SB3481sam001 98TH GENERAL ASSEMBLY

Sen. Sue Rezin

Filed: 3/17/2014

09800SB3481sam001 LRB098 16055 OMW 56727 a

AMENDMENT TO SENATE BILL 3481

AMENDMENT NO. ______. Amend Senate Bill 3481 by replacing everything after the enacting clause with the following:

"Section 5. The Illinois Public Labor Relations Act is amended by adding Section 5.2 as follows:

(5 ILCS 315/5.2 new)

Sec. 5.2. Additional duties; pension notification.

(a) Each labor organization covered under this Act shall notify its members when a bill or amendment that underfunds or misses a pension payment is introduced or filed and does not comply with the payment plan under current law. This notification must be sent by e-mail to members within 5 days of the introduction or filing of the bill or amendment. The notification shall include information regarding who filed witness slips in favor of, in opposition to, or neutral towards the bill or amendment.

(b) Upon receiving the report published by the Commission on Government Forecasting and Accountability under Section 4.5 of the Commission on Government Forecasting and Accountability Act, the Board shall distribute the report to each labor union governed under this Act and to each constitutional officer. The Board shall also post the report to its Internet website.

(c) Each labor organization covered under this Act shall distribute the report to its members and annuitants and post the report to its Internet website.

Section 10. The Commission on Government Forecasting and Accountability Act is amended by adding Section 4.5 as follows:

(25 ILCS 155/4.5 new)

Sec. 4.5. Yearly pension publication. The Commission shall publish, at the convening of each regular session of the General Assembly, a one-page report that includes the following data:

(1) Pension funding or underfunding over the previous 10 years. "Underfunding" means the failure to meet the payment plan under current law.

(2) The amount borrowed by the State to make pension payments over the previous 10 years.

(3) The investment return for the year and the average investment return over 5 years, with the assumed rate of return to be determined by the Commission.

(4) The rate of liquidation of assets.

(5) The cost to the taxpayers of unfunded added benefits, including, but not limited to, the extension of early retirement.

(6) A projection of the number of years that pension funds can afford to pay the benefits promised to annuitants with the assets available over the next 10 years under current law.

(7) Any important timely information pertinent to pension funding, including, but not limited to, credit downgrades that cite underfunded pensions as a reason for the downgrade.

Section 15. The Illinois Educational Labor Relations Act is amended by adding Section 5.1 as follows:

(115 ILCS 5/5.1 new)

Sec. 5.1. Additional duties; pension notification.

(a) Each labor organization covered under this Act shall notify its members when a bill or amendment that underfunds or misses a pension payment is introduced or filed and does not comply with the payment plan under current law. This notification must be sent by e-mail to members within 5 days of the introduction or filing of the bill or amendment. The notification shall include information regarding who filed witness slips in favor of, in opposition to, or neutral towards the bill or amendment.

(b) Upon receiving the report published by the Commission on Government Forecasting and Accountability under Section 4.5 of the Commission on Government Forecasting and Accountability Act, the Board shall distribute the report to each labor union governed under this Act and to each constitutional officer. The Board shall also post the report to its Internet website.

(c) Each labor organization covered under this Act shall distribute the report to its members and annuitants and post the report to its Internet website.

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