Bill Text: IL SB0179 | 2011-2012 | 97th General Assembly | Enrolled
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Amends the State Employees Group Insurance Act of 1971. Makes a technical change in a Section concerning retired teacher benefits.
Spectrum: Partisan Bill (Democrat 3-0)
Status: (Passed) 2012-06-18 - Public Act . . . . . . . . . 97-0694 [SB0179 Detail]
Download: Illinois-2011-SB0179-Enrolled.html
Bill Title: Amends the State Employees Group Insurance Act of 1971. Makes a technical change in a Section concerning retired teacher benefits.
Spectrum: Partisan Bill (Democrat 3-0)
Status: (Passed) 2012-06-18 - Public Act . . . . . . . . . 97-0694 [SB0179 Detail]
Download: Illinois-2011-SB0179-Enrolled.html
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1 | AN ACT concerning government.
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2 | Be it enacted by the People of the State of Illinois, | ||||||
3 | represented in the General Assembly:
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4 | Section 5. The Illinois State Auditing Act is amended by | ||||||
5 | adding Section 2-8.1 as follows:
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6 | (30 ILCS 5/2-8.1 new) | ||||||
7 | Sec. 2-8.1. Actuarial Responsibilities. | ||||||
8 | (a) The Auditor General shall contract with or hire an | ||||||
9 | actuary to serve as the State Actuary. The State Actuary shall | ||||||
10 | be retained by, serve at the pleasure of, and be under the | ||||||
11 | supervision of the Auditor General and shall be paid from | ||||||
12 | appropriations to the office of the Auditor General. The State | ||||||
13 | Actuary may be selected by the Auditor General without engaging | ||||||
14 | in a competitive procurement process. | ||||||
15 | (b) The State Actuary shall: | ||||||
16 | (1) review assumptions and valuations prepared by | ||||||
17 | actuaries retained by the boards of trustees of the | ||||||
18 | State-funded retirement systems; | ||||||
19 | (2) issue preliminary reports to the boards of trustees | ||||||
20 | of the State-funded retirement systems concerning proposed | ||||||
21 | certifications of required State contributions submitted | ||||||
22 | to the State Actuary by those boards; | ||||||
23 | (3) cooperate with the boards of trustees of the |
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1 | State-funded retirement systems to identify recommended | ||||||
2 | changes in actuarial assumptions that the boards must | ||||||
3 | consider before finalizing their certifications of the | ||||||
4 | required State contributions; | ||||||
5 | (4) conduct reviews of the actuarial practices of the | ||||||
6 | boards of trustees of the State-funded retirement systems; | ||||||
7 | (5) make additional reports as directed by joint | ||||||
8 | resolution of the General Assembly; and | ||||||
9 | (6) perform any other duties assigned by the Auditor | ||||||
10 | General, including, but not limited to, reviews of the | ||||||
11 | actuarial practices of other entities. | ||||||
12 | (c) On or before January 1, 2013 and each January 1 | ||||||
13 | thereafter, the Auditor General shall submit a written report | ||||||
14 | to the General Assembly and Governor documenting the initial | ||||||
15 | assumptions and valuations prepared by actuaries retained by | ||||||
16 | the boards of trustees of the State-funded retirement systems, | ||||||
17 | any changes recommended by the State Actuary in the actuarial | ||||||
18 | assumptions, and the responses of each board to the State | ||||||
19 | Actuary's recommendations. | ||||||
20 | (d) For the purposes of this Section, "State-funded | ||||||
21 | retirement system" means a retirement system established | ||||||
22 | pursuant to Article 2, 14, 15, 16, or 18 of the Illinois | ||||||
23 | Pension Code.
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24 | Section 10. The Illinois Pension Code is amended by | ||||||
25 | changing Sections 2-134, 14-135.08, 15-165, 16-158, and 18-140 |
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1 | as follows:
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2 | (40 ILCS 5/2-134)
(from Ch. 108 1/2, par. 2-134)
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3 | Sec. 2-134. To certify required State contributions and | ||||||
4 | submit vouchers.
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5 | (a) The Board shall certify to the Governor on or before | ||||||
6 | December 15 of each
year until December 15, 2011 the amount of | ||||||
7 | the required State contribution to the System for the next
| ||||||
8 | fiscal year and shall specifically identify the System's | ||||||
9 | projected State normal cost for that fiscal year . The | ||||||
10 | certification shall include a copy of the actuarial
| ||||||
11 | recommendations upon which it is based and shall specifically | ||||||
12 | identify the System's projected State normal cost for that | ||||||
13 | fiscal year .
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14 | On or before November 1 of each year, beginning November 1, | ||||||
15 | 2012, the Board shall submit to the State Actuary, the | ||||||
16 | Governor, and the General Assembly a proposed certification of | ||||||
17 | the amount of the required State contribution to the System for | ||||||
18 | the next fiscal year, along with all of the actuarial | ||||||
19 | assumptions, calculations, and data upon which that proposed | ||||||
20 | certification is based. On or before January 1 of each year | ||||||
21 | beginning January 1, 2013, the State Actuary shall issue a | ||||||
22 | preliminary report concerning the proposed certification and | ||||||
23 | identifying, if necessary, recommended changes in actuarial | ||||||
24 | assumptions that the Board must consider before finalizing its | ||||||
25 | certification of the required State contributions. On or before |
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1 | January 15, 2013 and every January 15 thereafter, the Board | ||||||
2 | shall certify to the Governor and the General Assembly the | ||||||
3 | amount of the required State contribution for the next fiscal | ||||||
4 | year. The Board's certification must note any deviations from | ||||||
5 | the State Actuary's recommended changes, the reason or reasons | ||||||
6 | for not following the State Actuary's recommended changes, and | ||||||
7 | the fiscal impact of not following the State Actuary's | ||||||
8 | recommended changes on the required State contribution. | ||||||
9 | On or before May 1, 2004, the Board shall recalculate and | ||||||
10 | recertify to
the Governor the amount of the required State | ||||||
11 | contribution to the System for
State fiscal year 2005, taking | ||||||
12 | into account the amounts appropriated to and
received by the | ||||||
13 | System under subsection (d) of Section 7.2 of the General
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14 | Obligation Bond Act.
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15 | On or before July 1, 2005, the Board shall recalculate and | ||||||
16 | recertify
to the Governor the amount of the required State
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17 | contribution to the System for State fiscal year 2006, taking | ||||||
18 | into account the changes in required State contributions made | ||||||
19 | by this amendatory Act of the 94th General Assembly.
