Full Text of SB2642 098th General Assembly
SB2642 98TH GENERAL ASSEMBLY |
| | 98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014 SB2642 Introduced 1/21/2014, by Sen. Dale A. Righter SYNOPSIS AS INTRODUCED: |
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Amends the Budget Stabilization Act. Increases the amount transferred from the General Revenue Fund to the Pension Stabilization Fund to 90% (currently 10%) of the specified sums. Provides that the transferred amount is intended to represent nine-tenths (currently one-tenth) of the annual savings to the State resulting from the enactment of Public Act 98-599. Effective immediately.
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| | FISCAL NOTE ACT MAY APPLY | | PENSION IMPACT NOTE ACT MAY APPLY |
| | A BILL FOR |
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| 1 | | AN ACT concerning finance.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The Budget Stabilization Act is amended by | 5 | | changing Section 20 as follows: | 6 | | (30 ILCS 122/20) | 7 | | (Text of Section before amendment by P.A. 98-599 ) | 8 | | Sec. 20. Pension Stabilization Fund. | 9 | | (a) The Pension Stabilization Fund is hereby created as a | 10 | | special fund in the State treasury. Moneys in the fund shall be | 11 | | used for the sole purpose of making payments to the designated | 12 | | retirement systems as provided in Section 25.
| 13 | | (b) For each fiscal year through State fiscal year 2014, | 14 | | when the General Assembly's
appropriations and transfers or | 15 | | diversions as required by law
from general funds do not exceed | 16 | | 99% of the
estimated general funds revenues pursuant to | 17 | | subsection (a)
of Section 10, the Comptroller shall transfer | 18 | | from the
General Revenue Fund as provided by this Section a | 19 | | total
amount equal to 0.5% of the estimated general funds | 20 | | revenues
to the Pension Stabilization Fund. | 21 | | (c) For each fiscal year through State fiscal year 2014, | 22 | | when the General Assembly's
appropriations and transfers or | 23 | | diversions as required by law
from general funds do not exceed |
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| 1 | | 98% of the
estimated general funds revenues pursuant to | 2 | | subsection (b)
of Section 10, the Comptroller shall transfer | 3 | | from the
General Revenue Fund as provided by this Section a | 4 | | total
amount equal to 1.0% of the estimated general funds | 5 | | revenues
to the Pension Stabilization Fund. | 6 | | (c-5) In addition to any other amounts required to be | 7 | | transferred under this Section, in State fiscal year 2016 and | 8 | | each fiscal year thereafter through State fiscal year 2045, or | 9 | | when each of the designated retirement systems, as
defined in | 10 | | Section 25, has achieved 100% funding, whichever occurs
first, | 11 | | the State Comptroller shall order transferred and the State | 12 | | Treasurer shall transfer from the General Revenue Fund to the | 13 | | Pension Stabilization Fund an amount equal to 90% of (1) the | 14 | | sum of the amounts certified by the designated retirement | 15 | | systems under subsection (a-5) of Section 2-134, subsection | 16 | | (a-10) of Section 14-135.08, subsection (a-10)_ of Section | 17 | | 15-165, and subsection (a-10) of Section 16-158 of this Code | 18 | | for that fiscal year minus (2) the sum of (i) the transfer | 19 | | required under subsection (c-10) of this Section for that | 20 | | fiscal year and (ii) the sum of the required State | 21 | | contributions certified by the retirement systems under | 22 | | subsection (a) of Section 2-134, subsection (a-5) of Section | 23 | | 14-135.08, subsection (a-5) of Section 15-165, and subsection | 24 | | (a-5) of Section 16-158 of this Code for that fiscal year. The | 25 | | transferred amount is intended to represent nine-tenths of the | 26 | | annual savings to the State resulting from the enactment of |
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| 1 | | this amendatory Act of the 98th General Assembly. | 2 | | (c-10) In State fiscal year 2019, the State Comptroller | 3 | | shall order transferred and the State Treasurer shall transfer | 4 | | $364,000,000 from the General Revenue Fund to the Pension | 5 | | Stabilization Fund. In State fiscal year 2020 and each fiscal | 6 | | year thereafter until terminated under subsection (c-15), the | 7 | | State Comptroller shall order transferred and the State | 8 | | Treasurer shall transfer $1,000,000,000 from the General | 9 | | Revenue Fund to the Pension Stabilization Fund. | 10 | | (c-15) The transfers made beginning in State fiscal year | 11 | | 2020 pursuant to subsection (c-10) of
this Section shall | 12 | | terminate at the end of State fiscal year
2045 or when each of | 13 | | the designated retirement systems, as
defined in Section 25, | 14 | | has achieved 100% funding, whichever occurs
first. | 15 | | (d) The Comptroller shall transfer 1/12 of the total
amount | 16 | | to be transferred each fiscal year under this Section
into the | 17 | | Pension Stabilization Fund on the first day of each
month of | 18 | | that fiscal year or as soon thereafter as possible; except that | 19 | | the final transfer of the fiscal year shall be made as soon as | 20 | | practical after the August 31 following the end of the fiscal | 21 | | year. | 22 | | Until State fiscal year 2015, before Before the final | 23 | | transfer for a fiscal year is made, the Comptroller shall | 24 | | reconcile the estimated general funds revenues used in | 25 | | calculating the other transfers under this Section for that | 26 | | fiscal year with the actual general funds revenues for that |
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| 1 | | fiscal year. The
final transfer for the fiscal year shall be | 2 | | adjusted so that the
total amount transferred under this | 3 | | Section for that fiscal year is equal to the percentage | 4 | | specified in subsection
(b) or (c) of this Section, whichever | 5 | | is applicable, of the actual
general funds revenues for that | 6 | | fiscal year. The actual general funds revenues for the fiscal | 7 | | year shall be calculated in a manner consistent with subsection | 8 | | (c) of
Section 10 of this Act.
