Bill Text: IL SB3549 | 2013-2014 | 98th General Assembly | Introduced
Bill Title: Amends the Illinois Pension Code. With respect to the 5 State-funded retirement systems: Provides a new funding formula for State contributions, with a funding goal of 100% for fiscal years 2016 through 2047 and 90% thereafter. Provides that no additional service credit may be accrued and no automatic increase in a retirement annuity shall be received. Provides that the pensionable salary of an active participant may not exceed that individual's pensionable salary as of the effective date. Provides that State-funded retirement systems shall establish self-directed retirement plans for all active participants and all employees hired on or after the effective date. Provides that all active participants shall have the option of participating in a self-directed retirement plan. Provides that these changes are controlling over any other law. In the Sections that were amended by Public Act 98-599, deletes the changes made by Public Act 98-599.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Failed) 2015-01-13 - Session Sine Die [SB3549 Detail]
Download: Illinois-2013-SB3549-Introduced.html
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1 | AN ACT concerning public employee benefits.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Illinois Pension Code is amended by changing | ||||||||||||||||||||||||||||||||||
5 | Sections 2-124, 14-131, 15-155, 16-158, and 18-131 and by | ||||||||||||||||||||||||||||||||||
6 | adding Section 1-161 as follows:
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7 | (40 ILCS 5/1-161 new) | ||||||||||||||||||||||||||||||||||
8 | Sec. 1-161. Pension benefits, end of service credit; | ||||||||||||||||||||||||||||||||||
9 | self-directed retirement plans. | ||||||||||||||||||||||||||||||||||
10 | (a) For the purposes of this Section: | ||||||||||||||||||||||||||||||||||
11 | "Active participant" means a participant in a | ||||||||||||||||||||||||||||||||||
12 | State-funded retirement system who does not receive an | ||||||||||||||||||||||||||||||||||
13 | annuity from a State-funded retirement system. | ||||||||||||||||||||||||||||||||||
14 | "Annuitant" means a participant in a State-funded | ||||||||||||||||||||||||||||||||||
15 | retirement system who receives an annuity from a | ||||||||||||||||||||||||||||||||||
16 | State-funded retirement system. | ||||||||||||||||||||||||||||||||||
17 | "Automatic increase in retirement annuity" means an | ||||||||||||||||||||||||||||||||||
18 | automatic increase in retirement annuity granted under | ||||||||||||||||||||||||||||||||||
19 | Section 1-160 or Article 2, 14, 15, 16, or 18 of this Code. | ||||||||||||||||||||||||||||||||||
20 | "Consumer price index-u" means the index published by | ||||||||||||||||||||||||||||||||||
21 | the Bureau of Labor Statistics of the United States | ||||||||||||||||||||||||||||||||||
22 | Department of Labor that measures the average change in | ||||||||||||||||||||||||||||||||||
23 | prices of goods and services purchased by all urban |
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1 | consumers, United States city average, all items, 1982-84 = | ||||||
2 | 100. | ||||||
3 | "Pensionable salary" means the amount of salary, | ||||||
4 | compensation, or earnings used by the applicable | ||||||
5 | State-funded retirement system to calculate the amount of | ||||||
6 | an individual's retirement annuity. | ||||||
7 | "State-funded retirement system" means a retirement | ||||||
8 | system established under Article 2, 14, 15, 16, or 18 of | ||||||
9 | this Code. | ||||||
10 | (b) No active participant may accrue service credit in a | ||||||
11 | State-funded retirement system on or after the effective date | ||||||
12 | of this amendatory Act of the 98th General Assembly. | ||||||
13 | (c) The pensionable salary of an active participant shall | ||||||
14 | not exceed the pensionable salary of that participant as of the | ||||||
15 | effective date of this amendatory Act of the 98th General | ||||||
16 | Assembly. | ||||||
17 | (d) An annuitant shall not receive an automatic increase in | ||||||
18 | retirement annuity on or after the effective date of this | ||||||
19 | Section. | ||||||
20 | (e) The retirement age of active participants who are | ||||||
21 | ineligible to retire as of the effective date of this | ||||||
22 | amendatory Act of the 98th General Assembly shall be increased | ||||||
23 | according to a schedule developed by the Public Pension | ||||||
24 | Division of the Department of Insurance as soon as practicable | ||||||
25 | after the effective date of this amendatory Act of the 98th | ||||||
26 | General Assembly. The schedule of retirement ages adopted by |
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1 | administrative rule of the Division shall, at a minimum, ensure | ||||||
2 | (i) that persons who first become active participants on or | ||||||
3 | after the effective date of this amendatory Act of the 98th | ||||||
4 | General Assembly are not eligible to retire until reaching the | ||||||
5 | Social Security Normal Retirement Age and (ii) that persons who | ||||||
6 | are active participants but ineligible to retire as of the | ||||||
7 | effective date of this amendatory Act of the 98th General | ||||||
8 | Assembly remain ineligible to retire until reaching age 59. The | ||||||
9 | Division's schedule shall also provide for the adjustment of | ||||||
10 | retirement ages using a matrix that accounts for the current | ||||||
11 | statutory retirement age for various classes of persons and | ||||||
12 | service credit accrued by those persons as of the effective | ||||||
13 | date of this amendatory Act of the 98th General Assembly. | ||||||
14 | (f) As soon as practicable after the effective date of this | ||||||
15 | amendatory Act of the 98th General Assembly, each State-funded | ||||||
16 | retirement system shall establish a self-directed retirement | ||||||
17 | plan that allows individuals who are active participants and | ||||||
18 | individuals who become active participants on or after the | ||||||
19 | effective date of this amendatory Act of the 98th General | ||||||
20 | Assembly the opportunity to accumulate assets for retirement | ||||||
21 | through a combination of employee and employer contributions | ||||||
22 | that may be invested in mutual funds, collective investment | ||||||
23 | funds, or other investment products and used to purchase | ||||||
24 | annuity contracts, either fixed or variable or a combination | ||||||
25 | thereof. The plan must be qualified under the Internal Revenue | ||||||
26 | Code of 1986. Participants in the retirement system established |
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1 | under Article 15 may participate in the self-managed plan | ||||||
2 | established under Section 15-158.2 in lieu of participating in | ||||||
3 | a self-directed retirement plan created under this subsection | ||||||
4 | (f). | ||||||
5 | (g) Each active participant in the retirement system | ||||||
6 | established under Article 14 of this Code who is a noncovered | ||||||
7 | employee and each active participant in a retirement system | ||||||
8 | established under Article 15, 16, or 18 of this Code, except | ||||||
9 | for a participant in the self-managed plan established under | ||||||
10 | Section 15-158.2, shall participate in the self-directed | ||||||
11 | retirement plan established under subsection (f) and | ||||||
12 | contribute 8% of his or her salary, earnings, or compensation, | ||||||
13 | whichever is applicable, to the plan. The employer of each of | ||||||
14 | those active participants shall contribute 7% of salary, | ||||||
15 | earnings, or compensation, whichever is applicable, to that | ||||||
16 | plan on behalf of the participant. | ||||||
17 | Each active participant in the retirement system | ||||||
18 | established under Article 14 who is a covered employee shall | ||||||
19 | participate in the self-directed retirement plan established | ||||||
20 | under subsection (f) and shall contribute 3% of compensation to | ||||||
21 | the plan. The employer of each of those participants shall | ||||||
22 | contribute 3% of compensation to the self-directed retirement | ||||||
23 | plan on behalf of the participant. | ||||||
24 | Each active participant in the retirement system | ||||||
25 | established under Article 2 of this Code shall have the option | ||||||
26 | of participating in the self-directed retirement plan |
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1 | established under subsection (f) and shall be entitled to | ||||||
2 | contribute as much to the plan as is authorized by federal law. | ||||||
3 | However, no employer contribution to the self-directed plan | ||||||
4 | shall be made on behalf of active participants in the | ||||||
5 | retirement system established under Article 2 of this Code. | ||||||
6 | For the purposes of this subsection (g), salary, earnings, | ||||||
7 | or compensation shall not exceed $110,100. However, that amount | ||||||
8 | shall be increased on January 1, 2017 and each January 1 | ||||||
9 | thereafter by the lesser of (i) 3% of that amount or (ii) | ||||||
10 | one-half the annual unadjusted percentage increase (but not | ||||||
11 | less than zero) in the consumer price index-u for the 12 months | ||||||
12 | ending with the September preceding each November 1, as | ||||||
13 | calculated by the Public Pension Division of the Department of | ||||||
14 | Insurance and made available to the boards of the State-funded | ||||||
15 | retirement systems by November 1, 2015 and each November 1 | ||||||
16 | thereafter. | ||||||
17 | (h) The provisions of this amendatory Act of the 98th | ||||||
18 | General Assembly apply notwithstanding any other law, | ||||||
19 | including Section 1-160 of this Code. If there is a conflict | ||||||
20 | between the provisions of this amendatory Act of the 98th | ||||||
21 | General Assembly and any other law, the provisions of this | ||||||
22 | Section shall control.
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23 | (40 ILCS 5/2-124) (from Ch. 108 1/2, par. 2-124)
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24 | Sec. 2-124. Contributions by State.
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25 | (a) The State shall make contributions to the System by
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1 | appropriations of amounts which, together with the | ||||||
2 | contributions of
participants, interest earned on investments, | ||||||
3 | and other income
will meet the cost of maintaining and | ||||||
4 | administering the System on a 100% 90%
funded basis in | ||||||
5 | accordance with actuarial recommendations by the end of State | ||||||
6 | fiscal year 2044 .
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7 | (b) The Board shall determine the amount of State
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8 | contributions required for each fiscal year on the basis of the
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9 | actuarial tables and other assumptions adopted by the Board and | ||||||
10 | the
prescribed rate of interest, using the formula in | ||||||
11 | subsection (c).
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12 | (c) For State fiscal years 2015 through 2044, the minimum | ||||||
13 | contribution
to the System to be made by the State for each | ||||||
14 | fiscal year shall be an amount
determined by the System to be | ||||||
15 | equal to the sum of (1) the State's portion of the projected | ||||||
16 | normal cost for that fiscal year, plus (2) an amount sufficient | ||||||
17 | to bring the total assets of the
System up to 100% of the total | ||||||
18 | actuarial liabilities of the System by the end of
State fiscal | ||||||
19 | year 2044. In making these determinations, the required State
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20 | contribution shall be calculated each year as a level | ||||||
21 | percentage of payroll
over the years remaining to and including | ||||||
22 | fiscal year 2044 and shall be
determined under the projected | ||||||
23 | unit cost method for fiscal year 2015 and under the entry age | ||||||
24 | normal actuarial cost method for fiscal years 2016 through | ||||||
25 | 2044. | ||||||
26 | For State fiscal years 2012 through 2015 2014 , the minimum |
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1 | contribution
to the System to be made by the State for each | ||||||
2 | fiscal year shall be an amount
determined by the System to be | ||||||
3 | sufficient to bring the total assets of the
System up to 90% of | ||||||
4 | the total actuarial liabilities of the System by the end of
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5 | State fiscal year 2045. In making these determinations, the | ||||||
6 | required State
contribution shall be calculated each year as a | ||||||
7 | level percentage of payroll
over the years remaining to and | ||||||
8 | including fiscal year 2045 and shall be
determined under the | ||||||
9 | projected unit credit actuarial cost method.
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10 | For State fiscal years 2016 through 2047, the minimum | ||||||
11 | contribution
to the System to be made by the State for each | ||||||
12 | fiscal year shall be an amount
determined by the System to be | ||||||
13 | sufficient to bring the total assets of the
System up to 100% | ||||||
14 | of the total actuarial liabilities of the System by the end of
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15 | State fiscal year 2047. In making these determinations, the | ||||||
16 | required State
contribution shall be calculated each year as a | ||||||
17 | level dollar amount
over the years remaining to and including | ||||||
18 | fiscal year 2047 and shall be
determined under the projected | ||||||
19 | unit credit actuarial cost method. | ||||||
20 | For State fiscal years 1996 through 2005, the State | ||||||
21 | contribution to
the System, as a percentage of the applicable | ||||||
22 | employee payroll, shall be
increased in equal annual increments | ||||||
23 | so that by State fiscal year 2011, the
State is contributing at | ||||||
24 | the rate required under this Section.
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25 | Notwithstanding any other provision of this Article, the | ||||||
26 | total required State
contribution for State fiscal year 2006 is |
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1 | $4,157,000.
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2 | Notwithstanding any other provision of this Article, the | ||||||
3 | total required State
contribution for State fiscal year 2007 is | ||||||
4 | $5,220,300.
