
12Fund in fiscal year 2011, and (iii) any reduction in bond
13proceeds due to the issuance of discounted bonds, if
14applicable.
15 Beginning in State fiscal year 2046, the minimum State
16contribution for each fiscal year shall be the amount needed to
17maintain the total assets of the System at 90% of the total
18actuarial liabilities of the System.
19 Amounts received by the System pursuant to Section 25 of
20the Budget Stabilization Act or Section 8.12 of the State
21Finance Act in any fiscal year do not reduce and do not
22constitute payment of any portion of the minimum State
23contribution required under this Article in that fiscal year.
24Such amounts shall not reduce, and shall not be included in the
25calculation of, the required State contributions under this
26Article in any future year until the System has reached a

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1funding ratio of at least 90%. A reference in this Article to
2the "required State contribution" or any substantially similar
3term does not include or apply to any amounts payable to the
4System under Section 25 of the Budget Stabilization Act.
5 Notwithstanding any other provision of this Section, the
6required State contribution for State fiscal year 2005 and for
7fiscal year 2008 and each fiscal year thereafter, as calculated
8under this Section and certified under Section 14-135.08, shall
9not exceed an amount equal to (i) the amount of the required
10State contribution that would have been calculated under this
11Section for that fiscal year if the System had not received any
12payments under subsection (d) of Section 7.2 of the General
13Obligation Bond Act, minus (ii) the portion of the State's
14total debt service payments for that fiscal year on the bonds
15issued for the purposes of that Section 7.2, as determined and
16certified by the Comptroller, that is the same as the System's
17portion of the total moneys distributed under subsection (d) of
18Section 7.2 of the General Obligation Bond Act. In determining
19this maximum for State fiscal years 2008 through 2010, however,
20the amount referred to in item (i) shall be increased, as a
21percentage of the applicable employee payroll, in equal
22increments calculated from the sum of the required State
23contribution for State fiscal year 2007 plus the applicable
24portion of the State's total debt service payments for fiscal
25year 2007 on the bonds issued for the purposes of Section 7.2
26of the General Obligation Bond Act, so that, by State fiscal

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1year 2011, the State is contributing at the rate otherwise
2required under this Section.
3 (f) After the submission of all payments for eligible
4employees from personal services line items in fiscal year 2004
5have been made, the Comptroller shall provide to the System a
6certification of the sum of all fiscal year 2004 expenditures
7for personal services that would have been covered by payments
8to the System under this Section if the provisions of this
9amendatory Act of the 93rd General Assembly had not been
10enacted. Upon receipt of the certification, the System shall
11determine the amount due to the System based on the full rate
12certified by the Board under Section 14-135.08 for fiscal year
132004 in order to meet the State's obligation under this
14Section. The System shall compare this amount due to the amount
15received by the System in fiscal year 2004 through payments
16under this Section and under Section 6z-61 of the State Finance
17Act. If the amount due is more than the amount received, the
18difference shall be termed the "Fiscal Year 2004 Shortfall" for
19purposes of this Section, and the Fiscal Year 2004 Shortfall
20shall be satisfied under Section 1.2 of the State Pension Funds
21Continuing Appropriation Act. If the amount due is less than
22the amount received, the difference shall be termed the "Fiscal
23Year 2004 Overpayment" for purposes of this Section, and the
24Fiscal Year 2004 Overpayment shall be repaid by the System to
25the Pension Contribution Fund as soon as practicable after the
26certification.

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1 (g) For purposes of determining the required State
2contribution to the System, the value of the System's assets
3shall be equal to the actuarial value of the System's assets,
4which shall be calculated as follows:
5 As of June 30, 2008, the actuarial value of the System's
6assets shall be equal to the market value of the assets as of
7that date. In determining the actuarial value of the System's
8assets for fiscal years after June 30, 2008, any actuarial
9gains or losses from investment return incurred in a fiscal
10year shall be recognized in equal annual amounts over the
115-year period following that fiscal year.
12 (h) For purposes of determining the required State
13contribution to the System for a particular year, the actuarial
14value of assets shall be assumed to earn a rate of return equal
15to the System's actuarially assumed rate of return.
16 (i) After the submission of all payments for eligible
17employees from personal services line items paid from the
18General Revenue Fund in fiscal year 2010 have been made, the
19Comptroller shall provide to the System a certification of the
20sum of all fiscal year 2010 expenditures for personal services
21that would have been covered by payments to the System under
22this Section if the provisions of this amendatory Act of the
2396th General Assembly had not been enacted. Upon receipt of the
24certification, the System shall determine the amount due to the
25System based on the full rate certified by the Board under
26Section 14-135.08 for fiscal year 2010 in order to meet the

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1State's obligation under this Section. The System shall compare
2this amount due to the amount received by the System in fiscal
3year 2010 through payments under this Section. If the amount
4due is more than the amount received, the difference shall be
5termed the "Fiscal Year 2010 Shortfall" for purposes of this
6Section, and the Fiscal Year 2010 Shortfall shall be satisfied
7under Section 1.2 of the State Pension Funds Continuing
8Appropriation Act. If the amount due is less than the amount
9received, the difference shall be termed the "Fiscal Year 2010
10Overpayment" for purposes of this Section, and the Fiscal Year
112010 Overpayment shall be repaid by the System to the General
12Revenue Fund as soon as practicable after the certification.
13 (j) After the submission of all payments for eligible
14employees from personal services line items paid from the
15General Revenue Fund in fiscal year 2011 have been made, the
16Comptroller shall provide to the System a certification of the
17sum of all fiscal year 2011 expenditures for personal services
18that would have been covered by payments to the System under
19this Section if the provisions of this amendatory Act of the
2096th General Assembly had not been enacted. Upon receipt of the
21certification, the System shall determine the amount due to the
22System based on the full rate certified by the Board under
23Section 14-135.08 for fiscal year 2011 in order to meet the
24State's obligation under this Section. The System shall compare
25this amount due to the amount received by the System in fiscal
26year 2011 through payments under this Section. If the amount

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1due is more than the amount received, the difference shall be
2termed the "Fiscal Year 2011 Shortfall" for purposes of this
3Section, and the Fiscal Year 2011 Shortfall shall be satisfied
4under Section 1.2 of the State Pension Funds Continuing
5Appropriation Act. If the amount due is less than the amount
6received, the difference shall be termed the "Fiscal Year 2011
7Overpayment" for purposes of this Section, and the Fiscal Year
82011 Overpayment shall be repaid by the System to the General
9Revenue 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,
11eff. 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
15or before November 15 of each year, the required rate for State
16contributions to the System for the next State fiscal year, as
17determined under subsection (b) of Section 14-131. The
18certification to the Governor shall include a copy of the
19actuarial recommendations upon which the rate is based.
20 (b) The certification shall include an additional amount
21necessary to pay all principal of and interest on those general
22obligation bonds due the next fiscal year authorized by Section
237.2(a) of the General Obligation Bond Act and issued to provide
24the proceeds deposited by the State with the System in July
252003, representing deposits other than amounts reserved under

