Full Text of HB2388 95th General Assembly
HB2388 95TH GENERAL ASSEMBLY
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95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008 HB2388
Introduced 2/26/2007, by Rep. Michael J. Madigan - Barbara Flynn Currie - Jack D. Franks SYNOPSIS AS INTRODUCED: |
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30 ILCS 105/8.12 |
from Ch. 127, par. 144.12 |
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Amends the State Finance Act. Makes a technical change in a Section concerning the State Pensions Fund.
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A BILL FOR
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HB2388 |
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LRB095 01054 RCE 21056 b |
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| AN ACT concerning finance.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The State Finance Act is amended by changing | 5 |
| Section 8.12 as follows:
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| (30 ILCS 105/8.12)
(from Ch. 127, par. 144.12)
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| Sec. 8.12. State Pensions Fund.
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| (a) The
The moneys in the State Pensions Fund shall be used | 9 |
| exclusively
for the administration of the Uniform Disposition | 10 |
| of Unclaimed Property Act and
for the payment of or repayment | 11 |
| to the General Revenue Fund a portion of
the required State | 12 |
| contributions to the
designated retirement systems. | 13 |
| "Designated retirement systems" means:
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| (1) the State Employees' Retirement System of | 15 |
| Illinois;
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| (2) the Teachers' Retirement System of the State of | 17 |
| Illinois;
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| (3) the State Universities Retirement System;
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| (4) the Judges Retirement System of Illinois; and
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| (5) the General Assembly Retirement System.
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| (b) Each year the General Assembly may make appropriations | 22 |
| from
the State Pensions Fund for the administration of the | 23 |
| Uniform Disposition of
Unclaimed Property Act.
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LRB095 01054 RCE 21056 b |
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| Each month, the Commissioner of the Office of Banks and | 2 |
| Real Estate shall
certify to the State Treasurer the actual | 3 |
| expenditures that the Office of
Banks and Real Estate incurred | 4 |
| conducting unclaimed property examinations under
the Uniform | 5 |
| Disposition of Unclaimed Property Act during the immediately
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| preceding month. Within a reasonable
time following the | 7 |
| acceptance of such certification by the State Treasurer, the
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| State Treasurer shall pay from its appropriation from the State | 9 |
| Pensions Fund
to the Bank and Trust Company Fund and the | 10 |
| Savings and Residential Finance
Regulatory Fund an amount equal | 11 |
| to the expenditures incurred by each Fund for
that month.
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| Each month, the Director of Financial Institutions shall
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| certify to the State Treasurer the actual expenditures that the | 14 |
| Department of
Financial Institutions incurred conducting | 15 |
| unclaimed property examinations
under the Uniform Disposition | 16 |
| of Unclaimed Property Act during the immediately
preceding | 17 |
| month. Within a reasonable time following the acceptance of | 18 |
| such
certification by the State Treasurer, the State Treasurer | 19 |
| shall pay from its
appropriation from the State Pensions Fund
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| to the Financial Institutions Fund and the Credit Union Fund
an | 21 |
| amount equal to the expenditures incurred by each Fund for
that | 22 |
| month.
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| (c) As soon as possible after the effective date of this | 24 |
| amendatory Act of the 93rd General Assembly, the General | 25 |
| Assembly shall appropriate from the State Pensions Fund (1) to | 26 |
| the State Universities Retirement System the amount certified |
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LRB095 01054 RCE 21056 b |
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| under Section 15-165 during the prior year, (2) to the Judges | 2 |
| Retirement System of Illinois the amount certified under | 3 |
| Section 18-140 during the prior year, and (3) to the General | 4 |
| Assembly Retirement System the amount certified under Section | 5 |
| 2-134 during the prior year as part of the required
State | 6 |
| contributions to each of those designated retirement systems; | 7 |
| except that amounts appropriated under this subsection (c) in | 8 |
| State fiscal year 2005 shall not reduce the amount in the State | 9 |
| Pensions Fund below $5,000,000. If the amount in the State | 10 |
| Pensions Fund does not exceed the sum of the amounts certified | 11 |
| in Sections 15-165, 18-140, and 2-134 by at least $5,000,000, | 12 |
| the amount paid to each designated retirement system under this | 13 |
| subsection shall be reduced in proportion to the amount | 14 |
| certified by each of those designated retirement systems.
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| (c-5) For fiscal year 2006 and thereafter, the General | 16 |
| Assembly shall appropriate from the State Pensions Fund to the | 17 |
| State Universities Retirement System the amount estimated to be | 18 |
| available during the fiscal year in the State Pensions Fund; | 19 |
| provided, however, that the amounts appropriated under this | 20 |
| subsection (c-5) shall not reduce the amount in the State | 21 |
| Pensions Fund below $5,000,000.
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| (d) The
Governor's Office of Management and Budget shall | 23 |
| determine the individual and total
reserve deficiencies of the | 24 |
| designated retirement systems. For this purpose,
the
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| Governor's Office of Management and Budget shall utilize the | 26 |
| latest available audit and actuarial
reports of each of the |
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LRB095 01054 RCE 21056 b |
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| retirement systems and the relevant reports and
statistics of | 2 |
| the Public Employee Pension Fund Division of the Department of
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| Insurance.
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| (d-1) As soon as practicable after the effective date of | 5 |
| this
amendatory Act of the 93rd General Assembly, the | 6 |
| Comptroller shall
direct and the Treasurer shall transfer from | 7 |
| the State Pensions Fund to
the General Revenue Fund, as funds | 8 |
| become available, a sum equal to the
amounts that would have | 9 |
| been paid
from the State Pensions Fund to the Teachers' | 10 |
| Retirement System of the State
of Illinois,
the State | 11 |
| Universities Retirement System, the Judges Retirement
System | 12 |
| of Illinois, the
General Assembly Retirement System, and the | 13 |
| State Employees'
Retirement System
of Illinois
after the | 14 |
| effective date of this
amendatory Act during the remainder of | 15 |
| fiscal year 2004 to the
designated retirement systems from the | 16 |
| appropriations provided for in
this Section if the transfers | 17 |
| provided in Section 6z-61 had not
occurred. The transfers | 18 |
| described in this subsection (d-1) are to
partially repay the | 19 |
| General Revenue Fund for the costs associated with
the bonds | 20 |
| used to fund the moneys transferred to the designated
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| retirement systems under Section 6z-61.
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| (e) The changes to this Section made by this amendatory Act | 23 |
| of 1994 shall
first apply to distributions from the Fund for | 24 |
| State fiscal year 1996.
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| (Source: P.A. 93-665, eff. 3-5-04; 93-839, eff. 7-30-04; 94-91, | 26 |
| eff. 7-1-05.)
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