HB4582 Engrossed

LRB096 13210 AMC 27827 b






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    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 Illinois Pension Code is amended  by changing 
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Section 17-127 as follows:
 



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



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

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

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

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


 






HB4582 Engrossed
- 2 -
LRB096 13210 AMC 27827 b




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

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

 

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