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1Section 7.2(c) of the General Obligation Bond Act. For State
2fiscal year 2005, the Board shall make a supplemental
3certification of the additional amount necessary to pay all
4principal of and interest on those general obligation bonds due
5in State fiscal years 2004 and 2005 authorized by Section
67.2(a) of the General Obligation Bond Act and issued to provide
7the proceeds deposited by the State with the System in July
82003, representing deposits other than amounts reserved under
9Section 7.2(c) of the General Obligation Bond Act, as soon as
10practical after the effective date of this amendatory Act of
11the 93rd General Assembly.
12 On or before May 1, 2004, the Board shall recalculate and
13recertify to the Governor and to each department the amount of
14the required State contribution to the System and the required
15rates for State contributions to the System for State fiscal
16year 2005, taking into account the amounts appropriated to and
17received by the System under subsection (d) of Section 7.2 of
18the General Obligation Bond Act.
19 On or before July 1, 2005, the Board shall recalculate and
20recertify to the Governor and to each department the amount of
21the required State contribution to the System and the required
22rates for State contributions to the System for State fiscal
23year 2006, taking into account the changes in required State
24contributions made by this amendatory Act of the 94th General
25Assembly.
26 On or before April 1, 2011 June 15, 2010, the Board shall

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1recalculate and recertify to the Governor and to each
2department the amount of the required State contribution to the
3System for State fiscal year 2011, applying the changes made by
4Public Act 96-889 to the System's assets and liabilities as of
5June 30, 2009 as though Public Act 96-889 was approved on that
6date.
7(Source: P.A. 93-2, eff. 4-7-03; 93-839, eff. 7-30-04; 94-4,
8eff. 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
12appropriations of amounts which, together with the other
13employer contributions from trust, federal, and other funds,
14employee contributions, income from investments, and other
15income of this System, will be sufficient to meet the cost of
16maintaining and administering the System on a 90% funded basis
17in accordance with actuarial recommendations.
18 The Board shall determine the amount of State contributions
19required for each fiscal year on the basis of the actuarial
20tables and other assumptions adopted by the Board and the
21recommendations of the actuary, using the formula in subsection
22(a-1).
23 (a-1) For State fiscal years 2012 through 2045, the minimum
24contribution to the System to be made by the State for each
25fiscal year shall be an amount determined by the System to be

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1sufficient to bring the total assets of the System up to 90% of
2the total actuarial liabilities of the System by the end of
3State fiscal year 2045. In making these determinations, the
4required State contribution shall be calculated each year as a
5level percentage of payroll over the years remaining to and
6including fiscal year 2045 and shall be determined under the
7projected unit credit actuarial cost method.
8 For State fiscal years 1996 through 2005, the State
9contribution to the System, as a percentage of the applicable
10employee payroll, shall be increased in equal annual increments
11so that by State fiscal year 2011, the State is contributing at
12the rate required under this Section.
13 Notwithstanding any other provision of this Article, the
14total required State contribution for State fiscal year 2006 is
15$166,641,900.
16 Notwithstanding any other provision of this Article, the
17total 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
20contribution to the System, as a percentage of the applicable
21employee payroll, shall be increased in equal annual increments
22from the required State contribution for State fiscal year
232007, so that by State fiscal year 2011, the State is
24contributing at the rate otherwise required under this Section.
25 Notwithstanding any other provision of this Article, the
26total required State contribution for State fiscal year 2010 is

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1$702,514,000 and shall be made from the State Pensions Fund and
2proceeds of bonds sold in fiscal year 2010 pursuant to Section
37.2 of the General Obligation Bond Act, less (i) the pro rata
4share of bond sale expenses determined by the System's share of
5total bond proceeds, (ii) any amounts received from the General
6Revenue Fund in fiscal year 2010, (iii) any reduction in bond
7proceeds due to the issuance of discounted bonds, if
8applicable.
9 Notwithstanding any other provision of this Article, the
10total required State contribution for State fiscal year 2011 is
11the amount recertified by the System on or before April 1, 2011
12June 15, 2010 pursuant to Section 15-165 and shall be made from
13the State Pensions Fund and proceeds of bonds sold in fiscal
14year 2011 pursuant to Section 7.2 of the General Obligation
15Bond Act, less (i) the pro rata share of bond sale expenses
16determined by the System's share of total bond proceeds, (ii)
17any amounts received from the General Revenue Fund in fiscal
18year 2011, and (iii) any reduction in bond proceeds due to the
19issuance of discounted bonds, if applicable.
20 Beginning in State fiscal year 2046, the minimum State
21contribution for each fiscal year shall be the amount needed to
22maintain the total assets of the System at 90% of the total
23actuarial liabilities of the System.
24 Amounts received by the System pursuant to Section 25 of
25the Budget Stabilization Act or Section 8.12 of the State
26Finance Act in any fiscal year do not reduce and do not

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1constitute payment of any portion of the minimum State
2contribution required under this Article in that fiscal year.
3Such amounts shall not reduce, and shall not be included in the
4calculation of, the required State contributions under this
5Article in any future year until the System has reached a
6funding ratio of at least 90%. A reference in this Article to
7the "required State contribution" or any substantially similar
8term does not include or apply to any amounts payable to the
9System under Section 25 of the Budget Stabilization Act.
10 Notwithstanding any other provision of this Section, the
11required State contribution for State fiscal year 2005 and for
12fiscal year 2008 and each fiscal year thereafter, as calculated
13under this Section and certified under Section 15-165, shall
14not exceed an amount equal to (i) the amount of the required
15State contribution that would have been calculated under this
16Section for that fiscal year if the System had not received any
17payments under subsection (d) of Section 7.2 of the General
18Obligation Bond Act, minus (ii) the portion of the State's
19total debt service payments for that fiscal year on the bonds
20issued for the purposes of that Section 7.2, as determined and
21certified by the Comptroller, that is the same as the System's
22portion of the total moneys distributed under subsection (d) of
23Section 7.2 of the General Obligation Bond Act. In determining
24this maximum for State fiscal years 2008 through 2010, however,
25the amount referred to in item (i) shall be increased, as a
26percentage of the applicable employee payroll, in equal

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1increments calculated from the sum of the required State
2contribution for State fiscal year 2007 plus the applicable
3portion of the State's total debt service payments for fiscal
4year 2007 on the bonds issued for the purposes of Section 7.2
5of the General Obligation Bond Act, so that, by State fiscal
6year 2011, the State is contributing at the rate otherwise
7required under this Section.
8 (b) If an employee is paid from trust or federal funds, the
9employer shall pay to the Board contributions from those funds
10which are sufficient to cover the accruing normal costs on
11behalf of the employee. However, universities having employees
12who are compensated out of local auxiliary funds, income funds,
13or service enterprise funds are not required to pay such
14contributions on behalf of those employees. The local auxiliary
15funds, income funds, and service enterprise funds of
16universities shall not be considered trust funds for the
17purpose of this Article, but funds of alumni associations,
18foundations, and athletic associations which are affiliated
19with the universities included as employers under this Article
20and other employers which do not receive State appropriations
21are considered to be trust funds for the purpose of this
22Article.
23 (b-1) The City of Urbana and the City of Champaign shall
24each make employer contributions to this System for their
25respective firefighter employees who participate in this
26System pursuant to subsection (h) of Section 15-107. The rate

