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HB2564 Engrossed LRB104 05520 RPS 15549 b AN ACT concerning public employee benefits.
HB2564 Enrolled LRB104 05520 RPS 15549 b AN ACT concerning public employee benefits.
HB2564 Engrossed - 2 - LRB104 05520 RPS 15549 b The certification under this subsection (a-1) shall include a copy of the actuarial recommendations upon which it is based and shall specifically identify the System's projected State normal cost for that fiscal year.
HB2564 Enrolled - 2 - LRB104 05520 RPS 15549 b The certification under this subsection (a-1) shall include a copy of the actuarial recommendations upon which it is based and shall specifically identify the System's projected State normal cost for that 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 of the amount of the required State contribution to the System for the next fiscal year, along with all of the HB2564 Engrossed - 3 - LRB104 05520 RPS 15549 b 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 of the amount of the required State contribution to the System for the next fiscal year, along with all of the HB2564 Enrolled - 3 - LRB104 05520 RPS 15549 b actuarial assumptions, calculations, and data upon which that proposed certification is based.
The State Actuary shall review the assumptions and valuations underlying the Board's revised certification and issue a preliminary report concerning the proposed recertification and identifying, if necessary, recommended changes in actuarial assumptions that the Board must consider HB2564 Engrossed - 4 - LRB104 05520 RPS 15549 b before finalizing its certification of the required State contributions.
The State Actuary shall review the assumptions and valuations underlying the Board's revised certification and issue a preliminary report concerning the proposed recertification and identifying, if necessary, recommended changes in actuarial assumptions that the Board must consider HB2564 Enrolled - 4 - LRB104 05520 RPS 15549 b before finalizing its certification of the required State contributions.
(b-1) Unless otherwise directed by the Comptroller under HB2564 Engrossed - 5 - LRB104 05520 RPS 15549 b subsection (b-1.1), the Board shall submit vouchers for payment of State contributions to the System for the applicable month on the 15th day of each month, or as soon thereafter as may be practicable.
(b-1) Unless otherwise directed by the Comptroller under HB2564 Enrolled - 5 - LRB104 05520 RPS 15549 b subsection (b-1.1), the Board shall submit vouchers for payment of State contributions to the System for the applicable month on the 15th day of each month, or as soon thereafter as may be practicable.
If in any month the amount remaining unexpended from all other appropriations to the System for the applicable fiscal year (including the appropriations to the System under Section 8.12 of the State Finance Act and Section 1 of the State HB2564 Engrossed - 6 - LRB104 05520 RPS 15549 b Pension Funds Continuing Appropriation Act) is less than the amount lawfully vouchered under this subsection, the difference shall be paid from the Common School Fund under the continuing appropriation authority provided in Section 1.1 of the State Pension Funds Continuing Appropriation Act.
If in any month the amount remaining unexpended from all other appropriations to the System for the applicable fiscal year (including the appropriations to the System under Section 8.12 of the State Finance Act and Section 1 of the State HB2564 Enrolled - 6 - LRB104 05520 RPS 15549 b Pension Funds Continuing Appropriation Act) is less than the amount lawfully vouchered under this subsection, the difference shall be paid from the Common School Fund under the continuing appropriation authority provided in Section 1.1 of the State Pension Funds Continuing Appropriation Act.
A change in an actuarial or investment assumption that increases or decreases the required State contribution and first applies in State fiscal year 2018 or thereafter shall be HB2564 Engrossed - 7 - LRB104 05520 RPS 15549 b implemented in equal annual amounts over a 5-year period beginning in the State fiscal year in which the actuarial change first applies to the required State contribution.
A change in an actuarial or investment assumption that increases or decreases the required State contribution and first applies in State fiscal year 2018 or thereafter shall be HB2564 Enrolled - 7 - LRB104 05520 RPS 15549 b implemented in equal annual amounts over a 5-year period beginning in the State fiscal year in which the actuarial change first applies to the required State contribution.
except that in the following specified State fiscal years, the State contribution to the System shall not be less than the following indicated percentages of the applicable employee payroll, even if the indicated percentage will produce a State contribution in excess of the amount otherwise required under HB2564 Engrossed - 8 - LRB104 05520 RPS 15549 b this subsection and subsection (a), and notwithstanding any contrary certification made under subsection (a-1) before May 27, 1998 (the effective date of Public Act 90-582):
except that in the following specified State fiscal years, the State contribution to the System shall not be less than the following indicated percentages of the applicable employee payroll, even if the indicated percentage will produce a State contribution in excess of the amount otherwise required under HB2564 Enrolled - 8 - LRB104 05520 RPS 15549 b this subsection and subsection (a), and notwithstanding any contrary certification made under subsection (a-1) before May 27, 1998 (the effective date of Public Act 90-582):
Notwithstanding any other provision of this Article, the total required State contribution for State fiscal year 2010 is $2,089,268,000 and shall be made from the proceeds of bonds sold in fiscal year 2010 pursuant to Section 7.2 of the General Obligation Bond Act, less (i) the pro rata share of bond sale expenses determined by the System's share of total bond proceeds, (ii) any amounts received from the Common School Fund in fiscal year 2010, and (iii) any reduction in bond HB2564 Engrossed - 9 - LRB104 05520 RPS 15549 b proceeds due to the issuance of discounted bonds, if applicable.