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5 | For each of State fiscal years 2008 through 2009, the State | ||||||
6 | contribution to
the System, as a percentage of the applicable | ||||||
7 | employee payroll, shall be
increased in equal annual increments | ||||||
8 | from the required State contribution for State fiscal year | ||||||
9 | 2007, so that by State fiscal year 2011, the
State is | ||||||
10 | contributing at the rate otherwise required under this Section.
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11 | Notwithstanding any other provision of this Article, the | ||||||
12 | total required State contribution for State fiscal year 2010 is | ||||||
13 | $10,454,000 and shall be made from the proceeds of bonds sold | ||||||
14 | in fiscal year 2010 pursuant to Section 7.2 of the General | ||||||
15 | Obligation Bond Act, less (i) the pro rata share of bond sale | ||||||
16 | expenses determined by the System's share of total bond | ||||||
17 | proceeds, (ii) any amounts received from the General Revenue | ||||||
18 | Fund in fiscal year 2010, and (iii) any reduction in bond | ||||||
19 | proceeds due to the issuance of discounted bonds, if | ||||||
20 | applicable. | ||||||
21 | Notwithstanding any other provision of this Article, the
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22 | total required State contribution for State fiscal year 2011 is
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23 | the amount recertified by the System on or before April 1, 2011 | ||||||
24 | pursuant to Section 2-134 and shall be made from the proceeds | ||||||
25 | of bonds sold
in fiscal year 2011 pursuant to Section 7.2 of | ||||||
26 | the General
Obligation Bond Act, less (i) the pro rata share of |
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1 | bond sale
expenses determined by the System's share of total | ||||||
2 | bond
proceeds, (ii) any amounts received from the General | ||||||
3 | Revenue
Fund in fiscal year 2011, and (iii) any reduction in | ||||||
4 | bond
proceeds due to the issuance of discounted bonds, if
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5 | applicable. | ||||||
6 | Beginning in State fiscal year 2045, the minimum State | ||||||
7 | contribution for each fiscal year shall be the amount needed to | ||||||
8 | maintain the total assets of the System at 100% of the total | ||||||
9 | actuarial liabilities of the System. | ||||||
10 | Beginning in State fiscal year 2048, the minimum State | ||||||
11 | contribution for
each fiscal year shall be the amount needed to | ||||||
12 | maintain the total assets of
the System at 90% of the total | ||||||
13 | actuarial liabilities of the System.
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14 | Amounts received by the System pursuant to Section 25 of | ||||||
15 | the Budget Stabilization Act or Section 8.12 of the State | ||||||
16 | Finance Act in any fiscal year do not reduce and do not | ||||||
17 | constitute payment of any portion of the minimum State | ||||||
18 | contribution required under this Article in that fiscal year. | ||||||
19 | Such amounts shall not reduce, and shall not be included in the | ||||||
20 | calculation of, the required State contributions under this | ||||||
21 | Article in any future year until the System has reached a | ||||||
22 | funding ratio of at least 100% 90% . A reference in this Article | ||||||
23 | to the "required State contribution" or any substantially | ||||||
24 | similar term does not include or apply to any amounts payable | ||||||
25 | to the System under Section 25 of the Budget Stabilization Act.
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26 | Notwithstanding any other provision of this Section, the |
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1 | required State
contribution for State fiscal year 2005 and for | ||||||
2 | fiscal year 2008 and each fiscal year thereafter through State | ||||||
3 | fiscal year 2014 , as
calculated under this Section and
| ||||||
4 | certified under Section 2-134, shall not exceed an amount equal | ||||||
5 | to (i) the
amount of the required State contribution that would | ||||||
6 | have been calculated under
this Section for that fiscal year if | ||||||
7 | the System had not received any payments
under subsection (d) | ||||||
8 | of Section 7.2 of the General Obligation Bond Act, minus
(ii) | ||||||
9 | the portion of the State's total debt service payments for that | ||||||
10 | fiscal
year on the bonds issued in fiscal year 2003 for the | ||||||
11 | purposes of that Section 7.2, as determined
and certified by | ||||||
12 | the Comptroller, that is the same as the System's portion of
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13 | the total moneys distributed under subsection (d) of Section | ||||||
14 | 7.2 of the General
Obligation Bond Act. In determining this | ||||||
15 | maximum for State fiscal years 2008 through 2010, however, the | ||||||
16 | amount referred to in item (i) shall be increased, as a | ||||||
17 | percentage of the applicable employee payroll, in equal | ||||||
18 | increments calculated from the sum of the required State | ||||||
19 | contribution for State fiscal year 2007 plus the applicable | ||||||
20 | portion of the State's total debt service payments for fiscal | ||||||
21 | year 2007 on the bonds issued in fiscal year 2003 for the | ||||||
22 | purposes of Section 7.2 of the General
Obligation Bond Act, so | ||||||
23 | that, by State fiscal year 2011, the
State is contributing at | ||||||
24 | the rate otherwise required under this Section.
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25 | (d) For purposes of determining the required State | ||||||
26 | contribution to the System, the value of the System's assets |
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1 | shall be equal to the actuarial value of the System's assets, | ||||||
2 | which shall be calculated as follows: | ||||||
3 | As of June 30, 2008, the actuarial value of the System's | ||||||
4 | assets shall be equal to the market value of the assets as of | ||||||
5 | that date. In determining the actuarial value of the System's | ||||||
6 | assets for fiscal years after June 30, 2008, any actuarial | ||||||
7 | gains or losses from investment return incurred in a fiscal | ||||||
8 | year shall be recognized in equal annual amounts over the | ||||||
9 | 5-year period following that fiscal year. | ||||||
10 | (e) For purposes of determining the required State | ||||||
11 | contribution to the system for a particular year, the actuarial | ||||||
12 | value of assets shall be assumed to earn a rate of return equal | ||||||
13 | to the system's actuarially assumed rate of return. | ||||||
14 | (Source: P.A. 96-43, eff. 7-15-09; 96-1497, eff. 1-14-11; | ||||||
15 | 96-1511, eff. 1-27-11; 96-1554, eff. 3-18-11; 97-813, eff. | ||||||
16 | 7-13-12; 98-599, eff. 6-1-14.)
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17 | (40 ILCS 5/14-131)
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18 | Sec. 14-131. Contributions by State.
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19 | (a) The State shall make contributions to the System by | ||||||
20 | appropriations of
amounts which, together with other employer | ||||||
21 | contributions from trust, federal,
and other funds, employee | ||||||
22 | contributions, investment income, and other income,
will be | ||||||
23 | sufficient to meet the cost of maintaining and administering | ||||||
24 | the System
on a 100% 90% funded basis in accordance with | ||||||
25 | actuarial recommendations by the end of State fiscal year 2044 .
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1 | For the purposes of this Section and Section 14-135.08, | ||||||
2 | references to State
contributions refer only to employer | ||||||
3 | contributions and do not include employee
contributions that | ||||||
4 | are picked up or otherwise paid by the State or a
department on | ||||||
5 | behalf of the employee.
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6 | (b) The Board shall determine the total amount of State | ||||||
7 | contributions
required for each fiscal year on the basis of the | ||||||
8 | actuarial tables and other
assumptions adopted by the Board, | ||||||
9 | using the formula in subsection (e).
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10 | The Board shall also determine a State contribution rate | ||||||
11 | for each fiscal
year, expressed as a percentage of payroll, | ||||||
12 | based on the total required State
contribution for that fiscal | ||||||
13 | year (less the amount received by the System from
| ||||||
14 | appropriations under Section 8.12 of the State Finance Act and | ||||||
15 | Section 1 of the
State Pension Funds Continuing Appropriation | ||||||
16 | Act, if any, for the fiscal year
ending on the June 30 | ||||||
17 | immediately preceding the applicable November 15
certification | ||||||
18 | deadline), the estimated payroll (including all forms of
| ||||||
19 | compensation) for personal services rendered by eligible | ||||||
20 | employees, and the
recommendations of the actuary.
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21 | For the purposes of this Section and Section 14.1 of the | ||||||
22 | State Finance Act,
the term "eligible employees" includes | ||||||
23 | employees who participate in the System,
persons who may elect | ||||||
24 | to participate in the System but have not so elected,
persons | ||||||
25 | who are serving a qualifying period that is required for | ||||||
26 | participation,
and annuitants employed by a department as |
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1 | described in subdivision (a)(1) or
(a)(2) of Section 14-111.
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2 | (c) Contributions shall be made by the several departments | ||||||
3 | for each pay
period by warrants drawn by the State Comptroller | ||||||
4 | against their respective
funds or appropriations based upon | ||||||
5 | vouchers stating the amount to be so
contributed. These amounts | ||||||
6 | shall be based on the full rate certified by the
Board under | ||||||
7 | Section 14-135.08 for that fiscal year.
From the effective date | ||||||
8 | of this amendatory Act of the 93rd General
Assembly through the | ||||||
9 | payment of the final payroll from fiscal year 2004
| ||||||
10 | appropriations, the several departments shall not make | ||||||
11 | contributions
for the remainder of fiscal year 2004 but shall | ||||||
12 | instead make payments
as required under subsection (a-1) of | ||||||
13 | Section 14.1 of the State Finance Act.
The several departments | ||||||
14 | shall resume those contributions at the commencement of
fiscal | ||||||
15 | year 2005.
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16 | (c-1) Notwithstanding subsection (c) of this Section, for | ||||||
17 | fiscal years 2010, 2012, 2013, and 2014 only, contributions by | ||||||
18 | the several departments are not required to be made for General | ||||||
19 | Revenue Funds payrolls processed by the Comptroller. Payrolls | ||||||
20 | paid by the several departments from all other State funds must | ||||||
21 | continue to be processed pursuant to subsection (c) of this | ||||||
22 | Section. | ||||||
23 | (c-2) For State fiscal years 2010, 2012, 2013, and 2014 | ||||||
24 | only, on or as soon as possible after the 15th day of each | ||||||
25 | month, the Board shall submit vouchers for payment of State | ||||||
26 | contributions to the System, in a total monthly amount of |
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1 | one-twelfth of the fiscal year General Revenue Fund | ||||||
2 | contribution as certified by the System pursuant to Section | ||||||
3 | 14-135.08 of the Illinois Pension Code. | ||||||
4 | (d) If an employee is paid from trust funds or federal | ||||||
5 | funds, the
department or other employer shall pay employer | ||||||
6 | contributions from those funds
to the System at the certified | ||||||
7 | rate, unless the terms of the trust or the
federal-State | ||||||
8 | agreement preclude the use of the funds for that purpose, in
| ||||||
9 | which case the required employer contributions shall be paid by | ||||||
10 | the State.
From the effective date of this amendatory
Act of | ||||||
11 | the 93rd General Assembly through the payment of the final
| ||||||
12 | payroll from fiscal year 2004 appropriations, the department or | ||||||
13 | other
employer shall not pay contributions for the remainder of | ||||||
14 | fiscal year
2004 but shall instead make payments as required | ||||||
15 | under subsection (a-1) of
Section 14.1 of the State Finance | ||||||
16 | Act. The department or other employer shall
resume payment of
| ||||||
17 | contributions at the commencement of fiscal year 2005.
| ||||||
18 | (e) For State fiscal years 2015 through 2044, the minimum | ||||||
19 | contribution
to the System to be made by the State for each | ||||||
20 | fiscal year shall be an amount
determined by the System to be | ||||||
21 | equal to the sum of (1) the State's portion of the projected | ||||||
22 | normal cost for that fiscal year, plus (2) an amount sufficient | ||||||
23 | to bring the total assets of the
System up to 100% of the total | ||||||
24 | actuarial liabilities of the System by the end of
State fiscal | ||||||
25 | year 2044. In making these determinations, the required State
| ||||||
26 | contribution shall be calculated each year as a level |
| |||||||
| |||||||
1 | percentage of payroll
over the years remaining to and including | ||||||
2 | fiscal year 2044 and shall be
determined under the projected | ||||||
3 | unit cost method for fiscal year 2015 and under the entry age | ||||||
4 | normal actuarial cost method for fiscal years 2016 through | ||||||
5 | 2044. | ||||||
6 | For State fiscal years 2012 through 2015 2014 , the minimum | ||||||
7 | contribution
to the System to be made by the State for each | ||||||
8 | fiscal year shall be an amount
determined by the System to be | ||||||
9 | sufficient to bring the total assets of the
System up to 90% of | ||||||
10 | the total actuarial liabilities of the System by the end
of | ||||||
11 | State fiscal year 2045. In making these determinations, the | ||||||
12 | required State
contribution shall be calculated each year as a | ||||||
13 | level percentage of payroll
over the years remaining to and | ||||||
14 | including fiscal year 2045 and shall be
determined under the | ||||||
15 | projected unit credit actuarial cost method.
