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Public Act 096-0043 |
SB1292 Enrolled |
LRB096 08007 AMC 19275 b |
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AN ACT concerning public employee benefits.
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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 1. Legislative intention; assist our most |
vulnerable citizens. It is the intention of the General |
Assembly in enacting this legislation that, by applying |
$2,230,000,000 of the net proceeds of the sale of general |
obligation bonds authorized by this amendatory Act of the 96th |
General Assembly to fund pension obligations of the State, an |
equivalent amount will be appropriated from the General Revenue |
Fund to the Office of the Governor to be directed to State |
agencies, in the discretion of and as determined by the |
Governor and upon written direction of the Governor to the |
Comptroller, to be expended for operational expenses, awards, |
grants, and permanent improvements to fund programs and |
services provided by community-based human service providers |
and for State-funded human service programs to ensure that we |
continue assisting the most vulnerable of our citizens. |
Section 5. The General Obligation Bond Act is amended by |
changing Sections 2, 2.5, 7.2, 9, 11, and 15 as follows:
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(30 ILCS 330/2) (from Ch. 127, par. 652)
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Sec. 2. Authorization for Bonds. The State of Illinois is |
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authorized to
issue, sell and provide for the retirement of |
General Obligation Bonds of
the State of Illinois for the |
categories and specific purposes expressed in
Sections 2 |
through 8 of this Act, in the total amount of $34,159,149,369 |
$30,693,149,369 .
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The bonds authorized in this Section 2 and in Section 16 of |
this Act are
herein called "Bonds".
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Of the total amount of Bonds authorized in this Act, up to |
$2,200,000,000
in aggregate original principal amount may be |
issued and sold in accordance
with the Baccalaureate Savings |
Act in the form of General Obligation
College Savings Bonds.
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Of the total amount of Bonds authorized in this Act, up to |
$300,000,000 in
aggregate original principal amount may be |
issued and sold in accordance
with the Retirement Savings Act |
in the form of General Obligation
Retirement Savings Bonds.
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Of the total amount of Bonds authorized in this Act, the |
additional
$10,000,000,000 authorized by Public Act 93-2 and |
the $3,466,000,000 authorized by this amendatory Act of the |
96th General Assembly this amendatory Act of the 93rd General
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Assembly shall be used solely as provided in Section 7.2.
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The issuance and sale of Bonds pursuant to the General |
Obligation Bond
Act is an economical and efficient method of |
financing the long-term capital needs of
the State. This Act |
will permit the issuance of a multi-purpose General
Obligation |
Bond with uniform terms and features. This will not only lower
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the cost of registration but also reduce the overall cost of |
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issuing debt
by improving the marketability of Illinois General |
Obligation Bonds.
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(Source: P.A. 95-1026, eff. 1-12-09; 96-5, eff. 4-3-09.)
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(30 ILCS 330/2.5) |
Sec. 2.5. Limitation on issuance of Bonds. |
(a) Except as provided in subsection (b), no Bonds may be |
issued if, after the issuance, in the next State fiscal year |
after the issuance of the Bonds, the amount of debt service |
(including principal, whether payable at maturity or pursuant |
to mandatory sinking fund installments, and interest) on all |
then-outstanding Bonds , other than Bonds authorized by this |
amendatory Act of the 96th General Assembly, would exceed 7% of |
the aggregate appropriations from the general funds (which |
consist of the General Revenue Fund, the Common School Fund, |
the General Revenue Common School Special Account Fund, and the |
Education Assistance Fund) and the Road Fund for the fiscal |
year immediately prior to the fiscal year of the issuance. |
(b) If the Comptroller and Treasurer each consent in |
writing, Bonds may be issued even if the issuance does not |
comply with subsection (a).
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(Source: P.A. 93-839, eff. 7-30-04.)
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(30 ILCS 330/7.2)
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Sec. 7.2. State pension funding.
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(a) The amount of $10,000,000,000 is authorized to be used |
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for the
purpose of making contributions to the designated |
retirement systems.
For the purposes of this Section, |
"designated retirement systems" means
the State Employees' |
Retirement System of Illinois;
the Teachers' Retirement System |
of the State of Illinois;
the State Universities Retirement |
System;
the Judges Retirement System of Illinois; and
the |
General Assembly Retirement System.
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The amount of $3,466,000,000 of Bonds authorized by this |
amendatory Act of the 96th General Assembly is authorized to be |
used for the purpose of making a portion of the State's Fiscal |
Year 2010 required contributions to the designated retirement |
systems. |
(b) The Pension Contribution Fund is created as a special |
fund in the
State Treasury.
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The proceeds of the additional $10,000,000,000 of Bonds |
authorized by Public Act 93-2 this
amendatory Act of the 93rd |
General Assembly , less the amounts authorized in the
Bond Sale |
Order to be deposited directly into the capitalized interest |
account
of the General Obligation Bond Retirement and Interest |
Fund or otherwise
directly paid out for bond sale expenses |
under Section 8, shall be deposited
into the Pension |
Contribution Fund and used as provided in this Section.
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The proceeds of the additional $3,466,000,000 of Bonds |
authorized by this amendatory Act of the 96th General Assembly, |
less the amounts directly paid out for bond sale expenses under |
Section 8, shall be deposited into the Pension Contribution |
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Fund, and the Comptroller and the Treasurer shall, as soon as |
practical, (i) first, transfer from the Pension Contribution |
Fund to the General Revenue Fund or Common School Fund an |
amount equal to the amount of payments, if any, made to the |
designated retirement systems from the General Revenue Fund or |
Common School Fund in State fiscal year 2010 and (ii) second, |
make transfers from the Pension Contribution Fund to the |
designated retirement systems pursuant to Sections 2-124, |
14-131, 15-155, 16-158, and 18-131 of the Illinois Pension |
Code. |
(c) Of the amount of Bond proceeds from the bond sale |
authorized by Public Act 93-2 first deposited into the Pension
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Contribution Fund, there shall be reserved for transfers under |
this subsection
the sum of $300,000,000, representing the |
required State contributions to the
designated retirement |
systems for the last quarter of State fiscal year 2003,
plus |
the sum of $1,860,000,000, representing the required State |
contributions
to the designated retirement systems for State |
fiscal year 2004.
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Upon the deposit of sufficient moneys from the bond sale |
authorized by Public Act 93-2 into the Pension Contribution
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Fund, the Comptroller and Treasurer shall immediately transfer |
the sum of
$300,000,000 from the Pension Contribution Fund to |
the General Revenue Fund.
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Whenever any payment of required State contributions for |
State fiscal year
2004 is made to one of the designated |
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retirement systems, the Comptroller and
Treasurer shall, as |
soon as practicable, transfer from the Pension Contribution
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Fund to the General Revenue Fund an amount equal to the amount |
of that payment
to the designated retirement system.
Beginning |
on the effective date of this amendatory Act of the 93rd
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General Assembly, the transfers from the Pension Contribution |
Fund to
the General Revenue Fund shall be suspended until June |
30, 2004, and
the remaining balance in the Pension Contribution |
Fund shall be
transferred directly to the designated retirement |
systems as provided
in Section 6z-61 of the State Finance Act. |
On and after July 1, 2004, in the
event that
any amount is on |
deposit in the Pension Contribution Fund from time to
time, the |
Comptroller and
Treasurer shall continue to make such transfers |
based on fiscal year 2005
payments until the entire amount on |
deposit has been
transferred.
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(d) All amounts deposited into the Pension Contribution |
Fund, other
than the amounts reserved for the transfers under |
subsection (c) from the bond sale authorized by Public Act 93-2 |
and other than amounts deposited into the Pension Contribution |
Fund from the bond sale authorized by this amendatory Act of |
the 96th General Assembly , shall be
appropriated to the |
designated retirement systems to reduce their actuarial
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reserve deficiencies. The amount of the appropriation to each |
designated
retirement system shall constitute a portion of the |
total appropriation under
this subsection that is the same as |
that retirement system's portion of the
total actuarial reserve |
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deficiency of the systems, as most recently determined
by the
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Governor's Office of Management and Budget under Section 8.12 |
of the State Finance Act.
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With respect to proceeds from the bond sale authorized by |
Public Act 93-2 only, within Within 15 days after any Bond |
proceeds in excess of the amounts initially
reserved under |
subsection (c) are deposited into the Pension Contribution
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Fund, the
Governor's Office of Management and Budget shall (i) |
allocate those proceeds among the
designated retirement |
systems in proportion to their respective actuarial
reserve |
deficiencies, as most recently determined under Section 8.12 of |
the
State Finance Act, and (ii) certify those allocations to |
the designated
retirement systems and the Comptroller.
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Upon receiving certification of an allocation under this |
subsection, a
designated retirement system shall submit to the |
Comptroller a voucher for
the amount of its allocation. The |
voucher shall be paid out of the amount
appropriated to that |
designated retirement system from the Pension Contribution
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Fund pursuant to this subsection.
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(Source: P.A. 93-2, eff. 4-7-03; 93-665, eff. 3-5-04.)
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(30 ILCS 330/9) (from Ch. 127, par. 659)
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Sec. 9. Conditions for Issuance and Sale of Bonds - |
Requirements for
Bonds. |
(a) Except as otherwise provided in this subsection, Bonds |
shall be issued and sold from time to time, in one or
more |
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series, in such amounts and at such prices as may be directed |
by the
Governor, upon recommendation by the Director of the
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Governor's Office of Management and Budget.