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20 | On or before April 1, 2011, the Board shall recalculate and | ||||||
21 | recertify to the Governor the amount of the required State | ||||||
22 | contribution to the System for State fiscal year 2011, applying | ||||||
23 | the changes made by Public Act 96-889 to the System's assets | ||||||
24 | and liabilities as of June 30, 2009 as though Public Act 96-889 | ||||||
25 | was approved on that date. | ||||||
26 | (b) Beginning in State fiscal year 1996, on or as soon as |
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1 | possible after the
15th day of each month the Board shall | ||||||
2 | submit vouchers for payment of State
contributions to the | ||||||
3 | System, in a total monthly amount of one-twelfth of the
| ||||||
4 | required annual State contribution certified under subsection | ||||||
5 | (a).
From the effective date of this amendatory Act
of the 93rd | ||||||
6 | General Assembly through June 30, 2004, the Board shall not
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7 | submit vouchers for the remainder of fiscal year 2004 in excess | ||||||
8 | of the
fiscal year 2004 certified contribution amount | ||||||
9 | determined
under this Section after taking into consideration | ||||||
10 | the transfer to the
System under subsection (d) of Section | ||||||
11 | 6z-61 of the State Finance Act.
These
vouchers shall be paid by | ||||||
12 | the State Comptroller and Treasurer by warrants drawn
on the | ||||||
13 | funds appropriated to the System for that fiscal year. If in | ||||||
14 | any month
the amount remaining unexpended from all other | ||||||
15 | appropriations to the System for
the applicable fiscal year | ||||||
16 | (including the appropriations to the System under
Section 8.12 | ||||||
17 | of the State Finance Act and Section 1 of the State Pension | ||||||
18 | Funds
Continuing Appropriation Act) is less than the amount | ||||||
19 | lawfully vouchered under
this Section, the difference shall be | ||||||
20 | paid from the General Revenue Fund under
the continuing | ||||||
21 | appropriation authority provided in Section 1.1 of the State
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22 | Pension Funds Continuing Appropriation Act.
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23 | (c) The full amount of any annual appropriation for the | ||||||
24 | System for
State fiscal year 1995 shall be transferred and made | ||||||
25 | available to the System
at the beginning of that fiscal year at | ||||||
26 | the request of the Board.
Any excess funds remaining at the end |
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1 | of any fiscal year from appropriations
shall be retained by the | ||||||
2 | System as a general reserve to meet the System's
accrued | ||||||
3 | liabilities.
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4 | (Source: P.A. 95-331, eff. 8-21-07; 96-1497, eff. 1-14-11; | ||||||
5 | 96-1511, eff. 1-27-11.)
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6 | (40 ILCS 5/14-135.08) (from Ch. 108 1/2, par. 14-135.08)
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7 | Sec. 14-135.08. To certify required State contributions. | ||||||
8 | (a)
To certify to the Governor and to each department, on | ||||||
9 | or before
November 15 of each year until November 15, 2011 , the | ||||||
10 | required rate for State contributions to the
System for the | ||||||
11 | next State fiscal year, as determined under subsection (b) of
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12 | Section 14-131. The certification to the Governor under this | ||||||
13 | subsection (a) shall include a copy of the
actuarial | ||||||
14 | recommendations upon which the rate is based and shall | ||||||
15 | specifically identify the System's projected State normal cost | ||||||
16 | for that fiscal year .
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17 | (a-5) On or before November 1 of each year, beginning | ||||||
18 | November 1, 2012, the Board shall submit to the State Actuary, | ||||||
19 | the Governor, and the General Assembly a proposed certification | ||||||
20 | of the amount of the required State contribution to the System | ||||||
21 | for the next fiscal year, along with all of the actuarial | ||||||
22 | assumptions, calculations, and data upon which that proposed | ||||||
23 | certification is based. On or before January 1 of each year | ||||||
24 | beginning January 1, 2013, the State Actuary shall issue a | ||||||
25 | preliminary report concerning the proposed certification and |
| |||||||
| |||||||
1 | identifying, if necessary, recommended changes in actuarial | ||||||
2 | assumptions that the Board must consider before finalizing its | ||||||
3 | certification of the required State contributions. On or before | ||||||
4 | January 15, 2013 and each January 15 thereafter, the Board | ||||||
5 | shall certify to the Governor and the General Assembly the | ||||||
6 | amount of the required State contribution for the next fiscal | ||||||
7 | year. The Board's certification must note any deviations from | ||||||
8 | the State Actuary's recommended changes, the reason or reasons | ||||||
9 | for not following the State Actuary's recommended changes, and | ||||||
10 | the fiscal impact of not following the State Actuary's | ||||||
11 | recommended changes on the required State contribution. | ||||||
12 | (b) The certifications under subsections (a) and (a-5) | ||||||
13 | certification shall include an additional amount necessary to | ||||||
14 | pay all principal of and interest on those general obligation | ||||||
15 | bonds due the next fiscal year authorized by Section 7.2(a) of | ||||||
16 | the General Obligation Bond Act and issued to provide the | ||||||
17 | proceeds deposited by the State with the System in July 2003, | ||||||
18 | representing deposits other than amounts reserved under | ||||||
19 | Section 7.2(c) of the General Obligation Bond Act. For State | ||||||
20 | fiscal year 2005, the Board shall make a supplemental | ||||||
21 | certification of the additional amount necessary to pay all | ||||||
22 | principal of and interest on those general obligation bonds due | ||||||
23 | in State fiscal years 2004 and 2005 authorized by Section | ||||||
24 | 7.2(a) of the General Obligation Bond Act and issued to provide | ||||||
25 | the proceeds deposited by the State with the System in July | ||||||
26 | 2003, representing deposits other than amounts reserved under |
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1 | Section 7.2(c) of the General Obligation Bond Act, as soon as | ||||||
2 | practical after the effective date of this amendatory Act of | ||||||
3 | the 93rd General Assembly.
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4 | On or before May 1, 2004, the Board shall recalculate and | ||||||
5 | recertify
to the Governor and to each department the amount of | ||||||
6 | the required State
contribution to the System and the required | ||||||
7 | rates for State contributions
to the System for State fiscal | ||||||
8 | year 2005, taking into account the amounts
appropriated to and | ||||||
9 | received by the System under subsection (d) of Section
7.2 of | ||||||
10 | the General Obligation Bond Act.
