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1 | AN ACT concerning finance.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The State Finance Act is amended by changing | |||||||||||||||||||
5 | Section 8.12 as follows:
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6 | (30 ILCS 105/8.12)
(from Ch. 127, par. 144.12)
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7 | Sec. 8.12. State Pensions Fund.
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8 | (a) The
The moneys in the State Pensions Fund shall be used | |||||||||||||||||||
9 | exclusively
for the administration of the Uniform Disposition | |||||||||||||||||||
10 | of Unclaimed Property Act and
for the funding of the unfunded | |||||||||||||||||||
11 | liabilities of the designated retirement systems. Payments to | |||||||||||||||||||
12 | the designated retirement systems under this Section shall be | |||||||||||||||||||
13 | in addition to, and not in lieu of, any State contributions | |||||||||||||||||||
14 | required under the Illinois Pension Code. | |||||||||||||||||||
15 | "Designated retirement systems" means:
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16 | (1) the State Employees' Retirement System of | |||||||||||||||||||
17 | Illinois;
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18 | (2) the Teachers' Retirement System of the State of | |||||||||||||||||||
19 | Illinois;
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20 | (3) the State Universities Retirement System;
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21 | (4) the Judges Retirement System of Illinois; and
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22 | (5) the General Assembly Retirement System.
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23 | (b) Each year the General Assembly may make appropriations |
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1 | from
the State Pensions Fund for the administration of the | ||||||
2 | Uniform Disposition of
Unclaimed Property Act.
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3 | Each month, the Commissioner of the Office of Banks and | ||||||
4 | Real Estate shall
certify to the State Treasurer the actual | ||||||
5 | expenditures that the Office of
Banks and Real Estate incurred | ||||||
6 | conducting unclaimed property examinations under
the Uniform | ||||||
7 | Disposition of Unclaimed Property Act during the immediately
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8 | preceding month. Within a reasonable
time following the | ||||||
9 | acceptance of such certification by the State Treasurer, the
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10 | State Treasurer shall pay from its appropriation from the State | ||||||
11 | Pensions Fund
to the Bank and Trust Company Fund and the | ||||||
12 | Savings and Residential Finance
Regulatory Fund an amount equal | ||||||
13 | to the expenditures incurred by each Fund for
that month.
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14 | Each month, the Director of Financial Institutions shall
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15 | certify to the State Treasurer the actual expenditures that the | ||||||
16 | Department of
Financial Institutions incurred conducting | ||||||
17 | unclaimed property examinations
under the Uniform Disposition | ||||||
18 | of Unclaimed Property Act during the immediately
preceding | ||||||
19 | month. Within a reasonable time following the acceptance of | ||||||
20 | such
certification by the State Treasurer, the State Treasurer | ||||||
21 | shall pay from its
appropriation from the State Pensions Fund
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22 | to the Financial Institutions Fund and the Credit Union Fund
an | ||||||
23 | amount equal to the expenditures incurred by each Fund for
that | ||||||
24 | month.
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25 | (c) As soon as possible after the effective date of this | ||||||
26 | amendatory Act of the 93rd General Assembly, the General |
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1 | Assembly shall appropriate from the State Pensions Fund (1) to | ||||||
2 | the State Universities Retirement System the amount certified | ||||||
3 | under Section 15-165 during the prior year, (2) to the Judges | ||||||
4 | Retirement System of Illinois the amount certified under | ||||||
5 | Section 18-140 during the prior year, and (3) to the General | ||||||
6 | Assembly Retirement System the amount certified under Section | ||||||
7 | 2-134 during the prior year as part of the required
State | ||||||
8 | contributions to each of those designated retirement systems; | ||||||
9 | except that amounts appropriated under this subsection (c) in | ||||||
10 | State fiscal year 2005 shall not reduce the amount in the State | ||||||
11 | Pensions Fund below $5,000,000. If the amount in the State | ||||||
12 | Pensions Fund does not exceed the sum of the amounts certified | ||||||
13 | in Sections 15-165, 18-140, and 2-134 by at least $5,000,000, | ||||||
14 | the amount paid to each designated retirement system under this | ||||||
15 | subsection shall be reduced in proportion to the amount | ||||||
16 | certified by each of those designated retirement systems.
