Full Text of HB3899 98th General Assembly
HB3899ham001 98TH GENERAL ASSEMBLY | Rep. Elgie R. Sims, Jr. Filed: 3/19/2014
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| 1 | | AMENDMENT TO HOUSE BILL 3899
| 2 | | AMENDMENT NO. ______. Amend House Bill 3899 by replacing | 3 | | everything after the enacting clause with the following:
| 4 | | "Section 5. The Illinois Pension Code is amended by | 5 | | changing Section 17-129 and by adding Section 17-129.1 as | 6 | | follows: | 7 | | (40 ILCS 5/17-129) (from Ch. 108 1/2, par. 17-129) | 8 | | Sec. 17-129. Employer contributions; deficiency in Fund. | 9 | | (a) If in any fiscal year of the Board of Education ending | 10 | | prior to 1997 the
total amounts paid to the Fund from the Board | 11 | | of Education (other than under
this subsection, and other than | 12 | | amounts used for making or "picking up"
contributions on behalf | 13 | | of teachers) and from the State do not equal the total
| 14 | | contributions made by or on behalf of the teachers for such | 15 | | year, or if the
total income of the Fund in any such fiscal | 16 | | year of the Board of Education from
all sources is less than |
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| 1 | | the total such expenditures by the Fund for such year,
the | 2 | | Board of Education shall, in the next succeeding year, in | 3 | | addition to any
other payment to the Fund set apart and | 4 | | appropriate from moneys from its tax
levy for educational | 5 | | purposes, a sum sufficient to remove such deficiency or
| 6 | | deficiencies, and promptly pay such sum into the Fund in order | 7 | | to restore any
of the reserves of the Fund that may have been | 8 | | so temporarily applied. Any
amounts received by the Fund after | 9 | | December 4, 1997 from State appropriations, including under | 10 | | Section
17-127, shall be a credit against and shall fully | 11 | | satisfy any obligation that
may have arisen, or be claimed to | 12 | | have arisen, under this subsection (a) as a
result of any | 13 | | deficiency or deficiencies in the fiscal year of the Board of
| 14 | | Education ending in calendar year 1997. | 15 | | (b) (i) Notwithstanding any other provision of this | 16 | | Section, and notwithstanding any prior certification by the | 17 | | Board under subsection (c) for fiscal year 2011, the Board of | 18 | | Education's total required contribution to the Fund for fiscal | 19 | | year 2011 under this Section is $187,000,000. | 20 | | (ii) Notwithstanding any other provision of this Section, | 21 | | the Board of Education's total required contribution to the | 22 | | Fund for fiscal year 2012 under this Section is $192,000,000. | 23 | | (iii) Notwithstanding any other provision of this Section, | 24 | | the Board of Education's total required contribution to the | 25 | | Fund for fiscal year 2013 under this Section is $196,000,000. | 26 | | (iv) For fiscal years 2014 through 2059, the minimum |
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| 1 | | contribution to the Fund to be made by the Board of Education | 2 | | in each fiscal year shall be an amount determined by the Fund | 3 | | to be sufficient to bring the total assets of the Fund up to | 4 | | 90% of the total actuarial liabilities of the Fund by the end | 5 | | of fiscal year 2059. In making these determinations, the | 6 | | required Board of Education contribution shall be calculated | 7 | | each year as a level percentage of the applicable employee | 8 | | payrolls over the years remaining to and including fiscal year | 9 | | 2059 and shall be determined under the projected unit credit | 10 | | actuarial cost method. | 11 | | (v) Beginning in fiscal year 2060, the minimum Board of | 12 | | Education contribution for each fiscal year shall be the amount | 13 | | needed to maintain the total assets of the Fund at 90% of the | 14 | | total actuarial liabilities of the Fund. | 15 | | (vi) Notwithstanding any other provision of this | 16 | | subsection (b), for any fiscal year, the contribution to the | 17 | | Fund from the Board of Education shall not be required to be in | 18 | | excess of the amount calculated as needed to maintain the | 19 | | assets (or cause the assets to be) at the 90% level by the end | 20 | | of the fiscal year. | 21 | | (vii) Any contribution by the State to or for the benefit | 22 | | of the Fund, including, without limitation, as referred to | 23 | | under Section 17-127, shall be a credit against any | 24 | | contribution required to be made by the Board of Education | 25 | | under this subsection (b). | 26 | | (c) The Board shall determine the amount of Board of |
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| 1 | | Education
contributions required for each fiscal year on the | 2 | | basis of the actuarial
tables and other assumptions adopted by | 3 | | the Board and the recommendations of
the actuary, in order to | 4 | | meet the minimum contribution requirements of
subsections (a) | 5 | | and (b). Annually, on or before February 28, the Board shall
| 6 | | certify to the Board of Education the amount of the required | 7 | | Board of Education
contribution for the coming fiscal year. The | 8 | | certification shall include a
copy of the actuarial | 9 | | recommendations upon which it is based. Beginning in fiscal | 10 | | year 2015, the Board shall submit vouchers for payment of Board | 11 | | of Education contributions on or as soon as possible after the | 12 | | 15th day of each month, in a total monthly amount of | 13 | | one-twelfth of the Board of Education's required annual | 14 | | contribution certified under this subsection. | 15 | | (Source: P.A. 96-889, eff. 4-14-10.) | 16 | | (40 ILCS 5/17-129.1 new) | 17 | | Sec. 17-129.1. Actions to enforce Board of Education | 18 | | contributions. If the Board of Education fails to transmit to | 19 | | the Fund contributions required of it under this Article or | 20 | | contributions collected by it from its participating employees | 21 | | for the purposes of this Article for more than 90 days after | 22 | | receipt of voucher, the Fund, after giving notice to the Board | 23 | | of Education, may certify to the State Comptroller the amounts | 24 | | of such delinquent payments and the Comptroller shall deduct | 25 | | the amounts so certified or any part thereof from any grants of |
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| 1 | | State funds to the Board of Education and shall pay the amount | 2 | | so deducted to the Fund. If State funds from which such | 3 | | deductions may be made are not available, the Fund may certify | 4 | | to the City Treasurer of Chicago the amounts of such delinquent | 5 | | payments and the City Treasurer of Chicago shall deduct the | 6 | | amounts so certified or any part thereof from the tax levied by | 7 | | the Board of Education under Section 34-53 of the School Code | 8 | | and shall pay the amount so deducted directly to the Fund.
| 9 | | Section 99. Effective date. This Act takes effect upon | 10 | | becoming law.".
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