|
| | 98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014 SB1919 Introduced 2/15/2013, by Sen. Kwame Raoul SYNOPSIS AS INTRODUCED: |
| 40 ILCS 5/17-129 | from Ch. 108 1/2, par. 17-129 | 30 ILCS 805/8.37 new | |
|
Amends the Chicago Teacher Article of the Illinois Pension Code. In a provision that reduces the required annual Board of Education contribution to the Fund by the amount of any State contribution, makes the reduction apply only if the Board of the Fund certifies that the total assets of the Fund are at least 90% of the total actuarial liabilities of the Fund as of June 30 of the previous fiscal year. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.
|
| |
| | FISCAL NOTE ACT MAY APPLY | PENSION IMPACT NOTE ACT MAY APPLY | STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT |
| | A BILL FOR |
|
|
| | SB1919 | | LRB098 08604 EFG 38722 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 17-129 as follows: |
6 | | (40 ILCS 5/17-129) (from Ch. 108 1/2, par. 17-129) |
7 | | Sec. 17-129. Employer contributions; deficiency in Fund. |
8 | | (a) If in any fiscal year of the Board of Education ending |
9 | | prior to 1997 the
total amounts paid to the Fund from the Board |
10 | | of Education (other than under
this subsection, and other than |
11 | | amounts used for making or "picking up"
contributions on behalf |
12 | | of teachers) and from the State do not equal the total
|
13 | | contributions made by or on behalf of the teachers for such |
14 | | year, or if the
total income of the Fund in any such fiscal |
15 | | year of the Board of Education from
all sources is less than |
16 | | the total such expenditures by the Fund for such year,
the |
17 | | Board of Education shall, in the next succeeding year, in |
18 | | addition to any
other payment to the Fund set apart and |
19 | | appropriate from moneys from its tax
levy for educational |
20 | | purposes, a sum sufficient to remove such deficiency or
|
21 | | deficiencies, and promptly pay such sum into the Fund in order |
22 | | to restore any
of the reserves of the Fund that may have been |
23 | | so temporarily applied. Any
amounts received by the Fund after |
|
| | SB1919 | - 2 - | LRB098 08604 EFG 38722 b |
|
|
1 | | December 4, 1997 and before July 1, 2010 from State |
2 | | appropriations, including under Section
17-127, shall be a |
3 | | credit against and shall fully satisfy any obligation that
may |
4 | | have arisen, or be claimed to have arisen, under this |
5 | | subsection (a) as a
result of any deficiency or deficiencies in |
6 | | the fiscal year of the Board of
Education ending in calendar |
7 | | year 1997. |
8 | | (b) (i) Notwithstanding any other provision of this |
9 | | Section, and notwithstanding any prior certification by the |
10 | | Board under subsection (c) for fiscal year 2011, the Board of |
11 | | Education's total required contribution to the Fund for fiscal |
12 | | year 2011 under this Section is $187,000,000. |
13 | | (ii) Notwithstanding any other provision of this Section, |
14 | | the Board of Education's total required contribution to the |
15 | | Fund for fiscal year 2012 under this Section is $192,000,000. |
16 | | (iii) Notwithstanding any other provision of this Section, |
17 | | the Board of Education's total required contribution to the |
18 | | Fund for fiscal year 2013 under this Section is $196,000,000. |
19 | | (iv) For fiscal years 2014 through 2059, the minimum |
20 | | contribution to the Fund to be made by the Board of Education |
21 | | in each fiscal year shall be an amount determined by the Fund |
22 | | to be sufficient to bring the total assets of the Fund up to |
23 | | 90% of the total actuarial liabilities of the Fund by the end |
24 | | of fiscal year 2059. In making these determinations, the |
25 | | required Board of Education contribution shall be calculated |
26 | | each year as a level percentage of the applicable employee |
|
| | SB1919 | - 3 - | LRB098 08604 EFG 38722 b |
|
|
1 | | payrolls over the years remaining to and including fiscal year |
2 | | 2059 and shall be determined under the projected unit credit |
3 | | actuarial cost method. |
4 | | (v) Beginning in fiscal year 2060, the minimum Board of |
5 | | Education contribution for each fiscal year shall be the amount |
6 | | needed to maintain the total assets of the Fund at 90% of the |
7 | | total actuarial liabilities of the Fund. |
8 | | (vi) Notwithstanding any other provision of this |
9 | | subsection (b), for any fiscal year, the contribution to the |
10 | | Fund from the Board of Education shall not be required to be in |
11 | | excess of the amount calculated as needed to maintain the |
12 | | assets (or cause the assets to be) at the 90% level by the end |
13 | | of the fiscal year. |
14 | | (vii) Any contribution by the State to or for the benefit |
15 | | of the Fund, including, without limitation, as referred to |
16 | | under Section 17-127, shall be a credit against any |
17 | | contribution required to be made by the Board of Education |
18 | | under this subsection (b) if the Board certifies that the total |
19 | | assets of the Fund are at least 90% of the total actuarial |
20 | | liabilities of the Fund as of June 30 of the previous fiscal |
21 | | year . |
22 | | (c) The Board shall determine the amount of Board of |
23 | | Education
contributions required for each fiscal year on the |
24 | | basis of the actuarial
tables and other assumptions adopted by |
25 | | the Board and the recommendations of
the actuary, in order to |
26 | | meet the minimum contribution requirements of
subsections (a) |
|
| | SB1919 | - 4 - | LRB098 08604 EFG 38722 b |
|
|
1 | | and (b). Annually, on or before February 28, the Board shall
|
2 | | certify to the Board of Education the amount of the required |
3 | | Board of Education
contribution for the coming fiscal year. The |
4 | | certification shall include a
copy of the actuarial |
5 | | recommendations upon which it is based. |
6 | | (Source: P.A. 96-889, eff. 4-14-10.) |
7 | | Section 90. The State Mandates Act is amended by adding |
8 | | Section 8.37 as follows: |
9 | | (30 ILCS 805/8.37 new) |
10 | | Sec. 8.37. Exempt mandate. Notwithstanding Sections 6 and 8 |
11 | | of this Act, no reimbursement by the State is required for the |
12 | | implementation of any mandate created by this amendatory Act of |
13 | | the 98th General Assembly.
|
14 | | Section 99. Effective date. This Act takes effect upon |
15 | | becoming law.
|