Full Text of HB2993 98th General Assembly
HB2993ham002 98TH GENERAL ASSEMBLY | Rep. Darlene J. Senger Filed: 4/11/2013
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| 1 | | AMENDMENT TO HOUSE BILL 2993
| 2 | | AMENDMENT NO. ______. Amend House Bill 2993, AS AMENDED, in | 3 | | the introductory portion of Section 5, by inserting "15-162, | 4 | | 15-165," after "15-159," and by deleting "15-177.1,"; and
| 5 | | in Section 5, in the third and fourth sentences of Sec. | 6 | | 15-145.1, by changing " due to age. Any survivor's insurance | 7 | | benefit shall be increased (1) on each January 1 occurring on | 8 | | or after the commencement of the annuity if the deceased Tier 1 | 9 | | member " to " due to age and shall be increased (1) on each | 10 | | January 1 occurring on or after the commencement of the annuity | 11 | | if the deceased Tier 2 member "; and | 12 | | in Section 5, by replacing all of Sec. 15-169 with the | 13 | | following:
| 14 | | "(40 ILCS 5/15-162) (from Ch. 108 1/2, par. 15-162)
| 15 | | Sec. 15-162. To hold meetings.
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| 1 | | To hold regular meetings at least quarterly in each year | 2 | | and special
meetings at such times as the chairperson president | 3 | | or a majority of the board deem
necessary.
| 4 | | (Source: Laws 1963, p. 161.)
| 5 | | (40 ILCS 5/15-165)
(from Ch. 108 1/2, par. 15-165)
| 6 | | Sec. 15-165. To certify amounts and submit vouchers.
| 7 | | (a) The Board shall certify to the Governor on or before | 8 | | November 15 of each
year until November 15, 2011 the | 9 | | appropriation required from State funds for the purposes of | 10 | | this
System for the following fiscal year. The certification | 11 | | under this subsection (a) shall include a copy
of the actuarial | 12 | | recommendations upon which it is based and shall specifically | 13 | | identify the System's projected State normal cost for that | 14 | | fiscal year and the projected State cost for the self-managed | 15 | | plan for that fiscal year.
| 16 | | On or before May 1, 2004, the Board shall recalculate and | 17 | | recertify to
the Governor the amount of the required State | 18 | | contribution to the System for
State fiscal year 2005, taking | 19 | | into account the amounts appropriated to and
received by the | 20 | | System under subsection (d) of Section 7.2 of the General
| 21 | | Obligation Bond Act.
| 22 | | On or before July 1, 2005, the Board shall recalculate and | 23 | | recertify
to the Governor the amount of the required State
| 24 | | contribution to the System for State fiscal year 2006, taking | 25 | | into account the changes in required State contributions made |
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| 1 | | by this amendatory Act of the 94th General Assembly.
| 2 | | On or before April 1, 2011, the Board shall recalculate and | 3 | | recertify to the Governor the amount of the required State | 4 | | contribution to the System for State fiscal year 2011, applying | 5 | | the changes made by Public Act 96-889 to the System's assets | 6 | | and liabilities as of June 30, 2009 as though Public Act 96-889 | 7 | | was approved on that date. | 8 | | (a-5) On or before November 1 of each year, beginning | 9 | | November 1, 2012, the Board shall submit to the State Actuary, | 10 | | the Governor, and the General Assembly a proposed certification | 11 | | of the amount of the required State contribution to the System | 12 | | for the next fiscal year, along with all of the actuarial | 13 | | assumptions, calculations, and data upon which that proposed | 14 | | certification is based. On or before January 1 of each year, | 15 | | beginning January 1, 2013, the State Actuary shall issue a | 16 | | preliminary report concerning the proposed certification and | 17 | | identifying, if necessary, recommended changes in actuarial | 18 | | assumptions that the Board must consider before finalizing its | 19 | | certification of the required State contributions. On or before | 20 | | January 15, 2013 and each January 15 thereafter, the Board | 21 | | shall certify to the Governor and the General Assembly the | 22 | | amount of the required State contribution for the next fiscal | 23 | | year. The Board's certification must note, in a written | 24 | | response to the State Actuary, any deviations from the State | 25 | | Actuary's recommended changes, the reason or reasons for not | 26 | | following the State Actuary's recommended changes, and the |
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| 1 | | fiscal impact of not following the State Actuary's recommended | 2 | | changes on the required State contribution. | 3 | | (b) The Board shall certify to the State Comptroller or | 4 | | employer, as the
case may be, from time to time, by its | 5 | | chairperson president and secretary, with its seal
attached, | 6 | | the amounts payable to the System from the various funds.