| ||||||
16 | For State fiscal years 2016 through 2047, the minimum | ||||||
17 | contribution
to the System to be made by the State for each | ||||||
18 | fiscal year shall be an amount
determined by the System to be | ||||||
19 | sufficient to bring the total assets of the
System up to 100% | ||||||
20 | of the total actuarial liabilities of the System by the end
of | ||||||
21 | State fiscal year 2047. In making these determinations, the | ||||||
22 | required State
contribution shall be calculated each year as a | ||||||
23 | level dollar amount
over the years remaining to and including | ||||||
24 | fiscal year 2047 and shall be
determined under the projected | ||||||
25 | unit credit actuarial cost method. | ||||||
26 | For State fiscal years 1996 through 2005, the State |
| |||||||
| |||||||
1 | contribution to
the System, as a percentage of the applicable | ||||||
2 | employee payroll, shall be
increased in equal annual increments | ||||||
3 | so that by State fiscal year 2011, the
State is contributing at | ||||||
4 | the rate required under this Section; except that
(i) for State | ||||||
5 | fiscal year 1998, for all purposes of this Code and any other
| ||||||
6 | law of this State, the certified percentage of the applicable | ||||||
7 | employee payroll
shall be 5.052% for employees earning eligible | ||||||
8 | creditable service under Section
14-110 and 6.500% for all | ||||||
9 | other employees, notwithstanding any contrary
certification | ||||||
10 | made under Section 14-135.08 before the effective date of this
| ||||||
11 | amendatory Act of 1997, and (ii)
in the following specified | ||||||
12 | State fiscal years, the State contribution to
the System shall | ||||||
13 | not be less than the following indicated percentages of the
| ||||||
14 | applicable employee payroll, even if the indicated percentage | ||||||
15 | will produce a
State contribution in excess of the amount | ||||||
16 | otherwise required under this
subsection and subsection (a):
| ||||||
17 | 9.8% in FY 1999;
10.0% in FY 2000;
10.2% in FY 2001;
10.4% in FY | ||||||
18 | 2002;
10.6% in FY 2003; and
10.8% in FY 2004.
| ||||||
19 | Notwithstanding any other provision of this Article, the | ||||||
20 | total required State
contribution to the System for State | ||||||
21 | fiscal year 2006 is $203,783,900.
| ||||||
22 | Notwithstanding any other provision of this Article, the | ||||||
23 | total required State
contribution to the System for State | ||||||
24 | fiscal year 2007 is $344,164,400.
| ||||||
25 | For each of State fiscal years 2008 through 2009, the State | ||||||
26 | contribution to
the System, as a percentage of the applicable |
| |||||||
| |||||||
1 | employee payroll, shall be
increased in equal annual increments | ||||||
2 | from the required State contribution for State fiscal year | ||||||
3 | 2007, so that by State fiscal year 2011, the
State is | ||||||
4 | contributing at the rate otherwise required under this Section.
| ||||||
5 | Notwithstanding any other provision of this Article, the | ||||||
6 | total required State General Revenue Fund contribution for | ||||||
7 | State fiscal year 2010 is $723,703,100 and shall be made from | ||||||
8 | the proceeds of bonds sold in fiscal year 2010 pursuant to | ||||||
9 | Section 7.2 of the General Obligation Bond Act, less (i) the | ||||||
10 | pro rata share of bond sale expenses determined by the System's | ||||||
11 | share of total bond proceeds, (ii) any amounts received from | ||||||
12 | the General Revenue Fund in fiscal year 2010, and (iii) any | ||||||
13 | reduction in bond proceeds due to the issuance of discounted | ||||||
14 | bonds, if applicable. | ||||||
15 | Notwithstanding any other provision of this Article, the
| ||||||
16 | total required State General Revenue Fund contribution for
| ||||||
17 | State fiscal year 2011 is the amount recertified by the System | ||||||
18 | on or before April 1, 2011 pursuant to Section 14-135.08 and | ||||||
19 | shall be made from
the proceeds of bonds sold in fiscal year | ||||||
20 | 2011 pursuant to
Section 7.2 of the General Obligation Bond | ||||||
21 | Act, less (i) the
pro rata share of bond sale expenses | ||||||
22 | determined by the System's
share of total bond proceeds, (ii) | ||||||
23 | any amounts received from
the General Revenue Fund in fiscal | ||||||
24 | year 2011, and (iii) any
reduction in bond proceeds due to the | ||||||
25 | issuance of discounted
bonds, if applicable. | ||||||
26 | Beginning in State fiscal year 2045, the minimum State |
| |||||||
| |||||||
1 | contribution for each fiscal year shall be the amount needed to | ||||||
2 | maintain the total assets of the System at 100% of the total | ||||||
3 | actuarial liabilities of the System. | ||||||
4 | Beginning in State fiscal year 2048, the minimum State | ||||||
5 | contribution for
each fiscal year shall be the amount needed to | ||||||
6 | maintain the total assets of
the System at 90% of the total | ||||||
7 | actuarial liabilities of the System.
| ||||||
8 | Amounts received by the System pursuant to Section 25 of | ||||||
9 | the Budget Stabilization Act or Section 8.12 of the State | ||||||
10 | Finance Act in any fiscal year do not reduce and do not | ||||||
11 | constitute payment of any portion of the minimum State | ||||||
12 | contribution required under this Article in that fiscal year. | ||||||
13 | Such amounts shall not reduce, and shall not be included in the | ||||||
14 | calculation of, the required State contributions under this | ||||||
15 | Article in any future year until the System has reached a | ||||||
16 | funding ratio of at least 100% 90% . A reference in this Article | ||||||
17 | to the "required State contribution" or any substantially | ||||||
18 | similar term does not include or apply to any amounts payable | ||||||
19 | to the System under Section 25 of the Budget Stabilization Act.
| ||||||
20 | Notwithstanding any other provision of this Section, the | ||||||
21 | required State
contribution for State fiscal year 2005 and for | ||||||
22 | fiscal year 2008 and each fiscal year thereafter through State | ||||||
23 | fiscal year 2014 , as
calculated under this Section and
| ||||||
24 | certified under Section 14-135.08, shall not exceed an amount | ||||||
25 | equal to (i) the
amount of the required State contribution that | ||||||
26 | would have been calculated under
this Section for that fiscal |
| |||||||
| |||||||
1 | year if the System had not received any payments
under | ||||||
2 | subsection (d) of Section 7.2 of the General Obligation Bond | ||||||
3 | Act, minus
(ii) the portion of the State's total debt service | ||||||
4 | payments for that fiscal
year on the bonds issued in fiscal | ||||||
5 | year 2003 for the purposes of that Section 7.2, as determined
| ||||||
6 | and certified by the Comptroller, that is the same as the | ||||||
7 | System's portion of
the total moneys distributed under | ||||||
8 | subsection (d) of Section 7.2 of the General
Obligation Bond | ||||||
9 | Act. In determining this maximum for State fiscal years 2008 | ||||||
10 | through 2010, however, the amount referred to in item (i) shall | ||||||
11 | be increased, as a percentage of the applicable employee | ||||||
12 | payroll, in equal increments calculated from the sum of the | ||||||
13 | required State contribution for State fiscal year 2007 plus the | ||||||
14 | applicable portion of the State's total debt service payments | ||||||
15 | for fiscal year 2007 on the bonds issued in fiscal year 2003 | ||||||
16 | for the purposes of Section 7.2 of the General
Obligation Bond | ||||||
17 | Act, so that, by State fiscal year 2011, the
State is | ||||||
18 | contributing at the rate otherwise required under this Section.
| ||||||
19 | (f) After the submission of all payments for eligible | ||||||
20 | employees
from personal services line items in fiscal year 2004 | ||||||
21 | have been made,
the Comptroller shall provide to the System a | ||||||
22 | certification of the sum
of all fiscal year 2004 expenditures | ||||||
23 | for personal services that would
have been covered by payments | ||||||
24 | to the System under this Section if the
provisions of this | ||||||
25 | amendatory Act of the 93rd General Assembly had not been
| ||||||
26 | enacted. Upon
receipt of the certification, the System shall |
| |||||||
| |||||||
1 | determine the amount
due to the System based on the full rate | ||||||
2 | certified by the Board under
Section 14-135.08 for fiscal year | ||||||
3 | 2004 in order to meet the State's
obligation under this | ||||||
4 | Section. The System shall compare this amount
due to the amount | ||||||
5 | received by the System in fiscal year 2004 through
payments | ||||||
6 | under this Section and under Section 6z-61 of the State Finance | ||||||
7 | Act.
If the amount
due is more than the amount received, the | ||||||
8 | difference shall be termed the
"Fiscal Year 2004 Shortfall" for | ||||||
9 | purposes of this Section, and the
Fiscal Year 2004 Shortfall | ||||||
10 | shall be satisfied under Section 1.2 of the State
Pension Funds | ||||||
11 | Continuing Appropriation Act. If the amount due is less than | ||||||
12 | the
amount received, the
difference shall be termed the "Fiscal | ||||||
13 | Year 2004 Overpayment" for purposes of
this Section, and the | ||||||
14 | Fiscal Year 2004 Overpayment shall be repaid by
the System to | ||||||
15 | the Pension Contribution Fund as soon as practicable
after the | ||||||
16 | certification.
| ||||||
17 | (g) For purposes of determining the required State | ||||||
18 | contribution to the System, the value of the System's assets | ||||||
19 | shall be equal to the actuarial value of the System's assets, | ||||||
20 | which shall be calculated as follows: | ||||||
21 | As of June 30, 2008, the actuarial value of the System's | ||||||
22 | assets shall be equal to the market value of the assets as of | ||||||
23 | that date. In determining the actuarial value of the System's | ||||||
24 | assets for fiscal years after June 30, 2008, any actuarial | ||||||
25 | gains or losses from investment return incurred in a fiscal | ||||||
26 | year shall be recognized in equal annual amounts over the |
| |||||||
| |||||||
1 | 5-year period following that fiscal year. | ||||||
2 | (h) For purposes of determining the required State | ||||||
3 | contribution to the System for a particular year, the actuarial | ||||||
4 | value of assets shall be assumed to earn a rate of return equal | ||||||
5 | to the System's actuarially assumed rate of return. | ||||||
6 | (i) After the submission of all payments for eligible | ||||||
7 | employees from personal services line items paid from the | ||||||
8 | General Revenue Fund in fiscal year 2010 have been made, the | ||||||
9 | Comptroller shall provide to the System a certification of the | ||||||
10 | sum of all fiscal year 2010 expenditures for personal services | ||||||
11 | that would have been covered by payments to the System under | ||||||
12 | this Section if the provisions of this amendatory Act of the | ||||||
13 | 96th General Assembly had not been enacted. Upon receipt of the | ||||||
14 | certification, the System shall determine the amount due to the | ||||||
15 | System based on the full rate certified by the Board under | ||||||
16 | Section 14-135.08 for fiscal year 2010 in order to meet the | ||||||
17 | State's obligation under this Section. The System shall compare | ||||||
18 | this amount due to the amount received by the System in fiscal | ||||||
19 | year 2010 through payments under this Section. If the amount | ||||||
20 | due is more than the amount received, the difference shall be | ||||||
21 | termed the "Fiscal Year 2010 Shortfall" for purposes of this | ||||||
22 | Section, and the Fiscal Year 2010 Shortfall shall be satisfied | ||||||
23 | under Section 1.2 of the State Pension Funds Continuing | ||||||
24 | Appropriation Act. If the amount due is less than the amount | ||||||
25 | received, the difference shall be termed the "Fiscal Year 2010 | ||||||
26 | Overpayment" for purposes of this Section, and the Fiscal Year |
| |||||||
| |||||||
1 | 2010 Overpayment shall be repaid by the System to the General | ||||||
2 | Revenue Fund as soon as practicable after the certification. | ||||||
3 | (j) After the submission of all payments for eligible | ||||||
4 | employees from personal services line items paid from the | ||||||
5 | General Revenue Fund in fiscal year 2011 have been made, the | ||||||
6 | Comptroller shall provide to the System a certification of the | ||||||
7 | sum of all fiscal year 2011 expenditures for personal services | ||||||
8 | that would have been covered by payments to the System under | ||||||
9 | this Section if the provisions of this amendatory Act of the | ||||||
10 | 96th General Assembly had not been enacted. Upon receipt of the | ||||||
11 | certification, the System shall determine the amount due to the | ||||||
12 | System based on the full rate certified by the Board under | ||||||
13 | Section 14-135.08 for fiscal year 2011 in order to meet the | ||||||
14 | State's obligation under this Section. The System shall compare | ||||||
15 | this amount due to the amount received by the System in fiscal | ||||||
16 | year 2011 through payments under this Section. If the amount | ||||||
17 | due is more than the amount received, the difference shall be | ||||||
18 | termed the "Fiscal Year 2011 Shortfall" for purposes of this | ||||||
19 | Section, and the Fiscal Year 2011 Shortfall shall be satisfied | ||||||
20 | under Section 1.2 of the State Pension Funds Continuing | ||||||
21 | Appropriation Act. If the amount due is less than the amount | ||||||
22 | received, the difference shall be termed the "Fiscal Year 2011 | ||||||
23 | Overpayment" for purposes of this Section, and the Fiscal Year | ||||||
24 | 2011 Overpayment shall be repaid by the System to the General | ||||||
25 | Revenue Fund as soon as practicable after the certification. | ||||||
26 | (k) For fiscal years 2012 through 2014 only, after the |
| |||||||
| |||||||
1 | submission of all payments for eligible employees from personal | ||||||
2 | services line items paid from the General Revenue Fund in the | ||||||
3 | fiscal year have been made, the Comptroller shall provide to | ||||||
4 | the System a certification of the sum of all expenditures in | ||||||
5 | the fiscal year for personal services. Upon receipt of the | ||||||
6 | certification, the System shall determine the amount due to the | ||||||
7 | System based on the full rate certified by the Board under | ||||||
8 | Section 14-135.08 for the fiscal year in order to meet the | ||||||
9 | State's obligation under this Section. The System shall compare | ||||||
10 | this amount due to the amount received by the System for the | ||||||
11 | fiscal year. If the amount due is more than the amount | ||||||
12 | received, the difference shall be termed the "Prior Fiscal Year | ||||||
13 | Shortfall" for purposes of this Section, and the Prior Fiscal | ||||||
14 | Year Shortfall shall be satisfied under Section 1.2 of the | ||||||
15 | State Pension Funds Continuing Appropriation Act. If the amount | ||||||
16 | due is less than the amount received, the difference shall be | ||||||
17 | termed the "Prior Fiscal Year Overpayment" for purposes of this | ||||||
18 | Section, and the Prior Fiscal Year Overpayment shall be repaid | ||||||
19 | by the System to the General Revenue Fund as soon as | ||||||
20 | practicable after the certification. | ||||||
21 | (Source: P.A. 97-72, eff. 7-1-11; 97-732, eff. 6-30-12; 98-24, | ||||||
22 | eff. 6-19-13; 98-599, eff. 6-1-14.)
