96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
HB4582


 
Introduced , by Rep. Monique D. Davis
 
SYNOPSIS AS INTRODUCED:
 		








  



40 ILCS 5/17-127
  from Ch. 108 1/2, par. 17-127








    Amends the Chicago Teacher Article of the Illinois Pension Code. Provides that, beginning in State fiscal year 2010, the General Assembly must make annual contributions to the Fund of  an amount equal to 20% of the amount of the annual State contribution to the Teachers' Retirement System System of the State of Illinois. Effective immediately.
















LRB096 13210 AMC 27827 b

















FISCAL NOTE ACT MAY APPLY


PENSION IMPACT NOTE ACT MAY APPLY
















 


 


A BILL FOR









 











HB4582

LRB096 13210 AMC 27827 b






1
    AN ACT concerning public employee benefits.

 
2
    Be it enacted by the People of the State of Illinois,
 
3
represented in the General Assembly:



 
4
    Section 5. The Illinois Pension Code is amended  by changing 
5
Section 17-127 as follows:
 



6
    (40 ILCS 5/17-127)  (from Ch. 108 1/2, par. 17-127)



7
    Sec. 17-127. Financing; revenues for the Fund. 

8
    (a) The revenues for the Fund shall consist of: (1) amounts 
9
paid into
the Fund by contributors thereto and from employer 
10
contributions and State
appropriations in accordance with this 
11
Article; (2) amounts contributed to the
Fund by an Employer; 
12
(3) amounts contributed to the Fund pursuant to any law
now in 
13
force or hereafter to be enacted; (4) contributions from any 
14
other
source; and (5) the earnings on investments.

15
    (b) The General Assembly finds that for many years the 
16
State has
contributed to the Fund an annual amount that is 
17
between 20% and 30% of the
amount of the annual State 
18
contribution to the Article 16 retirement system,
and the 
19
General Assembly declares that it is its goal and intention to 
20
continue
this level of contribution to the Fund in the future.

21
    Beginning in State fiscal year 1999, the State shall 
22
include in its annual
contribution to the Fund an additional 
23
amount equal to 0.544% of the Fund's
total teacher payroll; 
 


 






HB4582
- 2 -
LRB096 13210 AMC 27827 b




1
except that this additional contribution need not be
made in a 
2
fiscal year if the Board has certified in the previous fiscal 
3
year
that the Fund is at least 90% funded, based on actuarial 
4
determinations.  These
additional State contributions are 
5
intended to offset a portion of the cost to
the Fund of the 
6
increases in retirement benefits resulting from this 
7
amendatory
Act of 1998.

8
    Beginning in State fiscal year 2010, in addition to the 
9
percentage of the Fund's total teacher payroll required under 
10
this subsection (b), the General Assembly must make annual 
11
contributions to the Fund of  an amount equal to 20% of the 
12
amount of the annual State contribution to the Teachers' 
13
Retirement System System of the State of Illinois. 
14
(Source: P.A. 90-548, eff. 12-4-97; 90-566, eff. 1-2-98; 
15
90-582, eff.
5-27-98; 90-655, eff. 7-30-98.)

 

16
    Section 99. Effective date. This Act takes effect upon 
17
becoming law.