from Ch. 108 1/2, par. 1-101.1 |
Pension Note (Government Forecasting & Accountability) | |
SB 512 will have no fiscal impact upon any public pension fund or retirement system in Illinois. |
Deletes reference to: | ||
Adds reference to: | ||
from Ch. 48, par. 1615 |
from Ch. 108 1/2, par. 2-124 |
from Ch. 108 1/2, par. 2-126 |
from Ch. 108 1/2, par. 8-125 |
from Ch. 108 1/2, par. 8-173 |
from Ch. 108 1/2, par. 8-251 |
from Ch. 108 1/2, par. 9-128.1 |
from Ch. 108 1/2, par. 9-133 |
from Ch. 108 1/2, par. 9-160 |
from Ch. 108 1/2, par. 9-164 |
from Ch. 108 1/2, par. 9-169 |
from Ch. 108 1/2, par. 9-170 |
from Ch. 108 1/2, par. 9-174 |
from Ch. 108 1/2, par. 9-176 |
from Ch. 108 1/2, par. 9-185 |
from Ch. 108 1/2, par. 9-219 |
from Ch. 108 1/2, par. 9-220 |
from Ch. 108 1/2, par. 9-235 |
from Ch. 108 1/2, par. 10-103 |
from Ch. 108 1/2, par. 10-107 |
from Ch. 108 1/2, par. 11-124 |
from Ch. 108 1/2, par. 11-169 |
from Ch. 108 1/2, par. 11-170 |
from Ch. 108 1/2, par. 11-230 |
from Ch. 108 1/2, par. 12-116 |
from Ch. 108 1/2, par. 12-149 |
from Ch. 108 1/2, par. 12-150 |
from Ch. 108 1/2, par. 12-167 |
from Ch. 108 1/2, par. 12-168 |
from Ch. 108 1/2, par. 12-169 |
from Ch. 108 1/2, par. 12-183 |
from Ch. 108 1/2, par. 12-190.3 |
from Ch. 108 1/2, par. 14-133 |
from Ch. 108 1/2, par. 15-113.6 |
from Ch. 108 1/2, par. 15-116 |
from Ch. 108 1/2, par. 15-117 |
from Ch. 108 1/2, par. 15-134 |
from Ch. 108 1/2, par. 15-146 |
from Ch. 108 1/2, par. 15-155 |
from Ch. 108 1/2, par. 15-157 |
from Ch. 108 1/2, par. 16-122 |
from Ch. 108 1/2, par. 16-136.2 |
from Ch. 108 1/2, par. 16-152 |
from Ch. 108 1/2, par. 16-158 |
from Ch. 108 1/2, par. 17-116 |
from Ch. 108 1/2, par. 17-130 |
from Ch. 108 1/2, par. 17-149.1 |
from Ch. 108 1/2, par. 18-131 |
from Ch. 108 1/2, par. 20-121 |
from Ch. 108 1/2, par. 20-123 |
from Ch. 108 1/2, par. 20-124 |
from Ch. 108 1/2, par. 20-125 |
from Ch. 108 1/2, par. 20-131 |
Balanced Budget Note (Office of Management and Budget) | |
SB 512 has no fiscal impact on the State. |
Land Conveyance Appraisal Note (Dept. of Transportation) | |
No land conveyances are included in this bill, therefore, there are no appraisals to be filed. |
Correctional Note (Dept of Corrections) | |
This legislation has no fiscal or population impact on the Department. |
Correctional Note, House Committee Amendment No. 1 (Dept of Corrections) | |
This legislation has no fiscal or population impact on the Department. |
Land Conveyance Appraisal Note, House Committee Amendment No. 1 (Dept. of Transportation) | |
No land conveyances are included in this bill, therefore, there are no appraisals to be filed. |
Balanced Budget Note, House Committee Amendment No. 1 (Office of Management and Budget) | |
Since the changes in member benefit accruals and/or retirement contributions do not take effect until Fiscal Year 2013, SB 512 (H-AM 1) has no impact on the State's Fiscal Year 2012 budget. |
Judicial Note, House Committee Amendment No. 1 (Admin Office of the Illinois Courts) | |
This bill would neither increase nor decrease the number of judges needed in the State. |
State Debt Impact Note, House Committee Amendment No. 1 (Government Forecasting & Accountability) | |
SB 512 (H-AM 1) would not change the amount of authorization for any type of State-issued or State-supported bond, and, therefore, would not affect the level of State indebtedness. |
Pension Note, House Committee Amendment No. 1 (Government Forecasting & Accountability) | |