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11 | On or before July 1, 2005, the Board shall recalculate and | ||||||
12 | recertify
to the Governor and to each department the amount of | ||||||
13 | the required State
contribution to the System and the required | ||||||
14 | rates for State contributions
to the System for State fiscal | ||||||
15 | year 2006, taking into account the changes in required State | ||||||
16 | contributions made by this amendatory Act of the 94th General | ||||||
17 | Assembly.
| ||||||
18 | On or before April 1, 2011, the Board shall recalculate and | ||||||
19 | recertify to the Governor and to each department the amount of | ||||||
20 | the required State contribution to the System for State fiscal | ||||||
21 | year 2011, applying the changes made by Public Act 96-889 to | ||||||
22 | the System's assets and liabilities as of June 30, 2009 as | ||||||
23 | though Public Act 96-889 was approved on that date. | ||||||
24 | (Source: P.A. 96-1497, eff. 1-14-11; 96-1511, eff. 1-27-11.)
| ||||||
25 | (40 ILCS 5/15-165)
(from Ch. 108 1/2, par. 15-165)
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1 | Sec. 15-165. To certify amounts and submit vouchers.
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2 | (a) The Board shall certify to the Governor on or before | ||||||
3 | November 15 of each
year until November 15, 2011 the | ||||||
4 | appropriation required from State funds for the purposes of | ||||||
5 | this
System for the following fiscal year. The certification | ||||||
6 | under this subsection (a) shall include a copy
of the actuarial | ||||||
7 | recommendations upon which it is based and shall specifically | ||||||
8 | identify the System's projected State normal cost for that | ||||||
9 | fiscal year and the projected State cost for the self-managed | ||||||
10 | plan for that fiscal year .
| ||||||
11 | On or before May 1, 2004, the Board shall recalculate and | ||||||
12 | recertify to
the Governor the amount of the required State | ||||||
13 | contribution to the System for
State fiscal year 2005, taking | ||||||
14 | into account the amounts appropriated to and
received by the | ||||||
15 | System under subsection (d) of Section 7.2 of the General
| ||||||
16 | Obligation Bond Act.
| ||||||
17 | On or before July 1, 2005, the Board shall recalculate and | ||||||
18 | recertify
to the Governor the amount of the required State
| ||||||
19 | contribution to the System for State fiscal year 2006, taking | ||||||
20 | into account the changes in required State contributions made | ||||||
21 | by this amendatory Act of the 94th General Assembly.
| ||||||
22 | On or before April 1, 2011, the Board shall recalculate and | ||||||
23 | recertify to the Governor the amount of the required State | ||||||
24 | contribution to the System for State fiscal year 2011, applying | ||||||
25 | the changes made by Public Act 96-889 to the System's assets | ||||||
26 | and liabilities as of June 30, 2009 as though Public Act 96-889 |
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| |||||||
1 | was approved on that date. | ||||||
2 | (a-5) On or before November 1 of each year, beginning | ||||||
3 | November 1, 2012, the Board shall submit to the State Actuary, | ||||||
4 | the Governor, and the General Assembly a proposed certification | ||||||
5 | of the amount of the required State contribution to the System | ||||||
6 | for the next fiscal year, along with all of the actuarial | ||||||
7 | assumptions, calculations, and data upon which that proposed | ||||||
8 | certification is based. On or before January 1 of each year, | ||||||
9 | beginning January 1, 2013, the State Actuary shall issue a | ||||||
10 | preliminary report concerning the proposed certification and | ||||||
11 | identifying, if necessary, recommended changes in actuarial | ||||||
12 | assumptions that the Board must consider before finalizing its | ||||||
13 | certification of the required State contributions. On or before | ||||||
14 | January 15, 2013 and each January 15 thereafter, the Board | ||||||
15 | shall certify to the Governor and the General Assembly the | ||||||
16 | amount of the required State contribution for the next fiscal | ||||||
17 | year. The Board's certification must note, in a written | ||||||
18 | response to the State Actuary, any deviations from the State | ||||||
19 | Actuary's recommended changes, the reason or reasons for not | ||||||
20 | following the State Actuary's recommended changes, and the | ||||||
21 | fiscal impact of not following the State Actuary's recommended | ||||||
22 | changes on the required State contribution. | ||||||
23 | (b) The Board shall certify to the State Comptroller or | ||||||
24 | employer, as the
case may be, from time to time, by its | ||||||
25 | president and secretary, with its seal
attached, the amounts | ||||||
26 | payable to the System from the various funds.
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1 | (c) Beginning in State fiscal year 1996, on or as soon as | ||||||
2 | possible after the
15th day of each month the Board shall | ||||||
3 | submit vouchers for payment of State
contributions to the | ||||||
4 | System, in a total monthly amount of one-twelfth of the
| ||||||
5 | required annual State contribution certified under subsection | ||||||
6 | (a).
From the effective date of this amendatory Act
of the 93rd | ||||||
7 | General Assembly through June 30, 2004, the Board shall not
| ||||||
8 | submit vouchers for the remainder of fiscal year 2004 in excess | ||||||
9 | of the
fiscal year 2004 certified contribution amount | ||||||
10 | determined
under this Section after taking into consideration | ||||||
11 | the transfer to the
System under subsection (b) of Section | ||||||
12 | 6z-61 of the State Finance Act.
These
vouchers shall be paid by | ||||||
13 | the State Comptroller and Treasurer by warrants drawn
on the | ||||||
14 | funds appropriated to the System for that fiscal year.
| ||||||
15 | If in any month the amount remaining unexpended from all | ||||||
16 | other
appropriations to the System for the applicable fiscal | ||||||
17 | year (including the
appropriations to the System under Section | ||||||
18 | 8.12 of the State Finance Act and
Section 1 of the State | ||||||
19 | Pension Funds Continuing Appropriation Act) is less than
the | ||||||
20 | amount lawfully vouchered under this Section, the difference | ||||||
21 | shall be paid
from the General Revenue Fund under the | ||||||
22 | continuing appropriation authority
provided in Section 1.1 of | ||||||
23 | the State Pension Funds Continuing Appropriation
Act.
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24 | (d) So long as the payments received are the full amount | ||||||
25 | lawfully
vouchered under this Section, payments received by the | ||||||
26 | System under this
Section shall be applied first toward the |
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1 | employer contribution to the
self-managed plan established | ||||||
2 | under Section 15-158.2. Payments shall be
applied second toward | ||||||
3 | the employer's portion of the normal costs of the System,
as | ||||||
4 | defined in subsection (f) of Section 15-155. The balance shall | ||||||
5 | be applied
toward the unfunded actuarial liabilities of the | ||||||
6 | System.
