97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
SB2120

 

Introduced 2/10/2011, by Sen. Susan Garrett

 

SYNOPSIS AS INTRODUCED:
 
30 ILCS 105/8.12  from Ch. 127, par. 144.12

    Amends the State Finance Act. Makes a technical change in a Section concerning the State Pensions Fund.


LRB097 09982 PJG 50151 b

 

 

A BILL FOR

 

SB2120LRB097 09982 PJG 50151 b

1    AN ACT concerning finance.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The State Finance Act is amended by changing
5Section 8.12 as follows:
 
6    (30 ILCS 105/8.12)   (from Ch. 127, par. 144.12)
7    Sec. 8.12. State Pensions Fund.
8    (a) The The moneys in the State Pensions Fund shall be used
9exclusively for the administration of the Uniform Disposition
10of Unclaimed Property Act and for the funding of the unfunded
11liabilities of the designated retirement systems. Payments to
12the designated retirement systems under this Section shall be
13in addition to, and not in lieu of, any State contributions
14required under the Illinois Pension Code.
15    "Designated retirement systems" means:
16        (1) the State Employees' Retirement System of
17    Illinois;
18        (2) the Teachers' Retirement System of the State of
19    Illinois;
20        (3) the State Universities Retirement System;
21        (4) the Judges Retirement System of Illinois; and
22        (5) the General Assembly Retirement System.
23    (b) Each year the General Assembly may make appropriations

 

 

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1from the State Pensions Fund for the administration of the
2Uniform Disposition of Unclaimed Property Act.
3    Each month, the Commissioner of the Office of Banks and
4Real Estate shall certify to the State Treasurer the actual
5expenditures that the Office of Banks and Real Estate incurred
6conducting unclaimed property examinations under the Uniform
7Disposition of Unclaimed Property Act during the immediately
8preceding month. Within a reasonable time following the
9acceptance of such certification by the State Treasurer, the
10State Treasurer shall pay from its appropriation from the State
11Pensions Fund to the Bank and Trust Company Fund and the
12Savings and Residential Finance Regulatory Fund an amount equal
13to the expenditures incurred by each Fund for that month.
14    Each month, the Director of Financial Institutions shall
15certify to the State Treasurer the actual expenditures that the
16Department of Financial Institutions incurred conducting
17unclaimed property examinations under the Uniform Disposition
18of Unclaimed Property Act during the immediately preceding
19month. Within a reasonable time following the acceptance of
20such certification by the State Treasurer, the State Treasurer
21shall pay from its appropriation from the State Pensions Fund
22to the Financial Institutions Fund and the Credit Union Fund an
23amount equal to the expenditures incurred by each Fund for that
24month.
25    (c) As soon as possible after the effective date of this
26amendatory Act of the 93rd General Assembly, the General

 

 

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1Assembly shall appropriate from the State Pensions Fund (1) to
2the State Universities Retirement System the amount certified
3under Section 15-165 during the prior year, (2) to the Judges
4Retirement System of Illinois the amount certified under
5Section 18-140 during the prior year, and (3) to the General
6Assembly Retirement System the amount certified under Section
72-134 during the prior year as part of the required State
8contributions to each of those designated retirement systems;
9except that amounts appropriated under this subsection (c) in
10State fiscal year 2005 shall not reduce the amount in the State
11Pensions Fund below $5,000,000. If the amount in the State
12Pensions Fund does not exceed the sum of the amounts certified
13in Sections 15-165, 18-140, and 2-134 by at least $5,000,000,
14the amount paid to each designated retirement system under this
15subsection shall be reduced in proportion to the amount
16certified by each of those designated retirement systems.
17    (c-5) For fiscal years 2006, 2007, 2008, 2009, 2010, and
182011 the General Assembly shall appropriate from the State
19Pensions Fund to the State Universities Retirement System the
20amount estimated to be available during the fiscal year in the
21State Pensions Fund; provided, however, that the amounts
22appropriated under this subsection (c-5) shall not reduce the
23amount in the State Pensions Fund below $5,000,000.
24    (c-6) For fiscal year 2012 and each fiscal year thereafter,
25as soon as may be practical after any money is deposited into
26the State Pensions Fund from the Unclaimed Property Trust Fund,

 

 

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1the State Treasurer shall apportion the deposited amount among
2the designated retirement systems as defined in subsection (a)
3to reduce their actuarial reserve deficiencies. The State
4Comptroller and State Treasurer shall pay the apportioned
5amounts to the designated retirement systems to fund the
6unfunded liabilities of the designated retirement systems. The
7amount apportioned to each designated retirement system shall
8constitute a portion of the amount estimated to be available
9for appropriation from the State Pensions Fund that is the same
10as that retirement system's portion of the total actual reserve
11deficiency of the systems, as determined annually by the
12Governor's Office of Management and Budget at the request of
13the State Treasurer. The amounts apportioned under this
14subsection shall not reduce the amount in the State Pensions
15Fund below $5,000,000.
16    (d) The Governor's Office of Management and Budget shall
17determine the individual and total reserve deficiencies of the
18designated retirement systems. For this purpose, the
19Governor's Office of Management and Budget shall utilize the
20latest available audit and actuarial reports of each of the
21retirement systems and the relevant reports and statistics of
22the Public Employee Pension Fund Division of the Department of
23Insurance.
24    (d-1) As soon as practicable after the effective date of
25this amendatory Act of the 93rd General Assembly, the
26Comptroller shall direct and the Treasurer shall transfer from

 

 

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1the State Pensions Fund to the General Revenue Fund, as funds
2become available, a sum equal to the amounts that would have
3been paid from the State Pensions Fund to the Teachers'
4Retirement System of the State of Illinois, the State
5Universities Retirement System, the Judges Retirement System
6of Illinois, the General Assembly Retirement System, and the
7State Employees' Retirement System of Illinois after the
8effective date of this amendatory Act during the remainder of
9fiscal year 2004 to the designated retirement systems from the
10appropriations provided for in this Section if the transfers
11provided in Section 6z-61 had not occurred. The transfers
12described in this subsection (d-1) are to partially repay the
13General Revenue Fund for the costs associated with the bonds
14used to fund the moneys transferred to the designated
15retirement systems under Section 6z-61.
16    (e) The changes to this Section made by this amendatory Act
17of 1994 shall first apply to distributions from the Fund for
18State fiscal year 1996.
19(Source: P.A. 95-950, eff. 8-29-08; 96-959, eff. 7-1-10.)