94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB1146


 
Introduced 02/08/05, by Rep. Jim Watson
 
SYNOPSIS AS INTRODUCED:
 		















30 ILCS 105/8.12  from Ch. 127, par. 144.12







    Amends the State Finance Act. Provides that, in each fiscal year in which the State's cash balance at the end of the fiscal year is in excess of $750,000,000, that excess must be transferred into the State Pensions Fund for immediate disbursement.  Provides that the State Pensions Fund shall also include moneys appropriated or otherwise transferred into that Fund, as otherwise provided by law. Effective immediately.
















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FISCAL NOTE ACT MAY APPLY
















 


 


A BILL FOR









 











HB1146

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    AN ACT concerning finance.

 
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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 State Finance Act is amended  by changing 
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Section 8.12 as follows:
 



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    (30 ILCS 105/8.12)
  (from Ch. 127, par. 144.12)



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    Sec. 8.12. State Pensions Fund. 

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    (a) The moneys in the State Pensions Fund shall be used 
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exclusively
for the administration of the Uniform Disposition 
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of Unclaimed Property Act and
for the payment of or repayment 
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to the General Revenue Fund a portion of
the required State 
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contributions to the
designated retirement systems.

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    "Designated retirement systems" means:


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        (1) the State Employees' Retirement System of 
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    Illinois;


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        (2) the Teachers' Retirement System of the State of 
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    Illinois;


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        (3) the State Universities Retirement System;


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        (4) the Judges Retirement System of Illinois; and


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        (5) the General Assembly Retirement System.

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    (a-5) Notwithstanding any other provision of law, in each 
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fiscal year in which the State's cash balance at the end of the 
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fiscal year is in excess of $750,000,000, that excess must be 
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transferred into the State Pensions Fund for immediate 
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disbursement.  The State Pensions Fund shall also include moneys 
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appropriated or otherwise transferred into that Fund, as 
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otherwise provided by law.

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    (b) Each year the General Assembly may make appropriations 
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from
the State Pensions Fund for the administration of the 
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Uniform Disposition of
Unclaimed Property Act.

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    Each month, the Commissioner of the Office of Banks and 
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Real Estate shall
certify to the State Treasurer the actual 
 


 






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expenditures that the Office of
Banks and Real Estate incurred 
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conducting unclaimed property examinations under
the Uniform 
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Disposition of Unclaimed Property Act during the immediately

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preceding month.  Within a reasonable
time following the 
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acceptance of such certification by the State Treasurer, the

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State Treasurer shall pay from its appropriation from the State 
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Pensions Fund
to the Bank and Trust Company Fund and the 
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Savings and Residential Finance
Regulatory Fund an amount equal 
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to the expenditures incurred by each Fund for
that month.

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    Each month, the Director of Financial Institutions shall

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certify to the State Treasurer the actual expenditures that the 
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Department of
Financial Institutions incurred conducting 
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unclaimed property examinations
under the Uniform Disposition 
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of Unclaimed Property Act during the immediately
preceding 
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month.  Within a reasonable time following the acceptance of 
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such
certification by the State Treasurer, the State Treasurer 
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shall pay from its
appropriation from the State Pensions Fund

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to the Financial Institutions Fund and the Credit Union Fund
an 
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amount equal to the expenditures incurred by each Fund for
that 
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month.

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    (c) As soon as possible after the effective date of this 
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amendatory Act of the 93rd General Assembly, the General 
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Assembly shall appropriate from the State Pensions Fund (1) to 
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the State Universities Retirement System the amount certified 
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under Section 15-165 during the prior year, (2) to the Judges 
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Retirement System of Illinois the amount certified under 
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Section 18-140 during the prior year, and (3) to the General 
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Assembly Retirement System the amount certified under Section 
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2-134 during the prior year as part of the required
State 
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contributions to each of those designated retirement systems; 
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except that amounts appropriated under this subsection (c) in 
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State fiscal year 2005 shall not reduce the amount in the State 
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Pensions Fund below $5,000,000. If the amount in the State 
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Pensions Fund does not exceed the sum of the amounts certified 
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in Sections 15-165, 18-140, and 2-134 by at least $5,000,000,      
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the amount paid to each designated retirement system under this 
 


 






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subsection shall be reduced in proportion to the amount 
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certified by each of those designated retirement systems. For 
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each State fiscal year beginning with State fiscal year 2006, 
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the General Assembly shall appropriate a total amount
equal to 
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the balance in the State Pensions Fund at the close of business 
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on
June 30 of the preceding fiscal year, less $5,000,000, as 
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part of the required
State contributions to the designated 
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retirement systems.  The amount of the
appropriation to 
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designated retirement systems shall constitute a portion
of the 
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total appropriation under this subsection for that fiscal year 
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which is
the same as that retirement system's portion of the 
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total actuarial reserve
deficiency of the systems, as most 
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recently determined by the
Governor's Office of Management and 
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Budget.

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    (d) The
Governor's Office of Management and Budget shall 
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determine the individual and total
reserve deficiencies of the 
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designated retirement systems.  For this purpose,
the

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Governor's Office of Management and Budget shall utilize the 
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latest available audit and actuarial
reports of each of the 
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retirement systems and the relevant reports and
statistics of 
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the Public Employee Pension Fund Division of the Department of

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Insurance.

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    (d-1) As soon as practicable after the effective date of 
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this
amendatory Act of the 93rd General Assembly, the 
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Comptroller shall
direct and the Treasurer shall transfer from 
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the State Pensions Fund to
the General Revenue Fund, as funds 
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become available, a sum equal to the
amounts that would have 
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been paid
from the State Pensions Fund to the Teachers' 
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Retirement System of the State
of Illinois,
the State 
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Universities Retirement System, the Judges Retirement
System 
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of Illinois, the
General Assembly Retirement System, and the 
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State Employees'
Retirement System
of Illinois
after the 
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effective date of this
amendatory Act during the remainder of 
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fiscal year 2004 to the
designated retirement systems from the 
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appropriations provided for in
this Section if the transfers 
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provided in Section 6z-61 had not
occurred. The transfers 
 


 






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described in this subsection (d-1) are to
partially repay the 
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General Revenue Fund for the costs associated with
the bonds 
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used to fund the moneys transferred to the designated

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retirement systems under Section 6z-61.

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    (e) The changes to this Section made by this amendatory Act 
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of 1994 shall
first apply to distributions from the Fund for 
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State fiscal year 1996.

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(Source: P.A. 93-665, eff. 3-5-04; 93-839, eff. 7-30-04.)

 

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    Section 99. Effective date. This Act takes effect upon 
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becoming law.