Tables 1 and 2 on Pages 4 and 5 of this Pension Impact Note show the results of a cost study performed by COGFA’s actuary on the long-term impact of SB 512 on the Teachers’ Retirement System (TRS). The actuarial assumptions that were utilized in performing this cost study are outlined on Page 3 of this Impact Note. Below are some highlights from the cost study of SB 512: (1) State contributions to TRS will increase by $653.9 million in FY 2013 when compared to current law; (2) State contributions to TRS will be higher than under current law for Fiscal Years 2013 through 2019. Since State contributions are projected to increase under SB 512 at a considerably slower rate than under current law (2.3% compared to 4.4%), State contributions need to start at an initially higher amount so that with the slower rate of increase they will produce the amount needed to attain a 90% funding ratio in FY 2045. After several years, the slower rate of increase under SB 512 results in State contributions that will be lower than under current law; (3) When looking at the broad span of the entire funding period under P.A. 88-593, State contributions to TRS will be reduced by $47.9 billion between FY 2013 through FY 2045 when compared to current law. This long-term aggregate reduction in contributions is premised upon the State making its annual statutorily-required contributions (as shown in the column labeled "Total State Contribution" in Table 1 on Page 4) . State contributions to TRS gradually decline as a percentage of payroll in each year over the period FY 2013 – FY 2045. This is because under SB 512, the major portion of State contribution is to be determined as a level percentage of state revenue, under the assumption that State revenue will increase at the rate of 2.3% per year. Under the actuary’s projections, total payroll increases at the rate of 4.4% per year. Therefore, State contributions are projected to increase at a slower rate than payroll, resulting in State contributions decreasing as a percent of payroll. |
Home Rule Note, House Committee Amendment No. 1 (Dept. of Commerce & Economic Opportunity) | |
This bill does not pre-empt home rule authority. |
State Mandates Fiscal Note, House Committee Amendment No. 1 (Dept. of Commerce & Economic Opportunity) | |
This bill does not create a State mandate. |
Judicial Note (Admin Office of the Illinois Courts) | |
This bill would neither increase nor decrease the number of judges needed in the State. |
Housing Affordability Impact Note (Housing Development Authority) | |
This bill will have no effect on the cost of constructing, purchasing, owning, or selling a single-family residence. |
Housing Affordability Impact Note, House Committee Amendment No. 1 (Housing Development Authority) | |
This bill will have no effect on the cost of constructing, purchasing, owning, or selling a single-family residence. |
Deletes reference to: | ||
Adds reference to: | ||
from Ch. 108 1/2, par. 2-108.1 |
from Ch. 108 1/2, par. 14-103.10 |
from Ch. 108 1/2, par. 15-136 |
from Ch. 108 1/2, par. 15-141 |
from Ch. 108 1/2, par. 15-154 |
from Ch. 108 1/2, par. 16-133 |
State Debt Impact Note, House Floor Amendment No. 2 (Government Forecasting & Accountability) | |
SB 512 (H-AM 2) would not change the amount of authorization for any type of State-issued or State-supported bond, and, therefore, would not affect the level of State indebtedness. |
Land Conveyance Appraisal Note, House Floor Amendment No. 2 (Dept. of Transportation) | |
No land conveyances are included in this bill, therefore, there are no appraisals to be filed. |
Correctional Note, House Floor Amendment No. 2 (Dept of Corrections) | |
This legislation has no fiscal or population impact on the Department. |