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1of contributions to be made by those municipalities shall be
2determined annually by the Board on the basis of the actuarial
3assumptions adopted by the Board and the recommendations of the
4actuary, and shall be expressed as a percentage of salary for
5each such employee. The Board shall certify the rate to the
6affected municipalities as soon as may be practical. The
7employer contributions required under this subsection shall be
8remitted by the municipality to the System at the same time and
9in the same manner as employee contributions.
10 (c) Through State fiscal year 1995: The total employer
11contribution shall be apportioned among the various funds of
12the State and other employers, whether trust, federal, or other
13funds, in accordance with actuarial procedures approved by the
14Board. State of Illinois contributions for employers receiving
15State appropriations for personal services shall be payable
16from appropriations made to the employers or to the System. The
17contributions for Class I community colleges covering earnings
18other than those paid from trust and federal funds, shall be
19payable solely from appropriations to the Illinois Community
20College Board or the System for employer contributions.
21 (d) Beginning in State fiscal year 1996, the required State
22contributions to the System shall be appropriated directly to
23the System and shall be payable through vouchers issued in
24accordance with subsection (c) of Section 15-165, except as
25provided in subsection (g).
26 (e) The State Comptroller shall draw warrants payable to

SB1858 Enrolled- 26 -LRB096 06188 AMC 16270 b
1the System upon proper certification by the System or by the
2employer in accordance with the appropriation laws and this
3Code.
4 (f) Normal costs under this Section means liability for
5pensions and other benefits which accrues to the System because
6of the credits earned for service rendered by the participants
7during the fiscal year and expenses of administering the
8System, but shall not include the principal of or any
9redemption premium or interest on any bonds issued by the Board
10or any expenses incurred or deposits required in connection
11therewith.
12 (g) If the amount of a participant's earnings for any
13academic year used to determine the final rate of earnings,
14determined on a full-time equivalent basis, exceeds the amount
15of his or her earnings with the same employer for the previous
16academic year, determined on a full-time equivalent basis, by
17more than 6%, the participant's employer shall pay to the
18System, in addition to all other payments required under this
19Section and in accordance with guidelines established by the
20System, the present value of the increase in benefits resulting
21from the portion of the increase in earnings that is in excess
22of 6%. This present value shall be computed by the System on
23the basis of the actuarial assumptions and tables used in the
24most recent actuarial valuation of the System that is available
25at the time of the computation. The System may require the
26employer to provide any pertinent information or

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1documentation.
2 Whenever it determines that a payment is or may be required
3under this subsection (g), the System shall calculate the
4amount of the payment and bill the employer for that amount.
5The bill shall specify the calculations used to determine the
6amount due. If the employer disputes the amount of the bill, it
7may, within 30 days after receipt of the bill, apply to the
8System in writing for a recalculation. The application must
9specify in detail the grounds of the dispute and, if the
10employer asserts that the calculation is subject to subsection
11(h) or (i) of this Section, must include an affidavit setting
12forth and attesting to all facts within the employer's
13knowledge that are pertinent to the applicability of subsection
14(h) or (i). Upon receiving a timely application for
15recalculation, the System shall review the application and, if
16appropriate, 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
19receipt of the bill. If the employer contributions are not paid
20within 90 days after receipt of the bill, then interest will be
21charged at a rate equal to the System's annual actuarially
22assumed rate of return on investment compounded annually from
23the 91st day after receipt of the bill. Payments must be
24concluded within 3 years after the employer's receipt of the
25bill.
26 (h) This subsection (h) applies only to payments made or

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1salary increases given on or after June 1, 2005 but before July
21, 2011. The changes made by Public Act 94-1057 shall not
3require the System to refund any payments received before July
431, 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
7participants under contracts or collective bargaining
8agreements entered into, amended, or renewed before June 1,
92005.
10 When assessing payment for any amount due under subsection
11(g), the System shall exclude earnings increases paid to a
12participant at a time when the participant is 10 or more years
13from 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
16overload work, including a contract for summer teaching, or
17overtime when the employer has certified to the System, and the
18System has approved the certification, that: (i) in the case of
19overloads (A) the overload work is for the sole purpose of
20academic instruction in excess of the standard number of
21instruction hours for a full-time employee occurring during the
22academic year that the overload is paid and (B) the earnings
23increases are equal to or less than the rate of pay for
24academic instruction computed using the participant's current
25salary rate and work schedule; and (ii) in the case of
26overtime, the overtime was necessary for the educational

SB1858 Enrolled- 29 -LRB096 06188 AMC 16270 b
1mission.
2 When assessing payment for any amount due under subsection
3(g), the System shall exclude any earnings increase resulting
4from (i) a promotion for which the employee moves from one
5classification to a higher classification under the State
6Universities Civil Service System, (ii) a promotion in academic
7rank for a tenured or tenure-track faculty position, or (iii) a
8promotion that the Illinois Community College Board has
9recommended in accordance with subsection (k) of this Section.
10These earnings increases shall be excluded only if the
11promotion is to a position that has existed and been filled by
12a member for no less than one complete academic year and the
13earnings increase as a result of the promotion is an increase
14that results in an amount no greater than the average salary
15paid for other similar positions.
16 (i) When assessing payment for any amount due under
17subsection (g), the System shall exclude any salary increase
18described in subsection (h) of this Section given on or after
19July 1, 2011 but before July 1, 2014 under a contract or
20collective bargaining agreement entered into, amended, or
21renewed on or after June 1, 2005 but before July 1, 2011.
22Notwithstanding any other provision of this Section, any
23payments made or salary increases given after June 30, 2014
24shall be used in assessing payment for any amount due under
25subsection (g) of this Section.
26 (j) The System shall prepare a report and file copies of

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1the report with the Governor and the General Assembly by
2January 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
16for recommending lists of promotional positions submitted to
17the Board by community colleges and for reviewing the
18promotional lists on an annual basis. When recommending
19promotional lists, the Board shall consider the similarity of
20the positions submitted to those positions recognized for State
21universities by the State Universities Civil Service System.
22The Illinois Community College Board shall file a copy of its
23findings with the System. The System shall consider the
24findings of the Illinois Community College Board when making
25determinations under this Section. The System shall not exclude
26any earnings increases resulting from a promotion when the

SB1858 Enrolled- 31 -LRB096 06188 AMC 16270 b
1promotion was not submitted by a community college. Nothing in
2this subsection (k) shall require any community college to
3submit any information to the Community College Board.
4 (l) For purposes of determining the required State
5contribution to the System, the value of the System's assets
6shall be equal to the actuarial value of the System's assets,
7which shall be calculated as follows:
8 As of June 30, 2008, the actuarial value of the System's
9assets shall be equal to the market value of the assets as of
10that date. In determining the actuarial value of the System's
11assets for fiscal years after June 30, 2008, any actuarial
12gains or losses from investment return incurred in a fiscal
13year shall be recognized in equal annual amounts over the
145-year period following that fiscal year.
15 (m) For purposes of determining the required State
16contribution to the system for a particular year, the actuarial
17value of assets shall be assumed to earn a rate of return equal
18to the system's actuarially assumed rate of return.
19(Source: P.A. 95-331, eff. 8-21-07; 95-950, eff. 8-29-08;
2096-43, 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
24November 15 of each year the appropriation required from State
25funds for the purposes of this System for the following fiscal

