96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
HB1511


 
Introduced 2/18/2009, by Rep. Michael J. Madigan - Barbara Flynn Currie - John E. Bradley
 
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.
















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A BILL FOR









 











HB1511

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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
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 funding of the unfunded 
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liabilities of the designated retirement systems.  Payments to 
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the designated retirement systems under this Section shall be 
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in addition to, and not in lieu of, any State contributions 
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required under the Illinois Pension Code.
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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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    (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.

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    (c-5) For fiscal years 2006, 2007, 2008, 2009, and 2010 the 
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General Assembly shall appropriate from the State Pensions Fund 
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to the State Universities Retirement System the amount 
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estimated to be available during the fiscal year in the State 
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Pensions Fund; provided, however, that the amounts 
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appropriated under this subsection (c-5) shall not reduce the 
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amount in the State Pensions Fund below $5,000,000.

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    (c-6) For fiscal year  2011 and each fiscal year thereafter, 
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as soon as may be practical after any money is deposited into 
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the State Pensions Fund from the Unclaimed Property Trust Fund, 
 


 






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the State Treasurer shall apportion the deposited amount among 
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the designated retirement systems as defined in subsection (a) 
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to reduce their actuarial reserve deficiencies.  The State 
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Comptroller and State Treasurer shall pay the apportioned 
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amounts to the designated retirement systems to fund the 
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unfunded liabilities of the designated retirement systems.  The 
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amount apportioned to each designated retirement system shall 
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constitute a portion of the amount estimated to be available 
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for appropriation from the State Pensions Fund that is the same 
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as that retirement system's portion of the total actual reserve 
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deficiency of the systems, as determined annually by the 
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Governor's Office of Management and Budget at the request of 
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the State Treasurer. The amounts apportioned under this 
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subsection shall not reduce the amount in the State Pensions 
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Fund below $5,000,000. 
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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. 94-91, eff. 7-1-05; 95-950, eff. 8-29-08.)