Bill Text: IL SB2404 | 2013-2014 | 98th General Assembly | Amended
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Amends the Budget Stabilization Act. Provides for transfers from the General Revenue Fund to the Pension Stabilization Fund according to a specified schedule beginning in FY 2016 and continuing until FY 2045 or until the retirement funds have achieved a 100% funding ratio, whichever is earlier. Amends the General Assembly, State Employee, State Universities and Downstate Teacher Articles of the Illinois Pension Code. Changes the manner in which the annual required State contribution is calculated so that the affected systems are 100% funded by 2045. Provides that employee contributions to the retirement systems are increased an additional 1% on July 1, 2013 and 2% on July 1, 2014. Provides that the State is contractually obligated to each retirement plan participant and retiree to provide funding to the retirement systems according to the specified amortization schedule beginning in FY 2016 and continuing until FY 2045 or until the retirement funds have achieved a 100% funding ratio, whichever is earlier, in addition to the annual required State contribution certified by the Board for each fiscal year. Provides that each retirement system has the right to bring a mandamus action against the State to compel the State to make any installment of the annual required State contribution certified by the Board and the transfers required under the Budget Stabilization Act. Further provides that if a retirement system fails to bring a mandamus action against the State to compel the State to make any required installment, then any participant or retiree may bring such a mandamus action. Effective July 1, 2013.
Spectrum: Partisan Bill (Democrat 41-2)
Status: (Failed) 2015-01-13 - Session Sine Die [SB2404 Detail]
Download: Illinois-2013-SB2404-Amended.html
Bill Title: Amends the Budget Stabilization Act. Provides for transfers from the General Revenue Fund to the Pension Stabilization Fund according to a specified schedule beginning in FY 2016 and continuing until FY 2045 or until the retirement funds have achieved a 100% funding ratio, whichever is earlier. Amends the General Assembly, State Employee, State Universities and Downstate Teacher Articles of the Illinois Pension Code. Changes the manner in which the annual required State contribution is calculated so that the affected systems are 100% funded by 2045. Provides that employee contributions to the retirement systems are increased an additional 1% on July 1, 2013 and 2% on July 1, 2014. Provides that the State is contractually obligated to each retirement plan participant and retiree to provide funding to the retirement systems according to the specified amortization schedule beginning in FY 2016 and continuing until FY 2045 or until the retirement funds have achieved a 100% funding ratio, whichever is earlier, in addition to the annual required State contribution certified by the Board for each fiscal year. Provides that each retirement system has the right to bring a mandamus action against the State to compel the State to make any installment of the annual required State contribution certified by the Board and the transfers required under the Budget Stabilization Act. Further provides that if a retirement system fails to bring a mandamus action against the State to compel the State to make any required installment, then any participant or retiree may bring such a mandamus action. Effective July 1, 2013.
Spectrum: Partisan Bill (Democrat 41-2)
Status: (Failed) 2015-01-13 - Session Sine Die [SB2404 Detail]
Download: Illinois-2013-SB2404-Amended.html
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1 | AMENDMENT TO SENATE BILL 2404
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2 | AMENDMENT NO. ______. Amend Senate Bill 2404, AS AMENDED, | ||||||
3 | as follows:
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4 | in Section 30, in Sec. 2-126, by inserting after the end of | ||||||
5 | subsection (a-5) the following: | ||||||
6 | " (a-10) Notwithstanding any other provision of this | ||||||
7 | Section, if for any fiscal year the General Assembly reduces | ||||||
8 | the guaranteed funding formula or the available appropriations | ||||||
9 | are insufficient to provide the amount required under that | ||||||
10 | funding formula, then in that same fiscal year all employee | ||||||
11 | contributions required under this Section shall be reduced by | ||||||
12 | the same percentage as the percentage by which the guaranteed | ||||||
13 | State funding or available appropriation was reduced below the | ||||||
14 | amount required under that funding formula as initially | ||||||
15 | certified by the System for that fiscal year. | ||||||
16 | If a court orders the State to pay full payment under the | ||||||
17 | guaranteed funding formula, or if a supplemental appropriation |
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1 | sufficient to provide the amount required under that funding | ||||||
2 | formula is enacted, then upon the first payment by the State at | ||||||
3 | the level required by that funding formula, the required | ||||||
4 | employee contribution rate shall return to the unreduced | ||||||
5 | amount. | ||||||
6 | At the beginning of each fiscal year, the Commission on | ||||||
7 | Government Forecasting and Accountability shall determine | ||||||
8 | whether this subsection applies and, if so, the amount of the | ||||||
9 | percentage reduction in employee contributions that shall be | ||||||
10 | made under this subsection. | ||||||
11 | For the purposes of this subsection, "guaranteed funding | ||||||
12 | formula" means the formula for the calculation of the required | ||||||
13 | State contribution in Section 2-124 of this Code, as that | ||||||
14 | Section
existed immediately before the effective date of this | ||||||
15 | amendatory Act of
the 98th General Assembly. "; and
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16 | in Section 30, in Sec. 14-133, by inserting after the end of | ||||||
17 | subsection (a-5) the following: | ||||||