| ||||||
23 | (40 ILCS 5/15-155) (from Ch. 108 1/2, par. 15-155)
| ||||||
24 | Sec. 15-155. Employer contributions.
| ||||||
25 | (a) The State of Illinois shall make contributions by |
| |||||||
| |||||||
1 | appropriations of
amounts which, together with the other | ||||||
2 | employer contributions from trust,
federal, and other funds, | ||||||
3 | employee contributions, income from investments,
and other | ||||||
4 | income of this System, will be sufficient to meet the cost of
| ||||||
5 | maintaining and administering the System on a 100% 90% funded | ||||||
6 | basis in accordance
with actuarial recommendations by the end | ||||||
7 | of State fiscal year 2044 .
| ||||||
8 | The Board shall determine the amount of State contributions | ||||||
9 | required for
each fiscal year on the basis of the actuarial | ||||||
10 | tables and other assumptions
adopted by the Board and the | ||||||
11 | recommendations of the actuary, using the formula
in subsection | ||||||
12 | (a-1).
| ||||||
13 | (a-1) For State fiscal years 2015 through 2044, the minimum | ||||||
14 | contribution
to the System to be made by the State for each | ||||||
15 | fiscal year shall be an amount
determined by the System to be | ||||||
16 | equal to the sum of (1) the State's portion of the projected | ||||||
17 | normal cost for that fiscal year, plus (2) an amount sufficient | ||||||
18 | to bring the total assets of the System up to 100% of the total | ||||||
19 | actuarial liabilities of the System by the end of the State | ||||||
20 | fiscal year 2044. In making these determinations, the required | ||||||
21 | State contribution shall be calculated each year as a level | ||||||
22 | percentage of payroll over the years remaining to and including | ||||||
23 | fiscal year 2044 and shall be determined under the projected | ||||||
24 | unit cost method for fiscal year 2015 and under the entry age | ||||||
25 | normal actuarial cost method for fiscal years 2016 through | ||||||
26 | 2044. |
| |||||||
| |||||||
1 | For State fiscal years 2012 through 2015 2014 , the minimum | ||||||
2 | contribution
to the System to be made by the State for each | ||||||
3 | fiscal year shall be an amount
determined by the System to be | ||||||
4 | sufficient to bring the total assets of the
System up to 90% of | ||||||
5 | the total actuarial liabilities of the System by the end of
| ||||||
6 | State fiscal year 2045. In making these determinations, the | ||||||
7 | required State
contribution shall be calculated each year as a | ||||||
8 | level percentage of payroll
over the years remaining to and | ||||||
9 | including fiscal year 2045 and shall be
determined under the | ||||||
10 | projected unit credit actuarial cost method.
| ||||||
11 | For State fiscal years 2016 through 2047, the minimum | ||||||
12 | contribution
to the System to be made by the State for each | ||||||
13 | fiscal year shall be an amount
determined by the System to be | ||||||
14 | sufficient to bring the total assets of the
System up to 100% | ||||||
15 | of the total actuarial liabilities of the System by the end of
| ||||||
16 | State fiscal year 2047. In making these determinations, the | ||||||
17 | required State
contribution shall be calculated each year as a | ||||||
18 | level dollar amount
over the years remaining to and including | ||||||
19 | fiscal year 2047 and shall be
determined under the projected | ||||||
20 | unit credit actuarial cost method. | ||||||
21 | For State fiscal years 1996 through 2005, the State | ||||||
22 | contribution to
the System, as a percentage of the applicable | ||||||
23 | employee payroll, shall be
increased in equal annual increments | ||||||
24 | so that by State fiscal year 2011, the
State is contributing at | ||||||
25 | the rate required under this Section.
| ||||||
26 | Notwithstanding any other provision of this Article, the |
| |||||||
| |||||||
1 | total required State
contribution for State fiscal year 2006 is | ||||||
2 | $166,641,900.
| ||||||
3 | Notwithstanding any other provision of this Article, the | ||||||
4 | total required State
contribution for State fiscal year 2007 is | ||||||
5 | $252,064,100.
| ||||||
6 | For each of State fiscal years 2008 through 2009, the State | ||||||
7 | contribution to
the System, as a percentage of the applicable | ||||||
8 | employee payroll, shall be
increased in equal annual increments | ||||||
9 | from the required State contribution for State fiscal year | ||||||
10 | 2007, so that by State fiscal year 2011, the
State is | ||||||
11 | contributing at the rate otherwise required under this Section.
| ||||||
12 | Notwithstanding any other provision of this Article, the | ||||||
13 | total required State contribution for State fiscal year 2010 is | ||||||
14 | $702,514,000 and shall be made from the State Pensions Fund and | ||||||
15 | proceeds of bonds sold in fiscal year 2010 pursuant to Section | ||||||
16 | 7.2 of the General Obligation Bond Act, less (i) the pro rata | ||||||
17 | share of bond sale expenses determined by the System's share of | ||||||
18 | total bond proceeds, (ii) any amounts received from the General | ||||||
19 | Revenue Fund in fiscal year 2010, (iii) any reduction in bond | ||||||
20 | proceeds due to the issuance of discounted bonds, if | ||||||
21 | applicable. | ||||||
22 | Notwithstanding any other provision of this Article, the
| ||||||
23 | total required State contribution for State fiscal year 2011 is
| ||||||
24 | the amount recertified by the System on or before April 1, 2011 | ||||||
25 | pursuant to Section 15-165 and shall be made from the State | ||||||
26 | Pensions Fund and
proceeds of bonds sold in fiscal year 2011 |
| |||||||
| |||||||
1 | pursuant to Section
7.2 of the General Obligation Bond Act, | ||||||
2 | less (i) the pro rata
share of bond sale expenses determined by | ||||||
3 | the System's share of
total bond proceeds, (ii) any amounts | ||||||
4 | received from the General
Revenue Fund in fiscal year 2011, and | ||||||
5 | (iii) any reduction in bond
proceeds due to the issuance of | ||||||
6 | discounted bonds, if
applicable. | ||||||
7 | Beginning in State fiscal year 2045, the minimum | ||||||
8 | contribution
for each fiscal year shall be the amount
needed to | ||||||
9 | maintain the total assets of the System at 100% of the total | ||||||
10 | liabilities of the System. | ||||||
11 | Beginning in State fiscal year 2048, the minimum State | ||||||
12 | contribution for
each fiscal year shall be the amount needed to | ||||||
13 | maintain the total assets of
the System at 90% of the total | ||||||
14 | actuarial liabilities of the System.
| ||||||
15 | Amounts received by the System pursuant to Section 25 of | ||||||
16 | the Budget Stabilization Act or Section 8.12 of the State | ||||||
17 | Finance Act in any fiscal year do not reduce and do not | ||||||
18 | constitute payment of any portion of the minimum State | ||||||
19 | contribution required under this Article in that fiscal year. | ||||||
20 | Such amounts shall not reduce, and shall not be included in the | ||||||
21 | calculation of, the required State contributions under this | ||||||
22 | Article in any future year until the System has reached a | ||||||
23 | funding ratio of at least 100% 90% . A reference in this Article | ||||||
24 | to the "required State contribution" or any substantially | ||||||
25 | similar term does not include or apply to any amounts payable | ||||||
26 | to the System under Section 25 of the Budget Stabilization Act. |
| |||||||
| |||||||
1 | Notwithstanding any other provision of this Section, the | ||||||
2 | required State
contribution for State fiscal year 2005 and for | ||||||
3 | fiscal year 2008 and each fiscal year thereafter through State | ||||||
4 | fiscal year 2014 , as
calculated under this Section and
| ||||||
5 | certified under Section 15-165, shall not exceed an amount | ||||||
6 | equal to (i) the
amount of the required State contribution that | ||||||
7 | would have been calculated under
this Section for that fiscal | ||||||
8 | year if the System had not received any payments
under | ||||||
9 | subsection (d) of Section 7.2 of the General Obligation Bond | ||||||
10 | Act, minus
(ii) the portion of the State's total debt service | ||||||
11 | payments for that fiscal
year on the bonds issued in fiscal | ||||||
12 | year 2003 for the purposes of that Section 7.2, as determined
| ||||||
13 | and certified by the Comptroller, that is the same as the | ||||||
14 | System's portion of
the total moneys distributed under | ||||||
15 | subsection (d) of Section 7.2 of the General
Obligation Bond | ||||||
16 | Act. In determining this maximum for State fiscal years 2008 | ||||||
17 | through 2010, however, the amount referred to in item (i) shall | ||||||
18 | be increased, as a percentage of the applicable employee | ||||||
19 | payroll, in equal increments calculated from the sum of the | ||||||
20 | required State contribution for State fiscal year 2007 plus the | ||||||
21 | applicable portion of the State's total debt service payments | ||||||
22 | for fiscal year 2007 on the bonds issued in fiscal year 2003 | ||||||
23 | for the purposes of Section 7.2 of the General
Obligation Bond | ||||||
24 | Act, so that, by State fiscal year 2011, the
State is | ||||||
25 | contributing at the rate otherwise required under this Section.
| ||||||
26 | (b) If an employee is paid from trust or federal funds, the |
| |||||||
| |||||||
1 | employer
shall pay to the Board contributions from those funds | ||||||
2 | which are
sufficient to cover the accruing normal costs on | ||||||
3 | behalf of the employee.
However, universities having employees | ||||||
4 | who are compensated out of local
auxiliary funds, income funds, | ||||||
5 | or service enterprise funds are not required
to pay such | ||||||
6 | contributions on behalf of those employees. The local auxiliary
| ||||||
7 | funds, income funds, and service enterprise funds of | ||||||
8 | universities shall not be
considered trust funds for the | ||||||
9 | purpose of this Article, but funds of alumni
associations, | ||||||
10 | foundations, and athletic associations which are affiliated | ||||||
11 | with
the universities included as employers under this Article | ||||||
12 | and other employers
which do not receive State appropriations | ||||||
13 | are considered to be trust funds for
the purpose of this | ||||||
14 | Article.
| ||||||
15 | (b-1) The City of Urbana and the City of Champaign shall | ||||||
16 | each make
employer contributions to this System for their | ||||||
17 | respective firefighter
employees who participate in this | ||||||
18 | System pursuant to subsection (h) of Section
15-107. The rate | ||||||
19 | of contributions to be made by those municipalities shall
be | ||||||
20 | determined annually by the Board on the basis of the actuarial | ||||||
21 | assumptions
adopted by the Board and the recommendations of the | ||||||
22 | actuary, and shall be
expressed as a percentage of salary for | ||||||
23 | each such employee. The Board shall
certify the rate to the | ||||||
24 | affected municipalities as soon as may be practical.