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17 | (c-5) For fiscal years 2006, 2007, 2008, 2009, and 2010 the | ||||||
18 | General Assembly shall appropriate from the State Pensions Fund | ||||||
19 | to the State Universities Retirement System the amount | ||||||
20 | estimated to be available during the fiscal year in the State | ||||||
21 | Pensions Fund; provided, however, that the amounts | ||||||
22 | appropriated under this subsection (c-5) shall not reduce the | ||||||
23 | amount in the State Pensions Fund below $5,000,000.
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24 | (c-6) For fiscal year 2011 and each fiscal year thereafter, | ||||||
25 | as soon as may be practical after any money is deposited into | ||||||
26 | the State Pensions Fund from the Unclaimed Property Trust Fund, |
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1 | the State Treasurer shall apportion the deposited amount among | ||||||
2 | the designated retirement systems as defined in subsection (a) | ||||||
3 | to reduce their actuarial reserve deficiencies. The State | ||||||
4 | Comptroller and State Treasurer shall pay the apportioned | ||||||
5 | amounts to the designated retirement systems to fund the | ||||||
6 | unfunded liabilities of the designated retirement systems. The | ||||||
7 | amount apportioned to each designated retirement system shall | ||||||
8 | constitute a portion of the amount estimated to be available | ||||||
9 | for appropriation from the State Pensions Fund that is the same | ||||||
10 | as that retirement system's portion of the total actual reserve | ||||||
11 | deficiency of the systems, as determined annually by the | ||||||
12 | Governor's Office of Management and Budget at the request of | ||||||
13 | the State Treasurer. The amounts apportioned under this | ||||||
14 | subsection shall not reduce the amount in the State Pensions | ||||||
15 | Fund below $5,000,000. | ||||||
16 | (d) The
Governor's Office of Management and Budget shall | ||||||
17 | determine the individual and total
reserve deficiencies of the | ||||||
18 | designated retirement systems. For this purpose,
the
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19 | Governor's Office of Management and Budget shall utilize the | ||||||
20 | latest available audit and actuarial
reports of each of the | ||||||
21 | retirement systems and the relevant reports and
statistics of | ||||||
22 | the Public Employee Pension Fund Division of the Department of
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23 | Insurance.
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24 | (d-1) As soon as practicable after the effective date of | ||||||
25 | this
amendatory Act of the 93rd General Assembly, the | ||||||
26 | Comptroller shall
direct and the Treasurer shall transfer from |
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1 | the State Pensions Fund to
the General Revenue Fund, as funds | ||||||
2 | become available, a sum equal to the
amounts that would have | ||||||
3 | been paid
from the State Pensions Fund to the Teachers' | ||||||
4 | Retirement System of the State
of Illinois,
the State | ||||||
5 | Universities Retirement System, the Judges Retirement
System | ||||||
6 | of Illinois, the
General Assembly Retirement System, and the | ||||||
7 | State Employees'
Retirement System
of Illinois
after the | ||||||
8 | effective date of this
amendatory Act during the remainder of | ||||||
9 | fiscal year 2004 to the
designated retirement systems from the | ||||||
10 | appropriations provided for in
this Section if the transfers | ||||||
11 | provided in Section 6z-61 had not
occurred. The transfers | ||||||
12 | described in this subsection (d-1) are to
partially repay the | ||||||
13 | General Revenue Fund for the costs associated with
the bonds | ||||||
14 | used to fund the moneys transferred to the designated
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15 | retirement systems under Section 6z-61.
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16 | (e) The changes to this Section made by this amendatory Act | ||||||
17 | of 1994 shall
first apply to distributions from the Fund for | ||||||
18 | State fiscal year 1996.
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19 | (Source: P.A. 94-91, eff. 7-1-05; 95-950, eff. 8-29-08.)
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