Full Text of HB3180 100th General Assembly
HB3180ham001 100TH GENERAL ASSEMBLY | Rep. Juliana Stratton Filed: 3/16/2017
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| 1 | | AMENDMENT TO HOUSE BILL 3180
| 2 | | AMENDMENT NO. ______. Amend House Bill 3180 by replacing | 3 | | everything after the enacting clause with the following:
| 4 | | "Section 5. The State Finance Act is amended by changing | 5 | | Section 8.12 as follows:
| 6 | | (30 ILCS 105/8.12)
(from Ch. 127, par. 144.12)
| 7 | | Sec. 8.12. State Pensions Fund.
| 8 | | (a) The moneys in the State Pensions Fund shall be used | 9 | | exclusively
for the administration of the Uniform Disposition | 10 | | of Unclaimed Property Act , for other operational expenses of | 11 | | the Office of the State Treasurer, and
for the expenses | 12 | | incurred by the Auditor General for administering the | 13 | | provisions of Section 2-8.1 of the Illinois State Auditing Act , | 14 | | and for the funding of the unfunded liabilities of the | 15 | | designated retirement systems. Beginning in State fiscal year | 16 | | 2018, payments to the designated retirement systems under this |
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| 1 | | Section shall be in addition to, and not in lieu of, any State | 2 | | contributions required under the Illinois Pension Code.
| 3 | | "Designated retirement systems" means:
| 4 | | (1) the State Employees' Retirement System of | 5 | | Illinois;
| 6 | | (2) the Teachers' Retirement System of the State of | 7 | | Illinois;
| 8 | | (3) the State Universities Retirement System;
| 9 | | (4) the Judges Retirement System of Illinois; and
| 10 | | (5) the General Assembly Retirement System.
| 11 | | (b) Each year the General Assembly may make appropriations | 12 | | from
the State Pensions Fund for the administration of the | 13 | | Uniform Disposition of
Unclaimed Property Act and for other | 14 | | operational expenses of the Office of the State Treasurer .
| 15 | | Each month, the Commissioner of the Office of Banks and | 16 | | Real Estate shall
certify to the State Treasurer the actual | 17 | | expenditures that the Office of
Banks and Real Estate incurred | 18 | | conducting unclaimed property examinations under
the Uniform | 19 | | Disposition of Unclaimed Property Act during the immediately
| 20 | | preceding month. Within a reasonable
time following the | 21 | | acceptance of such certification by the State Treasurer, the
| 22 | | State Treasurer shall pay from its appropriation from the State | 23 | | Pensions Fund
to the Bank and Trust Company Fund, the Savings | 24 | | Bank Regulatory Fund, and the Residential Finance
Regulatory | 25 | | Fund an amount equal to the expenditures incurred by each Fund | 26 | | for
that month.
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| 1 | | Each month, the Director of Financial Institutions shall
| 2 | | certify to the State Treasurer the actual expenditures that the | 3 | | Department of
Financial Institutions incurred conducting | 4 | | unclaimed property examinations
under the Uniform Disposition | 5 | | of Unclaimed Property Act during the immediately
preceding | 6 | | month. Within a reasonable time following the acceptance of | 7 | | such
certification by the State Treasurer, the State Treasurer | 8 | | shall pay from its
appropriation from the State Pensions Fund
| 9 | | to the Financial Institution Fund and the Credit Union Fund
an | 10 | | amount equal to the expenditures incurred by each Fund for
that | 11 | | month.
| 12 | | (c) As soon as possible after the effective date of this | 13 | | amendatory Act of the 93rd General Assembly, the General | 14 | | Assembly shall appropriate from the State Pensions Fund (1) to | 15 | | the State Universities Retirement System the amount certified | 16 | | under Section 15-165 during the prior year, (2) to the Judges | 17 | | Retirement System of Illinois the amount certified under | 18 | | Section 18-140 during the prior year, and (3) to the General | 19 | | Assembly Retirement System the amount certified under Section | 20 | | 2-134 during the prior year as part of the required
State | 21 | | contributions to each of those designated retirement systems; | 22 | | except that amounts appropriated under this subsection (c) in | 23 | | State fiscal year 2005 shall not reduce the amount in the State | 24 | | Pensions Fund below $5,000,000. If the amount in the State | 25 | | Pensions Fund does not exceed the sum of the amounts certified | 26 | | in Sections 15-165, 18-140, and 2-134 by at least $5,000,000, |
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| 1 | | the amount paid to each designated retirement system under this | 2 | | subsection shall be reduced in proportion to the amount | 3 | | certified by each of those designated retirement systems.