Bonds shall be in |
such form (either coupon, registered or book entry), in
such |
denominations, payable within 25 years from their date, subject |
to such
terms of redemption with or without premium, bear |
interest payable at
such times and at such fixed or variable |
rate or rates, and be dated
as shall be fixed and determined by |
the Director of
the
Governor's Office of Management and Budget
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in the order authorizing the issuance and sale
of any series of |
Bonds, which order shall be approved by the Governor
and is |
herein called a "Bond Sale Order"; provided however, that |
interest
payable at fixed or variable rates shall not exceed |
that permitted in the
Bond Authorization Act, as now or |
hereafter amended. Bonds shall be
payable at such place or |
places, within or without the State of Illinois, and
may be |
made registrable as to either principal or as to both principal |
and
interest, as shall be specified in the Bond Sale Order. |
Bonds may be callable
or subject to purchase and retirement or |
tender and remarketing as fixed
and determined in the Bond Sale |
Order. Bonds must be issued with principal or mandatory |
redemption amounts in equal amounts, with the first maturity |
issued occurring within the fiscal year in which the Bonds are |
issued or within the next succeeding fiscal year, with Bonds |
issued maturing or subject to mandatory redemption each fiscal |
year thereafter up to 25 years. Notwithstanding any provision |
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of this Act to the contrary, the Bonds authorized by this |
amendatory Act of the 96th General Assembly shall be payable |
within 5 years from their date and must be issued with |
principal or mandatory redemption amounts in equal amounts, |
with payment of principal or mandatory redemption beginning in |
the first fiscal year following the fiscal year in which the |
Bonds are issued.
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In the case of any series of Bonds bearing interest at a |
variable interest
rate ("Variable Rate Bonds"), in lieu of |
determining the rate or rates at which
such series of Variable |
Rate Bonds shall bear interest and the price or prices
at which |
such Variable Rate Bonds shall be initially sold or remarketed |
(in the
event of purchase and subsequent resale), the Bond Sale |
Order may provide that
such interest rates and prices may vary |
from time to time depending on criteria
established in such |
Bond Sale Order, which criteria may include, without
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limitation, references to indices or variations in interest |
rates as may, in
the judgment of a remarketing agent, be |
necessary to cause Variable Rate Bonds
of such series to be |
remarketable from time to time at a price equal to their
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principal amount, and may provide for appointment of a bank, |
trust company,
investment bank, or other financial institution |
to serve as remarketing agent
in that connection.
The Bond Sale |
Order may provide that alternative interest rates or provisions
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for establishing alternative interest rates, different |
security or claim
priorities, or different call or amortization |
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provisions will apply during
such times as Variable Rate Bonds |
of any series are held by a person providing
credit or |
liquidity enhancement arrangements for such Bonds as |
authorized in
subsection (b) of this Section.
The Bond Sale |
Order may also provide for such variable interest rates to be
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established pursuant to a process generally known as an auction |
rate process
and may provide for appointment of one or more |
financial institutions to serve
as auction agents and |
broker-dealers in connection with the establishment of
such |
interest rates and the sale and remarketing of such Bonds.
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(b) In connection with the issuance of any series of Bonds, |
the State may
enter into arrangements to provide additional |
security and liquidity for such
Bonds, including, without |
limitation, bond or interest rate insurance or
letters of |
credit, lines of credit, bond purchase contracts, or other
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arrangements whereby funds are made available to retire or |
purchase Bonds,
thereby assuring the ability of owners of the |
Bonds to sell or redeem their
Bonds. The State may enter into |
contracts and may agree to pay fees to persons
providing such |
arrangements, but only under circumstances where the Director |
of
the
Governor's Office of Management and Budget certifies |
that he or she reasonably expects the total
interest paid or to |
be paid on the Bonds, together with the fees for the
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arrangements (being treated as if interest), would not, taken |
together, cause
the Bonds to bear interest, calculated to their |
stated maturity, at a rate in
excess of the rate that the Bonds |
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would bear in the absence of such
arrangements.
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The State may, with respect to Bonds issued or anticipated |
to be issued,
participate in and enter into arrangements with |
respect to interest rate
protection or exchange agreements, |
guarantees, or financial futures contracts
for the purpose of |
limiting, reducing, or managing interest rate exposure.
The |
authority granted under this paragraph, however, shall not |
increase the principal amount of Bonds authorized to be issued |
by law. The arrangements may be executed and delivered by the |
Director
of the
Governor's Office of Management and Budget on |
behalf of the State. Net payments for such
arrangements shall |
constitute interest on the Bonds and shall be paid from the
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General Obligation Bond Retirement and Interest Fund. The |
Director of the
Governor's Office of Management and Budget |
shall at least annually certify to the Governor and
the
State |
Comptroller his or her estimate of the amounts of such net |
payments to
be included in the calculation of interest required |
to be paid by the State.
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(c) Prior to the issuance of any Variable Rate Bonds |
pursuant to
subsection (a), the Director of the
Governor's |
Office of Management and Budget shall adopt an
interest rate |
risk management policy providing that the amount of the State's
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variable rate exposure with respect to Bonds shall not exceed |
20%. This policy
shall remain in effect while any Bonds are |
outstanding and the issuance of
Bonds
shall be subject to the |
terms of such policy. The terms of this policy may be
amended |
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from time to time by the Director of the
Governor's Office of |
Management and Budget but in no
event shall any amendment cause |
the permitted level of the State's variable
rate exposure with |
respect to Bonds to exceed 20%.
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(Source: P.A. 92-16, eff. 6-28-01; 93-9, eff. 6-3-03; 93-666, |
eff. 3-5-04; 93-839, eff. 7-30-04.)
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(30 ILCS 330/11) (from Ch. 127, par. 661)
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Sec. 11. Sale of Bonds. Except as otherwise provided in |
this Section,
Bonds shall be sold from time to time pursuant to
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notice of sale and public bid or by negotiated sale
in such |
amounts and at such
times as is directed by the Governor, upon |
recommendation by the Director of
the
Governor's Office of |
Management and Budget. At least 25%, based on total principal |
amount, of all Bonds issued each fiscal year shall be sold |
pursuant to notice of sale and public bid. At all times during |
each fiscal year, no more than 75%, based on total principal |
amount, of the Bonds issued each fiscal year, shall have been |
sold by negotiated sale. Failure to satisfy the requirements in |
the preceding 2 sentences shall not affect the validity of any |
previously issued Bonds ; provided that all Bonds authorized by |
this amendatory Act of the 96th General Assembly shall not be |
included in determining compliance for any fiscal year with the |
requirements of the preceding 2 sentences ; and further provided |
that refunding Bonds satisfying the requirements of Section 16 |
of this Act and sold during fiscal year 2009, 2010, or 2011 |
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shall not be subject to the requirements in the preceding 2 |
sentences.
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If
any Bonds, including refunding Bonds, are to be sold by |
negotiated
sale, the
Director of the
Governor's Office of |
Management and Budget
shall comply with the
competitive request |
for proposal process set forth in the Illinois
Procurement Code |
and all other applicable requirements of that Code.
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If Bonds are to be sold pursuant to notice of sale and |
public bid, the
Director of the
Governor's Office of Management |
and Budget shall, from time to time, as Bonds are to be sold, |
advertise
the sale of the Bonds in at least 2 daily newspapers, |
one of which is
published in the City of Springfield and one in |
the City of Chicago. The sale
of the Bonds shall also be
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advertised in the volume of the Illinois Procurement Bulletin |
that is
published by the Department of Central Management |
Services. Each of
the advertisements for
proposals shall be |
published once at least
10 days prior to the date fixed
for the |
opening of the bids. The Director of the
Governor's Office of |
Management and Budget may
reschedule the date of sale upon the |
giving of such additional notice as the
Director deems adequate |
to inform prospective bidders of
such change; provided, |
however, that all other conditions of the sale shall
continue |
as originally advertised.
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Executed Bonds shall, upon payment therefor, be delivered |
to the purchaser,
and the proceeds of Bonds shall be paid into |
the State Treasury as directed by
Section 12 of this Act.
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(Source: P.A. 96-18, eff. 6-26-09.)
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(30 ILCS 330/15) (from Ch. 127, par. 665)
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Sec. 15. Computation of Principal and Interest; transfers.
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(a) Upon each delivery of Bonds authorized to be issued |
under this Act,
the Comptroller shall compute and certify to |
the Treasurer the total amount
of principal of, interest on, |
and premium, if any, on Bonds issued that will
be payable in |
order to retire such Bonds and the amount of principal of,
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interest on and premium, if any, on such Bonds that will be |
payable on each
payment date according to the tenor of such |
Bonds during the then current and
each succeeding fiscal year.
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With respect to the interest payable on variable rate bonds, |
such
certifications shall be calculated at the maximum rate of |
interest that
may be payable during the fiscal year, after |
taking into account any credits
permitted in the related |
indenture or other instrument against the amount
of such |
interest required to be appropriated for such period pursuant |
to
subsection (c) of Section 14 of this Act. With respect to |
the interest
payable, such certifications shall include the |
amounts certified by the
Director of the
Governor's Office of |
Management and Budget under subsection (b) of Section 9 of
this |
Act.
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On or before the last day of each month the State Treasurer |
and Comptroller
shall transfer from (1) the Road Fund with |
respect to Bonds issued under
paragraph (a) of Section 4 of |
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this Act or Bonds issued for the purpose of
refunding such |
bonds, and from (2) the General
Revenue Fund, with respect to |
all other Bonds issued under this Act, to the
General |
Obligation Bond Retirement and Interest Fund an amount |
sufficient to
pay the aggregate of the principal of, interest |
on, and premium, if any, on
Bonds payable, by their terms on |
the next payment date divided by the number of
full calendar |
months between the date of such Bonds and the first such |
payment
date, and thereafter, divided by the number of months |
between each succeeding
payment date after the first. Such |
computations and transfers shall be
made for each series of |
Bonds issued and delivered. Interest payable on
variable rate |
bonds shall be calculated at the maximum rate of interest that
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may be payable for the relevant period, after taking into |
account any credits
permitted in the related indenture or other |
instrument against the amount of
such interest required to be |
appropriated for such period pursuant to
subsection (c) of |
Section 14 of this Act. Computations of interest shall
include |
the amounts certified by the Director of the
Governor's Office |
of Management and Budget
under subsection (b) of Section 9 of |
this Act. Interest for which moneys
have already been deposited |
into the capitalized interest account within the
General |
Obligation Bond Retirement and Interest Fund shall not be |
included
in the calculation of the amounts to be transferred |
under this subsection. Notwithstanding any other provision in |
this Section, the transfer provisions provided in this |
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paragraph shall not apply to transfers made in fiscal year 2010 |
with respect to Bonds issued in fiscal year 2010 pursuant to |
Section 7.2 of this Act. In the case of transfers made in |
fiscal year 2010 with respect to the Bonds issued in fiscal |
year 2010 pursuant to Section 7.2 of this Act, on or before the |
15th day of the month prior to the required debt service |
payment, the State Treasurer and Comptroller shall transfer |
from the General Revenue Fund to the General Obligation Bond |
Retirement and Interest Fund an amount sufficient to pay the |
aggregate of the principal of, interest on, and premium, if |
any, on the Bonds payable in that next month.