The | ||||||
25 | employer contributions required under this subsection shall be | ||||||
26 | remitted by
the municipality to the System at the same time and |
| |||||||
| |||||||
1 | in the same manner as
employee contributions.
| ||||||
2 | (c) Through State fiscal year 1995: The total employer | ||||||
3 | contribution shall
be apportioned among the various funds of | ||||||
4 | the State and other employers,
whether trust, federal, or other | ||||||
5 | funds, in accordance with actuarial procedures
approved by the | ||||||
6 | Board. State of Illinois contributions for employers receiving
| ||||||
7 | State appropriations for personal services shall be payable | ||||||
8 | from appropriations
made to the employers or to the System. The | ||||||
9 | contributions for Class I
community colleges covering earnings | ||||||
10 | other than those paid from trust and
federal funds, shall be | ||||||
11 | payable solely from appropriations to the Illinois
Community | ||||||
12 | College Board or the System for employer contributions.
| ||||||
13 | (d) Beginning in State fiscal year 1996, the required State | ||||||
14 | contributions
to the System shall be appropriated directly to | ||||||
15 | the System and shall be payable
through vouchers issued in | ||||||
16 | accordance with subsection (c) of Section 15-165, except as | ||||||
17 | provided in subsection (g).
| ||||||
18 | (e) The State Comptroller shall draw warrants payable to | ||||||
19 | the System upon
proper certification by the System or by the | ||||||
20 | employer in accordance with the
appropriation laws and this | ||||||
21 | Code.
| ||||||
22 | (f) Normal costs under this Section means liability for
| ||||||
23 | pensions and other benefits which accrues to the System because | ||||||
24 | of the
credits earned for service rendered by the participants | ||||||
25 | during the
fiscal year and expenses of administering the | ||||||
26 | System, but shall not
include the principal of or any |
| |||||||
| |||||||
1 | redemption premium or interest on any bonds
issued by the Board | ||||||
2 | or any expenses incurred or deposits required in
connection | ||||||
3 | therewith.
| ||||||
4 | (g) If the amount of a participant's earnings for any | ||||||
5 | academic year used to determine the final rate of earnings, | ||||||
6 | determined on a full-time equivalent basis, exceeds the amount | ||||||
7 | of his or her earnings with the same employer for the previous | ||||||
8 | academic year, determined on a full-time equivalent basis, by | ||||||
9 | more than 6%, the participant's employer shall pay to the | ||||||
10 | System, in addition to all other payments required under this | ||||||
11 | Section and in accordance with guidelines established by the | ||||||
12 | System, the present value of the increase in benefits resulting | ||||||
13 | from the portion of the increase in earnings that is in excess | ||||||
14 | of 6%. This present value shall be computed by the System on | ||||||
15 | the basis of the actuarial assumptions and tables used in the | ||||||
16 | most recent actuarial valuation of the System that is available | ||||||
17 | at the time of the computation. The System may require the | ||||||
18 | employer to provide any pertinent information or | ||||||
19 | documentation. | ||||||
20 | Whenever it determines that a payment is or may be required | ||||||
21 | under this subsection (g), the System shall calculate the | ||||||
22 | amount of the payment and bill the employer for that amount. | ||||||
23 | The bill shall specify the calculations used to determine the | ||||||
24 | amount due. If the employer disputes the amount of the bill, it | ||||||
25 | may, within 30 days after receipt of the bill, apply to the | ||||||
26 | System in writing for a recalculation. The application must |
| |||||||
| |||||||
1 | specify in detail the grounds of the dispute and, if the | ||||||
2 | employer asserts that the calculation is subject to subsection | ||||||
3 | (h) or (i) of this Section, must include an affidavit setting | ||||||
4 | forth and attesting to all facts within the employer's | ||||||
5 | knowledge that are pertinent to the applicability of subsection | ||||||
6 | (h) or (i). Upon receiving a timely application for | ||||||
7 | recalculation, the System shall review the application and, if | ||||||
8 | appropriate, recalculate the amount due.
| ||||||
9 | The employer contributions required under this subsection | ||||||
10 | (g) may be paid in the form of a lump sum within 90 days after | ||||||
11 | receipt of the bill. If the employer contributions are not paid | ||||||
12 | within 90 days after receipt of the bill, then interest will be | ||||||
13 | charged at a rate equal to the System's annual actuarially | ||||||
14 | assumed rate of return on investment compounded annually from | ||||||
15 | the 91st day after receipt of the bill. Payments must be | ||||||
16 | concluded within 3 years after the employer's receipt of the | ||||||
17 | bill. | ||||||
18 | (h) This subsection (h) applies only to payments made or | ||||||
19 | salary increases given on or after June 1, 2005 but before July | ||||||
20 | 1, 2011. The changes made by Public Act 94-1057 shall not | ||||||
21 | require the System to refund any payments received before July | ||||||
22 | 31, 2006 (the effective date of Public Act 94-1057). | ||||||
23 | When assessing payment for any amount due under subsection | ||||||
24 | (g), the System shall exclude earnings increases paid to | ||||||
25 | participants under contracts or collective bargaining | ||||||
26 | agreements entered into, amended, or renewed before June 1, |
| |||||||
| |||||||
1 | 2005.
| ||||||
2 | When assessing payment for any amount due under subsection | ||||||
3 | (g), the System shall exclude earnings increases paid to a | ||||||
4 | participant at a time when the participant is 10 or more years | ||||||
5 | from retirement eligibility under Section 15-135.
| ||||||
6 | When assessing payment for any amount due under subsection | ||||||
7 | (g), the System shall exclude earnings increases resulting from | ||||||
8 | overload work, including a contract for summer teaching, or | ||||||
9 | overtime when the employer has certified to the System, and the | ||||||
10 | System has approved the certification, that: (i) in the case of | ||||||
11 | overloads (A) the overload work is for the sole purpose of | ||||||
12 | academic instruction in excess of the standard number of | ||||||
13 | instruction hours for a full-time employee occurring during the | ||||||
14 | academic year that the overload is paid and (B) the earnings | ||||||
15 | increases are equal to or less than the rate of pay for | ||||||
16 | academic instruction computed using the participant's current | ||||||
17 | salary rate and work schedule; and (ii) in the case of | ||||||
18 | overtime, the overtime was necessary for the educational | ||||||
19 | mission. | ||||||
20 | When assessing payment for any amount due under subsection | ||||||
21 | (g), the System shall exclude any earnings increase resulting | ||||||
22 | from (i) a promotion for which the employee moves from one | ||||||
23 | classification to a higher classification under the State | ||||||
24 | Universities Civil Service System, (ii) a promotion in academic | ||||||
25 | rank for a tenured or tenure-track faculty position, or (iii) a | ||||||
26 | promotion that the Illinois Community College Board has |
| |||||||
| |||||||
1 | recommended in accordance with subsection (k) of this Section. | ||||||
2 | These earnings increases shall be excluded only if the | ||||||
3 | promotion is to a position that has existed and been filled by | ||||||
4 | a member for no less than one complete academic year and the | ||||||
5 | earnings increase as a result of the promotion is an increase | ||||||
6 | that results in an amount no greater than the average salary | ||||||
7 | paid for other similar positions. | ||||||
8 | (i) When assessing payment for any amount due under | ||||||
9 | subsection (g), the System shall exclude any salary increase | ||||||
10 | described in subsection (h) of this Section given on or after | ||||||
11 | July 1, 2011 but before July 1, 2014 under a contract or | ||||||
12 | collective bargaining agreement entered into, amended, or | ||||||
13 | renewed on or after June 1, 2005 but before July 1, 2011. | ||||||
14 | Notwithstanding any other provision of this Section, any | ||||||
15 | payments made or salary increases given after June 30, 2014 | ||||||
16 | shall be used in assessing payment for any amount due under | ||||||
17 | subsection (g) of this Section.
| ||||||
18 | (j) The System shall prepare a report and file copies of | ||||||
19 | the report with the Governor and the General Assembly by | ||||||
20 | January 1, 2007 that contains all of the following information: | ||||||
21 | (1) The number of recalculations required by the | ||||||
22 | changes made to this Section by Public Act 94-1057 for each | ||||||
23 | employer. | ||||||
24 | (2) The dollar amount by which each employer's | ||||||
25 | contribution to the System was changed due to | ||||||
26 | recalculations required by Public Act 94-1057. |
| |||||||
| |||||||
1 | (3) The total amount the System received from each | ||||||
2 | employer as a result of the changes made to this Section by | ||||||
3 | Public Act 94-4. | ||||||
4 | (4) The increase in the required State contribution | ||||||
5 | resulting from the changes made to this Section by Public | ||||||
6 | Act 94-1057. | ||||||
7 | (k) The Illinois Community College Board shall adopt rules | ||||||
8 | for recommending lists of promotional positions submitted to | ||||||
9 | the Board by community colleges and for reviewing the | ||||||
10 | promotional lists on an annual basis. When recommending | ||||||
11 | promotional lists, the Board shall consider the similarity of | ||||||
12 | the positions submitted to those positions recognized for State | ||||||
13 | universities by the State Universities Civil Service System. | ||||||
14 | The Illinois Community College Board shall file a copy of its | ||||||
15 | findings with the System. The System shall consider the | ||||||
16 | findings of the Illinois Community College Board when making | ||||||
17 | determinations under this Section. The System shall not exclude | ||||||
18 | any earnings increases resulting from a promotion when the | ||||||
19 | promotion was not submitted by a community college. Nothing in | ||||||
20 | this subsection (k) shall require any community college to | ||||||
21 | submit any information to the Community College Board.
| ||||||
22 | (l) For purposes of determining the required State | ||||||
23 | contribution to the System, the value of the System's assets | ||||||
24 | shall be equal to the actuarial value of the System's assets, | ||||||
25 | which shall be calculated as follows: | ||||||
26 | As of June 30, 2008, the actuarial value of the System's |
| |||||||
| |||||||
1 | assets shall be equal to the market value of the assets as of | ||||||
2 | that date. In determining the actuarial value of the System's | ||||||
3 | assets for fiscal years after June 30, 2008, any actuarial | ||||||
4 | gains or losses from investment return incurred in a fiscal | ||||||
5 | year shall be recognized in equal annual amounts over the | ||||||
6 | 5-year period following that fiscal year. | ||||||
7 | (m) For purposes of determining the required State | ||||||
8 | contribution to the system for a particular year, the actuarial | ||||||
9 | value of assets shall be assumed to earn a rate of return equal | ||||||
10 | to the system's actuarially assumed rate of return. | ||||||
11 | (Source: P.A. 97-813, eff. 7-13-12; 98-92, eff. 7-16-13; | ||||||
12 | 98-463, eff. 8-16-13; 98-599, eff. 6-1-14.)
| ||||||
13 | (40 ILCS 5/16-158)
(from Ch. 108 1/2, par. 16-158)
| ||||||
14 | Sec. 16-158. Contributions by State and other employing | ||||||
15 | units.
| ||||||
16 | (a) The State shall make contributions to the System by | ||||||
17 | means of
appropriations from the Common School Fund and other | ||||||
18 | State funds of amounts
which, together with other employer | ||||||
19 | contributions, employee contributions,
investment income, and | ||||||
20 | other income, will be sufficient to meet the cost of
| ||||||
21 | maintaining and administering the System on a 100% 90% funded | ||||||
22 | basis in accordance
with actuarial recommendations by the end | ||||||
23 | of State fiscal year 2044 .
| ||||||
24 | The Board shall determine the amount of State contributions | ||||||
25 | required for
each fiscal year on the basis of the actuarial |
| |||||||
| |||||||
1 | tables and other assumptions
adopted by the Board and the | ||||||
2 | recommendations of the actuary, using the formula
in subsection | ||||||
3 | (b-3).
| ||||||
4 | (a-1) Annually, on or before November 15 through November | ||||||
5 | 15, 2011, the Board shall certify to the
Governor the amount of | ||||||
6 | the required State contribution for the coming fiscal
year. The | ||||||
7 | certification under this subsection (a-1) shall include a copy | ||||||
8 | of the actuarial recommendations
upon which it is based.