State Mandates Fiscal Note, House Floor Amendment No. 2 (Dept. of Commerce & Economic Opportunity) | |
This bill does not create a State mandate. |
Home Rule Note, House Floor Amendment No. 2 (Dept. of Commerce & Economic Opportunity) | |
This bill does not pre-empt home rule authority. |
Pension Note, House Floor Amendment No. 2 (Government Forecasting & Accountability) | |
The precise fiscal impact of SB 512 (H-AM 1) has not yet been determined as the actuarial review is incomplete at this time. The actuarial cost study contained in the Pension Impact Note for HA 1 is not directly applicable to HA 2 as the FY 2013 contributions are explicitly set forth in HA 2 (see Page 3), and the new level-percent-of revenue funding mechanism prescribed by HA 2 does not take effect until FY 2014. However, the actuary notes that the long-term savings shown in the Impact Note for HA 1 will remain substantially the same under HA 2. Near term increases in State contributions for the first 7-10 years can still be expected under HA 2, with a substantially higher State contribution in year one. A revised note will be issued after the actuary completes a cost study that reflects the changes contained in HA 2 to SB 512. A cost of approximately $200,000 will be required to complete each independent actuarial review overseen by the Commission on Government Forecasting & Accountability. A supplemental appropriation will be required for these costs. |
Fiscal Note, House Floor Amendment No. 2 (Government Forecasting & Accountability) | |
The precise fiscal impact of SB 512 (H-AM 1) has not yet been determined as the actuarial review is incomplete at this time. The actuarial cost study contained in the Pension Impact Note for HA 1 is not directly applicable to HA 2 as the FY 2013 contributions are explicitly set forth in HA 2 (see Page 3), and the new level-percent-of revenue funding mechanism prescribed by HA 2 does not take effect until FY 2014. However, the actuary notes that the long-term savings shown in the Impact Note for HA 1 will remain substantially the same under HA 2. Near term increases in State contributions for the first 7-10 years can still be expected under HA 2, with a substantially higher State contribution in year one. A revised note will be issued after the actuary completes a cost study that reflects the changes contained in HA 2 to SB 512. A cost of approximately $200,000 will be required to complete each independent actuarial review overseen by the Commission on Government Forecasting & Accountability. A supplemental appropriation will be required for these costs. |
Balanced Budget Note, House Floor Amendment No. 2 (Office of Management and Budget) | |
Since the changes in member benefit accruals and/or retirement contributions do not take effect until Fiscal Year 2013 (GARS only) and fiscal year 2014 for the other state systems, SB 512 (H-AM 2) has no impact on the State's Fiscal Year 2012 budget. |
Home Rule Note (Dept. of Commerce & Economic Opportunity) | |
This bill does not pre-empt home rule authority. |
State Mandates Fiscal Note (Dept. of Commerce & Economic Opportunity) | |
This bill does not create a State mandate. |
Judicial Note, House Floor Amendment No. 2 (Admin Office of the Illinois Courts) | |
This bill would neither increase nor decrease the number of judges needed in the State. |
State Debt Impact Note (Government Forecasting & Accountability) | |
SB 512 would not change the amount of authorization for any type of State-issued or State-supported bond, and, therefore, would not affect the level of State indebtedness. |
Fiscal Note (Government Forecasting & Accountability) | |