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The transfer of monies herein and above directed is not |
required if monies
in the General Obligation Bond Retirement |
and Interest Fund are more than
the amount otherwise to be |
transferred as herein above provided, and if the
Governor or |
his authorized representative notifies the State Treasurer and
|
Comptroller of such fact in writing.
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(b) After the effective date of this Act, the balance of, |
and monies
directed to be included in the Capital Development |
Bond Retirement and
Interest Fund, Anti-Pollution Bond |
Retirement and Interest Fund,
Transportation Bond, Series A |
Retirement and Interest Fund, Transportation
Bond, Series B |
Retirement and Interest Fund, and Coal Development Bond
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Retirement and Interest Fund shall be transferred to and |
deposited in the
General Obligation Bond Retirement and |
Interest Fund. This Fund shall be
used to make debt service |
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payments on the State's general obligation Bonds
heretofore |
issued which are now outstanding and payable from the Funds |
herein
listed as well as on Bonds issued under this Act.
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(c) The unused portion of federal funds received for a |
capital
facilities project, as authorized by Section 3 of this |
Act, for which
monies from the Capital Development Fund have |
been expended shall be
deposited upon completion of the project |
in the General Obligation Bond
Retirement and Interest Fund. |
Any federal funds received as reimbursement
for the completed |
construction of a capital facilities project, as
authorized by |
Section 3 of this Act, for which monies from the Capital
|
Development Fund have been expended shall be deposited in the |
General
Obligation Bond Retirement and Interest Fund.
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(Source: P.A. 93-2, eff. 4-7-03; 93-9, eff. 6-3-03; 94-793, |
eff. 5-19-06.)
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Section 10. The Illinois Pension Code is amended by |
changing Sections 2-124, 14-131, 15-155, 16-158, and 18-131 as |
follows:
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(40 ILCS 5/2-124) (from Ch. 108 1/2, par. 2-124)
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Sec. 2-124. Contributions by State.
|
(a) The State shall make contributions to the System by
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appropriations of amounts which, together with the |
contributions of
participants, interest earned on investments, |
and other income
will meet the cost of maintaining and |
|
administering the System on a 90%
funded basis in accordance |
with actuarial recommendations.
|
(b) The Board shall determine the amount of State
|
contributions required for each fiscal year on the basis of the
|
actuarial tables and other assumptions adopted by the Board and |
the
prescribed rate of interest, using the formula in |
subsection (c).
|
(c) For State fiscal years 2011 through 2045, the minimum |
contribution
to the System to be made by the State for each |
fiscal year shall be an amount
determined by the System to be |
sufficient to bring the total assets of the
System up to 90% of |
the total actuarial liabilities of the System by the end of
|
State fiscal year 2045. In making these determinations, the |
required State
contribution shall be calculated each year as a |
level percentage of payroll
over the years remaining to and |
including fiscal year 2045 and shall be
determined under the |
projected unit credit actuarial cost method.
|
For State fiscal years 1996 through 2005, the State |
contribution to
the System, as a percentage of the applicable |
employee payroll, shall be
increased in equal annual increments |
so that by State fiscal year 2011, the
State is contributing at |
the rate required under this Section.
|
Notwithstanding any other provision of this Article, the |
total required State
contribution for State fiscal year 2006 is |
$4,157,000.
|
Notwithstanding any other provision of this Article, the |
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total required State
contribution for State fiscal year 2007 is |
$5,220,300.
|
For each of State fiscal years 2008 through 2009 2010 , the |
State contribution to
the System, as a percentage of the |
applicable employee payroll, shall be
increased in equal annual |
increments from the required State contribution for State |
fiscal year 2007, so that by State fiscal year 2011, the
State |
is contributing at the rate otherwise required under this |
Section.
|
Notwithstanding any other provision of this Article, the |
total required State contribution for State fiscal year 2010 is |
$10,454,000 and shall be made from the proceeds of bonds sold |
in fiscal year 2010 pursuant to Section 7.2 of the General |
Obligation Bond Act, less (i) the pro rata share of bond sale |
expenses determined by the System's share of total bond |
proceeds, (ii) any amounts received from the General Revenue |
Fund in fiscal year 2010, and (iii) any reduction in bond |
proceeds due to the issuance of discounted bonds, if |
applicable. |
Beginning in State fiscal year 2046, the minimum State |
contribution for
each fiscal year shall be the amount needed to |
maintain the total assets of
the System at 90% of the total |
actuarial liabilities of the System.
|
Amounts received by the System pursuant to Section 25 of |
the Budget Stabilization Act or Section 8.12 of the State |
Finance Act in any fiscal year do not reduce and do not |
|
constitute payment of any portion of the minimum State |
contribution required under this Article in that fiscal year. |
Such amounts shall not reduce, and shall not be included in the |
calculation of, the required State contributions under this |
Article in any future year until the System has reached a |
funding ratio of at least 90%. A reference in this Article to |
the "required State contribution" or any substantially similar |
term does not include or apply to any amounts payable to the |
System under Section 25 of the Budget Stabilization Act.
|
Notwithstanding any other provision of this Section, the |
required State
contribution for State fiscal year 2005 and for |
fiscal year 2008 and each fiscal year thereafter, as
calculated |
under this Section and
certified under Section 2-134, shall not |
exceed an amount equal to (i) the
amount of the required State |
contribution that would have been calculated under
this Section |
for that fiscal year if the System had not received any |
payments
under subsection (d) of Section 7.2 of the General |
Obligation Bond Act, minus
(ii) the portion of the State's |
total debt service payments for that fiscal
year on the bonds |
issued for the purposes of that Section 7.2, as determined
and |
certified by the Comptroller, that is the same as the System's |
portion of
the total moneys distributed under subsection (d) of |
Section 7.2 of the General
Obligation Bond Act. In determining |
this maximum for State fiscal years 2008 through 2010, however, |
the amount referred to in item (i) shall be increased, as a |
percentage of the applicable employee payroll, in equal |
|
increments calculated from the sum of the required State |
contribution for State fiscal year 2007 plus the applicable |
portion of the State's total debt service payments for fiscal |
year 2007 on the bonds issued for the purposes of Section 7.2 |
of the General
Obligation Bond Act, so that, by State fiscal |
year 2011, the
State is contributing at the rate otherwise |
required under this Section.
|
(d) For purposes of determining the required State |
contribution to the System, the value of the System's assets |
shall be equal to the actuarial value of the System's assets, |
which shall be calculated as follows: |
As of June 30, 2008, the actuarial value of the System's |
assets shall be equal to the market value of the assets as of |
that date. In determining the actuarial value of the System's |
assets for fiscal years after June 30, 2008, any actuarial |
gains or losses from investment return incurred in a fiscal |
year shall be recognized in equal annual amounts over the |
5-year period following that fiscal year. |
(e) For purposes of determining the required State |
contribution to the system for a particular year, the actuarial |
value of assets shall be assumed to earn a rate of return equal |
to the system's actuarially assumed rate of return. |
(Source: P.A. 94-4, eff. 6-1-05; 94-839, eff. 6-6-06; 95-950, |
eff. 8-29-08.)
|
(40 ILCS 5/14-131)
(from Ch. 108 1/2, par. 14-131)
|
|
Sec. 14-131. Contributions by State.
|
(a) The State shall make contributions to the System by |
appropriations of
amounts which, together with other employer |
contributions from trust, federal,
and other funds, employee |
contributions, investment income, and other income,
will be |
sufficient to meet the cost of maintaining and administering |
the System
on a 90% funded basis in accordance with actuarial |
recommendations.
|
For the purposes of this Section and Section 14-135.08, |
references to State
contributions refer only to employer |
contributions and do not include employee
contributions that |
are picked up or otherwise paid by the State or a
department on |
behalf of the employee.
|
(b) The Board shall determine the total amount of State |
contributions
required for each fiscal year on the basis of the |
actuarial tables and other
assumptions adopted by the Board, |
using the formula in subsection (e).
|
The Board shall also determine a State contribution rate |
for each fiscal
year, expressed as a percentage of payroll, |
based on the total required State
contribution for that fiscal |
year (less the amount received by the System from
|
appropriations under Section 8.12 of the State Finance Act and |
Section 1 of the
State Pension Funds Continuing Appropriation |
Act, if any, for the fiscal year
ending on the June 30 |
immediately preceding the applicable November 15
certification |
deadline), the estimated payroll (including all forms of
|
|
compensation) for personal services rendered by eligible |
employees, and the
recommendations of the actuary.
|
For the purposes of this Section and Section 14.1 of the |
State Finance Act,
the term "eligible employees" includes |
employees who participate in the System,
persons who may elect |
to participate in the System but have not so elected,
persons |
who are serving a qualifying period that is required for |
participation,
and annuitants employed by a department as |
described in subdivision (a)(1) or
(a)(2) of Section 14-111.
|
(c) Contributions shall be made by the several departments |
for each pay
period by warrants drawn by the State Comptroller |
against their respective
funds or appropriations based upon |
vouchers stating the amount to be so
contributed. These amounts |
shall be based on the full rate certified by the
Board under |
Section 14-135.08 for that fiscal year.