SB1858 Enrolled- 32 -LRB096 06188 AMC 16270 b
1year. The certification shall include a copy of the actuarial
2recommendations upon which it is based.
3 On or before May 1, 2004, the Board shall recalculate and
4recertify to the Governor the amount of the required State
5contribution to the System for State fiscal year 2005, taking
6into account the amounts appropriated to and received by the
7System under subsection (d) of Section 7.2 of the General
8Obligation Bond Act.
9 On or before July 1, 2005, the Board shall recalculate and
10recertify to the Governor the amount of the required State
11contribution to the System for State fiscal year 2006, taking
12into account the changes in required State contributions made
13by this amendatory Act of the 94th General Assembly.
14 On or before April 1, 2011 June 15, 2010, the Board shall
15recalculate and recertify to the Governor the amount of the
16required State contribution to the System for State fiscal year
172011, applying the changes made by Public Act 96-889 to the
18System's assets and liabilities as of June 30, 2009 as though
19Public Act 96-889 was approved on that date.
20 (b) The Board shall certify to the State Comptroller or
21employer, as the case may be, from time to time, by its
22president and secretary, with its seal attached, the amounts
23payable to the System from the various funds.
24 (c) Beginning in State fiscal year 1996, on or as soon as
25possible after the 15th day of each month the Board shall
26submit vouchers for payment of State contributions to the

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1System, in a total monthly amount of one-twelfth of the
2required annual State contribution certified under subsection
3(a). From the effective date of this amendatory Act of the 93rd
4General Assembly through June 30, 2004, the Board shall not
5submit vouchers for the remainder of fiscal year 2004 in excess
6of the fiscal year 2004 certified contribution amount
7determined under this Section after taking into consideration
8the transfer to the System under subsection (b) of Section
96z-61 of the State Finance Act. These vouchers shall be paid by
10the State Comptroller and Treasurer by warrants drawn on the
11funds appropriated to the System for that fiscal year.
12 If in any month the amount remaining unexpended from all
13other appropriations to the System for the applicable fiscal
14year (including the appropriations to the System under Section
158.12 of the State Finance Act and Section 1 of the State
16Pension Funds Continuing Appropriation Act) is less than the
17amount lawfully vouchered under this Section, the difference
18shall be paid from the General Revenue Fund under the
19continuing appropriation authority provided in Section 1.1 of
20the State Pension Funds Continuing Appropriation Act.
21 (d) So long as the payments received are the full amount
22lawfully vouchered under this Section, payments received by the
23System under this Section shall be applied first toward the
24employer contribution to the self-managed plan established
25under Section 15-158.2. Payments shall be applied second toward
26the employer's portion of the normal costs of the System, as

SB1858 Enrolled- 34 -LRB096 06188 AMC 16270 b
1defined in subsection (f) of Section 15-155. The balance shall
2be applied toward the unfunded actuarial liabilities of the
3System.
4 (e) In the event that the System does not receive, as a
5result of legislative enactment or otherwise, payments
6sufficient to fully fund the employer contribution to the
7self-managed plan established under Section 15-158.2 and to
8fully fund that portion of the employer's portion of the normal
9costs of the System, as calculated in accordance with Section
1015-155(a-1), then any payments received shall be applied
11proportionately to the optional retirement program established
12under Section 15-158.2 and to the employer's portion of the
13normal costs of the System, as calculated in accordance with
14Section 15-155(a-1).
15(Source: P.A. 93-2, eff. 4-7-03; 93-665, eff. 3-5-04; 94-4,
16eff. 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
19units.
20 (a) The State shall make contributions to the System by
21means of appropriations from the Common School Fund and other
22State funds of amounts which, together with other employer
23contributions, employee contributions, investment income, and
24other income, will be sufficient to meet the cost of
25maintaining and administering the System on a 90% funded basis

SB1858 Enrolled- 35 -LRB096 06188 AMC 16270 b
1in accordance with actuarial recommendations.
2 The Board shall determine the amount of State contributions
3required for each fiscal year on the basis of the actuarial
4tables and other assumptions adopted by the Board and the
5recommendations of the actuary, using the formula in subsection
6(b-3).
7 (a-1) Annually, on or before November 15, the Board shall
8certify to the Governor the amount of the required State
9contribution for the coming fiscal year. The certification
10shall include a copy of the actuarial recommendations upon
11which it is based.
12 On or before May 1, 2004, the Board shall recalculate and
13recertify to the Governor the amount of the required State
14contribution to the System for State fiscal year 2005, taking
15into account the amounts appropriated to and received by the
16System under subsection (d) of Section 7.2 of the General
17Obligation Bond Act.
18 On or before April 1, 2011 July 1, 2005, the Board shall
19recalculate and recertify to the Governor the amount of the
20required State contribution to the System for State fiscal year
212006, taking into account the changes in required State
22contributions made by this amendatory Act of the 94th General
23Assembly.
24 On or before June 15, 2010, the Board shall recalculate and
25recertify to the Governor the amount of the required State
26contribution to the System for State fiscal year 2011, applying

SB1858 Enrolled- 36 -LRB096 06188 AMC 16270 b
1the changes made by Public Act 96-889 to the System's assets
2and liabilities as of June 30, 2009 as though Public Act 96-889
3was approved on that date.
4 (b) Through State fiscal year 1995, the State contributions
5shall be paid to the System in accordance with Section 18-7 of
6the School Code.
7 (b-1) Beginning in State fiscal year 1996, on the 15th day
8of each month, or as soon thereafter as may be practicable, the
9Board shall submit vouchers for payment of State contributions
10to the System, in a total monthly amount of one-twelfth of the
11required annual State contribution certified under subsection
12(a-1). From the effective date of this amendatory Act of the
1393rd General Assembly through June 30, 2004, the Board shall
14not submit vouchers for the remainder of fiscal year 2004 in
15excess of the fiscal year 2004 certified contribution amount
16determined under this Section after taking into consideration
17the transfer to the System under subsection (a) of Section
186z-61 of the State Finance Act. These vouchers shall be paid by
19the State Comptroller and Treasurer by warrants drawn on the
20funds appropriated to the System for that fiscal year.
21 If in any month the amount remaining unexpended from all
22other appropriations to the System for the applicable fiscal
23year (including the appropriations to the System under Section
248.12 of the State Finance Act and Section 1 of the State
25Pension Funds Continuing Appropriation Act) is less than the
26amount lawfully vouchered under this subsection, the

