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91_SB0134
LRB9100807EGfg
1 AN ACT to amend the Illinois Pension Code by changing
2 Section 17-127.
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 as follows:
7 (40 ILCS 5/17-127) (from Ch. 108 1/2, par. 17-127)
8 Sec. 17-127. Financing; revenues for the Fund.
9 (a) The revenues for the Fund shall consist of: (1)
10 amounts paid into the Fund by contributors thereto and from
11 employer contributions and State appropriations in accordance
12 with this Article; (2) amounts contributed to the Fund by an
13 Employer; (3) amounts contributed to the Fund pursuant to any
14 law now in force or hereafter to be enacted; (4)
15 contributions from any other source; and (5) the earnings on
16 investments.
17 (b) The General Assembly finds that for many years the
18 State has contributed to the Fund an annual amount that is
19 between 20% and 30% of the amount of the annual State
20 contribution to the Article 16 retirement system, and the
21 General Assembly declares that beginning in State fiscal year
22 2000, the annual State contribution to the Fund shall be no
23 less than 20% of the annual State contribution to the
24 retirement system established under Article 16 of this Code
25 it is its goal and intention to continue this level of
26 contribution to the Fund in the future.
27 (c) Beginning in State fiscal year 1999, the State shall
28 include in its annual contribution to the Fund an additional
29 amount equal to 0.544% of the Fund's total teacher payroll;
30 except that this additional contribution need not be made in
31 a fiscal year if the Board has certified in the previous
-2- LRB9100807EGfg
1 fiscal year that the Fund is at least 90% funded, based on
2 actuarial determinations. These additional State
3 contributions are intended to offset a portion of the cost to
4 the Fund of the increases in retirement benefits resulting
5 from Public this amendatory Act 90-582 of 1998.
6 (Source: P.A. 90-548, eff. 12-4-97; 90-566, eff. 1-2-98;
7 90-582, eff. 5-27-98; 90-655, eff. 7-30-98.)
8 Section 99. Effective date. This Act takes effect upon
9 becoming law.