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HB0656 Engrossed LRB100 05918 RPS 15944 b AN ACT concerning public employee benefits.
HB0656 Enrolled LRB100 05918 RPS 15944 b AN ACT concerning public employee benefits.
(a-1) Annually, on or before November 15 until November 15, HB0656 Engrossed - 2 - LRB100 05918 RPS 15944 b 2011, the Board shall certify to the Governor the amount of the required State contribution for the coming fiscal year.
(a-1) Annually, on or before November 15 until November 15, HB0656 Enrolled - 2 - LRB100 05918 RPS 15944 b 2011, the Board shall certify to the Governor the amount of the required State contribution for the coming fiscal year.
(a-5) On or before November 1 of each year, beginning November 1, 2012, the Board shall submit to the State Actuary, the Governor, and the General Assembly a proposed certification HB0656 Engrossed - 3 - LRB100 05918 RPS 15944 b of the amount of the required State contribution to the System for the next fiscal year, along with all of the actuarial assumptions, calculations, and data upon which that proposed certification is based.
(a-5) On or before November 1 of each year, beginning November 1, 2012, the Board shall submit to the State Actuary, the Governor, and the General Assembly a proposed certification HB0656 Enrolled - 3 - LRB100 05918 RPS 15944 b of the amount of the required State contribution to the System for the next fiscal year, along with all of the actuarial assumptions, calculations, and data upon which that proposed certification is based.
From the effective date of this amendatory Act of the HB0656 Engrossed - 4 - LRB100 05918 RPS 15944 b 93rd General Assembly through June 30, 2004, the Board shall not submit vouchers for the remainder of fiscal year 2004 in excess of the fiscal year 2004 certified contribution amount determined under this Section after taking into consideration the transfer to the System under subsection (a) of Section 6z-61 of the State Finance Act.
From the effective date of this amendatory Act of the HB0656 Enrolled - 4 - LRB100 05918 RPS 15944 b 93rd General Assembly through June 30, 2004, the Board shall not submit vouchers for the remainder of fiscal year 2004 in excess of the fiscal year 2004 certified contribution amount determined under this Section after taking into consideration the transfer to the System under subsection (a) of Section 6z-61 of the State Finance Act.
In making these determinations, the HB0656 Engrossed - 5 - LRB100 05918 RPS 15944 b required State contribution shall be calculated each year as a level percentage of payroll over the years remaining to and including fiscal year 2045 and shall be determined under the projected unit credit actuarial cost method.
In making these determinations, the HB0656 Enrolled - 5 - LRB100 05918 RPS 15944 b required State contribution shall be calculated each year as a level percentage of payroll over the years remaining to and including fiscal year 2045 and shall be determined under the projected unit credit actuarial cost method.
For each of State fiscal years 2008 through 2009, the State HB0656 Engrossed - 6 - LRB100 05918 RPS 15944 b contribution to the System, as a percentage of the applicable employee payroll, shall be increased in equal annual increments from the required State contribution for State fiscal year 2007, so that by State fiscal year 2011, the State is contributing at the rate otherwise required under this Section.
For each of State fiscal years 2008 through 2009, the State HB0656 Enrolled - 6 - LRB100 05918 RPS 15944 b contribution to the System, as a percentage of the applicable employee payroll, shall be increased in equal annual increments from the required State contribution for State fiscal year 2007, so that by State fiscal year 2011, the State is contributing at the rate otherwise required under this Section.
This amount shall include, in addition to the amount certified by the System, an amount necessary to meet HB0656 Engrossed - 7 - LRB100 05918 RPS 15944 b employer contributions required by the State as an employer under paragraph (e) of this Section, which may also be used by the System for contributions required by paragraph (a) of Section 16-127.
This amount shall include, in addition to the amount certified by the System, an amount necessary to meet HB0656 Enrolled - 7 - LRB100 05918 RPS 15944 b employer contributions required by the State as an employer under paragraph (e) of this Section, which may also be used by the System for contributions required by paragraph (a) of Section 16-127.
Notwithstanding any other provision of this Section, the required State contribution for State fiscal year 2005 and for fiscal year 2008 and each fiscal year thereafter, as calculated under this Section and certified under subsection (a-1), shall not exceed an amount equal to (i) the amount of the required State contribution that would have been calculated under this HB0656 Engrossed - 8 - LRB100 05918 RPS 15944 b Section for that fiscal year if the System had not received any payments under subsection (d) of Section 7.2 of the General Obligation Bond Act, minus (ii) the portion of the State's total debt service payments for that fiscal year on the bonds issued in fiscal year 2003 for the purposes of that Section 7.2, as determined and certified by the Comptroller, that is the same as the System's portion of the total moneys distributed under subsection (d) of Section 7.2 of the General Obligation Bond Act.
Notwithstanding any other provision of this Section, the required State contribution for State fiscal year 2005 and for fiscal year 2008 and each fiscal year thereafter, as calculated under this Section and certified under subsection (a-1), shall not exceed an amount equal to (i) the amount of the required State contribution that would have been calculated under this HB0656 Enrolled - 8 - LRB100 05918 RPS 15944 b Section for that fiscal year if the System had not received any payments under subsection (d) of Section 7.2 of the General Obligation Bond Act, minus (ii) the portion of the State's total debt service payments for that fiscal year on the bonds issued in fiscal year 2003 for the purposes of that Section 7.2, as determined and certified by the Comptroller, that is the same as the System's portion of the total moneys distributed under subsection (d) of Section 7.2 of the General Obligation Bond Act.