SB1858 Enrolled- 37 -LRB096 06188 AMC 16270 b
1difference shall be paid from the Common School Fund under the
2continuing appropriation authority provided in Section 1.1 of
3the State Pension Funds Continuing Appropriation Act.
4 (b-2) Allocations from the Common School Fund apportioned
5to school districts not coming under this System shall not be
6diminished or affected by the provisions of this Article.
7 (b-3) For State fiscal years 2012 through 2045, the minimum
8contribution to the System to be made by the State for each
9fiscal year shall be an amount determined by the System to be
10sufficient to bring the total assets of the System up to 90% of
11the total actuarial liabilities of the System by the end of
12State fiscal year 2045. In making these determinations, the
13required State contribution shall be calculated each year as a
14level percentage of payroll over the years remaining to and
15including fiscal year 2045 and shall be determined under the
16projected unit credit actuarial cost method.
17 For State fiscal years 1996 through 2005, the State
18contribution to the System, as a percentage of the applicable
19employee payroll, shall be increased in equal annual increments
20so that by State fiscal year 2011, the State is contributing at
21the rate required under this Section; except that in the
22following specified State fiscal years, the State contribution
23to the System shall not be less than the following indicated
24percentages of the applicable employee payroll, even if the
25indicated percentage will produce a State contribution in
26excess of the amount otherwise required under this subsection

SB1858 Enrolled- 38 -LRB096 06188 AMC 16270 b
1and subsection (a), and notwithstanding any contrary
2certification made under subsection (a-1) before the effective
3date of this amendatory Act of 1998: 10.02% in FY 1999; 10.77%
4in FY 2000; 11.47% in FY 2001; 12.16% in FY 2002; 12.86% in FY
52003; and 13.56% in FY 2004.
6 Notwithstanding any other provision of this Article, the
7total required State contribution for State fiscal year 2006 is
8$534,627,700.
9 Notwithstanding any other provision of this Article, the
10total 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
13contribution to the System, as a percentage of the applicable
14employee payroll, shall be increased in equal annual increments
15from the required State contribution for State fiscal year
162007, so that by State fiscal year 2011, the State is
17contributing at the rate otherwise required under this Section.
18 Notwithstanding any other provision of this Article, the
19total required State contribution for State fiscal year 2010 is
20$2,089,268,000 and shall be made from the proceeds of bonds
21sold in fiscal year 2010 pursuant to Section 7.2 of the General
22Obligation Bond Act, less (i) the pro rata share of bond sale
23expenses determined by the System's share of total bond
24proceeds, (ii) any amounts received from the Common School Fund
25in fiscal year 2010, and (iii) any reduction in bond proceeds
26due to the issuance of discounted bonds, if applicable.

SB1858 Enrolled- 39 -LRB096 06188 AMC 16270 b
1 Notwithstanding any other provision of this Article, the
2total required State contribution for State fiscal year 2011 is
3the amount recertified by the System on or before April 1, 2011
4June 15, 2010 pursuant to subsection (a-1) of this Section and
5shall be made from the proceeds of bonds sold in fiscal year
62011 pursuant to Section 7.2 of the General Obligation Bond
7Act, less (i) the pro rata share of bond sale expenses
8determined by the System's share of total bond proceeds, (ii)
9any amounts received from the Common School Fund in fiscal year
102011, and (iii) any reduction in bond proceeds due to the
11issuance of discounted bonds, if applicable. This amount shall
12include, in addition to the amount certified by the System, an
13amount necessary to meet employer contributions required by the
14State as an employer under paragraph (e) of this Section, which
15may also be used by the System for contributions required by
16paragraph (a) of Section 16-127.
17 Beginning in State fiscal year 2046, the minimum State
18contribution for each fiscal year shall be the amount needed to
19maintain the total assets of the System at 90% of the total
20actuarial liabilities of the System.
21 Amounts received by the System pursuant to Section 25 of
22the Budget Stabilization Act or Section 8.12 of the State
23Finance Act in any fiscal year do not reduce and do not
24constitute payment of any portion of the minimum State
25contribution required under this Article in that fiscal year.
26Such amounts shall not reduce, and shall not be included in the

SB1858 Enrolled- 40 -LRB096 06188 AMC 16270 b
1calculation of, the required State contributions under this
2Article in any future year until the System has reached a
3funding ratio of at least 90%. A reference in this Article to
4the "required State contribution" or any substantially similar
5term does not include or apply to any amounts payable to the
6System under Section 25 of the Budget Stabilization Act.
7 Notwithstanding any other provision of this Section, the
8required State contribution for State fiscal year 2005 and for
9fiscal year 2008 and each fiscal year thereafter, as calculated
10under this Section and certified under subsection (a-1), shall
11not exceed an amount equal to (i) the amount of the required
12State contribution that would have been calculated under this
13Section for that fiscal year if the System had not received any
14payments under subsection (d) of Section 7.2 of the General
15Obligation Bond Act, minus (ii) the portion of the State's
16total debt service payments for that fiscal year on the bonds
17issued for the purposes of that Section 7.2, as determined and
18certified by the Comptroller, that is the same as the System's
19portion of the total moneys distributed under subsection (d) of
20Section 7.2 of the General Obligation Bond Act. In determining
21this maximum for State fiscal years 2008 through 2010, however,
22the amount referred to in item (i) shall be increased, as a
23percentage of the applicable employee payroll, in equal
24increments calculated from the sum of the required State
25contribution for State fiscal year 2007 plus the applicable
26portion of the State's total debt service payments for fiscal

SB1858 Enrolled- 41 -LRB096 06188 AMC 16270 b
1year 2007 on the bonds issued for the purposes of Section 7.2
2of the General Obligation Bond Act, so that, by State fiscal
3year 2011, the State is contributing at the rate otherwise
4required under this Section.
5 (c) Payment of the required State contributions and of all
6pensions, retirement annuities, death benefits, refunds, and
7other benefits granted under or assumed by this System, and all
8expenses in connection with the administration and operation
9thereof, are obligations of the State.
10 If members are paid from special trust or federal funds
11which are administered by the employing unit, whether school
12district or other unit, the employing unit shall pay to the
13System from such funds the full accruing retirement costs based
14upon that service, as determined by the System. Employer
15contributions, based on salary paid to members from federal
16funds, may be forwarded by the distributing agency of the State
17of Illinois to the System prior to allocation, in an amount
18determined in accordance with guidelines established by such
19agency and the System.
20 (d) Effective July 1, 1986, any employer of a teacher as
21defined in paragraph (8) of Section 16-106 shall pay the
22employer's normal cost of benefits based upon the teacher's
23service, in addition to employee contributions, as determined
24by the System. Such employer contributions shall be forwarded
25monthly in accordance with guidelines established by the
26System.

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1 However, with respect to benefits granted under Section
216-133.4 or 16-133.5 to a teacher as defined in paragraph (8)
3of Section 16-106, the employer's contribution shall be 12%
4(rather than 20%) of the member's highest annual salary rate
5for each year of creditable service granted, and the employer
6shall also pay the required employee contribution on behalf of
7the teacher. For the purposes of Sections 16-133.4 and
816-133.5, a teacher as defined in paragraph (8) of Section
916-106 who is serving in that capacity while on leave of
10absence from another employer under this Article shall not be
11considered an employee of the employer from which the teacher
12is on leave.
13 (e) Beginning July 1, 1998, every employer of a teacher
14shall pay to the System an employer contribution computed as
15follows:
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.
22The school district or other employing unit may pay these
23employer contributions out of any source of funding available
24for that purpose and shall forward the contributions to the
25System on the schedule established for the payment of member
26contributions.