From the effective date |
of this amendatory Act of the 93rd General
Assembly through the |
payment of the final payroll from fiscal year 2004
|
appropriations, the several departments shall not make |
contributions
for the remainder of fiscal year 2004 but shall |
instead make payments
as required under subsection (a-1) of |
Section 14.1 of the State Finance Act.
The several departments |
shall resume those contributions at the commencement of
fiscal |
year 2005.
|
(d) If an employee is paid from trust funds or federal |
funds, the
department or other employer shall pay employer |
contributions from those funds
to the System at the certified |
|
rate, unless the terms of the trust or the
federal-State |
agreement preclude the use of the funds for that purpose, in
|
which case the required employer contributions shall be paid by |
the State.
From the effective date of this amendatory
Act of |
the 93rd General Assembly through the payment of the final
|
payroll from fiscal year 2004 appropriations, the department or |
other
employer shall not pay contributions for the remainder of |
fiscal year
2004 but shall instead make payments as required |
under subsection (a-1) of
Section 14.1 of the State Finance |
Act. The department or other employer shall
resume payment of
|
contributions at the commencement of fiscal year 2005.
|
(e) For State fiscal years 2011 through 2045, the minimum |
contribution
to the System to be made by the State for each |
fiscal year shall be an amount
determined by the System to be |
sufficient to bring the total assets of the
System up to 90% of |
the total actuarial liabilities of the System by the end
of |
State fiscal year 2045. In making these determinations, the |
required State
contribution shall be calculated each year as a |
level percentage of payroll
over the years remaining to and |
including fiscal year 2045 and shall be
determined under the |
projected unit credit actuarial cost method.
|
For State fiscal years 1996 through 2005, the State |
contribution to
the System, as a percentage of the applicable |
employee payroll, shall be
increased in equal annual increments |
so that by State fiscal year 2011, the
State is contributing at |
the rate required under this Section; except that
(i) for State |
|
fiscal year 1998, for all purposes of this Code and any other
|
law of this State, the certified percentage of the applicable |
employee payroll
shall be 5.052% for employees earning eligible |
creditable service under Section
14-110 and 6.500% for all |
other employees, notwithstanding any contrary
certification |
made under Section 14-135.08 before the effective date of this
|
amendatory Act of 1997, and (ii)
in the following specified |
State fiscal years, the State contribution to
the System shall |
not be less than the following indicated percentages of the
|
applicable employee payroll, even if the indicated percentage |
will produce a
State contribution in excess of the amount |
otherwise required under this
subsection and subsection (a):
|
9.8% in FY 1999;
10.0% in FY 2000;
10.2% in FY 2001;
10.4% in FY |
2002;
10.6% in FY 2003; and
10.8% in FY 2004.
|
Notwithstanding any other provision of this Article, the |
total required State
contribution to the System for State |
fiscal year 2006 is $203,783,900.
|
Notwithstanding any other provision of this Article, the |
total required State
contribution to the System for State |
fiscal year 2007 is $344,164,400.
|
For each of State fiscal years 2008 through 2009 2010 , the |
State contribution to
the System, as a percentage of the |
applicable employee payroll, shall be
increased in equal annual |
increments from the required State contribution for State |
fiscal year 2007, so that by State fiscal year 2011, the
State |
is contributing at the rate otherwise required under this |
|
Section.
|
Notwithstanding any other provision of this Article, the |
total required State General Revenue Fund contribution for |
State fiscal year 2010 is $723,703,100 and shall be made from |
the proceeds of bonds sold in fiscal year 2010 pursuant to |
Section 7.2 of the General Obligation Bond Act, less (i) the |
pro rata share of bond sale expenses determined by the System's |
share of total bond proceeds, (ii) any amounts received from |
the General Revenue Fund in fiscal year 2010, and (iii) any |
reduction in bond proceeds due to the issuance of discounted |
bonds, if applicable. |
Beginning in State fiscal year 2046, the minimum State |
contribution for
each fiscal year shall be the amount needed to |
maintain the total assets of
the System at 90% of the total |
actuarial liabilities of the System.
|
Amounts received by the System pursuant to Section 25 of |
the Budget Stabilization Act or Section 8.12 of the State |
Finance Act in any fiscal year do not reduce and do not |
constitute payment of any portion of the minimum State |
contribution required under this Article in that fiscal year. |
Such amounts shall not reduce, and shall not be included in the |
calculation of, the required State contributions under this |
Article in any future year until the System has reached a |
funding ratio of at least 90%. A reference in this Article to |
the "required State contribution" or any substantially similar |
term does not include or apply to any amounts payable to the |
|
System under Section 25 of the Budget Stabilization Act.
|
Notwithstanding any other provision of this Section, the |
required State
contribution for State fiscal year 2005 and for |
fiscal year 2008 and each fiscal year thereafter, as
calculated |
under this Section and
certified under Section 14-135.08, shall |
not exceed an amount equal to (i) the
amount of the required |
State contribution that would have been calculated under
this |
Section for that fiscal year if the System had not received any |
payments
under subsection (d) of Section 7.2 of the General |
Obligation Bond Act, minus
(ii) the portion of the State's |
total debt service payments for that fiscal
year on the bonds |
issued for the purposes of that Section 7.2, as determined
and |
certified by the Comptroller, that is the same as the System's |
portion of
the total moneys distributed under subsection (d) of |
Section 7.2 of the General
Obligation Bond Act. In determining |
this maximum for State fiscal years 2008 through 2010, however, |
the amount referred to in item (i) shall be increased, as a |
percentage of the applicable employee payroll, in equal |
increments calculated from the sum of the required State |
contribution for State fiscal year 2007 plus the applicable |
portion of the State's total debt service payments for fiscal |
year 2007 on the bonds issued for the purposes of Section 7.2 |
of the General
Obligation Bond Act, so that, by State fiscal |
year 2011, the
State is contributing at the rate otherwise |
required under this Section.
|
(f) After the submission of all payments for eligible |
|
employees
from personal services line items in fiscal year 2004 |
have been made,
the Comptroller shall provide to the System a |
certification of the sum
of all fiscal year 2004 expenditures |
for personal services that would
have been covered by payments |
to the System under this Section if the
provisions of this |
amendatory Act of the 93rd General Assembly had not been
|
enacted. Upon
receipt of the certification, the System shall |
determine the amount
due to the System based on the full rate |
certified by the Board under
Section 14-135.08 for fiscal year |
2004 in order to meet the State's
obligation under this |
Section. The System shall compare this amount
due to the amount |
received by the System in fiscal year 2004 through
payments |
under this Section and under Section 6z-61 of the State Finance |
Act.
If the amount
due is more than the amount received, the |
difference shall be termed the
"Fiscal Year 2004 Shortfall" for |
purposes of this Section, and the
Fiscal Year 2004 Shortfall |
shall be satisfied under Section 1.2 of the State
Pension Funds |
Continuing Appropriation Act. If the amount due is less than |
the
amount received, the
difference shall be termed the "Fiscal |
Year 2004 Overpayment" for purposes of
this Section, and the |
Fiscal Year 2004 Overpayment shall be repaid by
the System to |
the Pension Contribution Fund as soon as practicable
after the |
certification.
|
(g) For purposes of determining the required State |
contribution to the System, the value of the System's assets |
shall be equal to the actuarial value of the System's assets, |
|
which shall be calculated as follows: |
As of June 30, 2008, the actuarial value of the System's |
assets shall be equal to the market value of the assets as of |
that date. In determining the actuarial value of the System's |
assets for fiscal years after June 30, 2008, any actuarial |
gains or losses from investment return incurred in a fiscal |
year shall be recognized in equal annual amounts over the |
5-year period following that fiscal year. |
(h) For purposes of determining the required State |
contribution to the system for a particular year, the actuarial |
value of assets shall be assumed to earn a rate of return equal |
to the system's actuarially assumed rate of return. |
(Source: P.A. 94-4, eff. 6-1-05; 94-839, eff. 6-6-06; 95-950, |
eff. 8-29-08.)
|
(40 ILCS 5/15-155) (from Ch. 108 1/2, par. 15-155)
|
Sec. 15-155. Employer contributions.
|
(a) The State of Illinois shall make contributions by |
appropriations of
amounts which, together with the other |
employer contributions from trust,
federal, and other funds, |
employee contributions, income from investments,
and other |
income of this System, will be sufficient to meet the cost of
|
maintaining and administering the System on a 90% funded basis |
in accordance
with actuarial recommendations.
|
The Board shall determine the amount of State contributions |
required for
each fiscal year on the basis of the actuarial |
|
tables and other assumptions
adopted by the Board and the |
recommendations of the actuary, using the formula
in subsection |
(a-1).
|
(a-1) For State fiscal years 2011 through 2045, the minimum |
contribution
to the System to be made by the State for each |
fiscal year shall be an amount
determined by the System to be |
sufficient to bring the total assets of the
System up to 90% of |
the total actuarial liabilities of the System by the end of
|
State fiscal year 2045. In making these determinations, the |
required State
contribution shall be calculated each year as a |
level percentage of payroll
over the years remaining to and |
including fiscal year 2045 and shall be
determined under the |
projected unit credit actuarial cost method.
|
For State fiscal years 1996 through 2005, the State |
contribution to
the System, as a percentage of the applicable |
employee payroll, shall be
increased in equal annual increments |
so that by State fiscal year 2011, the
State is contributing at |
the rate required under this Section.
|
Notwithstanding any other provision of this Article, the |
total required State
contribution for State fiscal year 2006 is |
$166,641,900.
