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40 ILCS 5/1-103.3
(40 ILCS 5/1-103.3)
(Text of Section WITH the changes made by P.A. 98-599, which has been
held unconstitutional)
Sec. 1-103.3. Application of 1994 amendment; funding standard.
(a) The provisions of Public Act 88-593 that change the method of
calculating, certifying, and paying the required State contributions to the
retirement systems established under Articles 2, 14, 15, 16, and 18 shall
first apply to the State contributions required for State fiscal year 1996.
(b) (Blank).
(c) Every 5 years, beginning in 1999, the Commission on Government Forecasting and Accountability, in consultation with the affected retirement systems and the
Governor's Office of Management and Budget (formerly
Bureau
of the Budget), shall consider and determine whether the funding goals
adopted in Articles 2, 14, 15, 16, and 18 of this Code continue to represent appropriate funding goals for
those retirement systems, and it shall report its findings
and recommendations on this subject to the Governor and the General Assembly.
(Source: P.A. 98-599, eff. 6-1-14.) (Text of Section WITHOUT the changes made by P.A. 98-599, which has been
held unconstitutional)
Sec. 1-103.3. Application of 1994 amendment; funding standard.
(a) The provisions of this amendatory Act of 1994 that change the method of
calculating, certifying, and paying the required State contributions to the
retirement systems established under Articles 2, 14, 15, 16, and 18 shall
first apply to the State contributions required for State fiscal year 1996.
(b) The General Assembly declares that a funding ratio (the ratio of a
retirement system's total assets to its total actuarial liabilities) of 90% is
an appropriate goal for State-funded retirement systems in Illinois, and it
finds that a funding ratio of 90% is now the generally-recognized norm
throughout the nation for public employee retirement systems that are
considered to be financially secure and funded in an appropriate and
responsible manner.
(c) Every 5 years, beginning in 1999, the Commission on Government Forecasting and Accountability, in consultation with the affected retirement systems and the
Governor's Office of Management and Budget (formerly
Bureau
of the Budget), shall consider and determine whether the 90% funding ratio
adopted in subsection (b) continues to represent an appropriate goal for
State-funded retirement systems in Illinois, and it shall report its findings
and recommendations on this subject to the Governor and the General Assembly.
(Source: P.A. 93-1067, eff. 1-15-05.)
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