| ||||||
9 | On or before May 1, 2004, the Board shall recalculate and | ||||||
10 | recertify to
the Governor the amount of the required State | ||||||
11 | contribution to the System for
State fiscal year 2005, taking | ||||||
12 | into account the amounts appropriated to and
received by the | ||||||
13 | System under subsection (d) of Section 7.2 of the General
| ||||||
14 | Obligation Bond Act.
| ||||||
15 | On or before July 1, 2005, the Board shall recalculate and | ||||||
16 | recertify
to the Governor the amount of the required State
| ||||||
17 | contribution to the System for State fiscal year 2006, taking | ||||||
18 | into account the changes in required State contributions made | ||||||
19 | by this amendatory Act of the 94th General Assembly.
| ||||||
20 | On or before April 1, 2011, the Board shall recalculate and | ||||||
21 | recertify to the Governor the amount of the required State | ||||||
22 | contribution to the System for State fiscal year 2011, applying | ||||||
23 | the changes made by Public Act 96-889 to the System's assets | ||||||
24 | and liabilities as of June 30, 2009 as though Public Act 96-889 | ||||||
25 | was approved on that date. | ||||||
26 | (a-5) On or before November 1 of each year, beginning |
| |||||||
| |||||||
1 | November 1, 2012, the Board shall submit to the State Actuary, | ||||||
2 | the Governor, and the General Assembly a proposed certification | ||||||
3 | of the amount of the required State contribution to the System | ||||||
4 | for the next fiscal year, along with all of the actuarial | ||||||
5 | assumptions, calculations, and data upon which that proposed | ||||||
6 | certification is based. On or before January 1 of each year, | ||||||
7 | beginning January 1, 2013, the State Actuary shall issue a | ||||||
8 | preliminary report concerning the proposed certification and | ||||||
9 | identifying, if necessary, recommended changes in actuarial | ||||||
10 | assumptions that the Board must consider before finalizing its | ||||||
11 | certification of the required State contributions. | ||||||
12 | On or before January 15, 2013 and each January 15 | ||||||
13 | thereafter, the Board shall certify to the Governor and the | ||||||
14 | General Assembly the amount of the required State contribution | ||||||
15 | for the next fiscal year. The certification shall include a | ||||||
16 | copy of the actuarial
recommendations upon which it is based | ||||||
17 | and shall specifically identify the System's projected State | ||||||
18 | normal cost for that fiscal year. The Board's certification | ||||||
19 | must note any deviations from the State Actuary's recommended | ||||||
20 | changes, the reason or reasons for not following the State | ||||||
21 | Actuary's recommended changes, and the fiscal impact of not | ||||||
22 | following the State Actuary's recommended changes on the | ||||||
23 | required State contribution. | ||||||
24 | (a-10) For purposes of Section (c-5) of Section 20 of the | ||||||
25 | Budget Stabilization Act, on or before November 1 of each year | ||||||
26 | beginning November 1, 2014, the Board shall determine the |
| |||||||
| |||||||
1 | amount of the State contribution to the System that would have | ||||||
2 | been required for the next fiscal year if this amendatory Act | ||||||
3 | of the 98th General Assembly had not taken effect, using the | ||||||
4 | best and most recent available data but based on the law in | ||||||
5 | effect on May 31, 2014. The Board shall submit to the State | ||||||
6 | Actuary, the Governor, and the General Assembly a proposed | ||||||
7 | certification, along with the relevant law, actuarial | ||||||
8 | assumptions, calculations, and data upon which that | ||||||
9 | certification is based. On or before January 1, 2015 and every | ||||||
10 | January 1 thereafter, the State Actuary shall issue a | ||||||
11 | preliminary report concerning the proposed certification and | ||||||
12 | identifying, if necessary, recommended changes in actuarial | ||||||
13 | assumptions that the Board must consider before finalizing its | ||||||
14 | certification. On or before January 15, 2015 and every January | ||||||
15 | 1 thereafter, the Board shall certify to the Governor and the | ||||||
16 | General Assembly the amount of the State contribution to the | ||||||
17 | System that would have been required for the next fiscal year | ||||||
18 | if this amendatory Act of the 98th General Assembly had not | ||||||
19 | taken effect, using the best and most recent available data but | ||||||
20 | based on the law in effect on May 31, 2014. The Board's | ||||||
21 | certification must note any deviations from the State Actuary's | ||||||
22 | recommended changes, the reason or reasons for not following | ||||||
23 | the State Actuary's recommended changes, and the impact of not | ||||||
24 | following the State Actuary's recommended changes. | ||||||
25 | (b) Through State fiscal year 1995, the State contributions | ||||||
26 | shall be
paid to the System in accordance with Section 18-7 of |
| |||||||
| |||||||
1 | the School Code.
| ||||||
2 | (b-1) Beginning in State fiscal year 1996, on the 15th day | ||||||
3 | of each month,
or as soon thereafter as may be practicable, the | ||||||
4 | Board shall submit vouchers
for payment of State contributions | ||||||
5 | to the System, in a total monthly amount of
one-twelfth of the | ||||||
6 | required annual State contribution certified under
subsection | ||||||
7 | (a-1).
From the
effective date of this amendatory Act of the | ||||||
8 | 93rd General Assembly
through June 30, 2004, the Board shall | ||||||
9 | not submit vouchers for the
remainder of fiscal year 2004 in | ||||||
10 | excess of the fiscal year 2004
certified contribution amount | ||||||
11 | determined under this Section
after taking into consideration | ||||||
12 | the transfer to the System
under subsection (a) of Section | ||||||
13 | 6z-61 of the State Finance Act.
These vouchers shall be paid by | ||||||
14 | the State Comptroller and
Treasurer by warrants drawn on the | ||||||
15 | funds appropriated to the System for that
fiscal year.
| ||||||
16 | If in any month the amount remaining unexpended from all | ||||||
17 | other appropriations
to the System for the applicable fiscal | ||||||
18 | year (including the appropriations to
the System under Section | ||||||
19 | 8.12 of the State Finance Act and Section 1 of the
State | ||||||
20 | Pension Funds Continuing Appropriation Act) is less than the | ||||||
21 | amount
lawfully vouchered under this subsection, the | ||||||
22 | difference shall be paid from the
Common School Fund under the | ||||||
23 | continuing appropriation authority provided in
Section 1.1 of | ||||||
24 | the State Pension Funds Continuing Appropriation Act.
| ||||||
25 | (b-2) Allocations from the Common School Fund apportioned | ||||||
26 | to school
districts not coming under this System shall not be |
| |||||||
| |||||||
1 | diminished or affected by
the provisions of this Article.
| ||||||
2 | (b-3) For State fiscal years 2015 through 2044, the minimum | ||||||
3 | contribution
to the System to be made by the State for each | ||||||
4 | fiscal year shall be an amount
determined by the System to be | ||||||
5 | equal to the sum of (1) the State's portion of the projected | ||||||
6 | normal cost for that fiscal year, plus (2) an amount sufficient | ||||||
7 | to bring the total assets of the
System up to 100% of the total | ||||||
8 | actuarial liabilities of the System by the end of
State fiscal | ||||||
9 | year 2044. In making these determinations, the required State
| ||||||
10 | contribution shall be calculated each year as a level | ||||||
11 | percentage of payroll
over the years remaining to and including | ||||||
12 | fiscal year 2044 and shall be
determined under the projected | ||||||
13 | unit cost method for fiscal year 2015 and under the entry age | ||||||
14 | normal actuarial cost method for fiscal years 2016 through | ||||||
15 | 2044. | ||||||
16 | For State fiscal years 2012 through 2015 2014 , the minimum | ||||||
17 | contribution
to the System to be made by the State for each | ||||||
18 | fiscal year shall be an amount
determined by the System to be | ||||||
19 | sufficient to bring the total assets of the
System up to 90% of | ||||||
20 | the total actuarial liabilities of the System by the end of
| ||||||
21 | State fiscal year 2045. In making these determinations, the | ||||||
22 | required State
contribution shall be calculated each year as a | ||||||
23 | level percentage of payroll
over the years remaining to and | ||||||
24 | including fiscal year 2045 and shall be
determined under the | ||||||
25 | projected unit credit actuarial cost method.
| ||||||
26 | For State fiscal years 2016 through 2047, the minimum |
| |||||||
| |||||||
1 | contribution
to the System to be made by the State for each | ||||||
2 | fiscal year shall be an amount
determined by the System to be | ||||||
3 | sufficient to bring the total assets of the
System up to 100% | ||||||
4 | of the total actuarial liabilities of the System by the end of
| ||||||
5 | State fiscal year 2047. In making these determinations, the | ||||||
6 | required State
contribution shall be calculated each year as a | ||||||
7 | level dollar amount
over the years remaining to and including | ||||||
8 | fiscal year 2047 and shall be
determined under the projected | ||||||
9 | unit credit actuarial cost method. | ||||||
10 | For State fiscal years 1996 through 2005, the State | ||||||
11 | contribution to the
System, as a percentage of the applicable | ||||||
12 | employee payroll, shall be increased
in equal annual increments | ||||||
13 | so that by State fiscal year 2011, the State is
contributing at | ||||||
14 | the rate required under this Section; except that in the
| ||||||
15 | following specified State fiscal years, the State contribution | ||||||
16 | to the System
shall not be less than the following indicated | ||||||
17 | percentages of the applicable
employee payroll, even if the | ||||||
18 | indicated percentage will produce a State
contribution in | ||||||
19 | excess of the amount otherwise required under this subsection
| ||||||
20 | and subsection (a), and notwithstanding any contrary | ||||||
21 | certification made under
subsection (a-1) before the effective | ||||||
22 | date of this amendatory Act of 1998:
10.02% in FY 1999;
10.77% | ||||||
23 | in FY 2000;
11.47% in FY 2001;
12.16% in FY 2002;
12.86% in FY | ||||||
24 | 2003; and
13.56% in FY 2004.
| ||||||
25 | Notwithstanding any other provision of this Article, the | ||||||
26 | total required State
contribution for State fiscal year 2006 is |
| |||||||
| |||||||
1 | $534,627,700.
| ||||||
2 | Notwithstanding any other provision of this Article, the | ||||||
3 | total required State
contribution for State fiscal year 2007 is | ||||||
4 | $738,014,500.
| ||||||
5 | For each of State fiscal years 2008 through 2009, the State | ||||||
6 | contribution to
the System, as a percentage of the applicable | ||||||
7 | employee payroll, shall be
increased in equal annual increments | ||||||
8 | from the required State contribution for State fiscal year | ||||||
9 | 2007, so that by State fiscal year 2011, the
State is | ||||||
10 | contributing at the rate otherwise required under this Section.
| ||||||
11 | Notwithstanding any other provision of this Article, the | ||||||
12 | total required State contribution for State fiscal year 2010 is | ||||||
13 | $2,089,268,000 and shall be made from the proceeds of bonds | ||||||
14 | sold in fiscal year 2010 pursuant to Section 7.2 of the General | ||||||
15 | Obligation Bond Act, less (i) the pro rata share of bond sale | ||||||
16 | expenses determined by the System's share of total bond | ||||||
17 | proceeds, (ii) any amounts received from the Common School Fund | ||||||
18 | in fiscal year 2010, and (iii) any reduction in bond proceeds | ||||||
19 | due to the issuance of discounted bonds, if applicable. | ||||||
20 | Notwithstanding any other provision of this Article, the
| ||||||
21 | total required State contribution for State fiscal year 2011 is
| ||||||
22 | the amount recertified by the System on or before April 1, 2011 | ||||||
23 | pursuant to subsection (a-1) of this Section and shall be made | ||||||
24 | from the proceeds of bonds
sold in fiscal year 2011 pursuant to | ||||||
25 | Section 7.2 of the General
Obligation Bond Act, less (i) the | ||||||
26 | pro rata share of bond sale
expenses determined by the System's |
| |||||||
| |||||||
1 | share of total bond
proceeds, (ii) any amounts received from | ||||||
2 | the Common School Fund
in fiscal year 2011, and (iii) any | ||||||
3 | reduction in bond proceeds
due to the issuance of discounted | ||||||
4 | bonds, if applicable. This amount shall include, in addition to | ||||||
5 | the amount certified by the System, an amount necessary to meet | ||||||
6 | employer contributions required by the State as an employer | ||||||
7 | under paragraph (e) of this Section, which may also be used by | ||||||
8 | the System for contributions required by paragraph (a) of | ||||||
9 | Section 16-127. | ||||||
10 | Beginning in State fiscal year 2045, the minimum State | ||||||
11 | contribution for each fiscal year shall be the amount needed to | ||||||
12 | maintain the total assets of the System at 100% of the total | ||||||
13 | actuarial liabilities of the System. | ||||||
14 | Beginning in State fiscal year 2048, the minimum State | ||||||
15 | contribution for
each fiscal year shall be the amount needed to | ||||||
16 | maintain the total assets of
the System at 90% of the total | ||||||
17 | actuarial liabilities of the System.
