HB1544 EngrossedLRB097 05118 JDS 45163 b


  
1    AN ACT concerning public employee benefits.
  
 
2    Be it enacted by the People of the State of Illinois,
 
3represented in the General Assembly:
  


 
4    Section 5. The Illinois Pension Code is amended  by changing 
5Section 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 
9paid into
the Fund by contributors thereto and from employer 
10contributions and State
appropriations in accordance with this 
11Article; (2) amounts contributed to the
Fund by an Employer; 
12(3) amounts contributed to the Fund pursuant to any law
now in 
13force or hereafter to be enacted; (4) contributions from any 
14other
source; and (5) the earnings on investments.

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

21    Beginning in State fiscal year 1999, the State shall 
22include in its annual
contribution to the Fund an additional 
23amount equal to 0.544% of the Fund's
total teacher payroll; 
 
 
HB1544 Engrossed- 2 -LRB097 05118 JDS 45163 b

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

8    Beginning in State fiscal year 2012, in addition to the 
9percentage of the Fund's total teacher payroll required under 
10this subsection (b), the General Assembly must make annual 
11contributions to the Fund of  an amount equal to 20% of the 
12amount of the annual State contribution to the Teachers' 
13Retirement System of the State of Illinois. 
14(Source: P.A. 90-548, eff. 12-4-97; 90-566, eff. 1-2-98; 
1590-582, eff.
5-27-98; 90-655, eff. 7-30-98.)

 

16    Section 99. Effective date. This Act takes effect on July 
171, 2011.