If members are paid from special trust or federal funds which are administered by the employing unit, whether school HB0656 Engrossed - 9 - LRB100 05918 RPS 15944 b district or other unit, the employing unit shall pay to the System from such funds the full accruing retirement costs based upon that service, which, beginning July 1, 2017 2014, shall be at a rate, expressed as a percentage of salary, equal to the total employer's minimum contribution to the System to be made by the State for that fiscal year, including both normal cost and unfunded liability components, expressed as a percentage of payroll, as determined by the System under subsection (b-3) of this Section.
If members are paid from special trust or federal funds which are administered by the employing unit, whether school HB0656 Enrolled - 9 - LRB100 05918 RPS 15944 b district or other unit, the employing unit shall pay to the System from such funds the full accruing retirement costs based upon that service, which, beginning July 1, 2017 2014, shall be at a rate, expressed as a percentage of salary, equal to the total employer's minimum contribution to the System to be made by the State for that fiscal year, including both normal cost and unfunded liability components, expressed as a percentage of payroll, as determined by the System under subsection (b-3) of this Section.
However, with respect to benefits granted under Section 16-133.4 or 16-133.5 to a teacher as defined in paragraph (8) HB0656 Engrossed - 10 - LRB100 05918 RPS 15944 b of Section 16-106, the employer's contribution shall be 12% (rather than 20%) of the member's highest annual salary rate for each year of creditable service granted, and the employer shall also pay the required employee contribution on behalf of the teacher.
However, with respect to benefits granted under Section 16-133.4 or 16-133.5 to a teacher as defined in paragraph (8) HB0656 Enrolled - 10 - LRB100 05918 RPS 15944 b of Section 16-106, the employer's contribution shall be 12% (rather than 20%) of the member's highest annual salary rate for each year of creditable service granted, and the employer shall also pay the required employee contribution on behalf of the teacher.
These employer contributions are intended to offset a portion of the cost to the System of the increases in HB0656 Engrossed - 11 - LRB100 05918 RPS 15944 b retirement benefits resulting from this amendatory Act of 1998.
These employer contributions are intended to offset a portion of the cost to the System of the increases in HB0656 Enrolled - 11 - LRB100 05918 RPS 15944 b retirement benefits resulting from this amendatory Act of 1998.
(f) If the amount of a teacher's salary for any school year HB0656 Engrossed - 12 - LRB100 05918 RPS 15944 b used to determine final average salary exceeds the member's annual full-time salary rate with the same employer for the previous school year by more than 6%, the teacher's employer shall pay to the System, in addition to all other payments required under this Section and in accordance with guidelines established by the System, the present value of the increase in benefits resulting from the portion of the increase in salary that is in excess of 6%.
(f) If the amount of a teacher's salary for any school year HB0656 Enrolled - 12 - LRB100 05918 RPS 15944 b used to determine final average salary exceeds the member's annual full-time salary rate with the same employer for the previous school year by more than 6%, the teacher's employer shall pay to the System, in addition to all other payments required under this Section and in accordance with guidelines established by the System, the present value of the increase in benefits resulting from the portion of the increase in salary that is in excess of 6%.
The bill HB0656 Engrossed - 13 - LRB100 05918 RPS 15944 b shall specify the calculations used to determine the amount due.
The bill HB0656 Enrolled - 13 - LRB100 05918 RPS 15944 b shall specify the calculations used to determine the amount due.
HB0656 Engrossed - 14 - LRB100 05918 RPS 15944 b When assessing payment for any amount due under subsection (f), the System shall exclude salary increases paid to teachers under contracts or collective bargaining agreements entered into, amended, or renewed before June 1, 2005.
HB0656 Enrolled - 14 - LRB100 05918 RPS 15944 b When assessing payment for any amount due under subsection (f), the System shall exclude salary increases paid to teachers under contracts or collective bargaining agreements entered into, amended, or renewed before June 1, 2005.
When assessing payment for any amount due under subsection (f), the System shall exclude a salary increase resulting from a promotion (i) for which the employee is required to hold a certificate or supervisory endorsement issued by the State Teacher Certification Board that is a different certification or supervisory endorsement than is required for the teacher's previous position and (ii) to a position that has existed and been filled by a member for no less than one complete academic HB0656 Engrossed - 15 - LRB100 05918 RPS 15944 b year and the salary increase from the promotion is an increase that results in an amount no greater than the lesser of the average salary paid for other similar positions in the district requiring the same certification or the amount stipulated in the collective bargaining agreement for a similar position requiring the same certification.
When assessing payment for any amount due under subsection (f), the System shall exclude a salary increase resulting from a promotion (i) for which the employee is required to hold a certificate or supervisory endorsement issued by the State Teacher Certification Board that is a different certification or supervisory endorsement than is required for the teacher's previous position and (ii) to a position that has existed and been filled by a member for no less than one complete academic HB0656 Enrolled - 15 - LRB100 05918 RPS 15944 b year and the salary increase from the promotion is an increase that results in an amount no greater than the lesser of the average salary paid for other similar positions in the district requiring the same certification or the amount stipulated in the collective bargaining agreement for a similar position requiring the same certification.
(1) The number of recalculations required by the HB0656 Engrossed - 16 - LRB100 05918 RPS 15944 b changes made to this Section by Public Act 94-1057 for each employer.
(1) The number of recalculations required by the HB0656 Enrolled - 16 - LRB100 05918 RPS 15944 b changes made to this Section by Public Act 94-1057 for each employer.
HB0656 Engrossed - 17 - LRB100 05918 RPS 15944 b (Source:
HB0656 Enrolled - 17 - LRB100 05918 RPS 15944 b (Source:
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