| ||||||
18 | Amounts received by the System pursuant to Section 25 of | ||||||
19 | the Budget Stabilization Act or Section 8.12 of the State | ||||||
20 | Finance Act in any fiscal year do not reduce and do not | ||||||
21 | constitute payment of any portion of the minimum State | ||||||
22 | contribution required under this Article in that fiscal year. | ||||||
23 | Such amounts shall not reduce, and shall not be included in the | ||||||
24 | calculation of, the required State contributions under this | ||||||
25 | Article in any future year until the System has reached a | ||||||
26 | funding ratio of at least 100% 90% . A reference in this Article |
| |||||||
| |||||||
1 | to the "required State contribution" or any substantially | ||||||
2 | similar term does not include or apply to any amounts payable | ||||||
3 | to the System under Section 25 of the Budget Stabilization Act. | ||||||
4 | Notwithstanding any other provision of this Section, the | ||||||
5 | required State
contribution for State fiscal year 2005 and for | ||||||
6 | fiscal year 2008 and each fiscal year thereafter through State | ||||||
7 | fiscal year 2014 , as
calculated under this Section and
| ||||||
8 | certified under subsection (a-1), shall not exceed an amount | ||||||
9 | equal to (i) the
amount of the required State contribution that | ||||||
10 | would have been calculated under
this Section for that fiscal | ||||||
11 | year if the System had not received any payments
under | ||||||
12 | subsection (d) of Section 7.2 of the General Obligation Bond | ||||||
13 | Act, minus
(ii) the portion of the State's total debt service | ||||||
14 | payments for that fiscal
year on the bonds issued in fiscal | ||||||
15 | year 2003 for the purposes of that Section 7.2, as determined
| ||||||
16 | and certified by the Comptroller, that is the same as the | ||||||
17 | System's portion of
the total moneys distributed under | ||||||
18 | subsection (d) of Section 7.2 of the General
Obligation Bond | ||||||
19 | Act. In determining this maximum for State fiscal years 2008 | ||||||
20 | through 2010, however, the amount referred to in item (i) shall | ||||||
21 | be increased, as a percentage of the applicable employee | ||||||
22 | payroll, in equal increments calculated from the sum of the | ||||||
23 | required State contribution for State fiscal year 2007 plus the | ||||||
24 | applicable portion of the State's total debt service payments | ||||||
25 | for fiscal year 2007 on the bonds issued in fiscal year 2003 | ||||||
26 | for the purposes of Section 7.2 of the General
Obligation Bond |
| |||||||
| |||||||
1 | Act, so that, by State fiscal year 2011, the
State is | ||||||
2 | contributing at the rate otherwise required under this Section.
| ||||||
3 | (c) Payment of the required State contributions and of all | ||||||
4 | pensions,
retirement annuities, death benefits, refunds, and | ||||||
5 | other benefits granted
under or assumed by this System, and all | ||||||
6 | expenses in connection with the
administration and operation | ||||||
7 | thereof, are obligations of the State.
| ||||||
8 | If members are paid from special trust or federal funds | ||||||
9 | which are
administered by the employing unit, whether school | ||||||
10 | district or other
unit, the employing unit shall pay to the | ||||||
11 | System from such
funds the full accruing retirement costs based | ||||||
12 | upon that
service, as determined by the System. Employer | ||||||
13 | contributions, based on
salary paid to members from federal | ||||||
14 | funds, may be forwarded by the distributing
agency of the State | ||||||
15 | of Illinois to the System prior to allocation, in an
amount | ||||||
16 | determined in accordance with guidelines established by such
| ||||||
17 | agency and the System.
| ||||||
18 | (d) Effective July 1, 1986, any employer of a teacher as | ||||||
19 | defined in
paragraph (8) of Section 16-106 shall pay the | ||||||
20 | employer's normal cost
of benefits based upon the teacher's | ||||||
21 | service, in addition to
employee contributions, as determined | ||||||
22 | by the System. Such employer
contributions shall be forwarded | ||||||
23 | monthly in accordance with guidelines
established by the | ||||||
24 | System.
| ||||||
25 | However, with respect to benefits granted under Section | ||||||
26 | 16-133.4 or
16-133.5 to a teacher as defined in paragraph (8) |
| |||||||
| |||||||
1 | of Section 16-106, the
employer's contribution shall be 12% | ||||||
2 | (rather than 20%) of the member's
highest annual salary rate | ||||||
3 | for each year of creditable service granted, and
the employer | ||||||
4 | shall also pay the required employee contribution on behalf of
| ||||||
5 | the teacher. For the purposes of Sections 16-133.4 and | ||||||
6 | 16-133.5, a teacher
as defined in paragraph (8) of Section | ||||||
7 | 16-106 who is serving in that capacity
while on leave of | ||||||
8 | absence from another employer under this Article shall not
be | ||||||
9 | considered an employee of the employer from which the teacher | ||||||
10 | is on leave.
| ||||||
11 | (e) Beginning July 1, 1998, every employer of a teacher
| ||||||
12 | shall pay to the System an employer contribution computed as | ||||||
13 | follows:
| ||||||
14 | (1) Beginning July 1, 1998 through June 30, 1999, the | ||||||
15 | employer
contribution shall be equal to 0.3% of each | ||||||
16 | teacher's salary.
| ||||||
17 | (2) Beginning July 1, 1999 and thereafter, the employer
| ||||||
18 | contribution shall be equal to 0.58% of each teacher's | ||||||
19 | salary.
| ||||||
20 | The school district or other employing unit may pay these | ||||||
21 | employer
contributions out of any source of funding available | ||||||
22 | for that purpose and
shall forward the contributions to the | ||||||
23 | System on the schedule established
for the payment of member | ||||||
24 | contributions.
| ||||||
25 | These employer contributions are intended to offset a | ||||||
26 | portion of the cost
to the System of the increases in |
| |||||||
| |||||||
1 | retirement benefits resulting from this
amendatory Act of 1998.
| ||||||
2 | Each employer of teachers is entitled to a credit against | ||||||
3 | the contributions
required under this subsection (e) with | ||||||
4 | respect to salaries paid to teachers
for the period January 1, | ||||||
5 | 2002 through June 30, 2003, equal to the amount paid
by that | ||||||
6 | employer under subsection (a-5) of Section 6.6 of the State | ||||||
7 | Employees
Group Insurance Act of 1971 with respect to salaries | ||||||
8 | paid to teachers for that
period.
| ||||||
9 | The additional 1% employee contribution required under | ||||||
10 | Section 16-152 by
this amendatory Act of 1998 is the | ||||||
11 | responsibility of the teacher and not the
teacher's employer, | ||||||
12 | unless the employer agrees, through collective bargaining
or | ||||||
13 | otherwise, to make the contribution on behalf of the teacher.
| ||||||
14 | If an employer is required by a contract in effect on May | ||||||
15 | 1, 1998 between the
employer and an employee organization to | ||||||
16 | pay, on behalf of all its full-time
employees
covered by this | ||||||
17 | Article, all mandatory employee contributions required under
| ||||||
18 | this Article, then the employer shall be excused from paying | ||||||
19 | the employer
contribution required under this subsection (e) | ||||||
20 | for the balance of the term
of that contract. The employer and | ||||||
21 | the employee organization shall jointly
certify to the System | ||||||
22 | the existence of the contractual requirement, in such
form as | ||||||
23 | the System may prescribe. This exclusion shall cease upon the
| ||||||
24 | termination, extension, or renewal of the contract at any time | ||||||
25 | after May 1,
1998.
| ||||||
26 | (f) If the amount of a teacher's salary for any school year |
| |||||||
| |||||||
1 | used to determine final average salary exceeds the member's | ||||||
2 | annual full-time salary rate with the same employer for the | ||||||
3 | previous school year by more than 6%, the teacher's employer | ||||||
4 | shall pay to the System, in addition to all other payments | ||||||
5 | required under this Section and in accordance with guidelines | ||||||
6 | established by the System, the present value of the increase in | ||||||
7 | benefits resulting from the portion of the increase in salary | ||||||
8 | that is in excess of 6%. This present value shall be computed | ||||||
9 | by the System on the basis of the actuarial assumptions and | ||||||
10 | tables used in the most recent actuarial valuation of the | ||||||
11 | System that is available at the time of the computation. If a | ||||||
12 | teacher's salary for the 2005-2006 school year is used to | ||||||
13 | determine final average salary under this subsection (f), then | ||||||
14 | the changes made to this subsection (f) by Public Act 94-1057 | ||||||
15 | shall apply in calculating whether the increase in his or her | ||||||
16 | salary is in excess of 6%. For the purposes of this Section, | ||||||
17 | change in employment under Section 10-21.12 of the School Code | ||||||
18 | on or after June 1, 2005 shall constitute a change in employer. | ||||||
19 | The System may require the employer to provide any pertinent | ||||||
20 | information or documentation.
The changes made to this | ||||||
21 | subsection (f) by this amendatory Act of the 94th General | ||||||
22 | Assembly apply without regard to whether the teacher was in | ||||||
23 | service on or after its effective date.
| ||||||
24 | Whenever it determines that a payment is or may be required | ||||||
25 | under this subsection, the System shall calculate the amount of | ||||||
26 | the payment and bill the employer for that amount. The bill |
| |||||||
| |||||||
1 | shall specify the calculations used to determine the amount | ||||||
2 | due. If the employer disputes the amount of the bill, it may, | ||||||
3 | within 30 days after receipt of the bill, apply to the System | ||||||
4 | in writing for a recalculation. The application must specify in | ||||||
5 | detail the grounds of the dispute and, if the employer asserts | ||||||
6 | that the calculation is subject to subsection (g) or (h) of | ||||||
7 | this Section, must include an affidavit setting forth and | ||||||
8 | attesting to all facts within the employer's knowledge that are | ||||||
9 | pertinent to the applicability of that subsection. Upon | ||||||
10 | receiving a timely application for recalculation, the System | ||||||
11 | shall review the application and, if appropriate, recalculate | ||||||
12 | the amount due.
| ||||||
13 | The employer contributions required under this subsection | ||||||
14 | (f) may be paid in the form of a lump sum within 90 days after | ||||||
15 | receipt of the bill. If the employer contributions are not paid | ||||||
16 | within 90 days after receipt of the bill, then interest will be | ||||||
17 | charged at a rate equal to the System's annual actuarially | ||||||
18 | assumed rate of return on investment compounded annually from | ||||||
19 | the 91st day after receipt of the bill. Payments must be | ||||||
20 | concluded within 3 years after the employer's receipt of the | ||||||
21 | bill.
| ||||||
22 | (g) This subsection (g) applies only to payments made or | ||||||
23 | salary increases given on or after June 1, 2005 but before July | ||||||
24 | 1, 2011. The changes made by Public Act 94-1057 shall not | ||||||
25 | require the System to refund any payments received before
July | ||||||
26 | 31, 2006 (the effective date of Public Act 94-1057). |
| |||||||
| |||||||
1 | When assessing payment for any amount due under subsection | ||||||
2 | (f), the System shall exclude salary increases paid to teachers | ||||||
3 | under contracts or collective bargaining agreements entered | ||||||
4 | into, amended, or renewed before June 1, 2005.
| ||||||
5 | When assessing payment for any amount due under subsection | ||||||
6 | (f), the System shall exclude salary increases paid to a | ||||||
7 | teacher at a time when the teacher is 10 or more years from | ||||||
8 | retirement eligibility under Section 16-132 or 16-133.2.
| ||||||
9 | When assessing payment for any amount due under subsection | ||||||
10 | (f), the System shall exclude salary increases resulting from | ||||||
11 | overload work, including summer school, when the school | ||||||
12 | district has certified to the System, and the System has | ||||||
13 | approved the certification, that (i) the overload work is for | ||||||
14 | the sole purpose of classroom instruction in excess of the | ||||||
15 | standard number of classes for a full-time teacher in a school | ||||||
16 | district during a school year and (ii) the salary increases are | ||||||
17 | equal to or less than the rate of pay for classroom instruction | ||||||
18 | computed on the teacher's current salary and work schedule.