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1 These employer contributions are intended to offset a
2portion of the cost to the System of the increases in
3retirement benefits resulting from this amendatory Act of 1998.
4 Each employer of teachers is entitled to a credit against
5the contributions required under this subsection (e) with
6respect to salaries paid to teachers for the period January 1,
72002 through June 30, 2003, equal to the amount paid by that
8employer under subsection (a-5) of Section 6.6 of the State
9Employees Group Insurance Act of 1971 with respect to salaries
10paid to teachers for that period.
11 The additional 1% employee contribution required under
12Section 16-152 by this amendatory Act of 1998 is the
13responsibility of the teacher and not the teacher's employer,
14unless the employer agrees, through collective bargaining or
15otherwise, to make the contribution on behalf of the teacher.
16 If an employer is required by a contract in effect on May
171, 1998 between the employer and an employee organization to
18pay, on behalf of all its full-time employees covered by this
19Article, all mandatory employee contributions required under
20this Article, then the employer shall be excused from paying
21the employer contribution required under this subsection (e)
22for the balance of the term of that contract. The employer and
23the employee organization shall jointly certify to the System
24the existence of the contractual requirement, in such form as
25the System may prescribe. This exclusion shall cease upon the
26termination, extension, or renewal of the contract at any time

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1after May 1, 1998.
2 (f) If the amount of a teacher's salary for any school year
3used to determine final average salary exceeds the member's
4annual full-time salary rate with the same employer for the
5previous school year by more than 6%, the teacher's employer
6shall pay to the System, in addition to all other payments
7required under this Section and in accordance with guidelines
8established by the System, the present value of the increase in
9benefits resulting from the portion of the increase in salary
10that is in excess of 6%. This present value shall be computed
11by the System on the basis of the actuarial assumptions and
12tables used in the most recent actuarial valuation of the
13System that is available at the time of the computation. If a
14teacher's salary for the 2005-2006 school year is used to
15determine final average salary under this subsection (f), then
16the changes made to this subsection (f) by Public Act 94-1057
17shall apply in calculating whether the increase in his or her
18salary is in excess of 6%. For the purposes of this Section,
19change in employment under Section 10-21.12 of the School Code
20on or after June 1, 2005 shall constitute a change in employer.
21The System may require the employer to provide any pertinent
22information or documentation. The changes made to this
23subsection (f) by this amendatory Act of the 94th General
24Assembly apply without regard to whether the teacher was in
25service on or after its effective date.
26 Whenever it determines that a payment is or may be required

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1under this subsection, the System shall calculate the amount of
2the payment and bill the employer for that amount. The bill
3shall specify the calculations used to determine the amount
4due. If the employer disputes the amount of the bill, it may,
5within 30 days after receipt of the bill, apply to the System
6in writing for a recalculation. The application must specify in
7detail the grounds of the dispute and, if the employer asserts
8that the calculation is subject to subsection (g) or (h) of
9this Section, must include an affidavit setting forth and
10attesting to all facts within the employer's knowledge that are
11pertinent to the applicability of that subsection. Upon
12receiving a timely application for recalculation, the System
13shall review the application and, if appropriate, recalculate
14the 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
17receipt of the bill. If the employer contributions are not paid
18within 90 days after receipt of the bill, then interest will be
19charged at a rate equal to the System's annual actuarially
20assumed rate of return on investment compounded annually from
21the 91st day after receipt of the bill. Payments must be
22concluded within 3 years after the employer's receipt of the
23bill.
24 (g) This subsection (g) applies only to payments made or
25salary increases given on or after June 1, 2005 but before July
261, 2011. The changes made by Public Act 94-1057 shall not

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1require the System to refund any payments received before July
231, 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
5under contracts or collective bargaining agreements entered
6into, 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
9teacher at a time when the teacher is 10 or more years from
10retirement 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
13overload work, including summer school, when the school
14district has certified to the System, and the System has
15approved the certification, that (i) the overload work is for
16the sole purpose of classroom instruction in excess of the
17standard number of classes for a full-time teacher in a school
18district during a school year and (ii) the salary increases are
19equal to or less than the rate of pay for classroom instruction
20computed 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
23a promotion (i) for which the employee is required to hold a
24certificate or supervisory endorsement issued by the State
25Teacher Certification Board that is a different certification
26or supervisory endorsement than is required for the teacher's

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1previous position and (ii) to a position that has existed and
2been filled by a member for no less than one complete academic
3year and the salary increase from the promotion is an increase
4that results in an amount no greater than the lesser of the
5average salary paid for other similar positions in the district
6requiring the same certification or the amount stipulated in
7the collective bargaining agreement for a similar position
8requiring 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
11the State of Illinois or the State Board of Education over
12which the employer does not have discretion, notwithstanding
13that the payment is included in the computation of final
14average salary.
15 (h) When assessing payment for any amount due under
16subsection (f), the System shall exclude any salary increase
17described in subsection (g) of this Section given on or after
18July 1, 2011 but before July 1, 2014 under a contract or
19collective bargaining agreement entered into, amended, or
20renewed on or after June 1, 2005 but before July 1, 2011.
21Notwithstanding any other provision of this Section, any
22payments made or salary increases given after June 30, 2014
23shall be used in assessing payment for any amount due under
24subsection (f) of this Section.
25 (i) The System shall prepare a report and file copies of
26the report with the Governor and the General Assembly by

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1January 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
15contribution to the System, the value of the System's assets
16shall be equal to the actuarial value of the System's assets,
17which shall be calculated as follows:
18 As of June 30, 2008, the actuarial value of the System's
19assets shall be equal to the market value of the assets as of
20that date. In determining the actuarial value of the System's
21assets for fiscal years after June 30, 2008, any actuarial
22gains or losses from investment return incurred in a fiscal
23year shall be recognized in equal annual amounts over the
245-year period following that fiscal year.
25 (k) For purposes of determining the required State
26contribution to the system for a particular year, the actuarial

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1value of assets shall be assumed to earn a rate of return equal
2to the system's actuarially assumed rate of return.
3(Source: P.A. 95-331, eff. 8-21-07; 95-950, eff. 8-29-08;
496-43, 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
8System by appropriations of the amounts which, together with
9the contributions of participants, net earnings on
10investments, and other income, will meet the costs of
11maintaining and administering this System on a 90% funded basis
12in accordance with actuarial recommendations.
13 (b) The Board shall determine the amount of State
14contributions required for each fiscal year on the basis of the
15actuarial tables and other assumptions adopted by the Board and
16the prescribed rate of interest, using the formula in
17subsection (c).
18 (c) For State fiscal years 2012 through 2045, the minimum
19contribution to the System to be made by the State for each
20fiscal year shall be an amount determined by the System to be
21sufficient to bring the total assets of the System up to 90% of
22the total actuarial liabilities of the System by the end of
23State fiscal year 2045. In making these determinations, the
24required State contribution shall be calculated each year as a
25level percentage of payroll over the years remaining to and