|
Notwithstanding any other provision of this Article, the |
total required State
contribution for State fiscal year 2007 is |
$252,064,100.
|
For each of State fiscal years 2008 through 2009 2010 , the |
State contribution to
the System, as a percentage of the |
|
applicable employee payroll, shall be
increased in equal annual |
increments from the required State contribution for State |
fiscal year 2007, so that by State fiscal year 2011, the
State |
is contributing at the rate otherwise required under this |
Section.
|
Notwithstanding any other provision of this Article, the |
total required State contribution for State fiscal year 2010 is |
$702,514,000 and shall be made from the State Pensions Fund and |
proceeds of bonds sold in fiscal year 2010 pursuant to Section |
7.2 of the General Obligation Bond Act, less (i) the pro rata |
share of bond sale expenses determined by the System's share of |
total bond proceeds, (ii) any amounts received from the General |
Revenue Fund in fiscal year 2010, (iii) any reduction in bond |
proceeds due to the issuance of discounted bonds, if |
applicable. |
Beginning in State fiscal year 2046, the minimum State |
contribution for
each fiscal year shall be the amount needed to |
maintain the total assets of
the System at 90% of the total |
actuarial liabilities of the System.
|
Amounts received by the System pursuant to Section 25 of |
the Budget Stabilization Act or Section 8.12 of the State |
Finance Act in any fiscal year do not reduce and do not |
constitute payment of any portion of the minimum State |
contribution required under this Article in that fiscal year. |
Such amounts shall not reduce, and shall not be included in the |
calculation of, the required State contributions under this |
|
Article in any future year until the System has reached a |
funding ratio of at least 90%. A reference in this Article to |
the "required State contribution" or any substantially similar |
term does not include or apply to any amounts payable to the |
System under Section 25 of the Budget Stabilization Act. |
Notwithstanding any other provision of this Section, the |
required State
contribution for State fiscal year 2005 and for |
fiscal year 2008 and each fiscal year thereafter, as
calculated |
under this Section and
certified under Section 15-165, shall |
not exceed an amount equal to (i) the
amount of the required |
State contribution that would have been calculated under
this |
Section for that fiscal year if the System had not received any |
payments
under subsection (d) of Section 7.2 of the General |
Obligation Bond Act, minus
(ii) the portion of the State's |
total debt service payments for that fiscal
year on the bonds |
issued for the purposes of that Section 7.2, as determined
and |
certified by the Comptroller, that is the same as the System's |
portion of
the total moneys distributed under subsection (d) of |
Section 7.2 of the General
Obligation Bond Act. In determining |
this maximum for State fiscal years 2008 through 2010, however, |
the amount referred to in item (i) shall be increased, as a |
percentage of the applicable employee payroll, in equal |
increments calculated from the sum of the required State |
contribution for State fiscal year 2007 plus the applicable |
portion of the State's total debt service payments for fiscal |
year 2007 on the bonds issued for the purposes of Section 7.2 |
|
of the General
Obligation Bond Act, so that, by State fiscal |
year 2011, the
State is contributing at the rate otherwise |
required under this Section.
|
(b) If an employee is paid from trust or federal funds, the |
employer
shall pay to the Board contributions from those funds |
which are
sufficient to cover the accruing normal costs on |
behalf of the employee.
However, universities having employees |
who are compensated out of local
auxiliary funds, income funds, |
or service enterprise funds are not required
to pay such |
contributions on behalf of those employees. The local auxiliary
|
funds, income funds, and service enterprise funds of |
universities shall not be
considered trust funds for the |
purpose of this Article, but funds of alumni
associations, |
foundations, and athletic associations which are affiliated |
with
the universities included as employers under this Article |
and other employers
which do not receive State appropriations |
are considered to be trust funds for
the purpose of this |
Article.
|
(b-1) The City of Urbana and the City of Champaign shall |
each make
employer contributions to this System for their |
respective firefighter
employees who participate in this |
System pursuant to subsection (h) of Section
15-107. The rate |
of contributions to be made by those municipalities shall
be |
determined annually by the Board on the basis of the actuarial |
assumptions
adopted by the Board and the recommendations of the |
actuary, and shall be
expressed as a percentage of salary for |
|
each such employee. The Board shall
certify the rate to the |
affected municipalities as soon as may be practical.
The |
employer contributions required under this subsection shall be |
remitted by
the municipality to the System at the same time and |
in the same manner as
employee contributions.
|
(c) Through State fiscal year 1995: The total employer |
contribution shall
be apportioned among the various funds of |
the State and other employers,
whether trust, federal, or other |
funds, in accordance with actuarial procedures
approved by the |
Board. State of Illinois contributions for employers receiving
|
State appropriations for personal services shall be payable |
from appropriations
made to the employers or to the System. The |
contributions for Class I
community colleges covering earnings |
other than those paid from trust and
federal funds, shall be |
payable solely from appropriations to the Illinois
Community |
College Board or the System for employer contributions.
|
(d) Beginning in State fiscal year 1996, the required State |
contributions
to the System shall be appropriated directly to |
the System and shall be payable
through vouchers issued in |
accordance with subsection (c) of Section 15-165, except as |
provided in subsection (g).
|
(e) The State Comptroller shall draw warrants payable to |
the System upon
proper certification by the System or by the |
employer in accordance with the
appropriation laws and this |
Code.
|
(f) Normal costs under this Section means liability for
|
|
pensions and other benefits which accrues to the System because |
of the
credits earned for service rendered by the participants |
during the
fiscal year and expenses of administering the |
System, but shall not
include the principal of or any |
redemption premium or interest on any bonds
issued by the Board |
or any expenses incurred or deposits required in
connection |
therewith.
|
(g) If the amount of a participant's earnings for any |
academic year used to determine the final rate of earnings, |
determined on a full-time equivalent basis, exceeds the amount |
of his or her earnings with the same employer for the previous |
academic year, determined on a full-time equivalent basis, by |
more than 6%, the participant's employer shall pay to the |
System, in addition to all other payments required under this |
Section and in accordance with guidelines established by the |
System, the present value of the increase in benefits resulting |
from the portion of the increase in earnings that is in excess |
of 6%. This present value shall be computed by the System on |
the basis of the actuarial assumptions and tables used in the |
most recent actuarial valuation of the System that is available |
at the time of the computation. The System may require the |
employer to provide any pertinent information or |
documentation. |
Whenever it determines that a payment is or may be required |
under this subsection (g), the System shall calculate the |
amount of the payment and bill the employer for that amount. |
|
The bill shall specify the calculations used to determine the |
amount due. If the employer disputes the amount of the bill, it |
may, within 30 days after receipt of the bill, apply to the |
System in writing for a recalculation. The application must |
specify in detail the grounds of the dispute and, if the |
employer asserts that the calculation is subject to subsection |
(h) or (i) of this Section, must include an affidavit setting |
forth and attesting to all facts within the employer's |
knowledge that are pertinent to the applicability of subsection |
(h) or (i). Upon receiving a timely application for |
recalculation, the System shall review the application and, if |
appropriate, recalculate the amount due.
|
The employer contributions required under this subsection |
(f) may be paid in the form of a lump sum within 90 days after |
receipt of the bill. If the employer contributions are not paid |
within 90 days after receipt of the bill, then interest will be |
charged at a rate equal to the System's annual actuarially |
assumed rate of return on investment compounded annually from |
the 91st day after receipt of the bill. Payments must be |
concluded within 3 years after the employer's receipt of the |
bill. |
(h) This subsection (h) applies only to payments made or |
salary increases given on or after June 1, 2005 but before July |
1, 2011. The changes made by Public Act 94-1057 shall not |
require the System to refund any payments received before July |
31, 2006 (the effective date of Public Act 94-1057). |
|
When assessing payment for any amount due under subsection |
(g), the System shall exclude earnings increases paid to |
participants under contracts or collective bargaining |
agreements entered into, amended, or renewed before June 1, |
2005.
|
When assessing payment for any amount due under subsection |
(g), the System shall exclude earnings increases paid to a |
participant at a time when the participant is 10 or more years |
from retirement eligibility under Section 15-135.
|
When assessing payment for any amount due under subsection |
(g), the System shall exclude earnings increases resulting from |
overload work, including a contract for summer teaching, or |
overtime when the employer has certified to the System, and the |
System has approved the certification, that: (i) in the case of |
overloads (A) the overload work is for the sole purpose of |
academic instruction in excess of the standard number of |
instruction hours for a full-time employee occurring during the |
academic year that the overload is paid and (B) the earnings |
increases are equal to or less than the rate of pay for |
academic instruction computed using the participant's current |
salary rate and work schedule; and (ii) in the case of |
overtime, the overtime was necessary for the educational |
mission. |
When assessing payment for any amount due under subsection |
(g), the System shall exclude any earnings increase resulting |
from (i) a promotion for which the employee moves from one |
|
classification to a higher classification under the State |
Universities Civil Service System, (ii) a promotion in academic |
rank for a tenured or tenure-track faculty position, or (iii) a |
promotion that the Illinois Community College Board has |
recommended in accordance with subsection (k) of this Section. |
These earnings increases shall be excluded only if the |
promotion is to a position that has existed and been filled by |
a member for no less than one complete academic year and the |
earnings increase as a result of the promotion is an increase |
that results in an amount no greater than the average salary |
paid for other similar positions. |
(i) When assessing payment for any amount due under |
subsection (g), the System shall exclude any salary increase |
described in subsection (h) of this Section given on or after |
July 1, 2011 but before July 1, 2014 under a contract or |
collective bargaining agreement entered into, amended, or |
renewed on or after June 1, 2005 but before July 1, 2011. |
Notwithstanding any other provision of this Section, any |
payments made or salary increases given after June 30, 2014 |
shall be used in assessing payment for any amount due under |
subsection (g) of this Section.