Notwithstanding any other provision of this Article, the total required State contribution for State fiscal year 2010 is $2,089,268,000 and shall be made from the proceeds of bonds sold in fiscal year 2010 pursuant to Section 7.2 of the General Obligation Bond Act, less (i) the pro rata share of bond sale expenses determined by the System's share of total bond proceeds, (ii) any amounts received from the Common School Fund in fiscal year 2010, and (iii) any reduction in bond HB2564 Enrolled - 9 - LRB104 05520 RPS 15549 b proceeds due to the issuance of discounted bonds, if applicable.
Amounts received by the System pursuant to Section 25 of the Budget Stabilization Act or Section 8.12 of the State Finance Act in any fiscal year do not reduce and do not constitute payment of any portion of the minimum State HB2564 Engrossed - 10 - LRB104 05520 RPS 15549 b contribution required under this Article in that fiscal year.
Amounts received by the System pursuant to Section 25 of the Budget Stabilization Act or Section 8.12 of the State Finance Act in any fiscal year do not reduce and do not constitute payment of any portion of the minimum State HB2564 Enrolled - 10 - LRB104 05520 RPS 15549 b contribution required under this Article in that fiscal year.
In determining this maximum for State fiscal years 2008 through 2010, however, the amount referred to in item (i) shall be increased, as a percentage of the applicable employee payroll, in equal HB2564 Engrossed - 11 - LRB104 05520 RPS 15549 b increments calculated from the sum of the required State contribution for State fiscal year 2007 plus the applicable portion of the State's total debt service payments for fiscal year 2007 on the bonds issued in fiscal year 2003 for the purposes of Section 7.2 of the General Obligation Bond Act, so that, by State fiscal year 2011, the State is contributing at the rate otherwise required under this Section.
In determining this maximum for State fiscal years 2008 through 2010, however, the amount referred to in item (i) shall be increased, as a percentage of the applicable employee payroll, in equal HB2564 Enrolled - 11 - LRB104 05520 RPS 15549 b increments calculated from the sum of the required State contribution for State fiscal year 2007 plus the applicable portion of the State's total debt service payments for fiscal year 2007 on the bonds issued in fiscal year 2003 for the purposes of Section 7.2 of the General Obligation Bond Act, so that, by State fiscal year 2011, the State is contributing at the rate otherwise required under this Section.
plus (ii) the amount required for that fiscal year to amortize any unfunded actuarial accrued liability associated with the present value of liabilities HB2564 Engrossed - 12 - LRB104 05520 RPS 15549 b attributable to the employer's account under Section 16-158.3, determined as a level percentage of payroll over a 30-year rolling amortization period.
plus (ii) the amount required for that fiscal year to amortize any unfunded actuarial accrued liability associated with the present value of liabilities HB2564 Enrolled - 12 - LRB104 05520 RPS 15549 b attributable to the employer's account under Section 16-158.3, determined as a level percentage of payroll over a 30-year rolling amortization period.
If members are paid from special trust or federal funds which are administered by the employing unit, whether school district or other unit, the employing unit shall pay to the System from such funds the full accruing retirement costs HB2564 Engrossed - 13 - LRB104 05520 RPS 15549 b based upon that service, which, beginning July 1, 2017, shall be at a rate, expressed as a percentage of salary, equal to the total employer's normal cost, expressed as a percentage of payroll, as determined by the System.
If members are paid from special trust or federal funds which are administered by the employing unit, whether school district or other unit, the employing unit shall pay to the System from such funds the full accruing retirement costs HB2564 Enrolled - 13 - LRB104 05520 RPS 15549 b based upon that service, which, beginning July 1, 2017, shall be at a rate, expressed as a percentage of salary, equal to the total employer's normal cost, expressed as a percentage of payroll, as determined by the System.
For the purposes of Sections 16-133.4 and HB2564 Engrossed - 14 - LRB104 05520 RPS 15549 b 16-133.5, a teacher as defined in paragraph (8) of Section 16-106 who is serving in that capacity while on leave of absence from another employer under this Article shall not be considered an employee of the employer from which the teacher is on leave.
