96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
HB1511

 

Introduced 2/18/2009, by Rep. Michael J. Madigan - Barbara Flynn Currie - John E. Bradley

 

SYNOPSIS AS INTRODUCED:
 
30 ILCS 105/8.12  from Ch. 127, par. 144.12

    Amends the State Finance Act. Makes a technical change in a Section concerning the State Pensions Fund.


LRB096 04927 RCE 14993 b

 

 

A BILL FOR

 

HB1511 LRB096 04927 RCE 14993 b

1     AN ACT concerning finance.
 
2     Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
 
4     Section 5. The State Finance Act is amended by changing
5 Section 8.12 as follows:
 
6     (30 ILCS 105/8.12)   (from Ch. 127, par. 144.12)
7     Sec. 8.12. State Pensions Fund.
8     (a) The The moneys in the State Pensions Fund shall be used
9 exclusively for the administration of the Uniform Disposition
10 of Unclaimed Property Act and for the funding of the unfunded
11 liabilities of the designated retirement systems. Payments to
12 the designated retirement systems under this Section shall be
13 in addition to, and not in lieu of, any State contributions
14 required under the Illinois Pension Code.
15     "Designated retirement systems" means:
16         (1) the State Employees' Retirement System of
17     Illinois;
18         (2) the Teachers' Retirement System of the State of
19     Illinois;
20         (3) the State Universities Retirement System;
21         (4) the Judges Retirement System of Illinois; and
22         (5) the General Assembly Retirement System.
23     (b) Each year the General Assembly may make appropriations

 

 

HB1511 - 2 - LRB096 04927 RCE 14993 b

1 from the State Pensions Fund for the administration of the
2 Uniform Disposition of Unclaimed Property Act.
3     Each month, the Commissioner of the Office of Banks and
4 Real Estate shall certify to the State Treasurer the actual
5 expenditures that the Office of Banks and Real Estate incurred
6 conducting unclaimed property examinations under the Uniform
7 Disposition of Unclaimed Property Act during the immediately
8 preceding month. Within a reasonable time following the
9 acceptance of such certification by the State Treasurer, the
10 State Treasurer shall pay from its appropriation from the State
11 Pensions Fund to the Bank and Trust Company Fund and the
12 Savings and Residential Finance Regulatory Fund an amount equal
13 to the expenditures incurred by each Fund for that month.
14     Each month, the Director of Financial Institutions shall
15 certify to the State Treasurer the actual expenditures that the
16 Department of Financial Institutions incurred conducting
17 unclaimed property examinations under the Uniform Disposition
18 of Unclaimed Property Act during the immediately preceding
19 month. Within a reasonable time following the acceptance of
20 such certification by the State Treasurer, the State Treasurer
21 shall pay from its appropriation from the State Pensions Fund
22 to the Financial Institutions Fund and the Credit Union Fund an
23 amount equal to the expenditures incurred by each Fund for that
24 month.
25     (c) As soon as possible after the effective date of this
26 amendatory Act of the 93rd General Assembly, the General

 

 

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1 Assembly shall appropriate from the State Pensions Fund (1) to
2 the State Universities Retirement System the amount certified
3 under Section 15-165 during the prior year, (2) to the Judges
4 Retirement System of Illinois the amount certified under
5 Section 18-140 during the prior year, and (3) to the General
6 Assembly Retirement System the amount certified under Section
7 2-134 during the prior year as part of the required State
8 contributions to each of those designated retirement systems;
9 except that amounts appropriated under this subsection (c) in
10 State fiscal year 2005 shall not reduce the amount in the State
11 Pensions Fund below $5,000,000. If the amount in the State
12 Pensions Fund does not exceed the sum of the amounts certified
13 in Sections 15-165, 18-140, and 2-134 by at least $5,000,000,
14 the amount paid to each designated retirement system under this
15 subsection shall be reduced in proportion to the amount
16 certified by each of those designated retirement systems.
17     (c-5) For fiscal years 2006, 2007, 2008, 2009, and 2010 the
18 General Assembly shall appropriate from the State Pensions Fund
19 to the State Universities Retirement System the amount
20 estimated to be available during the fiscal year in the State
21 Pensions Fund; provided, however, that the amounts
22 appropriated under this subsection (c-5) shall not reduce the
23 amount in the State Pensions Fund below $5,000,000.
24     (c-6) For fiscal year 2011 and each fiscal year thereafter,
25 as soon as may be practical after any money is deposited into
26 the State Pensions Fund from the Unclaimed Property Trust Fund,

 

 

HB1511 - 4 - LRB096 04927 RCE 14993 b

1 the State Treasurer shall apportion the deposited amount among
2 the designated retirement systems as defined in subsection (a)
3 to reduce their actuarial reserve deficiencies. The State
4 Comptroller and State Treasurer shall pay the apportioned
5 amounts to the designated retirement systems to fund the
6 unfunded liabilities of the designated retirement systems. The
7 amount apportioned to each designated retirement system shall
8 constitute a portion of the amount estimated to be available
9 for appropriation from the State Pensions Fund that is the same
10 as that retirement system's portion of the total actual reserve
11 deficiency of the systems, as determined annually by the
12 Governor's Office of Management and Budget at the request of
13 the State Treasurer. The amounts apportioned under this
14 subsection shall not reduce the amount in the State Pensions
15 Fund below $5,000,000.
16     (d) The Governor's Office of Management and Budget shall
17 determine the individual and total reserve deficiencies of the
18 designated retirement systems. For this purpose, the
19 Governor's Office of Management and Budget shall utilize the
20 latest available audit and actuarial reports of each of the
21 retirement systems and the relevant reports and statistics of
22 the Public Employee Pension Fund Division of the Department of
23 Insurance.
24     (d-1) As soon as practicable after the effective date of
25 this amendatory Act of the 93rd General Assembly, the
26 Comptroller shall direct and the Treasurer shall transfer from

 

 

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1 the State Pensions Fund to the General Revenue Fund, as funds
2 become available, a sum equal to the amounts that would have
3 been paid from the State Pensions Fund to the Teachers'
4 Retirement System of the State of Illinois, the State
5 Universities Retirement System, the Judges Retirement System
6 of Illinois, the General Assembly Retirement System, and the
7 State Employees' Retirement System of Illinois after the
8 effective date of this amendatory Act during the remainder of
9 fiscal year 2004 to the designated retirement systems from the
10 appropriations provided for in this Section if the transfers
11 provided in Section 6z-61 had not occurred. The transfers
12 described in this subsection (d-1) are to partially repay the
13 General Revenue Fund for the costs associated with the bonds
14 used to fund the moneys transferred to the designated
15 retirement systems under Section 6z-61.
16     (e) The changes to this Section made by this amendatory Act
17 of 1994 shall first apply to distributions from the Fund for
18 State fiscal year 1996.
19 (Source: P.A. 94-91, eff. 7-1-05; 95-950, eff. 8-29-08.)