|
(j) The System shall prepare a report and file copies of |
the report with the Governor and the General Assembly by |
January 1, 2007 that contains all of the following information: |
(1) The number of recalculations required by the |
changes made to this Section by Public Act 94-1057 for each |
|
employer. |
(2) The dollar amount by which each employer's |
contribution to the System was changed due to |
recalculations required by Public Act 94-1057. |
(3) The total amount the System received from each |
employer as a result of the changes made to this Section by |
Public Act 94-4. |
(4) The increase in the required State contribution |
resulting from the changes made to this Section by Public |
Act 94-1057. |
(k) The Illinois Community College Board shall adopt rules |
for recommending lists of promotional positions submitted to |
the Board by community colleges and for reviewing the |
promotional lists on an annual basis. When recommending |
promotional lists, the Board shall consider the similarity of |
the positions submitted to those positions recognized for State |
universities by the State Universities Civil Service System. |
The Illinois Community College Board shall file a copy of its |
findings with the System. The System shall consider the |
findings of the Illinois Community College Board when making |
determinations under this Section. The System shall not exclude |
any earnings increases resulting from a promotion when the |
promotion was not submitted by a community college. Nothing in |
this subsection (k) shall require any community college to |
submit any information to the Community College Board.
|
(l) For purposes of determining the required State |
|
contribution to the System, the value of the System's assets |
shall be equal to the actuarial value of the System's assets, |
which shall be calculated as follows: |
As of June 30, 2008, the actuarial value of the System's |
assets shall be equal to the market value of the assets as of |
that date. In determining the actuarial value of the System's |
assets for fiscal years after June 30, 2008, any actuarial |
gains or losses from investment return incurred in a fiscal |
year shall be recognized in equal annual amounts over the |
5-year period following that fiscal year. |
(m) For purposes of determining the required State |
contribution to the system for a particular year, the actuarial |
value of assets shall be assumed to earn a rate of return equal |
to the system's actuarially assumed rate of return. |
(Source: P.A. 94-4, eff. 6-1-05; 94-839, eff. 6-6-06; 94-1057, |
eff. 7-31-06; 95-331, eff. 8-21-07; 95-950, eff. 8-29-08.)
|
(40 ILCS 5/16-158)
(from Ch. 108 1/2, par. 16-158)
|
Sec. 16-158. Contributions by State and other employing |
units.
|
(a) The State shall make contributions to the System by |
means of
appropriations from the Common School Fund and other |
State funds of amounts
which, together with other employer |
contributions, employee contributions,
investment income, and |
other income, will be sufficient to meet the cost of
|
maintaining and administering the System on a 90% funded basis |
|
in accordance
with actuarial recommendations.
|
The Board shall determine the amount of State contributions |
required for
each fiscal year on the basis of the actuarial |
tables and other assumptions
adopted by the Board and the |
recommendations of the actuary, using the formula
in subsection |
(b-3).
|
(a-1) Annually, on or before November 15, the Board shall |
certify to the
Governor the amount of the required State |
contribution for the coming fiscal
year. The certification |
shall include a copy of the actuarial recommendations
upon |
which it is based.
|
On or before May 1, 2004, the Board shall recalculate and |
recertify to
the Governor the amount of the required State |
contribution to the System for
State fiscal year 2005, taking |
into account the amounts appropriated to and
received by the |
System under subsection (d) of Section 7.2 of the General
|
Obligation Bond Act.
|
On or before July 1, 2005, the Board shall recalculate and |
recertify
to the Governor the amount of the required State
|
contribution to the System for State fiscal year 2006, taking |
into account the changes in required State contributions made |
by this amendatory Act of the 94th General Assembly.
|
(b) Through State fiscal year 1995, the State contributions |
shall be
paid to the System in accordance with Section 18-7 of |
the School Code.
|
(b-1) Beginning in State fiscal year 1996, on the 15th day |
|
of each month,
or as soon thereafter as may be practicable, the |
Board shall submit vouchers
for payment of State contributions |
to the System, in a total monthly amount of
one-twelfth of the |
required annual State contribution certified under
subsection |
(a-1).
From the
effective date of this amendatory Act of the |
93rd General Assembly
through June 30, 2004, the Board shall |
not submit vouchers for the
remainder of fiscal year 2004 in |
excess of the fiscal year 2004
certified contribution amount |
determined under this Section
after taking into consideration |
the transfer to the System
under subsection (a) of Section |
6z-61 of the State Finance Act.
These vouchers shall be paid by |
the State Comptroller and
Treasurer by warrants drawn on the |
funds appropriated to the System for that
fiscal year.
|
If in any month the amount remaining unexpended from all |
other appropriations
to the System for the applicable fiscal |
year (including the appropriations to
the System under Section |
8.12 of the State Finance Act and Section 1 of the
State |
Pension Funds Continuing Appropriation Act) is less than the |
amount
lawfully vouchered under this subsection, the |
difference shall be paid from the
Common School Fund under the |
continuing appropriation authority provided in
Section 1.1 of |
the State Pension Funds Continuing Appropriation Act.
|
(b-2) Allocations from the Common School Fund apportioned |
to school
districts not coming under this System shall not be |
diminished or affected by
the provisions of this Article.
|
(b-3) For State fiscal years 2011 through 2045, the minimum |
|
contribution
to the System to be made by the State for each |
fiscal year shall be an amount
determined by the System to be |
sufficient to bring the total assets of the
System up to 90% of |
the total actuarial liabilities of the System by the end of
|
State fiscal year 2045. In making these determinations, the |
required State
contribution shall be calculated each year as a |
level percentage of payroll
over the years remaining to and |
including fiscal year 2045 and shall be
determined under the |
projected unit credit actuarial cost method.
|
For State fiscal years 1996 through 2005, the State |
contribution to the
System, as a percentage of the applicable |
employee payroll, shall be increased
in equal annual increments |
so that by State fiscal year 2011, the State is
contributing at |
the rate required under this Section; except that in the
|
following specified State fiscal years, the State contribution |
to the System
shall not be less than the following indicated |
percentages of the applicable
employee payroll, even if the |
indicated percentage will produce a State
contribution in |
excess of the amount otherwise required under this subsection
|
and subsection (a), and notwithstanding any contrary |
certification made under
subsection (a-1) before the effective |
date of this amendatory Act of 1998:
10.02% in FY 1999;
10.77% |
in FY 2000;
11.47% in FY 2001;
12.16% in FY 2002;
12.86% in FY |
2003; and
13.56% in FY 2004.
|
Notwithstanding any other provision of this Article, the |
total required State
contribution for State fiscal year 2006 is |
|
$534,627,700.
|
Notwithstanding any other provision of this Article, the |
total required State
contribution for State fiscal year 2007 is |
$738,014,500.
|
For each of State fiscal years 2008 through 2009 2010 , the |
State contribution to
the System, as a percentage of the |
applicable employee payroll, shall be
increased in equal annual |
increments from the required State contribution for State |
fiscal year 2007, so that by State fiscal year 2011, the
State |
is contributing at the rate otherwise required under this |
Section.
|
Notwithstanding any other provision of this Article, the |
total required State contribution for State fiscal year 2010 is |
$2,089,268,000 and shall be made from the proceeds of bonds |
sold in fiscal year 2010 pursuant to Section 7.2 of the General |
Obligation Bond Act, less (i) the pro rata share of bond sale |
expenses determined by the System's share of total bond |
proceeds, (ii) any amounts received from the Common School Fund |
in fiscal year 2010, and (iii) any reduction in bond proceeds |
due to the issuance of discounted bonds, if applicable. |
Beginning in State fiscal year 2046, the minimum State |
contribution for
each fiscal year shall be the amount needed to |
maintain the total assets of
the System at 90% of the total |
actuarial liabilities of the System.
|
Amounts received by the System pursuant to Section 25 of |
the Budget Stabilization Act or Section 8.12 of the State |
|
Finance Act in any fiscal year do not reduce and do not |
constitute payment of any portion of the minimum State |
contribution required under this Article in that fiscal year. |
Such amounts shall not reduce, and shall not be included in the |
calculation of, the required State contributions under this |
Article in any future year until the System has reached a |
funding ratio of at least 90%. A reference in this Article to |
the "required State contribution" or any substantially similar |
term does not include or apply to any amounts payable to the |
System under Section 25 of the Budget Stabilization Act. |
Notwithstanding any other provision of this Section, the |
required State
contribution for State fiscal year 2005 and for |
fiscal year 2008 and each fiscal year thereafter, as
calculated |
under this Section and
certified under subsection (a-1), shall |
not exceed an amount equal to (i) the
amount of the required |
State contribution that would have been calculated under
this |
Section for that fiscal year if the System had not received any |
payments
under subsection (d) of Section 7.2 of the General |
Obligation Bond Act, minus
(ii) the portion of the State's |
total debt service payments for that fiscal
year on the bonds |
issued for the purposes of that Section 7.2, as determined
and |
certified by the Comptroller, that is the same as the System's |
portion of
the total moneys distributed under subsection (d) of |
Section 7.2 of the General
Obligation Bond Act. In determining |
this maximum for State fiscal years 2008 through 2010, however, |
the amount referred to in item (i) shall be increased, as a |
|
percentage of the applicable employee payroll, in equal |
increments calculated from the sum of the required State |
contribution for State fiscal year 2007 plus the applicable |
portion of the State's total debt service payments for fiscal |
year 2007 on the bonds issued for the purposes of Section 7.2 |
of the General
Obligation Bond Act, so that, by State fiscal |
year 2011, the
State is contributing at the rate otherwise |
required under this Section.
|
(c) Payment of the required State contributions and of all |
pensions,
retirement annuities, death benefits, refunds, and |
other benefits granted
under or assumed by this System, and all |
expenses in connection with the
administration and operation |
thereof, are obligations of the State.
