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91_HB1582eng HB1582 Engrossed LRB9101659EGfg 1 AN ACT to amend the Illinois Pension Code by changing 2 Section 17-127.2. 3 Be it enacted by the People of the State of Illinois, 4 represented in the General Assembly: 5 Section 5. The Illinois Pension Code is amended by 6 changing Section 17-127.2 as follows: 7 (40 ILCS 5/17-127.2) 8 Sec. 17-127.2. Additional contributions by employer of 9 teachers.(a)Beginning July 1, 1998, the employer of a 10 teacher shall pay to the Fund an employer contribution 11 computed as follows: 12 (1) Beginning July 1, 1998 through June 30, 1999, 13 the employer contribution shall be equal to 0.3% of each 14 teacher's salary. 15 (2) Beginning July 1, 1999 and thereafter, the 16 employer contribution shall be equal to 0.58% of each 17 teacher's salary. 18 The employer may pay these employer contributions out of any 19 source of funding available for that purpose and shall 20 forward the contributions to the Fund on the schedule 21 established for the payment of member contributions. 22 These employer contributions need not be made in a fiscal 23 year if the Board has certified in the previous fiscal year 24 that the Fund is at least 90% funded, based on actuarial 25 determinations. 26 These employer contributions are intended to offset a 27 portion of the cost to the Fund of the increases in 28 retirement benefits resulting from Public Act 90-582this29amendatory Act of 1998. 30 (Source: P.A. 90-582, eff. 5-27-98; revised 10-28-98.) HB1582 Engrossed -2- LRB9101659EGfg 1 Section 99. Effective date. This Act takes effect upon 2 becoming law.