| 7 | | (c) Beginning in State fiscal year 1996, on or as soon as | 8 | | possible after the
15th day of each month the Board shall | 9 | | submit vouchers for payment of State
contributions to the | 10 | | System, in a total monthly amount of one-twelfth of the
| 11 | | required annual State contribution certified under subsection | 12 | | (a).
From the effective date of this amendatory Act
of the 93rd | 13 | | General Assembly through June 30, 2004, the Board shall not
| 14 | | submit vouchers for the remainder of fiscal year 2004 in excess | 15 | | of the
fiscal year 2004 certified contribution amount | 16 | | determined
under this Section after taking into consideration | 17 | | the transfer to the
System under subsection (b) of Section | 18 | | 6z-61 of the State Finance Act.
These
vouchers shall be paid by | 19 | | the State Comptroller and Treasurer by warrants drawn
on the | 20 | | funds appropriated to the System for that fiscal year.
| 21 | | If in any month the amount remaining unexpended from all | 22 | | other
appropriations to the System for the applicable fiscal | 23 | | year (including the
appropriations to the System under Section | 24 | | 8.12 of the State Finance Act and
Section 1 of the State | 25 | | Pension Funds Continuing Appropriation Act) is less than
the | 26 | | amount lawfully vouchered under this Section, the difference |
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| 1 | | shall be paid
from the General Revenue Fund under the | 2 | | continuing appropriation authority
provided in Section 1.1 of | 3 | | the State Pension Funds Continuing Appropriation
Act.
| 4 | | (d) So long as the payments received are the full amount | 5 | | lawfully
vouchered under this Section, payments received by the | 6 | | System under this
Section shall be applied first toward the | 7 | | employer contribution to the
self-managed plan established | 8 | | under Section 15-158.2. Payments shall be
applied second toward | 9 | | the employer's portion of the normal costs of the System,
as | 10 | | defined in subsection (f) of Section 15-155. The balance shall | 11 | | be applied
toward the unfunded actuarial liabilities of the | 12 | | System.
| 13 | | (e) In the event that the System does not receive, as a | 14 | | result of
legislative enactment or otherwise, payments | 15 | | sufficient to
fully fund the employer contribution to the | 16 | | self-managed plan
established under Section 15-158.2 and to | 17 | | fully fund that portion of the
employer's portion of the normal | 18 | | costs of the System, as calculated in
accordance with Section | 19 | | 15-155(a-1), then any payments received shall be
applied | 20 | | proportionately to the optional retirement program established | 21 | | under
Section 15-158.2 and to the employer's portion of the | 22 | | normal costs of the
System, as calculated in accordance with | 23 | | Section 15-155(a-1).
| 24 | | (Source: P.A. 96-1497, eff. 1-14-11; 96-1511, eff. 1-27-11; | 25 | | 97-694, eff. 6-18-12.)
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| 1 | | (40 ILCS 5/15-169) (from Ch. 108 1/2, par. 15-169)
| 2 | | Sec. 15-169. To elect officers and appoint employees. To | 3 | | elect officers; to appoint a secretary and treasurer; to have a | 4 | | seal;
to employ and fix the rate of pay of such actuarial, | 5 | | legal, clerical, audit, or medical , or other services, or | 6 | | corporate trustee
organized under the laws of this State with a | 7 | | capital of not less than
$1,000,000, or investment counsel and | 8 | | other persons as shall be required
for the efficient | 9 | | administration of the system.
All actions brought by or against | 10 | | the board shall be prosecuted or
defended by the Attorney | 11 | | General or by other counsel,
as the board may decide.
| 12 | | (Source: P.A. 83-1440.)"; and
| 13 | | in Section 5, by deleting all of Sec. 15-177.1.
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