Bill Text: IL HB1544 | 2011-2012 | 97th General Assembly | Engrossed
Bill Title: Amends the Chicago Teacher Article of the Illinois Pension Code. Provides that, beginning in State fiscal year 2012, the General Assembly must make annual contributions to the Fund of an amount equal to 20% of the amount of the annual State contribution to the Teachers' Retirement System of the State of Illinois. Effective July 1, 2011.
Spectrum: Partisan Bill (Democrat 3-0)
Status: (Introduced - Dead) 2011-04-11 - Third Reading - Standard Debate - Lost 038-073-000 [HB1544 Detail]
Download: Illinois-2011-HB1544-Engrossed.html
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| 1 | AN ACT concerning public employee benefits.
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| 2 | Be it enacted by the People of the State of Illinois,
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| 3 | represented in the General Assembly:
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| 4 | Section 5. The Illinois Pension Code is amended by changing | ||||||
| 5 | Section 17-127 as follows:
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| 6 | (40 ILCS 5/17-127) (from Ch. 108 1/2, par. 17-127)
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| 7 | Sec. 17-127. Financing; revenues for the Fund.
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| 8 | (a) The revenues for the Fund shall consist of: (1) amounts | ||||||
| 9 | paid into
the Fund by contributors thereto and from employer | ||||||
| 10 | contributions and State
appropriations in accordance with this | ||||||
| 11 | Article; (2) amounts contributed to the
Fund by an Employer; | ||||||
| 12 | (3) amounts contributed to the Fund pursuant to any law
now in | ||||||
| 13 | force or hereafter to be enacted; (4) contributions from any | ||||||
| 14 | other
source; and (5) the earnings on investments.
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| 15 | (b) The General Assembly finds that for many years the | ||||||
| 16 | State has
contributed to the Fund an annual amount that is | ||||||
| 17 | between 20% and 30% of the
amount of the annual State | ||||||
| 18 | contribution to the Article 16 retirement system,
and the | ||||||
| 19 | General Assembly declares that it is its goal and intention to | ||||||
| 20 | continue
this level of contribution to the Fund in the future.
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| 21 | Beginning in State fiscal year 1999, the State shall | ||||||
| 22 | include in its annual
contribution to the Fund an additional | ||||||
| 23 | amount equal to 0.544% of the Fund's
total teacher payroll; | ||||||
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| 1 | except that this additional contribution need not be
made in a | ||||||
| 2 | fiscal year if the Board has certified in the previous fiscal | ||||||
| 3 | year
that the Fund is at least 90% funded, based on actuarial | ||||||
| 4 | determinations. These
additional State contributions are | ||||||
| 5 | intended to offset a portion of the cost to
the Fund of the | ||||||
| 6 | increases in retirement benefits resulting from this | ||||||
| 7 | amendatory
Act of 1998.
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| 8 | Beginning in State fiscal year 2012, in addition to the | ||||||
| 9 | percentage of the Fund's total teacher payroll required under | ||||||
| 10 | this subsection (b), the General Assembly must make annual | ||||||
| 11 | contributions to the Fund of an amount equal to 20% of the | ||||||
| 12 | amount of the annual State contribution to the Teachers' | ||||||
| 13 | Retirement System of the State of Illinois. | ||||||
| 14 | (Source: P.A. 90-548, eff. 12-4-97; 90-566, eff. 1-2-98; | ||||||
| 15 | 90-582, eff.
5-27-98; 90-655, eff. 7-30-98.)
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| 16 | Section 99. Effective date. This Act takes effect on July | ||||||
| 17 | 1, 2011.
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