Rep. Monique D. Davis
Filed: 3/23/2010
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| 1 | AMENDMENT TO HOUSE BILL 6369
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| 2 | AMENDMENT NO. ______. Amend House Bill 6369 by replacing | ||||||
| 3 | everything after the enacting clause with the following:
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| 4 | "Section 5. The Illinois Pension Code is amended by | ||||||
| 5 | changing Section 17-127 as follows:
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| 6 | (40 ILCS 5/17-127) (from Ch. 108 1/2, par. 17-127)
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| 7 | Sec. 17-127. Financing; revenues for the Fund.
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| 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.
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| 15 | (b) The General Assembly finds that for many years the | ||||||
| 16 | State has
contributed to the Fund an annual amount that is | ||||||
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| 1 | between 20% and 30% of the
amount of the annual State | ||||||
| 2 | contribution to the Article 16 retirement system,
and the | ||||||
| 3 | General Assembly declares that it is its goal and intention to | ||||||
| 4 | continue
this level of contribution to the Fund in the future.
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| 5 | Beginning in State fiscal year 1999, the State shall | ||||||
| 6 | include in its annual
contribution to the Fund an additional | ||||||
| 7 | amount equal to 0.544% of the Fund's
total teacher payroll; | ||||||
| 8 | except that this additional contribution need not be
made in a | ||||||
| 9 | fiscal year if the Board has certified in the previous fiscal | ||||||
| 10 | year
that the Fund is at least 90% funded, based on actuarial | ||||||
| 11 | determinations. These
additional State contributions are | ||||||
| 12 | intended to offset a portion of the cost to
the Fund of the | ||||||
| 13 | increases in retirement benefits resulting from this | ||||||
| 14 | amendatory
Act of 1998.
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| 15 | Beginning in State fiscal year 2010, in addition to the | ||||||
| 16 | percentage of the Fund's total teacher payroll required under | ||||||
| 17 | this subsection (b), the General Assembly must make annual | ||||||
| 18 | contributions to the Fund of an amount equal to 20% of the | ||||||
| 19 | amount of the annual State contribution to the Teachers' | ||||||
| 20 | Retirement System of the State of Illinois. | ||||||
| 21 | (Source: P.A. 90-548, eff. 12-4-97; 90-566, eff. 1-2-98; | ||||||
| 22 | 90-582, eff.
5-27-98; 90-655, eff. 7-30-98.)
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| 23 | Section 99. Effective date. This Act takes effect upon | ||||||
| 24 | becoming law.".
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