Full Text of SB1920 98th General Assembly
SB1920ham002 98TH GENERAL ASSEMBLY | Rep. Elaine Nekritz Filed: 5/31/2013
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| 1 | | AMENDMENT TO SENATE BILL 1920
| 2 | | AMENDMENT NO. ______. Amend Senate Bill 1920, AS AMENDED, | 3 | | by replacing everything after the enacting clause with the | 4 | | following:
| 5 | | "Section 5. The Illinois Pension Code is amended by | 6 | | changing Section 17-129 as 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 | | (iii-A) Notwithstanding any other provision of this |
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| 1 | | Section, the Board of Education's total required contribution | 2 | | to the Fund for fiscal year 2014 under this Section is | 3 | | $350,000,000. | 4 | | (iii-B) Notwithstanding any other provision of this | 5 | | Section, the Board of Education's total required contribution | 6 | | to the Fund for fiscal year 2015 under this Section is | 7 | | $500,000,000. | 8 | | (iv) For fiscal years 2016 2014 through 2061 2059 , the | 9 | | minimum contribution to the Fund to be made by the Board of | 10 | | Education in each fiscal year shall be an amount determined by | 11 | | the Fund to be sufficient to bring the total assets of the Fund | 12 | | up to 90% of the total actuarial liabilities of the Fund by the | 13 | | end of fiscal year 2061 2059 . In making these determinations, | 14 | | the required Board of Education contribution shall be | 15 | | calculated each year as a level percentage of the applicable | 16 | | employee payrolls over the years remaining to and including | 17 | | fiscal year 2061 2059 and shall be determined under the | 18 | | projected unit credit actuarial cost method. | 19 | | (v) Beginning in fiscal year 2062 2060 , the minimum Board | 20 | | of Education contribution for each fiscal year shall be the | 21 | | amount needed to maintain the total assets of the Fund at 90% | 22 | | of the total actuarial liabilities of the Fund. | 23 | | (vi) Notwithstanding any other provision of this | 24 | | subsection (b), for any fiscal year, the contribution to the | 25 | | Fund from the Board of Education shall not be required to be in | 26 | | excess of the amount calculated as needed to maintain the |
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| 1 | | assets (or cause the assets to be) at the 90% level by the end | 2 | | of the fiscal year. | 3 | | (vii) Any contribution by the State to or for the benefit | 4 | | of the Fund, including, without limitation, as referred to | 5 | | under Section 17-127, shall be a credit against any | 6 | | contribution required to be made by the Board of Education | 7 | | under this subsection (b). | 8 | | (c) The Board shall determine the amount of Board of | 9 | | Education
contributions required for each fiscal year on the | 10 | | basis of the actuarial
tables and other assumptions adopted by | 11 | | the Board and the recommendations of
the actuary, in order to | 12 | | meet the minimum contribution requirements of
subsections (a) | 13 | | and (b). Annually, on or before February 28, the Board shall
| 14 | | certify to the Board of Education the amount of the required | 15 | | Board of Education
contribution for the coming fiscal year. The | 16 | | certification shall include a
copy of the actuarial | 17 | | recommendations upon which it is based. | 18 | | (Source: P.A. 96-889, eff. 4-14-10.)
| 19 | | Section 99. Effective date. This Act takes effect upon | 20 | | becoming law.".
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