| 4 | | (c-5) For fiscal years 2006 through 2017, the General | 5 | | Assembly shall appropriate from the State Pensions Fund to the | 6 | | State Universities Retirement System the amount estimated to be | 7 | | available during the fiscal year in the State Pensions Fund; | 8 | | provided, however, that the amounts appropriated under this | 9 | | subsection (c-5) shall not reduce the amount in the State | 10 | | Pensions Fund below $5,000,000.
| 11 | | (c-6) For fiscal year 2018 and each fiscal year thereafter, | 12 | | as soon as may be practical after any money is deposited into | 13 | | the State Pensions Fund from the Unclaimed Property Trust Fund, | 14 | | the State Treasurer shall apportion the deposited amount among | 15 | | the designated retirement systems as defined in subsection (a) | 16 | | to reduce their actuarial reserve deficiencies. The State | 17 | | Comptroller and State Treasurer shall pay the apportioned | 18 | | amounts to the designated retirement systems to fund the | 19 | | unfunded liabilities of the designated retirement systems. The | 20 | | amount apportioned to each designated retirement system shall | 21 | | constitute a portion of the amount estimated to be available | 22 | | for appropriation from the State Pensions Fund that is the same | 23 | | as that retirement system's portion of the total actual reserve | 24 | | deficiency of the systems, as determined annually by the | 25 | | Governor's Office of Management and Budget at the request of | 26 | | the State Treasurer. The amounts apportioned under this |
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| 1 | | subsection shall not reduce the amount in the State Pensions | 2 | | Fund below $5,000,000. | 3 | | (d) The
Governor's Office of Management and Budget shall | 4 | | determine the individual and total
reserve deficiencies of the | 5 | | designated retirement systems. For this purpose,
the
| 6 | | Governor's Office of Management and Budget shall utilize the | 7 | | latest available audit and actuarial
reports of each of the | 8 | | retirement systems and the relevant reports and
statistics of | 9 | | the Public Employee Pension Fund Division of the Department of
| 10 | | Insurance.
| 11 | | (d-1) As soon as practicable after the effective date of | 12 | | this
amendatory Act of the 93rd General Assembly, the | 13 | | Comptroller shall
direct and the Treasurer shall transfer from | 14 | | the State Pensions Fund to
the General Revenue Fund, as funds | 15 | | become available, a sum equal to the
amounts that would have | 16 | | been paid
from the State Pensions Fund to the Teachers' | 17 | | Retirement System of the State
of Illinois,
the State | 18 | | Universities Retirement System, the Judges Retirement
System | 19 | | of Illinois, the
General Assembly Retirement System, and the | 20 | | State Employees'
Retirement System
of Illinois
after the | 21 | | effective date of this
amendatory Act during the remainder of | 22 | | fiscal year 2004 to the
designated retirement systems from the | 23 | | appropriations provided for in
this Section if the transfers | 24 | | provided in Section 6z-61 had not
occurred. The transfers | 25 | | described in this subsection (d-1) are to
partially repay the | 26 | | General Revenue Fund for the costs associated with
the bonds |
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| 1 | | used to fund the moneys transferred to the designated
| 2 | | retirement systems under Section 6z-61.
| 3 | | (e) The changes to this Section made by this amendatory Act | 4 | | of 1994 shall
first apply to distributions from the Fund for | 5 | | State fiscal year 1996.
| 6 | | (Source: P.A. 98-24, eff. 6-19-13; 98-463, eff. 8-16-13; | 7 | | 98-674, eff. 6-30-14; 98-1081, eff. 1-1-15; 99-8, eff. 7-9-15; | 8 | | 99-78, eff. 7-20-15; 99-523, eff. 6-30-16.)
| 9 | | Section 99. Effective date. This Act takes effect upon | 10 | | becoming law.".
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