| ||||||
19 | When assessing payment for any amount due under subsection | ||||||
20 | (f), the System shall exclude a salary increase resulting from | ||||||
21 | a promotion (i) for which the employee is required to hold a | ||||||
22 | certificate or supervisory endorsement issued by the State | ||||||
23 | Teacher Certification Board that is a different certification | ||||||
24 | or supervisory endorsement than is required for the teacher's | ||||||
25 | previous position and (ii) to a position that has existed and | ||||||
26 | been filled by a member for no less than one complete academic |
| |||||||
| |||||||
1 | year and the salary increase from the promotion is an increase | ||||||
2 | that results in an amount no greater than the lesser of the | ||||||
3 | average salary paid for other similar positions in the district | ||||||
4 | requiring the same certification or the amount stipulated in | ||||||
5 | the collective bargaining agreement for a similar position | ||||||
6 | requiring the same certification.
| ||||||
7 | When assessing payment for any amount due under subsection | ||||||
8 | (f), the System shall exclude any payment to the teacher from | ||||||
9 | the State of Illinois or the State Board of Education over | ||||||
10 | which the employer does not have discretion, notwithstanding | ||||||
11 | that the payment is included in the computation of final | ||||||
12 | average salary.
| ||||||
13 | (h) When assessing payment for any amount due under | ||||||
14 | subsection (f), the System shall exclude any salary increase | ||||||
15 | described in subsection (g) of this Section given on or after | ||||||
16 | July 1, 2011 but before July 1, 2014 under a contract or | ||||||
17 | collective bargaining agreement entered into, amended, or | ||||||
18 | renewed on or after June 1, 2005 but before July 1, 2011. | ||||||
19 | Notwithstanding any other provision of this Section, any | ||||||
20 | payments made or salary increases given after June 30, 2014 | ||||||
21 | shall be used in assessing payment for any amount due under | ||||||
22 | subsection (f) of this Section.
| ||||||
23 | (i) The System shall prepare a report and file copies of | ||||||
24 | the report with the Governor and the General Assembly by | ||||||
25 | January 1, 2007 that contains all of the following information: | ||||||
26 | (1) The number of recalculations required by the |
| |||||||
| |||||||
1 | changes made to this Section by Public Act 94-1057 for each | ||||||
2 | employer. | ||||||
3 | (2) The dollar amount by which each employer's | ||||||
4 | contribution to the System was changed due to | ||||||
5 | recalculations required by Public Act 94-1057. | ||||||
6 | (3) The total amount the System received from each | ||||||
7 | employer as a result of the changes made to this Section by | ||||||
8 | Public Act 94-4. | ||||||
9 | (4) The increase in the required State contribution | ||||||
10 | resulting from the changes made to this Section by Public | ||||||
11 | Act 94-1057.
| ||||||
12 | (j) For purposes of determining the required State | ||||||
13 | contribution to the System, the value of the System's assets | ||||||
14 | shall be equal to the actuarial value of the System's assets, | ||||||
15 | which shall be calculated as follows: | ||||||
16 | As of June 30, 2008, the actuarial value of the System's | ||||||
17 | assets shall be equal to the market value of the assets as of | ||||||
18 | that date. In determining the actuarial value of the System's | ||||||
19 | assets for fiscal years after June 30, 2008, any actuarial | ||||||
20 | gains or losses from investment return incurred in a fiscal | ||||||
21 | year shall be recognized in equal annual amounts over the | ||||||
22 | 5-year period following that fiscal year. | ||||||
23 | (k) For purposes of determining the required State | ||||||
24 | contribution to the system for a particular year, the actuarial | ||||||
25 | value of assets shall be assumed to earn a rate of return equal | ||||||
26 | to the system's actuarially assumed rate of return. |
| |||||||
| |||||||
1 | (Source: P.A. 96-43, eff. 7-15-09; 96-1497, eff. 1-14-11; | ||||||
2 | 96-1511, eff. 1-27-11; 96-1554, eff. 3-18-11; 97-694, eff. | ||||||
3 | 6-18-12; 97-813, eff. 7-13-12; 98-599, eff. 6-1-14.)
| ||||||
4 | (40 ILCS 5/18-131) (from Ch. 108 1/2, par. 18-131)
| ||||||
5 | Sec. 18-131. Financing; employer contributions.
| ||||||
6 | (a) The State of Illinois shall make contributions to this | ||||||
7 | System by
appropriations of the amounts which, together with | ||||||
8 | the contributions of
participants, net earnings on | ||||||
9 | investments, and other income, will meet the
costs of | ||||||
10 | maintaining and administering this System on a 90% funded basis | ||||||
11 | in
accordance with actuarial recommendations.
| ||||||
12 | (b) The Board shall determine the amount of State | ||||||
13 | contributions
required for each fiscal year on the basis of the | ||||||
14 | actuarial tables and other
assumptions adopted by the Board and | ||||||
15 | the prescribed rate of interest, using
the formula in | ||||||
16 | subsection (c).
| ||||||
17 | (c) For State fiscal years 2012 through 2015 2045 , the | ||||||
18 | minimum contribution
to the System to be made by the State for | ||||||
19 | each fiscal year shall be an amount
determined by the System to | ||||||
20 | be sufficient to bring the total assets of the
System up to 90% | ||||||
21 | of the total actuarial liabilities of the System by the end of
| ||||||
22 | State fiscal year 2045. In making these determinations, the | ||||||
23 | required State
contribution shall be calculated each year as a | ||||||
24 | level percentage of payroll
over the years remaining to and | ||||||
25 | including fiscal year 2045 and shall be
determined under the |
| |||||||
| |||||||
1 | projected unit credit actuarial cost method.
| ||||||
2 | For State fiscal years 2016 through 2047, the minimum | ||||||
3 | contribution
to the System to be made by the State for each | ||||||
4 | fiscal year shall be an amount
determined by the System to be | ||||||
5 | sufficient to bring the total assets of the
System up to 100% | ||||||
6 | of the total actuarial liabilities of the System by the end of
| ||||||
7 | State fiscal year 2047. In making these determinations, the | ||||||
8 | required State
contribution shall be calculated each year as a | ||||||
9 | level dollar amount
over the years remaining to and including | ||||||
10 | fiscal year 2047 and shall be
determined under the projected | ||||||
11 | unit credit actuarial cost method. | ||||||
12 | For State fiscal years 1996 through 2005, the State | ||||||
13 | contribution to
the System, as a percentage of the applicable | ||||||
14 | employee payroll, shall be
increased in equal annual increments | ||||||
15 | so that by State fiscal year 2011, the
State is contributing at | ||||||
16 | the rate required under this Section.
| ||||||
17 | Notwithstanding any other provision of this Article, the | ||||||
18 | total required State
contribution for State fiscal year 2006 is | ||||||
19 | $29,189,400.
| ||||||
20 | Notwithstanding any other provision of this Article, the | ||||||
21 | total required State
contribution for State fiscal year 2007 is | ||||||
22 | $35,236,800.
| ||||||
23 | For each of State fiscal years 2008 through 2009, the State | ||||||
24 | contribution to
the System, as a percentage of the applicable | ||||||
25 | employee payroll, shall be
increased in equal annual increments | ||||||
26 | from the required State contribution for State fiscal year |
| |||||||
| |||||||
1 | 2007, so that by State fiscal year 2011, the
State is | ||||||
2 | contributing at the rate otherwise required under this Section.
| ||||||
3 | Notwithstanding any other provision of this Article, the | ||||||
4 | total required State contribution for State fiscal year 2010 is | ||||||
5 | $78,832,000 and shall be made from the proceeds of bonds sold | ||||||
6 | in fiscal year 2010 pursuant to Section 7.2 of the General | ||||||
7 | Obligation Bond Act, less (i) the pro rata share of bond sale | ||||||
8 | expenses determined by the System's share of total bond | ||||||
9 | proceeds, (ii) any amounts received from the General Revenue | ||||||
10 | Fund in fiscal year 2010, and (iii) any reduction in bond | ||||||
11 | proceeds due to the issuance of discounted bonds, if | ||||||
12 | applicable. | ||||||
13 | Notwithstanding any other provision of this Article, the | ||||||
14 | total required State contribution for State fiscal year 2011 is
| ||||||
15 | the amount recertified by the System on or before April 1, 2011 | ||||||
16 | pursuant to Section 18-140 and shall be made from the proceeds | ||||||
17 | of bonds sold
in fiscal year 2011 pursuant to Section 7.2 of | ||||||
18 | the General
Obligation Bond Act, less (i) the pro rata share of | ||||||
19 | bond sale
expenses determined by the System's share of total | ||||||
20 | bond
proceeds, (ii) any amounts received from the General | ||||||
21 | Revenue
Fund in fiscal year 2011, and (iii) any reduction in | ||||||
22 | bond
proceeds due to the issuance of discounted bonds, if
| ||||||
23 | applicable. | ||||||
24 | Beginning in State fiscal year 2048 2046 , the minimum State | ||||||
25 | contribution for
each fiscal year shall be the amount needed to | ||||||
26 | maintain the total assets of
the System at 90% of the total |
| |||||||
| |||||||
1 | actuarial liabilities of the System.
| ||||||
2 | Amounts received by the System pursuant to Section 25 of | ||||||
3 | the Budget Stabilization Act or Section 8.12 of the State | ||||||
4 | Finance Act in any fiscal year do not reduce and do not | ||||||
5 | constitute payment of any portion of the minimum State | ||||||
6 | contribution required under this Article in that fiscal year. | ||||||
7 | Such amounts shall not reduce, and shall not be included in the | ||||||
8 | calculation of, the required State contributions under this | ||||||
9 | Article in any future year until the System has reached a | ||||||
10 | funding ratio of at least 90%. A reference in this Article to | ||||||
11 | the "required State contribution" or any substantially similar | ||||||
12 | term does not include or apply to any amounts payable to the | ||||||
13 | System under Section 25 of the Budget Stabilization Act.
| ||||||
14 | Notwithstanding any other provision of this Section, the | ||||||
15 | required State
contribution for State fiscal year 2005 and for | ||||||
16 | fiscal year 2008 and each fiscal year thereafter, as
calculated | ||||||
17 | under this Section and
certified under Section 18-140, shall | ||||||
18 | not exceed an amount equal to (i) the
amount of the required | ||||||
19 | State contribution that would have been calculated under
this | ||||||
20 | Section for that fiscal year if the System had not received any | ||||||
21 | payments
under subsection (d) of Section 7.2 of the General | ||||||
22 | Obligation Bond Act, minus
(ii) the portion of the State's | ||||||
23 | total debt service payments for that fiscal
year on the bonds | ||||||
24 | issued in fiscal year 2003 for the purposes of that Section | ||||||
25 | 7.2, as determined
and certified by the Comptroller, that is | ||||||
26 | the same as the System's portion of
the total moneys |
| |||||||
| |||||||
1 | distributed under subsection (d) of Section 7.2 of the General
| ||||||
2 | Obligation Bond Act. In determining this maximum for State | ||||||
3 | fiscal years 2008 through 2010, however, the amount referred to | ||||||
4 | in item (i) shall be increased, as a percentage of the | ||||||
5 | applicable employee payroll, in equal increments calculated | ||||||
6 | from the sum of the required State contribution for State | ||||||
7 | fiscal year 2007 plus the applicable portion of the State's | ||||||
8 | total debt service payments for fiscal year 2007 on the bonds | ||||||
9 | issued in fiscal year 2003 for the purposes of Section 7.2 of | ||||||
10 | the General
Obligation Bond Act, so that, by State fiscal year | ||||||
11 | 2011, the
State is contributing at the rate otherwise required | ||||||
12 | under this Section.
| ||||||
13 | (d) For purposes of determining the required State | ||||||
14 | contribution to the System, the value of the System's assets | ||||||
15 | shall be equal to the actuarial value of the System's assets, | ||||||
16 | which shall be calculated as follows: | ||||||
17 | As of June 30, 2008, the actuarial value of the System's | ||||||
18 | assets shall be equal to the market value of the assets as of | ||||||
19 | that date. In determining the actuarial value of the System's | ||||||
20 | assets for fiscal years after June 30, 2008, any actuarial | ||||||
21 | gains or losses from investment return incurred in a fiscal | ||||||
22 | year shall be recognized in equal annual amounts over the | ||||||
23 | 5-year period following that fiscal year. | ||||||
24 | (e) For purposes of determining the required State | ||||||
25 | contribution to the system for a particular year, the actuarial | ||||||
26 | value of assets shall be assumed to earn a rate of return equal |
| |||||||
| |||||||
1 | to the system's actuarially assumed rate of return. | ||||||
2 | (Source: P.A. 96-43, eff. 7-15-09; 96-1497, eff. 1-14-11; | ||||||
3 | 96-1511, eff. 1-27-11; 96-1554, eff. 3-18-11; 97-813, eff. | ||||||
4 | 7-13-12.)
|