98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
HB0420
 
Introduced 1/25/2013, by Rep. Michael J. Madigan
 
SYNOPSIS AS INTRODUCED:
 





40 ILCS 15/1
    Amends the State Pension Funds Continuing Appropriation Act. Makes a technical change in a Section concerning appropriations from the State Pensions Fund.



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PENSION IMPACT NOTE ACT MAY APPLY
 
 
A BILL FOR
 


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1    AN ACT concerning public employee benefits.

 
2    Be it enacted by the People of the State of Illinois,
 
3represented in the General Assembly:

 
4    Section 5. The State Pension Funds Continuing 
5Appropriation Act is amended by changing Section 1 as follows:
 



6    (40 ILCS 15/1)



7    Sec. 1. Appropriations from State Pensions Fund. 
8    (a) For the
the purpose of making
up any deficiency in the 
9appropriations to the designated retirement systems
that are 
10required to be made under Section 8.12 of the State Finance 
11Act, there
is hereby appropriated, on a continuing annual basis 
12in each fiscal year, from
the State Pensions Fund to each 
13designated retirement system, the amount, if
any, by which the 
14total appropriation to that system from the State Pensions
Fund 
15for that fiscal year is less than the amount required to be 
16appropriated
to that retirement system under Section 8.12 of 
17the State Finance Act.
18    The annual appropriation under this Section to each 
19designated retirement
system shall take effect on July 1 for 
20the State fiscal year beginning on that
date.

21    The amount of any continuing appropriation used by a 
22retirement system
under this Section for a given fiscal year 
23shall be charged against the
unexpended amount of any 
 
 
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1appropriation to that retirement system for
that fiscal year 
2under Section 8.12 of the State Finance Act that subsequently

3becomes available, subject to Section 8.3 of the State Finance 
4Act.

5    "Designated retirement systems" means the State Employees' 
6Retirement
System of Illinois, the Teachers' Retirement System 
7of the State of
Illinois, the State Universities Retirement 
8System, the Judges Retirement
System of Illinois, and the 
9General Assembly Retirement System.

10    The appropriations made in this Section are appropriated to 
11the designated
retirement systems for the funding of the 
12unfunded liabilities of the designated retirement systems and 
13are in addition to, and not in lieu of, any State contributions 
14required under the Illinois Pension Code.

15    (b) For State fiscal year 2011 only, a continuing 
16appropriation is provided to the State Universities' 
17Retirement System that shall not exceed the amount certified by 
18the System on or before December 31, 2009; however, the 
19continuing appropriation shall not reduce the amount in the 
20State Pensions Fund below $5,000,000. 
21(Source: P.A. 95-950, eff. 8-29-08; 96-959, eff. 7-1-10.)