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7 | (e) In the event that the System does not receive, as a | ||||||
8 | result of
legislative enactment or otherwise, payments | ||||||
9 | sufficient to
fully fund the employer contribution to the | ||||||
10 | self-managed plan
established under Section 15-158.2 and to | ||||||
11 | fully fund that portion of the
employer's portion of the normal | ||||||
12 | costs of the System, as calculated in
accordance with Section | ||||||
13 | 15-155(a-1), then any payments received shall be
applied | ||||||
14 | proportionately to the optional retirement program established | ||||||
15 | under
Section 15-158.2 and to the employer's portion of the | ||||||
16 | normal costs of the
System, as calculated in accordance with | ||||||
17 | Section 15-155(a-1).
| ||||||
18 | (Source: P.A. 96-1497, eff. 1-14-11; 96-1511, eff. 1-27-11.)
| ||||||
19 | (40 ILCS 5/16-158)
(from Ch. 108 1/2, par. 16-158)
| ||||||
20 | Sec. 16-158. Contributions by State and other employing | ||||||
21 | units.
| ||||||
22 | (a) The State shall make contributions to the System by | ||||||
23 | means of
appropriations from the Common School Fund and other | ||||||
24 | State funds of amounts
which, together with other employer | ||||||
25 | contributions, employee contributions,
investment income, and |
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| |||||||
1 | other income, will be sufficient to meet the cost of
| ||||||
2 | maintaining and administering the System on a 90% funded basis | ||||||
3 | in accordance
with actuarial recommendations.
| ||||||
4 | The Board shall determine the amount of State contributions | ||||||
5 | required for
each fiscal year on the basis of the actuarial | ||||||
6 | tables and other assumptions
adopted by the Board and the | ||||||
7 | recommendations of the actuary, using the formula
in subsection | ||||||
8 | (b-3).
| ||||||
9 | (a-1) Annually, on or before November 15 until November 15, | ||||||
10 | 2011 , the Board shall certify to the
Governor the amount of the | ||||||
11 | required State contribution for the coming fiscal
year. The | ||||||
12 | certification under this subsection (a-1) shall include a copy | ||||||
13 | of the actuarial recommendations
upon which it is based and | ||||||
14 | shall specifically identify the System's projected State | ||||||
15 | normal cost for that fiscal year .
| ||||||
16 | On or before May 1, 2004, the Board shall recalculate and | ||||||
17 | recertify to
the Governor the amount of the required State | ||||||
18 | contribution to the System for
State fiscal year 2005, taking | ||||||
19 | into account the amounts appropriated to and
received by the | ||||||
20 | System under subsection (d) of Section 7.2 of the General
| ||||||
21 | Obligation Bond Act.
| ||||||
22 | On or before July 1, 2005 April 1, 2011 , the Board shall | ||||||
23 | recalculate and recertify
to the Governor the amount of the | ||||||
24 | required State
contribution to the System for State fiscal year | ||||||
25 | 2006, taking into account the changes in required State | ||||||
26 | contributions made by this amendatory Act of the 94th General |
| |||||||
| |||||||
1 | Assembly.
| ||||||
2 | On or before April 1, 2011 June 15, 2010 , the Board shall | ||||||
3 | recalculate and recertify to the Governor the amount of the | ||||||
4 | required State contribution to the System for State fiscal year | ||||||
5 | 2011, applying the changes made by Public Act 96-889 to the | ||||||
6 | System's assets and liabilities as of June 30, 2009 as though | ||||||
7 | Public Act 96-889 was approved on that date. | ||||||
8 | (a-5) On or before November 1 of each year, beginning | ||||||
9 | November 1, 2012, the Board shall submit to the State Actuary, | ||||||
10 | the Governor, and the General Assembly a proposed certification | ||||||
11 | of the amount of the required State contribution to the System | ||||||
12 | for the next fiscal year, along with all of the actuarial | ||||||
13 | assumptions, calculations, and data upon which that proposed | ||||||
14 | certification is based. On or before January 1 of each year, | ||||||
15 | beginning January 1, 2013, the State Actuary shall issue a | ||||||
16 | preliminary report concerning the proposed certification and | ||||||
17 | identifying, if necessary, recommended changes in actuarial | ||||||
18 | assumptions that the Board must consider before finalizing its | ||||||
19 | certification of the required State contributions. On or before | ||||||
20 | January 15, 2013 and each January 15 thereafter, the Board | ||||||
21 | shall certify to the Governor and the General Assembly the | ||||||
22 | amount of the required State contribution for the next fiscal | ||||||
23 | year. The Board's certification must note any deviations from | ||||||
24 | the State Actuary's recommended changes, the reason or reasons | ||||||
25 | for not following the State Actuary's recommended changes, and | ||||||
26 | the fiscal impact of not following the State Actuary's |
| |||||||
| |||||||
1 | recommended changes on the required State contribution. | ||||||
2 | (b) Through State fiscal year 1995, the State contributions | ||||||
3 | shall be
paid to the System in accordance with Section 18-7 of | ||||||
4 | the School Code.
| ||||||
5 | (b-1) Beginning in State fiscal year 1996, on the 15th day | ||||||
6 | of each month,
or as soon thereafter as may be practicable, the | ||||||
7 | Board shall submit vouchers
for payment of State contributions | ||||||
8 | to the System, in a total monthly amount of
one-twelfth of the | ||||||
9 | required annual State contribution certified under
subsection | ||||||
10 | (a-1).
From the
effective date of this amendatory Act of the | ||||||
11 | 93rd General Assembly
through June 30, 2004, the Board shall | ||||||
12 | not submit vouchers for the
remainder of fiscal year 2004 in | ||||||
13 | excess of the fiscal year 2004
certified contribution amount | ||||||
14 | determined under this Section
after taking into consideration | ||||||
15 | the transfer to the System
under subsection (a) of Section | ||||||
16 | 6z-61 of the State Finance Act.
