96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
HB1557


 
Introduced 2/18/2009, by Rep. Michael J. Madigan - Barbara Flynn Currie - Kevin A. McCarthy
 
SYNOPSIS AS INTRODUCED:
 		














40 ILCS 15/1









    Amends the State Pension Funds Continuing Appropriation Act. Makes a technical change in a Section concerning appropriations from the State Pensions Fund.
















LRB096 05120 AMC 15186 b

















PENSION IMPACT NOTE ACT MAY APPLY
















 


 


A BILL FOR









 











HB1557

LRB096 05120 AMC 15186 b






1
    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 State Pension Funds Continuing 
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Appropriation Act is amended by changing Section 1 as follows:
 



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    (40 ILCS 15/1)



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    Sec. 1. Appropriations from State Pensions Fund. For the

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the purpose of making
up any deficiency in the appropriations 
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to the designated retirement systems
that are required to be 
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made under Section 8.12 of the State Finance Act, there
is 
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hereby appropriated, on a continuing annual basis in each 
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fiscal year, from
the State Pensions Fund to each designated 
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retirement system, the amount, if
any, by which the total 
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appropriation to that system from the State Pensions
Fund for 
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that fiscal year is less than the amount required to be 
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appropriated
to that retirement system under Section 8.12 of 
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the State Finance Act.
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    The annual appropriation under this Section to each 
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designated retirement
system shall take effect on July 1 for 
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the State fiscal year beginning on that
date.

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    The amount of any continuing appropriation used by a 
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retirement system
under this Section for a given fiscal year 
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shall be charged against the
unexpended amount of any 
 


 






HB1557
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LRB096 05120 AMC 15186 b




1
appropriation to that retirement system for
that fiscal year 
2
under Section 8.12 of the State Finance Act that subsequently

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becomes available, subject to Section 8.3 of the State Finance 
4
Act.

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    "Designated retirement systems" means the State Employees' 
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Retirement
System of Illinois, the Teachers' Retirement System 
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of the State of
Illinois, the State Universities Retirement 
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System, the Judges Retirement
System of Illinois, and the 
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General Assembly Retirement System.

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    The appropriations made in this Section are appropriated to 
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the designated
retirement systems for the funding of the 
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unfunded liabilities of the designated retirement systems and 
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are 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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(Source: P.A. 95-950, eff. 8-29-08.)