Illinois General Assembly - Full Text of SB2404
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Full Text of SB2404  98th General Assembly

SB2404sam001 98TH GENERAL ASSEMBLY

Sen. Linda Holmes

Filed: 3/21/2013

 

 


 

 


 
09800SB2404sam001LRB098 09018 JDS 43731 a

1
AMENDMENT TO SENATE BILL 2404

2    AMENDMENT NO. ______. Amend Senate Bill 2404 on page 6,
3below line 2, by inserting the following:
4    "Payments to the designated retirement systems under this
5Section, transferred after the effective date of this
6amendatory Act of the 98th General Assembly, do not reduce and
7do not constitute payment of any portion of the required State
8contribution under Article 2, 14, 15, 16, or 18 of the Illinois
9Pension Code in that fiscal year. Such amounts shall not
10reduce, and shall not be included in the calculation of, the
11required State contribution under Article 2, 14, 15, 16, or 18
12of the Illinois Pension Code in any future year, until the
13designated retirement system has received payment of
14contributions pursuant to this Act."; and
 
15on page 8, in line 5, by changing "100% 90% funded basis" to
16"funding basis as specified in this Section 90% funded basis";
17and
 

 

 

09800SB2404sam001- 2 -LRB098 09018 JDS 43731 a

1on page 11, in line 4, by changing "80%" to "100%"; and
 
2on page 14, in line 5, immediately after "2045.", by inserting
3"If the system's assets reach 100% of its actuarial liabilities
4before fiscal year 2045, then the State shall contribute an
5amount needed to maintain the total assets of the system at
6100% of the actuarial liabilities of the system."; and
 
7on page 14, in lines 6 and 7, by changing "each designated
8retirement system" to "the System"; and
 
9on page 14, in line 18, by changing "calculation" to
10"calculating"; and
 
11on page 18, in line 16, by changing "100% 90% funded basis" to
12"funding basis as specified in this Section 90% funded basis";
13and
 
14on page 31, in line 7, immediately after "2045.", by inserting
15"If the system's assets reach 100% of its actuarial liabilities
16before fiscal year 2045, then the State shall contribute an
17amount needed to maintain the total assets of the system at
18100% of the actuarial liabilities of the system."; and
 
19on page 31, in lines 8 and 9, by changing "each designated

 

 

09800SB2404sam001- 3 -LRB098 09018 JDS 43731 a

1retirement system" to "the System"; and
 
2on page 31, in line 20, by changing "calculation" to
3"calculating"; and
 
4on page 46, in lines 7 and 8, by changing "100% 90% funded
5basis" to "funding basis as specified in this Section 90%
6funded basis"; and
 
7on page 59, in line 3, immediately after "2045.", by inserting
8"If the system's assets reach 100% of its actuarial liabilities
9before fiscal year 2045, then the State shall contribute an
10amount needed to maintain the total assets of the system at
11100% of the actuarial liabilities of the system."; and
 
12on page 59, in lines 4 and 5, by changing "each designated
13retirement system" to "the System"; and
 
14on page 59, in line 16, by changing "calculation" to
15"calculating"; and
 
16on page 72, in lines 8 and 9, by changing "100% 90% funded
17basis" to "funding basis as specified in this Section 90%
18funded basis"; and
 
19on page 88, in line 16, immediately after "2045.", by inserting

 

 

09800SB2404sam001- 4 -LRB098 09018 JDS 43731 a

1"If the system's assets reach 100% of its actuarial liabilities
2before fiscal year 2045, then the State shall contribute an
3amount needed to maintain the total assets of the system at
4100% of the actuarial liabilities of the system."; and
 
5on page 88, in line 18, by changing "each designated retirement
6system" to "the System"; and
 
7on page 89, in line 4, by changing "calculation" to
8"calculating".