These vouchers shall be paid by | ||||||
17 | the State Comptroller and
Treasurer by warrants drawn on the | ||||||
18 | funds appropriated to the System for that
fiscal year.
| ||||||
19 | If in any month the amount remaining unexpended from all | ||||||
20 | other appropriations
to the System for the applicable fiscal | ||||||
21 | year (including the appropriations to
the System under Section | ||||||
22 | 8.12 of the State Finance Act and Section 1 of the
State | ||||||
23 | Pension Funds Continuing Appropriation Act) is less than the | ||||||
24 | amount
lawfully vouchered under this subsection, the | ||||||
25 | difference shall be paid from the
Common School Fund under the | ||||||
26 | continuing appropriation authority provided in
Section 1.1 of |
| |||||||
| |||||||
1 | the State Pension Funds Continuing Appropriation Act.
| ||||||
2 | (b-2) Allocations from the Common School Fund apportioned | ||||||
3 | to school
districts not coming under this System shall not be | ||||||
4 | diminished or affected by
the provisions of this Article.
| ||||||
5 | (b-3) For State fiscal years 2012 through 2045, the minimum | ||||||
6 | contribution
to the System to be made by the State for each | ||||||
7 | fiscal year shall be an amount
determined by the System to be | ||||||
8 | sufficient to bring the total assets of the
System up to 90% of | ||||||
9 | the total actuarial liabilities of the System by the end of
| ||||||
10 | State fiscal year 2045. In making these determinations, the | ||||||
11 | required State
contribution shall be calculated each year as a | ||||||
12 | level percentage of payroll
over the years remaining to and | ||||||
13 | including fiscal year 2045 and shall be
determined under the | ||||||
14 | projected unit credit actuarial cost method.
| ||||||
15 | For State fiscal years 1996 through 2005, the State | ||||||
16 | contribution to the
System, as a percentage of the applicable | ||||||
17 | employee payroll, shall be increased
in equal annual increments | ||||||
18 | so that by State fiscal year 2011, the State is
contributing at | ||||||
19 | the rate required under this Section; except that in the
| ||||||
20 | following specified State fiscal years, the State contribution | ||||||
21 | to the System
shall not be less than the following indicated | ||||||
22 | percentages of the applicable
employee payroll, even if the | ||||||
23 | indicated percentage will produce a State
contribution in | ||||||
24 | excess of the amount otherwise required under this subsection
| ||||||
25 | and subsection (a), and notwithstanding any contrary | ||||||
26 | certification made under
subsection (a-1) before the effective |
| |||||||
| |||||||
1 | date of this amendatory Act of 1998:
10.02% in FY 1999;
10.77% | ||||||
2 | in FY 2000;
11.47% in FY 2001;
12.16% in FY 2002;
12.86% in FY | ||||||
3 | 2003; and
13.56% in FY 2004.
| ||||||
4 | Notwithstanding any other provision of this Article, the | ||||||
5 | total required State
contribution for State fiscal year 2006 is | ||||||
6 | $534,627,700.
| ||||||
7 | Notwithstanding any other provision of this Article, the | ||||||
8 | total required State
contribution for State fiscal year 2007 is | ||||||
9 | $738,014,500.
| ||||||
10 | For each of State fiscal years 2008 through 2009, the State | ||||||
11 | contribution to
the System, as a percentage of the applicable | ||||||
12 | employee payroll, shall be
increased in equal annual increments | ||||||
13 | from the required State contribution for State fiscal year | ||||||
14 | 2007, so that by State fiscal year 2011, the
State is | ||||||
15 | contributing at the rate otherwise required under this Section.
| ||||||
16 | Notwithstanding any other provision of this Article, the | ||||||
17 | total required State contribution for State fiscal year 2010 is | ||||||
18 | $2,089,268,000 and shall be made from the proceeds of bonds | ||||||
19 | sold in fiscal year 2010 pursuant to Section 7.2 of the General | ||||||
20 | Obligation Bond Act, less (i) the pro rata share of bond sale | ||||||
21 | expenses determined by the System's share of total bond | ||||||
22 | proceeds, (ii) any amounts received from the Common School Fund | ||||||
23 | in fiscal year 2010, and (iii) any reduction in bond proceeds | ||||||
24 | due to the issuance of discounted bonds, if applicable. | ||||||
25 | Notwithstanding any other provision of this Article, the
| ||||||
26 | total required State contribution for State fiscal year 2011 is
|
| |||||||
| |||||||
1 | the amount recertified by the System on or before April 1, 2011 | ||||||
2 | pursuant to subsection (a-1) of this Section and shall be made | ||||||
3 | from the proceeds of bonds
sold in fiscal year 2011 pursuant to | ||||||
4 | Section 7.2 of the General
Obligation Bond Act, less (i) the | ||||||
5 | pro rata share of bond sale
expenses determined by the System's | ||||||
6 | share of total bond
proceeds, (ii) any amounts received from | ||||||
7 | the Common School Fund
in fiscal year 2011, and (iii) any | ||||||
8 | reduction in bond proceeds
due to the issuance of discounted | ||||||
9 | bonds, if applicable. This amount shall include, in addition to | ||||||
10 | the amount certified by the System, an amount necessary to meet | ||||||
11 | employer contributions required by the State as an employer | ||||||
12 | under paragraph (e) of this Section, which may also be used by | ||||||
13 | the System for contributions required by paragraph (a) of | ||||||
14 | Section 16-127. | ||||||
15 | Beginning in State fiscal year 2046, the minimum State | ||||||
16 | contribution for
each fiscal year shall be the amount needed to | ||||||
17 | maintain the total assets of
the System at 90% of the total | ||||||
18 | actuarial liabilities of the System.
| ||||||
19 | Amounts received by the System pursuant to Section 25 of | ||||||
20 | the Budget Stabilization Act or Section 8.12 of the State | ||||||
21 | Finance Act in any fiscal year do not reduce and do not | ||||||
22 | constitute payment of any portion of the minimum State | ||||||
23 | contribution required under this Article in that fiscal year. | ||||||
24 | Such amounts shall not reduce, and shall not be included in the | ||||||
25 | calculation of, the required State contributions under this | ||||||
26 | Article in any future year until the System has reached a |
| |||||||
| |||||||
1 | funding ratio of at least 90%. A reference in this Article to | ||||||
2 | the "required State contribution" or any substantially similar | ||||||
3 | term does not include or apply to any amounts payable to the | ||||||
4 | System under Section 25 of the Budget Stabilization Act. | ||||||
5 | Notwithstanding any other provision of this Section, the | ||||||
6 | required State
contribution for State fiscal year 2005 and for | ||||||
7 | fiscal year 2008 and each fiscal year thereafter, as
calculated | ||||||
8 | under this Section and
certified under subsection (a-1), shall | ||||||
9 | not exceed an amount equal to (i) the
amount of the required | ||||||
10 | State contribution that would have been calculated under
this | ||||||
11 | Section for that fiscal year if the System had not received any | ||||||
12 | payments
under subsection (d) of Section 7.2 of the General | ||||||
13 | Obligation Bond Act, minus
(ii) the portion of the State's | ||||||
14 | total debt service payments for that fiscal
year on the bonds | ||||||
15 | issued in fiscal year 2003 for the purposes of that Section | ||||||
16 | 7.2, as determined
and certified by the Comptroller, that is | ||||||
17 | the same as the System's portion of
the total moneys | ||||||
18 | distributed under subsection (d) of Section 7.2 of the General
| ||||||
19 | Obligation Bond Act. In determining this maximum for State | ||||||
20 | fiscal years 2008 through 2010, however, the amount referred to | ||||||
21 | in item (i) shall be increased, as a percentage of the | ||||||
22 | applicable employee payroll, in equal increments calculated | ||||||
23 | from the sum of the required State contribution for State | ||||||
24 | fiscal year 2007 plus the applicable portion of the State's | ||||||
25 | total debt service payments for fiscal year 2007 on the bonds | ||||||
26 | issued in fiscal year 2003 for the purposes of Section 7.2 of |
| |||||||
| |||||||
1 | the General
Obligation Bond Act, so that, by State fiscal year | ||||||
2 | 2011, the
State is contributing at the rate otherwise required | ||||||
3 | under this Section.
