Bill Text: IL SB2404 | 2013-2014 | 98th General Assembly | Amended
NOTE: There are more recent revisions of this legislation. Read Latest Draft
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. Further 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: Partisan Bill (Democrat 41-2)
Status: (Failed) 2015-01-13 - Session Sine Die [SB2404 Detail]
Download: Illinois-2013-SB2404-Amended.html
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. Further 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: Partisan Bill (Democrat 41-2)
Status: (Failed) 2015-01-13 - Session Sine Die [SB2404 Detail]
Download: Illinois-2013-SB2404-Amended.html
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| 1 | AMENDMENT TO SENATE BILL 2404
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| 2 | AMENDMENT NO. ______. Amend Senate Bill 2404, AS AMENDED, | ||||||
| 3 | by replacing all of Section 197 with the following:
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| 4 | "Section 197. Severability. | ||||||
| 5 | (a) Except as otherwise provided in this Act, and except as | ||||||
| 6 | provided in subsection (b), the provisions of this Act are | ||||||
| 7 | severable under Section 1.31 of the Statute on Statutes. | ||||||
| 8 | (b) If any benefit change made by this amendatory Act in an | ||||||
| 9 | Article of the Illinois Pension Code is determined to be | ||||||
| 10 | unconstitutional or otherwise
invalid by a final unappealable | ||||||
| 11 | decision of an Illinois court or a court of competent | ||||||
| 12 | jurisdiction, then the State funding guarantee provisions | ||||||
| 13 | added to that Article by this amendatory Act shall also be | ||||||
| 14 | invalid,
and those funding guarantee provisions shall be | ||||||
| 15 | contingent upon and inseverable from those benefit changes.".
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