SB 512 will have no fiscal impact on the Commission of Government Forecasting and Accountability. |
Fiscal Note, House Committee Amendment No. 1 (Government Forecasting & Accountability) | |
A cost of approximately $200,000 will be required to complete each independent actuarial review overseen by the Commission on Government Forecasting and Accountability. A supplemental appropriation will be required for these costs. |
Housing Affordability Impact Note, House Floor Amendment No. 2 (Housing Development Authority) | |
This bill will have no effect on the cost of constructing, purchasing, owning, or selling a single-family residence. |
Date | Chamber | Action | 2/8/2011 | Senate | Filed with Secretary by Sen. John J. Cullerton | 2/8/2011 | Senate | First Reading | 2/8/2011 | Senate | Referred to Assignments | 3/9/2011 | Senate | Assigned to Executive | 3/17/2011 | Senate | Do Pass Executive; 015-000-000 | 3/17/2011 | Senate | Placed on Calendar Order of 2nd Reading March 17, 2011 | 3/17/2011 | Senate | Second Reading | 3/17/2011 | Senate | Placed on Calendar Order of 3rd Reading March 29, 2011 | 3/30/2011 | Senate | Third Reading - Passed; 043-011-001 | 3/30/2011 | House | Arrived in House | 3/30/2011 | House | Placed on Calendar Order of First Reading | 3/30/2011 | House | Chief House Sponsor Rep. Michael J. Madigan | 3/30/2011 | House | First Reading | 3/30/2011 | House | Referred to Rules Committee | 4/11/2011 | House | Assigned to Executive Committee | 4/27/2011 | House | Re-assigned to Personnel and Pensions Committee | 5/13/2011 | House | Committee Deadline Extended-Rule 9(b) May 20, 2011 | 5/18/2011 | House | Pension Note Requested by Rep. Naomi D. Jakobsson | 5/20/2011 | House | Pension Note Filed | 5/20/2011 | House | Final Action Deadline Extended-9(b) May 27, 2011 | 5/25/2011 | House | House Committee Amendment No. 1 Filed with Clerk by Rep. Tom Cross | 5/25/2011 | House | House Committee Amendment No. 1 Referred to Rules Committee | 5/25/2011 | House | House Committee Amendment No. 1 Rules Refers to Personnel and Pensions Committee | 5/25/2011 | House | Alternate Chief Sponsor Changed to Rep. Tom Cross | 5/25/2011 | House | Added Alternate Chief Co-Sponsor Rep. Michael J. Madigan | 5/25/2011 | House | Added Alternate Chief Co-Sponsor Rep. Darlene J. Senger | 5/25/2011 | House | Added Alternate Chief Co-Sponsor Rep. Ed Sullivan, Jr. | 5/25/2011 | House | Added Alternate Chief Co-Sponsor Rep. Kevin A. McCarthy | 5/25/2011 | House | Added Alternate Co-Sponsor Rep. Timothy L. Schmitz | 5/26/2011 | House | Balanced Budget Note Filed | 5/26/2011 | House | Land Conveyance Appraisal Note Filed | 5/26/2011 | House | House Committee Amendment No. 1 Adopted in Personnel and Pensions Committee; by Voice Vote | 5/26/2011 | House | Do Pass as Amended / Short Debate Personnel and Pensions Committee; 006-002-001 | 5/26/2011 | House | Placed on Calendar 2nd Reading - Short Debate | 5/26/2011 | House | Correctional Note Filed | 5/26/2011 | House | House Committee Amendment No. 1 Correctional Note Filed as Amended | 5/26/2011 | House | House Committee Amendment No. 1 Pension Note Requested as Amended by Rep. Naomi D. Jakobsson | 5/26/2011 | House | House Committee Amendment No. 1 Land Conveyance Appraisal Note Filed as Amended | 5/26/2011 | House | Second Reading - Short Debate | 5/26/2011 | House | Held on Calendar Order of Second Reading - Short Debate | 5/26/2011 | House | House Committee Amendment No. 1 Fiscal Note Requested as Amended by Rep. Jack D. Franks | 5/26/2011 | House | House Committee Amendment No. 1 Balanced Budget Note Requested as Amended by