| ||||||
4 | (c) Payment of the required State contributions and of all | ||||||
5 | pensions,
retirement annuities, death benefits, refunds, and | ||||||
6 | other benefits granted
under or assumed by this System, and all | ||||||
7 | expenses in connection with the
administration and operation | ||||||
8 | thereof, are obligations of the State.
| ||||||
9 | If members are paid from special trust or federal funds | ||||||
10 | which are
administered by the employing unit, whether school | ||||||
11 | district or other
unit, the employing unit shall pay to the | ||||||
12 | System from such
funds the full accruing retirement costs based | ||||||
13 | upon that
service, as determined by the System. Employer | ||||||
14 | contributions, based on
salary paid to members from federal | ||||||
15 | funds, may be forwarded by the distributing
agency of the State | ||||||
16 | of Illinois to the System prior to allocation, in an
amount | ||||||
17 | determined in accordance with guidelines established by such
| ||||||
18 | agency and the System.
| ||||||
19 | (d) Effective July 1, 1986, any employer of a teacher as | ||||||
20 | defined in
paragraph (8) of Section 16-106 shall pay the | ||||||
21 | employer's normal cost
of benefits based upon the teacher's | ||||||
22 | service, in addition to
employee contributions, as determined | ||||||
23 | by the System. Such employer
contributions shall be forwarded | ||||||
24 | monthly in accordance with guidelines
established by the | ||||||
25 | System.
| ||||||
26 | However, with respect to benefits granted under Section |
| |||||||
| |||||||
1 | 16-133.4 or
16-133.5 to a teacher as defined in paragraph (8) | ||||||
2 | of Section 16-106, the
employer's contribution shall be 12% | ||||||
3 | (rather than 20%) of the member's
highest annual salary rate | ||||||
4 | for each year of creditable service granted, and
the employer | ||||||
5 | shall also pay the required employee contribution on behalf of
| ||||||
6 | the teacher. For the purposes of Sections 16-133.4 and | ||||||
7 | 16-133.5, a teacher
as defined in paragraph (8) of Section | ||||||
8 | 16-106 who is serving in that capacity
while on leave of | ||||||
9 | absence from another employer under this Article shall not
be | ||||||
10 | considered an employee of the employer from which the teacher | ||||||
11 | is on leave.
| ||||||
12 | (e) Beginning July 1, 1998, every employer of a teacher
| ||||||
13 | shall pay to the System an employer contribution computed as | ||||||
14 | follows:
| ||||||
15 | (1) Beginning July 1, 1998 through June 30, 1999, the | ||||||
16 | employer
contribution shall be equal to 0.3% of each | ||||||
17 | teacher's salary.
| ||||||
18 | (2) Beginning July 1, 1999 and thereafter, the employer
| ||||||
19 | contribution shall be equal to 0.58% of each teacher's | ||||||
20 | salary.
| ||||||
21 | The school district or other employing unit may pay these | ||||||
22 | employer
contributions out of any source of funding available | ||||||
23 | for that purpose and
shall forward the contributions to the | ||||||
24 | System on the schedule established
for the payment of member | ||||||
25 | contributions.
| ||||||
26 | These employer contributions are intended to offset a |
| |||||||
| |||||||
1 | portion of the cost
to the System of the increases in | ||||||
2 | retirement benefits resulting from this
amendatory Act of 1998.
| ||||||
3 | Each employer of teachers is entitled to a credit against | ||||||
4 | the contributions
required under this subsection (e) with | ||||||
5 | respect to salaries paid to teachers
for the period January 1, | ||||||
6 | 2002 through June 30, 2003, equal to the amount paid
by that | ||||||
7 | employer under subsection (a-5) of Section 6.6 of the State | ||||||
8 | Employees
Group Insurance Act of 1971 with respect to salaries | ||||||
9 | paid to teachers for that
period.
| ||||||
10 | The additional 1% employee contribution required under | ||||||
11 | Section 16-152 by
this amendatory Act of 1998 is the | ||||||
12 | responsibility of the teacher and not the
teacher's employer, | ||||||
13 | unless the employer agrees, through collective bargaining
or | ||||||
14 | otherwise, to make the contribution on behalf of the teacher.
| ||||||
15 | If an employer is required by a contract in effect on May | ||||||
16 | 1, 1998 between the
employer and an employee organization to | ||||||
17 | pay, on behalf of all its full-time
employees
covered by this | ||||||
18 | Article, all mandatory employee contributions required under
| ||||||
19 | this Article, then the employer shall be excused from paying | ||||||
20 | the employer
contribution required under this subsection (e) | ||||||
21 | for the balance of the term
of that contract. The employer and | ||||||
22 | the employee organization shall jointly
certify to the System | ||||||
23 | the existence of the contractual requirement, in such
form as | ||||||
24 | the System may prescribe. This exclusion shall cease upon the
| ||||||
25 | termination, extension, or renewal of the contract at any time | ||||||
26 | after May 1,
1998.
|
| |||||||
| |||||||
1 | (f) If the amount of a teacher's salary for any school year | ||||||
2 | used to determine final average salary exceeds the member's | ||||||
3 | annual full-time salary rate with the same employer for the | ||||||
4 | previous school year by more than 6%, the teacher's employer | ||||||
5 | shall pay to the System, in addition to all other payments | ||||||
6 | required under this Section and in accordance with guidelines | ||||||
7 | established by the System, the present value of the increase in | ||||||
8 | benefits resulting from the portion of the increase in salary | ||||||
9 | that is in excess of 6%. This present value shall be computed | ||||||
10 | by the System on the basis of the actuarial assumptions and | ||||||
11 | tables used in the most recent actuarial valuation of the | ||||||
12 | System that is available at the time of the computation. If a | ||||||
13 | teacher's salary for the 2005-2006 school year is used to | ||||||
14 | determine final average salary under this subsection (f), then | ||||||
15 | the changes made to this subsection (f) by Public Act 94-1057 | ||||||
16 | shall apply in calculating whether the increase in his or her | ||||||
17 | salary is in excess of 6%. For the purposes of this Section, | ||||||
18 | change in employment under Section 10-21.12 of the School Code | ||||||
19 | on or after June 1, 2005 shall constitute a change in employer. | ||||||
20 | The System may require the employer to provide any pertinent | ||||||
21 | information or documentation.
