Full Text of SB1235 99th General Assembly
SB1235sam001 99TH GENERAL ASSEMBLY | Sen. Donne E. Trotter Filed: 4/22/2015
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| 1 | | AMENDMENT TO SENATE BILL 1235
| 2 | | AMENDMENT NO. ______. Amend Senate Bill 1235 by replacing | 3 | | everything after the enacting clause with the following:
| 4 | | "Section 5. The Illinois Pension Code is amended by | 5 | | changing Sections 17-129 and 17-142.1 as follows: | 6 | | (40 ILCS 5/17-129) (from Ch. 108 1/2, par. 17-129) | 7 | | Sec. 17-129. Employer contributions; deficiency in Fund. | 8 | | (a) If in any fiscal year of the Board of Education ending | 9 | | prior to 1997 the
total amounts paid to the Fund from the Board | 10 | | of Education (other than under
this subsection, and other than | 11 | | amounts used for making or "picking up"
contributions on behalf | 12 | | of teachers) and from the State do not equal the total
| 13 | | contributions made by or on behalf of the teachers for such | 14 | | year, or if the
total income of the Fund in any such fiscal | 15 | | year of the Board of Education from
all sources is less than | 16 | | the total such expenditures by the Fund for such year,
the |
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| 1 | | Board of Education shall, in the next succeeding year, in | 2 | | addition to any
other payment to the Fund set apart and | 3 | | appropriate from moneys from its tax
levy for educational | 4 | | purposes, a sum sufficient to remove such deficiency or
| 5 | | deficiencies, and promptly pay such sum into the Fund in order | 6 | | to restore any
of the reserves of the Fund that may have been | 7 | | so temporarily applied. Any
amounts received by the Fund after | 8 | | December 4, 1997 from State appropriations, including under | 9 | | Section
17-127, shall be a credit against and shall fully | 10 | | satisfy any obligation that
may have arisen, or be claimed to | 11 | | have arisen, under this subsection (a) as a
result of any | 12 | | deficiency or deficiencies in the fiscal year of the Board of
| 13 | | Education ending in calendar year 1997. | 14 | | (b) (i) Notwithstanding any other provision of this | 15 | | Section, and notwithstanding any prior certification by the | 16 | | Board under subsection (c) for fiscal year 2011, the Board of | 17 | | Education's total required contribution to the Fund for fiscal | 18 | | year 2011 under this Section is $187,000,000. | 19 | | (ii) Notwithstanding any other provision of this Section, | 20 | | the Board of Education's total required contribution to the | 21 | | Fund for fiscal year 2012 under this Section is $192,000,000. | 22 | | (iii) Notwithstanding any other provision of this Section, | 23 | | the Board of Education's total required contribution to the | 24 | | Fund for fiscal year 2013 under this Section is $196,000,000. | 25 | | (iv) For fiscal years 2014 through 2059, the minimum | 26 | | contribution to the Fund to be made by the Board of Education |
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| 1 | | in each fiscal year shall be an amount determined by the Fund | 2 | | to be sufficient to bring the total assets of the Fund up to | 3 | | 90% of the total actuarial liabilities of the Fund by the end | 4 | | of fiscal year 2059. In making these determinations, the | 5 | | required Board of Education contribution shall be calculated | 6 | | each year as a level percentage of the applicable employee | 7 | | payrolls over the years remaining to and including fiscal year | 8 | | 2059 and shall be determined under the projected unit credit | 9 | | actuarial cost method. | 10 | | (v) Beginning in fiscal year 2060, the minimum Board of | 11 | | Education contribution for each fiscal year shall be the amount | 12 | | needed to maintain the total assets of the Fund at 90% of the | 13 | | total actuarial liabilities of the Fund. | 14 | | (vi) Notwithstanding any other provision of this | 15 | | subsection (b), for any fiscal year, the contribution to the | 16 | | Fund from the Board of Education shall not be required to be in | 17 | | excess of the amount calculated as needed to maintain the | 18 | | assets (or cause the assets to be) at the 90% level by the end | 19 | | of the fiscal year. | 20 | | (vii) Any contribution by the State to or for the benefit | 21 | | of the Fund, including, without limitation, as referred to | 22 | | under Section 17-127, shall be a credit against any | 23 | | contribution required to be made by the Board of Education | 24 | | under this subsection (b). | 25 | | (c) The Board shall determine the amount of Board of | 26 | | Education
