Bill Text: IL HB3162 | 2013-2014 | 98th General Assembly | Amended

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Bill Title: Amends the Budget Stabilization Act. Provides for transfers from the General Revenue Fund to the Pension Stabilization Fund according to a specified schedule beginning in FY 2016 and continuing until FY 2045 or until the retirement funds have achieved a 100% funding ratio, whichever is earlier. Amends the General Assembly, State Employee, State Universities and Downstate Teacher Articles of the Illinois Pension Code. Changes the manner in which the annual required State contribution is calculated so that the affected systems are 100% funded by 2045. Provides that employee contributions to the retirement systems are increased an additional 1% on July 1, 2013 and 2% on July 1, 2014. Provides that the State is contractually obligated to each retirement plan participant and retiree to provide funding to the retirement systems according to the specified amortization schedule beginning in FY 2016 and continuing until FY 2045 or until the retirement funds have achieved a 100% funding ratio, whichever is earlier, in addition to the annual required State contribution certified by the Board for each fiscal year. Provides that each retirement system has the right to bring a mandamus action against the State to compel the State to make any installment of the annual required State contribution certified by the Board and the transfers required under the Budget Stabilization Act. Provides that if a retirement system fails to bring a mandamus action against the State to compel the State to make any required installment, then any participant or retiree may bring such a mandamus action. Effective July 1, 2013.

Spectrum: Bipartisan Bill

Status: (Failed) 2014-12-03 - Session Sine Die [HB3162 Detail]

Download: Illinois-2013-HB3162-Amended.html

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Rep. Jay Hoffman

Filed: 3/21/2013

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AMENDMENT TO HOUSE BILL 3162
AMENDMENT NO. ______. Amend House Bill 3162 on page 6,
below line 2, by inserting the following:
"Payments to the designated retirement systems under this
Section, transferred after the effective date of this
amendatory Act of the 98th General Assembly, do not reduce and
do not constitute payment of any portion of the required State
contribution under Article 2, 14, 15, 16, or 18 of the Illinois
Pension Code in that fiscal year. Such amounts shall not
reduce, and shall not be included in the calculation of, the
required State contribution under Article 2, 14, 15, 16, or 18
of the Illinois Pension Code in any future year, until the
designated retirement system has received payment of
contributions pursuant to this Act."; and
on page 8, in line 5, by changing "100% 90% funded basis" to
"funding basis as specified in this Section 90% funded basis";
and

09800HB3162ham001 - 2 - LRB098 10760 JDS 43732 a
on page 11, in line 4, by changing "80%" to "100%"; and
on page 14, in line 5, immediately after "2045.", by inserting
"If the system's assets reach 100% of its actuarial liabilities
before fiscal year 2045, then the State shall contribute an
amount needed to maintain the total assets of the system at
100% of the actuarial liabilities of the system."; and
on page 14, in lines 6 and 7, by changing "each designated
retirement system" to "the System"; and
on page 14, in line 18, by changing "calculation" to
"calculating"; and
on page 18, in line 16, by changing "100% 90% funded basis" to
"funding basis as specified in this Section 90% funded basis";
and
on page 31, in line 7, immediately after "2045.", by inserting
"If the system's assets reach 100% of its actuarial liabilities
before fiscal year 2045, then the State shall contribute an
amount needed to maintain the total assets of the system at
100% of the actuarial liabilities of the system."; and
on page 31, in lines 8 and 9, by changing "each designated

09800HB3162ham001 - 3 - LRB098 10760 JDS 43732 a
retirement system" to "the System"; and
on page 31, in line 20, by changing "calculation" to
"calculating"; and
on page 46, in lines 7 and 8, by changing "100% 90% funded
basis" to "funding basis as specified in this Section 90%
funded basis"; and
on page 59, in line 3, immediately after "2045.", by inserting
"If the system's assets reach 100% of its actuarial liabilities
before fiscal year 2045, then the State shall contribute an
amount needed to maintain the total assets of the system at
100% of the actuarial liabilities of the system."; and
on page 59, in lines 4 and 5, by changing "each designated
retirement system" to "the System"; and
on page 59, in line 16, by changing "calculation" to
"calculating"; and
on page 72, in lines 8 and 9, by changing "100% 90% funded
basis" to "funding basis as specified in this Section 90%
funded basis"; and
on page 88, in line 16, immediately after "2045.", by inserting

09800HB3162ham001 - 4 - LRB098 10760 JDS 43732 a
"If the system's assets reach 100% of its actuarial liabilities
before fiscal year 2045, then the State shall contribute an
amount needed to maintain the total assets of the system at
100% of the actuarial liabilities of the system."; and
on page 88, in line 18, by changing "each designated retirement
system" to "the System"; and
on page 89, in line 4, by changing "calculation" to
"calculating".