SB1858 Enrolled- 50 -LRB096 06188 AMC 16270 b
1including fiscal year 2045 and shall be determined under the
2projected unit credit actuarial cost method.
3 For State fiscal years 1996 through 2005, the State
4contribution to the System, as a percentage of the applicable
5employee payroll, shall be increased in equal annual increments
6so that by State fiscal year 2011, the State is contributing at
7the rate required under this Section.
8 Notwithstanding any other provision of this Article, the
9total required State contribution for State fiscal year 2006 is
10$29,189,400.
11 Notwithstanding any other provision of this Article, the
12total 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
15contribution to the System, as a percentage of the applicable
16employee payroll, shall be increased in equal annual increments
17from the required State contribution for State fiscal year
182007, so that by State fiscal year 2011, the State is
19contributing at the rate otherwise required under this Section.
20 Notwithstanding any other provision of this Article, the
21total required State contribution for State fiscal year 2010 is
22$78,832,000 and shall be made from the proceeds of bonds sold
23in fiscal year 2010 pursuant to Section 7.2 of the General
24Obligation Bond Act, less (i) the pro rata share of bond sale
25expenses determined by the System's share of total bond
26proceeds, (ii) any amounts received from the General Revenue

SB1858 Enrolled- 51 -LRB096 06188 AMC 16270 b
1Fund in fiscal year 2010, and (iii) any reduction in bond
2proceeds due to the issuance of discounted bonds, if
3applicable.
4 Notwithstanding any other provision of this Article, the
5total required State contribution for State fiscal year 2011 is
6the amount recertified by the System on or before April 1, 2011
7June 15, 2010 pursuant to Section 18-140 and shall be made from
8the proceeds of bonds sold in fiscal year 2011 pursuant to
9Section 7.2 of the General Obligation Bond Act, less (i) the
10pro rata share of bond sale expenses determined by the System's
11share of total bond proceeds, (ii) any amounts received from
12the General Revenue Fund in fiscal year 2011, and (iii) any
13reduction in bond proceeds due to the issuance of discounted
14bonds, if applicable.
15 Beginning in State fiscal year 2046, the minimum State
16contribution for each fiscal year shall be the amount needed to
17maintain the total assets of the System at 90% of the total
18actuarial liabilities of the System.
19 Amounts received by the System pursuant to Section 25 of
20the Budget Stabilization Act or Section 8.12 of the State
21Finance Act in any fiscal year do not reduce and do not
22constitute payment of any portion of the minimum State
23contribution required under this Article in that fiscal year.
24Such amounts shall not reduce, and shall not be included in the
25calculation of, the required State contributions under this
26Article in any future year until the System has reached a

SB1858 Enrolled- 52 -LRB096 06188 AMC 16270 b
1funding ratio of at least 90%. A reference in this Article to
2the "required State contribution" or any substantially similar
3term does not include or apply to any amounts payable to the
4System under Section 25 of the Budget Stabilization Act.
5 Notwithstanding any other provision of this Section, the
6required State contribution for State fiscal year 2005 and for
7fiscal year 2008 and each fiscal year thereafter, as calculated
8under this Section and certified under Section 18-140, shall
9not exceed an amount equal to (i) the amount of the required
10State contribution that would have been calculated under this
11Section for that fiscal year if the System had not received any
12payments under subsection (d) of Section 7.2 of the General
13Obligation Bond Act, minus (ii) the portion of the State's
14total debt service payments for that fiscal year on the bonds
15issued for the purposes of that Section 7.2, as determined and
16certified by the Comptroller, that is the same as the System's
17portion of the total moneys distributed under subsection (d) of
18Section 7.2 of the General Obligation Bond Act. In determining
19this maximum for State fiscal years 2008 through 2010, however,
20the amount referred to in item (i) shall be increased, as a
21percentage of the applicable employee payroll, in equal
22increments calculated from the sum of the required State
23contribution for State fiscal year 2007 plus the applicable
24portion of the State's total debt service payments for fiscal
25year 2007 on the bonds issued for the purposes of Section 7.2
26of the General Obligation Bond Act, so that, by State fiscal

SB1858 Enrolled- 53 -LRB096 06188 AMC 16270 b
1year 2011, the State is contributing at the rate otherwise
2required under this Section.
3 (d) For purposes of determining the required State
4contribution to the System, the value of the System's assets
5shall be equal to the actuarial value of the System's assets,
6which shall be calculated as follows:
7 As of June 30, 2008, the actuarial value of the System's
8assets shall be equal to the market value of the assets as of
9that date. In determining the actuarial value of the System's
10assets for fiscal years after June 30, 2008, any actuarial
11gains or losses from investment return incurred in a fiscal
12year shall be recognized in equal annual amounts over the
135-year period following that fiscal year.
14 (e) For purposes of determining the required State
15contribution to the system for a particular year, the actuarial
16value of assets shall be assumed to earn a rate of return equal
17to the system's actuarially assumed rate of return.
18(Source: P.A. 95-950, eff. 8-29-08; 96-43, eff. 7-15-09;
1909600SB3514ham003.)
20 (40 ILCS 5/18-140) (from Ch. 108 1/2, par. 18-140)
21 Sec. 18-140. To certify required State contributions and
22submit vouchers.
23 (a) The Board shall certify to the Governor, on or before
24November 15 of each year, the amount of the required State
25contribution to the System for the following fiscal year. The

SB1858 Enrolled- 54 -LRB096 06188 AMC 16270 b
1certification shall include a copy of the actuarial
2recommendations upon which it is based.
3 On or before May 1, 2004, the Board shall recalculate and
4recertify to the Governor the amount of the required State
5contribution to the System for State fiscal year 2005, taking
6into account the amounts appropriated to and received by the
7System under subsection (d) of Section 7.2 of the General
8Obligation Bond Act.
9 On or before July 1, 2005, the Board shall recalculate and
10recertify to the Governor the amount of the required State
11contribution to the System for State fiscal year 2006, taking
12into account the changes in required State contributions made
13by this amendatory Act of the 94th General Assembly.
14 On or before April 1, 2011 June 15, 2010, the Board shall
15recalculate and recertify to the Governor the amount of the
16required State contribution to the System for State fiscal year
172011, applying the changes made by Public Act 96-889 to the
18System's assets and liabilities as of June 30, 2009 as though
19Public Act 96-889 was approved on that date.
20 (b) Beginning in State fiscal year 1996, on or as soon as
21possible after the 15th day of each month the Board shall
22submit vouchers for payment of State contributions to the
23System, in a total monthly amount of one-twelfth of the
24required annual State contribution certified under subsection
25(a). From the effective date of this amendatory Act of the 93rd
26General Assembly through June 30, 2004, the Board shall not