|
If members are paid from special trust or federal funds |
which are
administered by the employing unit, whether school |
district or other
unit, the employing unit shall pay to the |
System from such
funds the full accruing retirement costs based |
upon that
service, as determined by the System. Employer |
contributions, based on
salary paid to members from federal |
funds, may be forwarded by the distributing
agency of the State |
of Illinois to the System prior to allocation, in an
amount |
determined in accordance with guidelines established by such
|
agency and the System.
|
(d) Effective July 1, 1986, any employer of a teacher as |
defined in
paragraph (8) of Section 16-106 shall pay the |
employer's normal cost
of benefits based upon the teacher's |
|
service, in addition to
employee contributions, as determined |
by the System. Such employer
contributions shall be forwarded |
monthly in accordance with guidelines
established by the |
System.
|
However, with respect to benefits granted under Section |
16-133.4 or
16-133.5 to a teacher as defined in paragraph (8) |
of Section 16-106, the
employer's contribution shall be 12% |
(rather than 20%) of the member's
highest annual salary rate |
for each year of creditable service granted, and
the employer |
shall also pay the required employee contribution on behalf of
|
the teacher. For the purposes of Sections 16-133.4 and |
16-133.5, a teacher
as defined in paragraph (8) of Section |
16-106 who is serving in that capacity
while on leave of |
absence from another employer under this Article shall not
be |
considered an employee of the employer from which the teacher |
is on leave.
|
(e) Beginning July 1, 1998, every employer of a teacher
|
shall pay to the System an employer contribution computed as |
follows:
|
(1) Beginning July 1, 1998 through June 30, 1999, the |
employer
contribution shall be equal to 0.3% of each |
teacher's salary.
|
(2) Beginning July 1, 1999 and thereafter, the employer
|
contribution shall be equal to 0.58% of each teacher's |
salary.
|
The school district or other employing unit may pay these |
|
employer
contributions out of any source of funding available |
for that purpose and
shall forward the contributions to the |
System on the schedule established
for the payment of member |
contributions.
|
These employer contributions are intended to offset a |
portion of the cost
to the System of the increases in |
retirement benefits resulting from this
amendatory Act of 1998.
|
Each employer of teachers is entitled to a credit against |
the contributions
required under this subsection (e) with |
respect to salaries paid to teachers
for the period January 1, |
2002 through June 30, 2003, equal to the amount paid
by that |
employer under subsection (a-5) of Section 6.6 of the State |
Employees
Group Insurance Act of 1971 with respect to salaries |
paid to teachers for that
period.
|
The additional 1% employee contribution required under |
Section 16-152 by
this amendatory Act of 1998 is the |
responsibility of the teacher and not the
teacher's employer, |
unless the employer agrees, through collective bargaining
or |
otherwise, to make the contribution on behalf of the teacher.
|
If an employer is required by a contract in effect on May |
1, 1998 between the
employer and an employee organization to |
pay, on behalf of all its full-time
employees
covered by this |
Article, all mandatory employee contributions required under
|
this Article, then the employer shall be excused from paying |
the employer
contribution required under this subsection (e) |
for the balance of the term
of that contract. The employer and |
|
the employee organization shall jointly
certify to the System |
the existence of the contractual requirement, in such
form as |
the System may prescribe. This exclusion shall cease upon the
|
termination, extension, or renewal of the contract at any time |
after May 1,
1998.
|
(f) If the amount of a teacher's salary for any school year |
used to determine final average salary exceeds the member's |
annual full-time salary rate with the same employer for the |
previous school year by more than 6%, the teacher's employer |
shall pay to the System, in addition to all other payments |
required under this Section and in accordance with guidelines |
established by the System, the present value of the increase in |
benefits resulting from the portion of the increase in salary |
that is in excess of 6%. This present value shall be computed |
by the System on the basis of the actuarial assumptions and |
tables used in the most recent actuarial valuation of the |
System that is available at the time of the computation. If a |
teacher's salary for the 2005-2006 school year is used to |
determine final average salary under this subsection (f), then |
the changes made to this subsection (f) by Public Act 94-1057 |
shall apply in calculating whether the increase in his or her |
salary is in excess of 6%. For the purposes of this Section, |
change in employment under Section 10-21.12 of the School Code |
on or after June 1, 2005 shall constitute a change in employer. |
The System may require the employer to provide any pertinent |
information or documentation.
The changes made to this |
|
subsection (f) by this amendatory Act of the 94th General |
Assembly apply without regard to whether the teacher was in |
service on or after its effective date.
|
Whenever it determines that a payment is or may be required |
under this subsection, the System shall calculate the amount of |
the payment and bill the employer for that amount. The bill |
shall specify the calculations used to determine the amount |
due. If the employer disputes the amount of the bill, it may, |
within 30 days after receipt of the bill, apply to the System |
in writing for a recalculation. The application must specify in |
detail the grounds of the dispute and, if the employer asserts |
that the calculation is subject to subsection (g) or (h) of |
this Section, must include an affidavit setting forth and |
attesting to all facts within the employer's knowledge that are |
pertinent to the applicability of that subsection. Upon |
receiving a timely application for recalculation, the System |
shall review the application and, if appropriate, recalculate |
the amount due.
|
The employer contributions required under this subsection |
(f) may be paid in the form of a lump sum within 90 days after |
receipt of the bill. If the employer contributions are not paid |
within 90 days after receipt of the bill, then interest will be |
charged at a rate equal to the System's annual actuarially |
assumed rate of return on investment compounded annually from |
the 91st day after receipt of the bill. Payments must be |
concluded within 3 years after the employer's receipt of the |
|
bill.
|
(g) This subsection (g) applies only to payments made or |
salary increases given on or after June 1, 2005 but before July |
1, 2011. The changes made by Public Act 94-1057 shall not |
require the System to refund any payments received before
July |
31, 2006 (the effective date of Public Act 94-1057). |
When assessing payment for any amount due under subsection |
(f), the System shall exclude salary increases paid to teachers |
under contracts or collective bargaining agreements entered |
into, amended, or renewed before June 1, 2005.
|
When assessing payment for any amount due under subsection |
(f), the System shall exclude salary increases paid to a |
teacher at a time when the teacher is 10 or more years from |
retirement eligibility under Section 16-132 or 16-133.2.
|
When assessing payment for any amount due under subsection |
(f), the System shall exclude salary increases resulting from |
overload work, including summer school, when the school |
district has certified to the System, and the System has |
approved the certification, that (i) the overload work is for |
the sole purpose of classroom instruction in excess of the |
standard number of classes for a full-time teacher in a school |
district during a school year and (ii) the salary increases are |
equal to or less than the rate of pay for classroom instruction |
computed on the teacher's current salary and work schedule.
|
When assessing payment for any amount due under subsection |
(f), the System shall exclude a salary increase resulting from |
|
a promotion (i) for which the employee is required to hold a |
certificate or supervisory endorsement issued by the State |
Teacher Certification Board that is a different certification |
or supervisory endorsement than is required for the teacher's |
previous position and (ii) to a position that has existed and |
been filled by a member for no less than one complete academic |
year and the salary increase from the promotion is an increase |
that results in an amount no greater than the lesser of the |
average salary paid for other similar positions in the district |
requiring the same certification or the amount stipulated in |
the collective bargaining agreement for a similar position |
requiring the same certification.
|
When assessing payment for any amount due under subsection |
(f), the System shall exclude any payment to the teacher from |
the State of Illinois or the State Board of Education over |
which the employer does not have discretion, notwithstanding |
that the payment is included in the computation of final |
average salary.
|
(h) When assessing payment for any amount due under |
subsection (f), the System shall exclude any salary increase |
described in subsection (g) of this Section given on or after |
July 1, 2011 but before July 1, 2014 under a contract or |
collective bargaining agreement entered into, amended, or |
renewed on or after June 1, 2005 but before July 1, 2011. |
Notwithstanding any other provision of this Section, any |
payments made or salary increases given after June 30, 2014 |
|
shall be used in assessing payment for any amount due under |
subsection (f) of this Section.
|
(i) The System shall prepare a report and file copies of |
the report with the Governor and the General Assembly by |
January 1, 2007 that contains all of the following information: |
(1) The number of recalculations required by the |
changes made to this Section by Public Act 94-1057 for each |
employer. |
(2) The dollar amount by which each employer's |
contribution to the System was changed due to |
recalculations required by Public Act 94-1057. |
(3) The total amount the System received from each |
employer as a result of the changes made to this Section by |
Public Act 94-4. |
(4) The increase in the required State contribution |
resulting from the changes made to this Section by Public |
Act 94-1057.
|
(j) For purposes of determining the required State |
contribution to the System, the value of the System's assets |
shall be equal to the actuarial value of the System's assets, |
which shall be calculated as follows: |
As of June 30, 2008, the actuarial value of the System's |
assets shall be equal to the market value of the assets as of |
that date. In determining the actuarial value of the System's |
assets for fiscal years after June 30, 2008, any actuarial |
gains or losses from investment return incurred in a fiscal |
|
year shall be recognized in equal annual amounts over the |
5-year period following that fiscal year. |
(k) For purposes of determining the required State |
contribution to the system for a particular year, the actuarial |
value of assets shall be assumed to earn a rate of return equal |
to the system's actuarially assumed rate of return. |
(Source: P.A. 94-4, eff. 6-1-05; 94-839, eff. 6-6-06; 94-1057, |
eff. 7-31-06; 94-1111, eff. 2-27-07; 95-331, eff. 8-21-07; |
95-950, eff. 8-29-08.)
|
(40 ILCS 5/18-131) (from Ch. 108 1/2, par. 18-131)
|
Sec. 18-131. Financing; employer contributions.
|
(a) The State of Illinois shall make contributions to this |
System by
appropriations of the amounts which, together with |
the contributions of
participants, net earnings on |
investments, and other income, will meet the
costs of |
maintaining and administering this System on a 90% funded basis |
in
accordance with actuarial recommendations.