Rep. Jack D. Franks | 5/26/2011 | House | House Committee Amendment No. 1 Judicial Note Requested as Amended by Rep. Jack D. Franks | 5/26/2011 | House | House Committee Amendment No. 1 Pension Note Requested as Amended by Rep. Jack D. Franks | 5/26/2011 | House | House Committee Amendment No. 1 State Debt Impact Note Requested as Amended by Rep. Jack D. Franks | 5/26/2011 | House | Added Alternate Co-Sponsor Rep. Joe Sosnowski | 5/26/2011 | House | House Committee Amendment No. 1 Balanced Budget Note Filed as Amended | 5/27/2011 | House | House Committee Amendment No. 1 Judicial Note Filed as Amended | 5/27/2011 | House | House Committee Amendment No. 1 State Debt Impact Note Filed as Amended | 5/27/2011 | House | House Committee Amendment No. 1 Pension Note Filed as Amended | 5/27/2011 | House | Added Alternate Co-Sponsor Rep. Thomas Morrison | 5/27/2011 | House | Final Action Deadline Extended-9(b) May 31, 2011 | 5/28/2011 | House | House Committee Amendment No. 1 Home Rule Note Filed as Amended | 5/28/2011 | House | House Committee Amendment No. 1 State Mandates Fiscal Note Filed as Amended | 5/30/2011 | House | Fiscal Note Requested by Rep. Carol A. Sente | 5/30/2011 | House | State Mandates Fiscal Note Requested by Rep. Carol A. Sente | 5/30/2011 | House | Judicial Note Requested by Rep. Carol A. Sente | 5/30/2011 | House | State Debt Impact Note Requested by Rep. Carol A. Sente | 5/31/2011 | House | Judicial Note Filed | 5/31/2011 | House | Final Action Deadline Extended-9(b) November 10, 2011 | 6/3/2011 | House | Housing Affordability Impact Note Filed | 6/3/2011 | House | House Committee Amendment No. 1 Housing Affordability Impact Note Filed as Amended | 11/7/2011 | House | House Floor Amendment No. 2 Filed with Clerk by Rep. Tom Cross | 11/7/2011 | House | House Floor Amendment No. 2 Referred to Rules Committee | 11/7/2011 | House | House Floor Amendment No. 2 Rules Refers to Personnel and Pensions Committee | 11/7/2011 | House | House Floor Amendment No. 2 State Debt Impact Note Filed as Amended | 11/7/2011 | House | House Floor Amendment No. 2 Land Conveyance Appraisal Note Filed as Amended | 11/8/2011 | House | House Floor Amendment No. 2 Correctional Note Filed as Amended | 11/8/2011 | House | House Floor Amendment No. 2 State Mandates Fiscal Note Filed as Amended | 11/8/2011 | House | House Floor Amendment No. 2 Home Rule Note Filed as Amended | 11/8/2011 | House | House Floor Amendment No. 2 Pension Note Filed as Amended | 11/8/2011 | House | House Floor Amendment No. 2 Fiscal Note Filed as Amended | 11/8/2011 | House | House Floor Amendment No. 2 Balanced Budget Note Filed as Amended | 11/8/2011 | House | House Floor Amendment No. 2 Recommends Be Adopted Personnel and Pensions Committee; 005-004-000 | 11/9/2011 | House | Home Rule Note Filed | 11/9/2011 | House | State Mandates Fiscal Note Filed | 11/9/2011 | House | House Floor Amendment No. 2 Judicial Note Filed as Amended | 11/9/2011 | House | State Debt Impact Note Filed | 11/9/2011 | House | Fiscal Note Filed | 11/9/2011 | House | House Committee Amendment No. 1 Fiscal Note Filed as Amended | 11/9/2011 | House | House Floor Amendment No. 2 Adopted by Voice Vote | 11/9/2011 | House | Placed on Calendar Order of 3rd Reading - Short Debate | 11/10/2011 | House | Final Action Deadline Extended-9(b) November 30, 2011 | 11/17/2011 | House | House Floor Amendment No. 2 Housing Affordability Impact Note Filed as Amended | 11/30/2011 | House | Final Action Deadline Extended-9(b) December 31, 2011 | 12/31/2011 | House | Rule 19(a) / Re-referred to Rules Committee | 1/8/2013 | Senate | Session Sine Die |