contributions required for each fiscal year on the |
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| 1 | | basis of the actuarial
tables and other assumptions adopted by | 2 | | the Board and the recommendations of
the actuary, in order to | 3 | | meet the minimum contribution requirements of
subsections (a) | 4 | | and (b). Annually, on or before February 28, the Board shall
| 5 | | certify to the Board of Education the amount of the required | 6 | | Board of Education
contribution for the coming fiscal year. The | 7 | | certification shall include a
copy of the actuarial | 8 | | recommendations upon which it is based. | 9 | | (d) For fiscal years 2016 through 2020, the Board shall | 10 | | certify to the Board of Education an additional required Board | 11 | | of Education contribution equal to the additional | 12 | | reimbursement authorized pursuant to paragraph (4) of Section | 13 | | 17-142.1. The amount certified pursuant to this subsection is | 14 | | an additional contribution and shall not be a credit against | 15 | | any contribution required to be made by the Board of Education. | 16 | | For fiscal year 2016, the Board shall certify the additional | 17 | | reimbursement within 30 days of the effective date of this | 18 | | amendatory Act of the 99th General Assembly. For fiscal year | 19 | | 2017 through 2020, the Board shall certify the additional | 20 | | reimbursement on or before the February 28th for the coming | 21 | | fiscal year. | 22 | | (Source: P.A. 96-889, eff. 4-14-10.) | 23 | | (40 ILCS 5/17-142.1) (from Ch. 108 1/2, par. 17-142.1)
| 24 | | Sec. 17-142.1. To defray health insurance costs. To provide | 25 | | for the
partial reimbursement of health insurance costs.
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| 1 | | (1) On the first day of September of each year, beginning | 2 | | in 1988,
the Board may, by separate warrant, pay to each | 3 | | recipient of a service
retirement, disability retirement or | 4 | | survivor's pension an amount to be
determined by the Board, | 5 | | which shall represent partial reimbursement for
the cost of the | 6 | | recipient's health insurance coverage.
| 7 | | (2) In lieu of the annual payment authorized in subdivision | 8 | | (1), for
pensioners enrolled in the Fund's regular health care | 9 | | deduction plans, the
Fund may pay the health insurance premium | 10 | | reimbursement on a monthly rather
than annual basis, at the | 11 | | percentage rate established from time to time by
the Board. If | 12 | | the Board so directs, these monthly payments may be made in
the | 13 | | form of a direct payment of premium and a reduction in the | 14 | | amount
deducted from the annuity, rather than in the form of | 15 | | reimbursement by
separate warrant.
| 16 | | (3) Total payments under this Section in any year may not | 17 | | exceed
$65,000,000 plus any amount that was authorized to be | 18 | | paid
under this Section in the preceding year but was not | 19 | | actually paid by the
Board, including any interest earned | 20 | | thereon.
| 21 | | (4) For fiscal years 2016 through 2020, total payments | 22 | | under this Section shall not exceed amounts authorized under | 23 | | paragraph (3) plus an amount of additional reimbursement that | 24 | | shall not exceed $15,000,000. The additional reimbursement | 25 | | authorized by this amendatory Act of the 99th General Assembly | 26 | | shall not be considered a vested benefit or right. The Board |
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| 1 | | shall deduct from this additional reimbursement the Board's | 2 | | good-faith estimate of the direct payroll cost for Fund | 3 | | employees to administer the health insurance reimbursement and | 4 | | the cost of any external consultant retained for the health | 5 | | insurance program. | 6 | | (5) (4) The total amount of payments under this Section in | 7 | | any year may not exceed 75% of the total cost of health | 8 | | insurance coverage in that year for all the recipients who | 9 | | receive payments authorized by this Section in that year.
| 10 | | (Source: P.A. 93-677, eff. 6-28-04.)
| 11 | | Section 99. Effective date. This Act takes effect upon | 12 | | becoming law.".
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