The changes made to this | ||||||
22 | subsection (f) by this amendatory Act of the 94th General | ||||||
23 | Assembly apply without regard to whether the teacher was in | ||||||
24 | service on or after its effective date.
| ||||||
25 | Whenever it determines that a payment is or may be required | ||||||
26 | under this subsection, the System shall calculate the amount of |
| |||||||
| |||||||
1 | the payment and bill the employer for that amount. The bill | ||||||
2 | shall specify the calculations used to determine the amount | ||||||
3 | due. If the employer disputes the amount of the bill, it may, | ||||||
4 | within 30 days after receipt of the bill, apply to the System | ||||||
5 | in writing for a recalculation. The application must specify in | ||||||
6 | detail the grounds of the dispute and, if the employer asserts | ||||||
7 | that the calculation is subject to subsection (g) or (h) of | ||||||
8 | this Section, must include an affidavit setting forth and | ||||||
9 | attesting to all facts within the employer's knowledge that are | ||||||
10 | pertinent to the applicability of that subsection. Upon | ||||||
11 | receiving a timely application for recalculation, the System | ||||||
12 | shall review the application and, if appropriate, recalculate | ||||||
13 | the amount due.
| ||||||
14 | The employer contributions required under this subsection | ||||||
15 | (f) may be paid in the form of a lump sum within 90 days after | ||||||
16 | receipt of the bill. If the employer contributions are not paid | ||||||
17 | within 90 days after receipt of the bill, then interest will be | ||||||
18 | charged at a rate equal to the System's annual actuarially | ||||||
19 | assumed rate of return on investment compounded annually from | ||||||
20 | the 91st day after receipt of the bill. Payments must be | ||||||
21 | concluded within 3 years after the employer's receipt of the | ||||||
22 | bill.
| ||||||
23 | (g) This subsection (g) applies only to payments made or | ||||||
24 | salary increases given on or after June 1, 2005 but before July | ||||||
25 | 1, 2011. The changes made by Public Act 94-1057 shall not | ||||||
26 | require the System to refund any payments received before
July |
| |||||||
| |||||||
1 | 31, 2006 (the effective date of Public Act 94-1057). | ||||||
2 | When assessing payment for any amount due under subsection | ||||||
3 | (f), the System shall exclude salary increases paid to teachers | ||||||
4 | under contracts or collective bargaining agreements entered | ||||||
5 | into, amended, or renewed before June 1, 2005.
| ||||||
6 | When assessing payment for any amount due under subsection | ||||||
7 | (f), the System shall exclude salary increases paid to a | ||||||
8 | teacher at a time when the teacher is 10 or more years from | ||||||
9 | retirement eligibility under Section 16-132 or 16-133.2.
| ||||||
10 | When assessing payment for any amount due under subsection | ||||||
11 | (f), the System shall exclude salary increases resulting from | ||||||
12 | overload work, including summer school, when the school | ||||||
13 | district has certified to the System, and the System has | ||||||
14 | approved the certification, that (i) the overload work is for | ||||||
15 | the sole purpose of classroom instruction in excess of the | ||||||
16 | standard number of classes for a full-time teacher in a school | ||||||
17 | district during a school year and (ii) the salary increases are | ||||||
18 | equal to or less than the rate of pay for classroom instruction | ||||||
19 | computed on the teacher's current salary and work schedule.
| ||||||
20 | When assessing payment for any amount due under subsection | ||||||
21 | (f), the System shall exclude a salary increase resulting from | ||||||
22 | a promotion (i) for which the employee is required to hold a | ||||||
23 | certificate or supervisory endorsement issued by the State | ||||||
24 | Teacher Certification Board that is a different certification | ||||||
25 | or supervisory endorsement than is required for the teacher's | ||||||
26 | previous position and (ii) to a position that has existed and |
| |||||||
| |||||||
1 | been filled by a member for no less than one complete academic | ||||||
2 | year and the salary increase from the promotion is an increase | ||||||
3 | that results in an amount no greater than the lesser of the | ||||||
4 | average salary paid for other similar positions in the district | ||||||
5 | requiring the same certification or the amount stipulated in | ||||||
6 | the collective bargaining agreement for a similar position | ||||||
7 | requiring the same certification.
| ||||||
8 | When assessing payment for any amount due under subsection | ||||||
9 | (f), the System shall exclude any payment to the teacher from | ||||||
10 | the State of Illinois or the State Board of Education over | ||||||
11 | which the employer does not have discretion, notwithstanding | ||||||
12 | that the payment is included in the computation of final | ||||||
13 | average salary.
| ||||||
14 | (h) When assessing payment for any amount due under | ||||||
15 | subsection (f), the System shall exclude any salary increase | ||||||
16 | described in subsection (g) of this Section given on or after | ||||||
17 | July 1, 2011 but before July 1, 2014 under a contract or | ||||||
18 | collective bargaining agreement entered into, amended, or | ||||||
19 | renewed on or after June 1, 2005 but before July 1, 2011. | ||||||
20 | Notwithstanding any other provision of this Section, any | ||||||
21 | payments made or salary increases given after June 30, 2014 | ||||||
22 | shall be used in assessing payment for any amount due under | ||||||
23 | subsection (f) of this Section.
| ||||||
24 | (i) The System shall prepare a report and file copies of | ||||||
25 | the report with the Governor and the General Assembly by | ||||||
26 | January 1, 2007 that contains all of the following information: |
| |||||||
| |||||||
1 | (1) The number of recalculations required by the | ||||||
2 | changes made to this Section by Public Act 94-1057 for each | ||||||
3 | employer. | ||||||
4 | (2) The dollar amount by which each employer's | ||||||
5 | contribution to the System was changed due to | ||||||
6 | recalculations required by Public Act 94-1057. | ||||||
7 | (3) The total amount the System received from each | ||||||
8 | employer as a result of the changes made to this Section by | ||||||
9 | Public Act 94-4. | ||||||
10 | (4) The increase in the required State contribution | ||||||
11 | resulting from the changes made to this Section by Public | ||||||
12 | Act 94-1057.
