State of Illinois
90th General Assembly
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90_HB3573

      40 ILCS 5/17-127          from Ch. 108 1/2, par. 17-127
          Amends the Chicago Teacher Article of the  Pension  Code.
      Provides that the annual State contribution to the Fund shall
      be  no  less than 20% of the annual State contribution to the
      downstate Teachers' Retirement  System,  beginning  in  State
      fiscal year 1999.  Effective immediately.
                                                     LRB9011532EGfg
                                               LRB9011532EGfg
 1        AN  ACT  to  amend  the Illinois Pension Code by changing
 2    Section 17-127.
 3        Be it enacted by the People of  the  State  of  Illinois,
 4    represented in the General Assembly:
 5        Section  5.   The  Illinois  Pension  Code  is amended by
 6    changing Section 17-127 as follows:
 7        (40 ILCS 5/17-127) (from Ch. 108 1/2, par. 17-127)
 8        Sec. 17-127. Financing; revenues for the Fund.
 9        (a)  The revenues for the  Fund  shall  consist  of:  (1)
10    amounts  paid  into the Fund by contributors thereto and from
11    employer contributions and State appropriations in accordance
12    with this Article; (2) amounts contributed to the Fund by  an
13    Employer; (3) amounts contributed to the Fund pursuant to any
14    law   now   in   force   or  hereafter  to  be  enacted;  (4)
15    contributions from any other source; and (5) the earnings  on
16    investments.
17        (b)  The  General  Assembly finds that for many years the
18    State has contributed to the Fund an annual  amount  that  is
19    between  20%  and  30%  of  the  amount  of  the annual State
20    contribution to the Article 16  retirement  system,  and  the
21    General Assembly declares that beginning in State fiscal year
22    1999,  the  annual State contribution to the Fund shall be no
23    less than  20%  of  the  annual  State  contribution  to  the
24    retirement  system  established under Article 16 of this Code
25    it is its goal  and  intention  to  continue  this  level  of
26    contribution to the Fund in the future.
27    (Source:  P.A.  90-548,  eff.  12-4-97;  90-566, eff. 1-2-98;
28    revised 1-8-98.)
29        Section 99.  Effective date.  This Act takes effect  upon
30    becoming law.

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