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94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB1528
Introduced 2/10/2005, by Rep. William B. Black SYNOPSIS AS INTRODUCED:
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40 ILCS 5/17-128.1 new |
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30 ILCS 805/8.29 new |
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Amends the Chicago Teacher Article of the Illinois Pension Code. Provides that the State shall not appropriate or pay any State moneys to the Fund, the State Comptroller shall not approve payment of any State moneys to the Fund, and the Fund shall not accept any payment of State moneys for or during State fiscal years 2006, 2007, 2008, 2009, or 2010. Includes provisions regarding violation and repayment. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.
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| FISCAL NOTE ACT MAY APPLY |
PENSION IMPACT NOTE ACT MAY APPLY |
STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT |
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A BILL FOR
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HB1528 |
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LRB094 06780 EFG 36882 b |
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| AN ACT concerning public employee benefits.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Illinois Pension Code is amended by adding |
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| Section 17-128.1 as follows:
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| (40 ILCS 5/17-128.1 new) |
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| Sec. 17-128.1. Moratorium on State funding. |
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| Notwithstanding Section 17-127 or any other provision of law, |
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| the State shall not appropriate or pay any State moneys to the |
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| Fund, the State Comptroller shall not approve payment of any |
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| State moneys to the Fund, and the Fund shall not accept any |
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| payment of State moneys for or during State fiscal years 2006, |
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| 2007, 2008, 2009, or 2010. |
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| A fiduciary of the Fund who accepts any State moneys in |
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| violation of this Section thereby commits a breach of fiduciary |
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| duty, and any liability arising from that breach shall not be |
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| subject to indemnification by the City, the employer, or the |
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| Fund. Any State moneys accepted by the Fund in violation of |
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| this Section shall be repaid to the State upon demand and may |
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| be recovered by the State in a civil action from any of the |
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| assets of the Fund.
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| Section 90. The State Mandates Act is amended by adding |
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| Section 8.29 as
follows:
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| (30 ILCS 805/8.29 new)
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| Sec. 8.29. Exempt mandate. Notwithstanding Sections 6 and 8 |
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| of this
Act, no reimbursement by the State is required for the |
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| implementation of
any mandate created by this amendatory Act of |
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| the 94th General Assembly.
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| Section 99. Effective date. This Act takes effect upon |
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| becoming law.
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