| ||||||
13 | (j) For purposes of determining the required State | ||||||
14 | contribution to the System, the value of the System's assets | ||||||
15 | shall be equal to the actuarial value of the System's assets, | ||||||
16 | which shall be calculated as follows: | ||||||
17 | As of June 30, 2008, the actuarial value of the System's | ||||||
18 | assets shall be equal to the market value of the assets as of | ||||||
19 | that date. In determining the actuarial value of the System's | ||||||
20 | assets for fiscal years after June 30, 2008, any actuarial | ||||||
21 | gains or losses from investment return incurred in a fiscal | ||||||
22 | year shall be recognized in equal annual amounts over the | ||||||
23 | 5-year period following that fiscal year. | ||||||
24 | (k) For purposes of determining the required State | ||||||
25 | contribution to the system for a particular year, the actuarial | ||||||
26 | value of assets shall be assumed to earn a rate of return equal |
| |||||||
| |||||||
1 | to the system's actuarially assumed rate of return. | ||||||
2 | (Source: P.A. 95-331, eff. 8-21-07; 95-950, eff. 8-29-08; | ||||||
3 | 96-43, eff. 7-15-09; 96-1497, eff. 1-14-11; 96-1511, eff. | ||||||
4 | 1-27-11; 96-1554, eff. 3-18-11; revised 4-6-11.)
| ||||||
5 | (40 ILCS 5/18-140)
(from Ch. 108 1/2, par. 18-140)
| ||||||
6 | Sec. 18-140. To certify required State contributions and | ||||||
7 | submit vouchers.
| ||||||
8 | (a) The Board shall certify to the Governor, on or before | ||||||
9 | November 15 of
each year until November 15, 2011 , the amount of | ||||||
10 | the required State contribution to the System for the
following | ||||||
11 | fiscal year and shall specifically identify the System's | ||||||
12 | projected State normal cost for that fiscal year . The | ||||||
13 | certification shall include a copy of the actuarial
| ||||||
14 | recommendations upon which it is based and shall specifically | ||||||
15 | identify the System's projected State normal cost for that | ||||||
16 | fiscal year .
| ||||||
17 | On or before November 1 of each year, beginning November 1, | ||||||
18 | 2012, the Board shall submit to the State Actuary, the | ||||||
19 | Governor, and the General Assembly a proposed certification of | ||||||
20 | the amount of the required State contribution to the System for | ||||||
21 | the next fiscal year, along with all of the actuarial | ||||||
22 | assumptions, calculations, and data upon which that proposed | ||||||
23 | certification is based. On or before January 1 of each year | ||||||
24 | beginning January 1, 2013, the State Actuary shall issue a | ||||||
25 | preliminary report concerning the proposed certification and |
| |||||||
| |||||||
1 | identifying, if necessary, recommended changes in actuarial | ||||||
2 | assumptions that the Board must consider before finalizing its | ||||||
3 | certification of the required State contributions. On or before | ||||||
4 | January 15, 2013 and every January 15 thereafter, the Board | ||||||
5 | shall certify to the Governor and the General Assembly the | ||||||
6 | amount of the required State contribution for the next fiscal | ||||||
7 | year. The Board's certification must note any deviations from | ||||||
8 | the State Actuary's recommended changes, the reason or reasons | ||||||
9 | for not following the State Actuary's recommended changes, and | ||||||
10 | the fiscal impact of not following the State Actuary's | ||||||
11 | recommended changes on the required State contribution. | ||||||
12 | On or before May 1, 2004, the Board shall recalculate and | ||||||
13 | recertify to
the Governor the amount of the required State | ||||||
14 | contribution to the System for
State fiscal year 2005, taking | ||||||
15 | into account the amounts appropriated to and
received by the | ||||||
16 | System under subsection (d) of Section 7.2 of the General
| ||||||
17 | Obligation Bond Act.
| ||||||
18 | On or before July 1, 2005, the Board shall recalculate and | ||||||
19 | recertify
to the Governor the amount of the required State
| ||||||
20 | contribution to the System for State fiscal year 2006, taking | ||||||
21 | into account the changes in required State contributions made | ||||||
22 | by this amendatory Act of the 94th General Assembly.
| ||||||
23 | On or before April 1, 2011, the Board shall recalculate and | ||||||
24 | recertify to the Governor the amount of the required State | ||||||
25 | contribution to the System for State fiscal year 2011, applying | ||||||
26 | the changes made by Public Act 96-889 to the System's assets |
| |||||||
| |||||||
1 | and liabilities as of June 30, 2009 as though Public Act 96-889 | ||||||
2 | was approved on that date. | ||||||
3 | (b) Beginning in State fiscal year 1996, on or as soon as | ||||||
4 | possible after
the 15th day of each month the Board shall | ||||||
5 | submit vouchers for payment of State
contributions to the | ||||||
6 | System, in a total monthly amount of one-twelfth of the
| ||||||
7 | required annual State contribution certified under subsection | ||||||
8 | (a).
From the effective date of this amendatory Act
of the 93rd | ||||||
9 | General Assembly through June 30, 2004, the Board shall not
| ||||||
10 | submit vouchers for the remainder of fiscal year 2004 in excess | ||||||
11 | of the
fiscal year 2004 certified contribution amount | ||||||
12 | determined
under this Section after taking into consideration | ||||||
13 | the transfer to the
System under subsection (c) of Section | ||||||
14 | 6z-61 of the State Finance Act.
These
vouchers shall be paid by | ||||||
15 | the State Comptroller and Treasurer by warrants drawn
on the | ||||||
16 | funds appropriated to the System for that fiscal year.
| ||||||
17 | If in any month the amount remaining unexpended from all | ||||||
18 | other
appropriations to the System for the applicable fiscal | ||||||
19 | year (including the
appropriations to the System under Section | ||||||
20 | 8.12 of the State Finance Act and
Section 1 of the State | ||||||
21 | Pension Funds Continuing Appropriation Act) is less than
the | ||||||
22 | amount lawfully vouchered under this Section, the difference | ||||||
23 | shall be paid
from the General Revenue Fund under the | ||||||
24 | continuing appropriation authority
provided in Section 1.1 of | ||||||
25 | the State Pension Funds Continuing Appropriation
Act.
| ||||||
26 | (Source: P.A. 96-1497, eff. 1-14-11; 96-1511, eff. 1-27-11.)
|
| |||||||
| |||||||