|
(b) The Board shall determine the amount of State |
contributions
required for each fiscal year on the basis of the |
actuarial tables and other
assumptions adopted by the Board and |
the prescribed rate of interest, using
the formula in |
subsection (c).
|
(c) For State fiscal years 2011 through 2045, the minimum |
contribution
to the System to be made by the State for each |
fiscal year shall be an amount
determined by the System to be |
|
sufficient to bring the total assets of the
System up to 90% of |
the total actuarial liabilities of the System by the end of
|
State fiscal year 2045. In making these determinations, the |
required State
contribution shall be calculated each year as a |
level percentage of payroll
over the years remaining to and |
including fiscal year 2045 and shall be
determined under the |
projected unit credit actuarial cost method.
|
For State fiscal years 1996 through 2005, the State |
contribution to
the System, as a percentage of the applicable |
employee payroll, shall be
increased in equal annual increments |
so that by State fiscal year 2011, the
State is contributing at |
the rate required under this Section.
|
Notwithstanding any other provision of this Article, the |
total required State
contribution for State fiscal year 2006 is |
$29,189,400.
|
Notwithstanding any other provision of this Article, the |
total required State
contribution for State fiscal year 2007 is |
$35,236,800.
|
For each of State fiscal years 2008 through 2009 2010 , the |
State contribution to
the System, as a percentage of the |
applicable employee payroll, shall be
increased in equal annual |
increments from the required State contribution for State |
fiscal year 2007, so that by State fiscal year 2011, the
State |
is contributing at the rate otherwise required under this |
Section.
|
Notwithstanding any other provision of this Article, the |
|
total required State contribution for State fiscal year 2010 is |
$78,832,000 and shall be made from the proceeds of bonds sold |
in fiscal year 2010 pursuant to Section 7.2 of the General |
Obligation Bond Act, less (i) the pro rata share of bond sale |
expenses determined by the System's share of total bond |
proceeds, (ii) any amounts received from the General Revenue |
Fund in fiscal year 2010, and (iii) any reduction in bond |
proceeds due to the issuance of discounted bonds, if |
applicable. |
Beginning in State fiscal year 2046, the minimum State |
contribution for
each fiscal year shall be the amount needed to |
maintain the total assets of
the System at 90% of the total |
actuarial liabilities of the System.
|
Amounts received by the System pursuant to Section 25 of |
the Budget Stabilization Act or Section 8.12 of the State |
Finance Act in any fiscal year do not reduce and do not |
constitute payment of any portion of the minimum State |
contribution required under this Article in that fiscal year. |
Such amounts shall not reduce, and shall not be included in the |
calculation of, the required State contributions under this |
Article in any future year until the System has reached a |
funding ratio of at least 90%. A reference in this Article to |
the "required State contribution" or any substantially similar |
term does not include or apply to any amounts payable to the |
System under Section 25 of the Budget Stabilization Act.
|
Notwithstanding any other provision of this Section, the |
|
required State
contribution for State fiscal year 2005 and for |
fiscal year 2008 and each fiscal year thereafter, as
calculated |
under this Section and
certified under Section 18-140, shall |
not exceed an amount equal to (i) the
amount of the required |
State contribution that would have been calculated under
this |
Section for that fiscal year if the System had not received any |
payments
under subsection (d) of Section 7.2 of the General |
Obligation Bond Act, minus
(ii) the portion of the State's |
total debt service payments for that fiscal
year on the bonds |
issued for the purposes of that Section 7.2, as determined
and |
certified by the Comptroller, that is the same as the System's |
portion of
the total moneys distributed under subsection (d) of |
Section 7.2 of the General
Obligation Bond Act. In determining |
this maximum for State fiscal years 2008 through 2010, however, |
the amount referred to in item (i) shall be increased, as a |
percentage of the applicable employee payroll, in equal |
increments calculated from the sum of the required State |
contribution for State fiscal year 2007 plus the applicable |
portion of the State's total debt service payments for fiscal |
year 2007 on the bonds issued for the purposes of Section 7.2 |
of the General
Obligation Bond Act, so that, by State fiscal |
year 2011, the
State is contributing at the rate otherwise |
required under this Section.
|
(d) For purposes of determining the required State |
contribution to the System, the value of the System's assets |
shall be equal to the actuarial value of the System's assets, |
|
which shall be calculated as follows: |
As of June 30, 2008, the actuarial value of the System's |
assets shall be equal to the market value of the assets as of |
that date. In determining the actuarial value of the System's |
assets for fiscal years after June 30, 2008, any actuarial |
gains or losses from investment return incurred in a fiscal |
year shall be recognized in equal annual amounts over the |
5-year period following that fiscal year. |
(e) For purposes of determining the required State |
contribution to the system for a particular year, the actuarial |
value of assets shall be assumed to earn a rate of return equal |
to the system's actuarially assumed rate of return. |
(Source: P.A. 94-4, eff. 6-1-05; 94-839, eff. 6-6-06; 95-950, |
eff. 8-29-08.)
|
Section 15. The State Pension Funds Continuing |
Appropriation Act is amended by changing Sections 1.1 and 1.2 |
as follows:
|
(40 ILCS 15/1.1)
|
Sec. 1.1. Appropriations to certain retirement systems.
|
(a) There is hereby appropriated from the General Revenue |
Fund to the
General Assembly Retirement System, on a continuing |
monthly basis, the amount,
if any, by which the total available |
amount of all other appropriations to that
retirement system |
for the payment of State contributions is less than the total
|
|
amount of the vouchers for required State contributions |
lawfully submitted by
the retirement system for that month |
under Section 2-134 of the Illinois
Pension Code.
|
(b) There is hereby appropriated from the General Revenue |
Fund to the
State Universities Retirement System, on a |
continuing monthly basis, the
amount, if any, by which the |
total available amount of all other appropriations
to that |
retirement system for the payment of State contributions, |
including
any deficiency in the required contributions of the |
optional
retirement program established under Section 15-158.2 |
of the Illinois Pension
Code,
is less than
the total amount of |
the vouchers for required State contributions lawfully
|
submitted by the retirement system for that month under Section |
15-165 of the
Illinois Pension Code.
|
(c) There is hereby appropriated from the Common School |
Fund to the
Teachers' Retirement System of the State of |
Illinois,
on a continuing monthly basis, the amount, if any, by |
which the total
available amount of all other appropriations to |
that retirement system for the
payment of State contributions |
is less than the total amount of the vouchers
for required |
State contributions lawfully submitted by the retirement |
system
for that month under Section 16-158 of the Illinois |
Pension Code.
|
(d) There is hereby appropriated from the General Revenue |
Fund to the Judges
Retirement System of Illinois, on a |
continuing monthly basis, the amount, if
any, by which the |
|
total available amount of all other appropriations to that
|
retirement system for the payment of State contributions is |
less than the total
amount of the vouchers for required State |
contributions lawfully submitted by
the retirement system for |
that month under Section 18-140 of the Illinois
Pension Code.
|
(e) The continuing appropriations provided by this Section |
shall first
be available in State fiscal year 1996.
|
(f) For State fiscal year 2010 only, the continuing |
appropriations provided by this Section are equal to the amount |
certified by each System on or before December 31, 2008, less |
(i) the gross proceeds of the bonds sold in fiscal year 2010 |
under the authorization contained in subsection (a) of Section |
7.2 of the General Obligation Bond Act and (ii) any amounts |
received from the State Pensions Fund. |
(Source: P.A. 90-448, eff. 8-16-97.)
|
(40 ILCS 15/1.2)
|
Sec. 1.2. Appropriations for the State Employees' |
Retirement System.
|
(a) From each fund from which an amount is appropriated for |
personal
services to a department or other employer under |
Article 14 of the Illinois
Pension Code, there is hereby |
appropriated to that department or other
employer, on a |
continuing annual basis for each State fiscal year, an
|
additional amount equal to the amount, if any, by which (1) an |
amount equal
to the percentage of the personal services line |
|
item for that department or
employer from that fund for that |
fiscal year that the Board of Trustees of
the State Employees' |
Retirement System of Illinois has certified under Section
|
14-135.08 of the Illinois Pension Code to be necessary to meet |
the State's
obligation under Section 14-131 of the Illinois |
Pension Code for that fiscal
year, exceeds (2) the amounts |
otherwise appropriated to that department or
employer from that |
fund for State contributions to the State Employees'
Retirement |
System for that fiscal year.
From the effective
date of this |
amendatory Act of the 93rd General Assembly
through the final |
payment from a department or employer's
personal services line |
item for fiscal year 2004, payments to
the State Employees' |
Retirement System that otherwise would
have been made under |
this subsection (a) shall be governed by
the provisions in |
subsection (a-1).
|
(a-1) If a Fiscal Year 2004 Shortfall is certified under |
subsection (f) of
Section 14-131 of the Illinois Pension Code, |
there is hereby appropriated
to the State Employees' Retirement |
System of Illinois on a
continuing basis from the General |
Revenue Fund an additional
aggregate amount equal to the Fiscal |
Year 2004 Shortfall.
|
(b) The continuing appropriations provided for by this |
Section shall first
be available in State fiscal year 1996.
|
(c) Beginning in Fiscal Year 2005, any continuing |
appropriation under this Section arising out of an |
appropriation for personal services from the Road Fund to the |
|
Department of State Police or the Secretary of State shall be |
payable from the General Revenue Fund rather than the Road |
Fund.
|
(d) For State fiscal year 2010 only, a continuing |
appropriation is provided to the State Employees' Retirement |
System equal to the amount certified by the System on or before |
December 31, 2008, less the gross proceeds of the bonds sold in |
fiscal year 2010 under the authorization contained in |
subsection (a) of Section 7.2 of the General Obligation Bond |
Act. |
(Source: P.A. 93-665, eff. 3-5-04; 93-1067, eff. 1-15-05.)
|
Section 99. Effective date. This Act takes effect upon |
becoming law. |