18 | " (a-10) Notwithstanding any other provision of this | ||||||
19 | Section, if for any fiscal year the General Assembly reduces | ||||||
20 | the guaranteed funding formula or the available appropriations | ||||||
21 | are insufficient to provide the amount required under that | ||||||
22 | funding formula, then in that same fiscal year all employee | ||||||
23 | contributions required under this Section shall be reduced by | ||||||
24 | the same percentage as the percentage by which the guaranteed | ||||||
25 | State funding or available appropriation was reduced below the |
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1 | amount required under that funding formula as initially | ||||||
2 | certified by the System for that fiscal year. | ||||||
3 | If a court orders the State to pay full payment under the | ||||||
4 | guaranteed funding formula, or if a supplemental appropriation | ||||||
5 | sufficient to provide the amount required under that funding | ||||||
6 | formula is enacted, then upon the first payment by the State at | ||||||
7 | the level required by that funding formula, the required | ||||||
8 | employee contribution rate shall return to the unreduced | ||||||
9 | amount. | ||||||
10 | At the beginning of each fiscal year, the Commission on | ||||||
11 | Government Forecasting and Accountability shall determine | ||||||
12 | whether this subsection applies and, if so, the amount of the | ||||||
13 | percentage reduction in employee contributions that shall be | ||||||
14 | made under this subsection. | ||||||
15 | For the purposes of this subsection, "guaranteed funding | ||||||
16 | formula" means the formula for the calculation of the required | ||||||
17 | State contribution in Section 14-131 of this Code, as that | ||||||
18 | Section
existed immediately before the effective date of this | ||||||
19 | amendatory Act of
the 98th General Assembly. "; and
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20 | in Section 30, in Sec. 15-157, by inserting after the end of | ||||||
21 | subsection (a-5) the following: | ||||||
22 | " (a-10) Notwithstanding any other provision of this | ||||||
23 | Section, if for any fiscal year the General Assembly reduces | ||||||
24 | the guaranteed funding formula or the available appropriations | ||||||
25 | are insufficient to provide the amount required under that |
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1 | funding formula, then in that same fiscal year all employee | ||||||
2 | contributions required under this Section shall be reduced by | ||||||
3 | the same percentage as the percentage by which the guaranteed | ||||||
4 | State funding or available appropriation was reduced below the | ||||||
5 | amount required under that funding formula as initially | ||||||
6 | certified by the System for that fiscal year. | ||||||
7 | If a court orders the State to pay full payment under the | ||||||
8 | guaranteed funding formula, or if a supplemental appropriation | ||||||
9 | sufficient to provide the amount required under that funding | ||||||
10 | formula is enacted, then upon the first payment by the State at | ||||||
11 | the level required by that funding formula, the required | ||||||
12 | employee contribution rate shall return to the unreduced | ||||||
13 | amount. | ||||||
14 | At the beginning of each fiscal year, the Commission on | ||||||
15 | Government Forecasting and Accountability shall determine | ||||||
16 | whether this subsection applies and, if so, the amount of the | ||||||
17 | percentage reduction in employee contributions that shall be | ||||||
18 | made under this subsection. | ||||||
19 | For the purposes of this subsection, "guaranteed funding | ||||||
20 | formula" means the formula for the calculation of the required | ||||||
21 | State contribution in Section 15-155 of this Code, as that | ||||||
22 | Section
existed immediately before the effective date of this | ||||||
23 | amendatory Act of
the 98th General Assembly. "; and
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24 | in Section 30, in Sec. 16-152, by inserting after the end of | ||||||
25 | subsection (a-5) the following: |
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1 | " (a-10) Notwithstanding any other provision of this | ||||||
2 | Section, if for any fiscal year the General Assembly reduces | ||||||
3 | the guaranteed funding formula or the available appropriations | ||||||
4 | are insufficient to provide the amount required under that | ||||||
5 | funding formula, then in that same fiscal year all employee | ||||||
6 | contributions required under this Section shall be reduced by | ||||||
7 | the same percentage as the percentage by which the guaranteed | ||||||
8 | State funding or available appropriation was reduced below the | ||||||
9 | amount required under that funding formula as initially | ||||||
10 | certified by the System for that fiscal year. | ||||||
11 | If a court orders the State to pay full payment under the | ||||||
12 | guaranteed funding formula, or if a supplemental appropriation | ||||||
13 | sufficient to provide the amount required under that funding | ||||||
14 | formula is enacted, then upon the first payment by the State at | ||||||
15 | the level required by that funding formula, the required | ||||||
16 | employee contribution rate shall return to the unreduced | ||||||
17 | amount. | ||||||
18 | At the beginning of each fiscal year, the Commission on | ||||||
19 | Government Forecasting and Accountability shall determine | ||||||
20 | whether this subsection applies and, if so, the amount of the | ||||||
21 | percentage reduction in employee contributions that shall be | ||||||
22 | made under this subsection. | ||||||
23 | For the purposes of this subsection, "guaranteed funding | ||||||
24 | formula" means the formula for the calculation of the required | ||||||
25 | State contribution in Section 16-158 of this Code, as that | ||||||
26 | Section
existed immediately before the effective date of this |
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1 | amendatory Act of
the 98th General Assembly. ".
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