Full Text of SB2822 99th General Assembly
SB2822enr 99TH GENERAL ASSEMBLY |
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| 1 | | AN ACT concerning public employee benefits.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The Illinois Pension Code is amended by changing | 5 | | Section 17-127 as follows:
| 6 | | (40 ILCS 5/17-127) (from Ch. 108 1/2, par. 17-127)
| 7 | | Sec. 17-127. Financing; revenues for the Fund.
| 8 | | (a) The revenues for the Fund shall consist of: (1) amounts | 9 | | paid into
the Fund by contributors thereto and from employer | 10 | | contributions and State
appropriations in accordance with this | 11 | | Article; (2) amounts contributed to the
Fund by an Employer; | 12 | | (3) amounts contributed to the Fund pursuant to any law
now in | 13 | | force or hereafter to be enacted; (4) contributions from any | 14 | | other
source; and (5) the earnings on investments.
| 15 | | (b) The General Assembly finds that for many years the | 16 | | State has
contributed to the Fund an annual amount that is | 17 | | between 20% and 30% of the
amount of the annual State | 18 | | contribution to the Article 16 retirement system,
and the | 19 | | General Assembly declares that it is its goal and intention to | 20 | | continue
this level of contribution to the Fund in the future.
| 21 | | (c) Beginning in State fiscal year 1999, the State shall | 22 | | include in its annual
contribution to the Fund an additional | 23 | | amount equal to 0.544% of the Fund's
total teacher payroll; |
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| 1 | | except that this additional contribution need not be
made in a | 2 | | fiscal year if the Board has certified in the previous fiscal | 3 | | year
that the Fund is at least 90% funded, based on actuarial | 4 | | determinations. These
additional State contributions are | 5 | | intended to offset a portion of the cost to
the Fund of the | 6 | | increases in retirement benefits resulting from this | 7 | | amendatory
Act of 1998.
| 8 | | (d) In addition to any other contribution required under | 9 | | this Article, including the contribution required under | 10 | | subsection (c), for State fiscal year 2017, the State shall | 11 | | contribute the amount of $215,200,000 to the Fund. This amount | 12 | | shall be deemed a portion of the employer's required | 13 | | contribution. | 14 | | (Source: P.A. 90-548, eff. 12-4-97; 90-566, eff. 1-2-98; | 15 | | 90-582, eff.
5-27-98; 90-655, eff. 7-30-98.)
| 16 | | Section 10. The State Pension Funds Continuing | 17 | | Appropriation Act is amended by changing Section 1.1 as | 18 | | follows:
| 19 | | (40 ILCS 15/1.1)
| 20 | | Sec. 1.1. Appropriations to certain retirement systems.
| 21 | | (a) There is hereby appropriated from the General Revenue | 22 | | Fund to the
General Assembly Retirement System, on a continuing | 23 | | monthly basis, the amount,
if any, by which the total available | 24 | | amount of all other appropriations to that
retirement system |
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| 1 | | for the payment of State contributions is less than the total
| 2 | | amount of the vouchers for required State contributions | 3 | | lawfully submitted by
the retirement system for that month | 4 | | under Section 2-134 of the Illinois
Pension Code.
| 5 | | (b) There is hereby appropriated from the General Revenue | 6 | | Fund to the
State Universities Retirement System, on a | 7 | | continuing monthly basis, the
amount, if any, by which the | 8 | | total available amount of all other appropriations
to that | 9 | | retirement system for the payment of State contributions, | 10 | | including
any deficiency in the required contributions of the | 11 | | optional
retirement program established under Section 15-158.2 | 12 | | of the Illinois Pension
Code,
is less than
the total amount of | 13 | | the vouchers for required State contributions lawfully
| 14 | | submitted by the retirement system for that month under Section | 15 | | 15-165 of the
Illinois Pension Code.
| 16 | | (c) There is hereby appropriated from the Common School | 17 | | Fund to the
Teachers' Retirement System of the State of | 18 | | Illinois,
on a continuing monthly basis, the amount, if any, by | 19 | | which the total
available amount of all other appropriations to | 20 | | that retirement system for the
payment of State contributions | 21 | | is less than the total amount of the vouchers
for required | 22 | | State contributions lawfully submitted by the retirement | 23 | | system
for that month under Section 16-158 of the Illinois | 24 | | Pension Code.
| 25 | | (d) There is hereby appropriated from the General Revenue | 26 | | Fund to the Judges
Retirement System of Illinois, on a |
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| 1 | | continuing monthly basis, the amount, if
any, by which the | 2 | | total available amount of all other appropriations to that
| 3 | | retirement system for the payment of State contributions is | 4 | | less than the total
amount of the vouchers for required State | 5 | | contributions lawfully submitted by
the retirement system for | 6 | | that month under Section 18-140 of the Illinois
Pension Code.
| 7 | | (e) The continuing appropriations provided by subsections | 8 | | (a), (b), (c), and (d) of this Section shall first
be available | 9 | | in State fiscal year 1996. The continuing appropriations | 10 | | provided by subsection (h) of this Section shall first
be | 11 | | available as provided in that subsection (h).
| 12 | | (f) For State fiscal year 2010 only, the continuing | 13 | | appropriations provided by this Section are equal to the amount | 14 | | certified by each System on or before December 31, 2008, less | 15 | | (i) the gross proceeds of the bonds sold in fiscal year 2010 | 16 | | under the authorization contained in subsection (a) of Section | 17 | | 7.2 of the General Obligation Bond Act and (ii) any amounts | 18 | | received from the State Pensions Fund. | 19 | | (g) For State fiscal year 2011 only, the continuing | 20 | | appropriations provided by this Section are equal to the amount
| 21 | | certified by each System on or before April 1, 2011, less
(i) | 22 | | the gross proceeds of the bonds sold in fiscal year 2011
under | 23 | | the authorization contained in subsection (a) of Section
7.2 of | 24 | | the General Obligation Bond Act and (ii) any amounts
received | 25 | | from the State Pensions Fund. | 26 | | (h) For State fiscal year 2017, there is hereby |
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| 1 | | appropriated from the Common School Fund to the
Public School | 2 | | Teachers' Pension and Retirement Fund of Chicago the amount, if | 3 | | any, by which the total
available amount of all other State | 4 | | appropriations to that Retirement Fund for the
payment of State | 5 | | contributions under subsection (d) of Section 17-127 of the | 6 | | Illinois Pension Code is less than the total amount of required | 7 | | State contributions under subsection (d) of Section 17-127. | 8 | | (Source: P.A. 96-43, eff. 7-15-09; 96-1497, eff. 1-14-11; | 9 | | 96-1511, eff. 1-27-11.)
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