(105 ILCS 5/18-7) (from Ch. 122, par. 18-7)
Sec. 18-7.
Payments for benefit of teacher retirement systems.
(a) In each fiscal year through fiscal year 1998, the State Board of
Education shall distribute to
the Public School Teachers' Pension and Retirement Fund of Chicago the sum, if
any, appropriated for that fiscal year from the Common School Fund for the
benefit of the Retirement Fund, in the manner provided in this Section,
the Illinois Pension Code, the State Finance Act, and other applicable
provisions of law. In making this distribution, the State Board of Education
shall present vouchers to the State Comptroller on the 10th and 20th days of
each month beginning in August. Each payment shall equal 1/24 of the annual
amount appropriated in the months of August through May and 1/12 of the annual
amount appropriated in June.
Beginning in fiscal year 1999, the State contributions to the Public School
Teachers' Pension and Retirement Fund of Chicago shall be appropriated directly
to
the Fund and paid in vouchers submitted by the board of trustees of the Fund.
Vouchers submitted under this subsection shall be paid by the State
Comptroller and Treasurer by warrants drawn on funds appropriated to the
Public School Teachers' Pension and Retirement Fund of Chicago.
(b) The State Board of Education shall, in State fiscal year 1995, pay to
the Teachers' Retirement System of the State of Illinois the amount
appropriated for the required State contribution to the System for that fiscal
year. The State Board of Education shall present vouchers to the State
Comptroller for this purpose on the 10th and 20th days of each month of the
fiscal year, other than the month of July. Each payment in the months of
August through May shall equal 1/24 of the amount appropriated for that fiscal
year; each payment in the month of June shall equal 1/12 of the amount
appropriated for that fiscal year.
Vouchers submitted
under this subsection shall be paid by the State
Comptroller and Treasurer by warrants drawn on funds appropriated to the State
Board of Education for that purpose.
(c) Beginning in State fiscal year 1996, the required State contributions
to the Teachers' Retirement System of the State of Illinois shall be
appropriated directly to the System and paid on vouchers submitted by the board
of trustees of the retirement system, as provided in Section 16-158 of the
Illinois Pension Code. These vouchers shall be paid by the State Comptroller
and Treasurer by warrants drawn on funds appropriated to the retirement system
for that purpose.
(Source: P.A. 90-548, eff. 12-4-97.)
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