SB1858 Enrolled- 55 -LRB096 06188 AMC 16270 b
1submit vouchers for the remainder of fiscal year 2004 in excess
2of the fiscal year 2004 certified contribution amount
3determined under this Section after taking into consideration
4the transfer to the System under subsection (c) of Section
56z-61 of the State Finance Act. These vouchers shall be paid by
6the State Comptroller and Treasurer by warrants drawn on the
7funds appropriated to the System for that fiscal year.
8 If in any month the amount remaining unexpended from all
9other appropriations to the System for the applicable fiscal
10year (including the appropriations to the System under Section
118.12 of the State Finance Act and Section 1 of the State
12Pension Funds Continuing Appropriation Act) is less than the
13amount lawfully vouchered under this Section, the difference
14shall be paid from the General Revenue Fund under the
15continuing appropriation authority provided in Section 1.1 of
16the State Pension Funds Continuing Appropriation Act.
17(Source: P.A. 93-2, eff. 4-7-03; 93-665, eff. 3-5-04; 94-4,
18eff. 6-1-05; 09600SB3514ham003.)
19 Section 10. If and only if Senate Bill 3514 (as amended by
20House Amendment Nos. 3, 4, and 5) becomes law, the State
21Pension Funds Continuing Appropriation Act is amended by
22changing Sections 1.1 and 1.2 as follows:
23 (40 ILCS 15/1.1)
24 Sec. 1.1. Appropriations to certain retirement systems.

SB1858 Enrolled- 56 -LRB096 06188 AMC 16270 b
1 (a) There is hereby appropriated from the General Revenue
2Fund to the General Assembly Retirement System, on a continuing
3monthly basis, the amount, if any, by which the total available
4amount of all other appropriations to that retirement system
5for the payment of State contributions is less than the total
6amount of the vouchers for required State contributions
7lawfully submitted by the retirement system for that month
8under Section 2-134 of the Illinois Pension Code.
9 (b) There is hereby appropriated from the General Revenue
10Fund to the State Universities Retirement System, on a
11continuing monthly basis, the amount, if any, by which the
12total available amount of all other appropriations to that
13retirement system for the payment of State contributions,
14including any deficiency in the required contributions of the
15optional retirement program established under Section 15-158.2
16of the Illinois Pension Code, is less than the total amount of
17the vouchers for required State contributions lawfully
18submitted by the retirement system for that month under Section
1915-165 of the Illinois Pension Code.
20 (c) There is hereby appropriated from the Common School
21Fund to the Teachers' Retirement System of the State of
22Illinois, on a continuing monthly basis, the amount, if any, by
23which the total available amount of all other appropriations to
24that retirement system for the payment of State contributions
25is less than the total amount of the vouchers for required
26State contributions lawfully submitted by the retirement

SB1858 Enrolled- 57 -LRB096 06188 AMC 16270 b
1system for that month under Section 16-158 of the Illinois
2Pension Code.
3 (d) There is hereby appropriated from the General Revenue
4Fund to the Judges Retirement System of Illinois, on a
5continuing monthly basis, the amount, if any, by which the
6total available amount of all other appropriations to that
7retirement system for the payment of State contributions is
8less than the total amount of the vouchers for required State
9contributions lawfully submitted by the retirement system for
10that month under Section 18-140 of the Illinois Pension Code.
11 (e) The continuing appropriations provided by this Section
12shall first be available in State fiscal year 1996.
13 (f) For State fiscal year 2010 only, the continuing
14appropriations provided by this Section are equal to the amount
15certified by each System on or before December 31, 2008, less
16(i) the gross proceeds of the bonds sold in fiscal year 2010
17under the authorization contained in subsection (a) of Section
187.2 of the General Obligation Bond Act and (ii) any amounts
19received from the State Pensions Fund.
20 (g) For State fiscal year 2011 only, the continuing
21appropriations provided by this Section are equal to the amount
22certified by each System on or before April 1, 2011 June 15,
232010, less (i) the gross proceeds of the bonds sold in fiscal
24year 2011 under the authorization contained in subsection (a)
25of Section 7.2 of the General Obligation Bond Act and (ii) any
26amounts received from the State Pensions Fund.

SB1858 Enrolled- 58 -LRB096 06188 AMC 16270 b
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'
4Retirement System.
5 (a) From each fund from which an amount is appropriated for
6personal services to a department or other employer under
7Article 14 of the Illinois Pension Code, there is hereby
8appropriated to that department or other employer, on a
9continuing annual basis for each State fiscal year, an
10additional amount equal to the amount, if any, by which (1) an
11amount equal to the percentage of the personal services line
12item for that department or employer from that fund for that
13fiscal year that the Board of Trustees of the State Employees'
14Retirement System of Illinois has certified under Section
1514-135.08 of the Illinois Pension Code to be necessary to meet
16the State's obligation under Section 14-131 of the Illinois
17Pension Code for that fiscal year, exceeds (2) the amounts
18otherwise appropriated to that department or employer from that
19fund for State contributions to the State Employees' Retirement
20System for that fiscal year. From the effective date of this
21amendatory Act of the 93rd General Assembly through the final
22payment from a department or employer's personal services line
23item for fiscal year 2004, payments to the State Employees'
24Retirement System that otherwise would have been made under
25this subsection (a) shall be governed by the provisions in

SB1858 Enrolled- 59 -LRB096 06188 AMC 16270 b
1subsection (a-1).
2 (a-1) If a Fiscal Year 2004 Shortfall is certified under
3subsection (f) of Section 14-131 of the Illinois Pension Code,
4there is hereby appropriated to the State Employees' Retirement
5System of Illinois on a continuing basis from the General
6Revenue Fund an additional aggregate amount equal to the Fiscal
7Year 2004 Shortfall.
8 (a-2) If a Fiscal Year 2010 Shortfall is certified under
9subsection (g) of Section 14-131 of the Illinois Pension Code,
10there is hereby appropriated to the State Employees' Retirement
11System of Illinois on a continuing basis from the General
12Revenue Fund an additional aggregate amount equal to the Fiscal
13Year 2010 Shortfall.
14 (b) The continuing appropriations provided for by this
15Section shall first be available in State fiscal year 1996.
16 (c) Beginning in Fiscal Year 2005, any continuing
17appropriation under this Section arising out of an
18appropriation for personal services from the Road Fund to the
19Department of State Police or the Secretary of State shall be
20payable from the General Revenue Fund rather than the Road
21Fund.
22 (d) For State fiscal year 2010 only, a continuing
23appropriation is provided to the State Employees' Retirement
24System equal to the amount certified by the System on or before
25December 31, 2008, less the gross proceeds of the bonds sold in
26fiscal year 2010 under the authorization contained in

SB1858 Enrolled- 60 -LRB096 06188 AMC 16270 b
1subsection (a) of Section 7.2 of the General Obligation Bond
2Act.
3 (e) For State fiscal year 2011 only, a continuing
4appropriation is provided to the State Employees' Retirement
5System equal to the amount certified by the System on or before
6April 1, 2011 June 15, 2010, less the gross proceeds of the
7bonds sold in fiscal year 2011 under the authorization
8contained in subsection (a) of Section 7.2 of the General
9Obligation Bond Act.
10(Source: P.A. 96-43, eff. 7-15-09; 96-45, eff. 7-15-09;
1109600SB3514ham003.)