| 9 | | (Source: P.A. 94-839, eff. 6-6-06.) | 10 | | (Text of Section after amendment by P.A. 98-599 ) | 11 | | Sec. 20. Pension Stabilization Fund. | 12 | | (a) The Pension Stabilization Fund is hereby created as a | 13 | | special fund in the State treasury. Moneys in the fund shall be | 14 | | used for the sole purpose of making payments to the designated | 15 | | retirement systems as provided in Section 25.
| 16 | | (b) For each fiscal year through State fiscal year 2014, | 17 | | when the General Assembly's
appropriations and transfers or | 18 | | diversions as required by law
from general funds do not exceed | 19 | | 99% of the
estimated general funds revenues pursuant to | 20 | | subsection (a)
of Section 10, the Comptroller shall transfer | 21 | | from the
General Revenue Fund as provided by this Section a | 22 | | total
amount equal to 0.5% of the estimated general funds | 23 | | revenues
to the Pension Stabilization Fund. | 24 | | (c) For each fiscal year through State fiscal year 2014, | 25 | | when the General Assembly's
appropriations and transfers or |
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| 1 | | diversions as required by law
from general funds do not exceed | 2 | | 98% of the
estimated general funds revenues pursuant to | 3 | | subsection (b)
of Section 10, the Comptroller shall transfer | 4 | | from the
General Revenue Fund as provided by this Section a | 5 | | total
amount equal to 1.0% of the estimated general funds | 6 | | revenues
to the Pension Stabilization Fund. | 7 | | (c-5) In addition to any other amounts required to be | 8 | | transferred under this Section, in State fiscal year 2016 and | 9 | | each fiscal year thereafter through State fiscal year 2045, or | 10 | | when each of the designated retirement systems, as
defined in | 11 | | Section 25, has achieved 100% funding, whichever occurs
first, | 12 | | the State Comptroller shall order transferred and the State | 13 | | Treasurer shall transfer from the General Revenue Fund to the | 14 | | Pension Stabilization Fund an amount equal to 90% 10% of (1) | 15 | | the sum of the amounts certified by the designated retirement | 16 | | systems under subsection (a-5) of Section 2-134, subsection | 17 | | (a-10) of Section 14-135.08, subsection (a-10) of Section | 18 | | 15-165, and subsection (a-10) of Section 16-158 of this Code | 19 | | for that fiscal year minus (2) the sum of (i) the transfer | 20 | | required under subsection (c-10) of this Section for that | 21 | | fiscal year and (ii) the sum of the required State | 22 | | contributions certified by the retirement systems under | 23 | | subsection (a) of Section 2-134, subsection (a-5) of Section | 24 | | 14-135.08, subsection (a-5) of Section 15-165, and subsection | 25 | | (a-5) of Section 16-158 of this Code for that fiscal year. The | 26 | | transferred amount is intended to represent nine-tenths |
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| 1 | | one-tenth of the annual savings to the State resulting from the | 2 | | enactment of this amendatory Act of the 98th General Assembly. | 3 | | (c-10) In State fiscal year 2019, the State Comptroller | 4 | | shall order transferred and the State Treasurer shall transfer | 5 | | $364,000,000 from the General Revenue Fund to the Pension | 6 | | Stabilization Fund. In State fiscal year 2020 and each fiscal | 7 | | year thereafter until terminated under subsection (c-15), the | 8 | | State Comptroller shall order transferred and the State | 9 | | Treasurer shall transfer $1,000,000,000 from the General | 10 | | Revenue Fund to the Pension Stabilization Fund. | 11 | | (c-15) The transfers made beginning in State fiscal year | 12 | | 2020 pursuant to subsection (c-10) of
this Section shall | 13 | | terminate at the end of State fiscal year
2045 or when each of | 14 | | the designated retirement systems, as
defined in Section 25, | 15 | | has achieved 100% funding, whichever occurs
first. | 16 | | (d) The Comptroller shall transfer 1/12 of the total
amount | 17 | | to be transferred each fiscal year under this Section
into the | 18 | | Pension Stabilization Fund on the first day of each
month of | 19 | | that fiscal year or as soon thereafter as possible; except that | 20 | | the final transfer of the fiscal year shall be made as soon as | 21 | | practical after the August 31 following the end of the fiscal | 22 | | year. | 23 | | Until State fiscal year 2015, before the final transfer for | 24 | | a fiscal year is made, the Comptroller shall reconcile the | 25 | | estimated general funds revenues used in calculating the other | 26 | | transfers under this Section for that fiscal year with the |
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| 1 | | actual general funds revenues for that fiscal year. The
final | 2 | | transfer for the fiscal year shall be adjusted so that the
| 3 | | total amount transferred under this Section for that fiscal | 4 | | year is equal to the percentage specified in subsection
(b) or | 5 | | (c) of this Section, whichever is applicable, of the actual
| 6 | | general funds revenues for that fiscal year. The actual general | 7 | | funds revenues for the fiscal year shall be calculated in a | 8 | | manner consistent with subsection (c) of
Section 10 of this | 9 | | Act.
| 10 | | (Source: P.A. 98-599, eff. 6-1-14.) | 11 | | Section 95. No acceleration or delay. Where this Act makes | 12 | | changes in a statute that is represented in this Act by text | 13 | | that is not yet or no longer in effect (for example, a Section | 14 | | represented by multiple versions), the use of that text does | 15 | | not accelerate or delay the taking effect of (i) the changes | 16 | | made by this Act or (ii) provisions derived from any other | 17 | | Public Act.
| 18 | | Section 99. Effective date. This Act takes effect upon | 19 | | becoming law.
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