For the purposes of Sections 16-133.4 and HB2564 Enrolled - 14 - LRB104 05520 RPS 15549 b 16-133.5, a teacher as defined in paragraph (8) of Section 16-106 who is serving in that capacity while on leave of absence from another employer under this Article shall not be considered an employee of the employer from which the teacher is on leave.
Each employer of teachers is entitled to a credit against the contributions required under this subsection (e) with respect to salaries paid to teachers for the period January 1, 2002 through June 30, 2003, equal to the amount paid by that HB2564 Engrossed - 15 - LRB104 05520 RPS 15549 b employer under subsection (a-5) of Section 6.6 of the State Employees Group Insurance Act of 1971 with respect to salaries paid to teachers for that period.
Each employer of teachers is entitled to a credit against the contributions required under this subsection (e) with respect to salaries paid to teachers for the period January 1, 2002 through June 30, 2003, equal to the amount paid by that HB2564 Enrolled - 15 - LRB104 05520 RPS 15549 b employer under subsection (a-5) of Section 6.6 of the State Employees Group Insurance Act of 1971 with respect to salaries paid to teachers for that period.
(f) If the amount of a teacher's salary for any school year 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 HB2564 Engrossed - 16 - LRB104 05520 RPS 15549 b 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 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 HB2564 Enrolled - 16 - LRB104 05520 RPS 15549 b 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 application must specify in detail the grounds of the dispute and, if the HB2564 Engrossed - 17 - LRB104 05520 RPS 15549 b employer asserts that the calculation is subject to subsection (g), (g-5), (g-10), (g-15), (g-20), (g-25), or (h) of this Section, must include an affidavit setting forth and attesting to all facts within the employer's knowledge that are pertinent to the applicability of that subsection.
The application must specify in detail the grounds of the dispute and, if the HB2564 Enrolled - 17 - LRB104 05520 RPS 15549 b employer asserts that the calculation is subject to subsection (g), (g-5), (g-10), (g-15), (g-20), (g-25), or (h) of this Section, must include an affidavit setting forth and attesting to all facts within the employer's knowledge that are pertinent to the applicability of that subsection.
Payments must be concluded within 3 years after the employer's receipt of the bill.
Payments must be concluded within 7 years after the employer's receipt of the bill.
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 HB2564 Engrossed - 18 - LRB104 05520 RPS 15549 b entered into, amended, or renewed before June 1, 2005.
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 HB2564 Enrolled - 18 - LRB104 05520 RPS 15549 b 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 year and the salary increase from the promotion is an increase that results in an amount no greater than the lesser of the HB2564 Engrossed - 19 - LRB104 05520 RPS 15549 b 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 year and the salary increase from the promotion is an increase that results in an amount no greater than the lesser of the HB2564 Enrolled - 19 - LRB104 05520 RPS 15549 b 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.
(g-20) When assessing payment for any amount due under subsection (f), the System shall exclude salary increases HB2564 Engrossed - 20 - LRB104 05520 RPS 15549 b necessary to bring a school board in compliance with Public Act 101-443 or this amendatory Act of the 103rd General Assembly.
(g-20) When assessing payment for any amount due under subsection (f), the System shall exclude salary increases HB2564 Enrolled - 20 - LRB104 05520 RPS 15549 b necessary to bring a school board in compliance with Public Act 101-443 or this amendatory Act of the 103rd General Assembly.
(g-25) When assessing payment for any amount due under subsection (f), the System shall exclude salary increases given on or after July 1, 2025 resulting from overload work, including summer school, when the school district has certified to the System, and the System has approved the certification, that (i) the overload work is for the sole purpose of classroom instruction in excess of the standard number of classes for a full-time teacher in a school district during a school year and (ii) the salary increases are equal to or less than the rate of pay for classroom instruction computed on the teacher's current salary and work schedule.
(g-25) When assessing payment for any amount due under subsection (f), the System shall exclude salary increases given on or after the effective date of this amendatory Act of the 104th General Assembly resulting from overload work, summer school work, or stipend work, when the school district has certified to the System, and the System has approved the certification, that the overload work, summer school work, or the stipend work is for the sole purpose of classroom instruction in excess of the standard number of classes for a full-time teacher in a school district during a school year.
(i) The System shall prepare a report and file copies of the report with the Governor and the General Assembly by HB2564 Engrossed - 21 - LRB104 05520 RPS 15549 b January 1, 2007 that contains all of the following information:
(i) The System shall prepare a report and file copies of the report with the Governor and the General Assembly by January 1, 2007 that contains all of the following HB2564 Enrolled - 21 - LRB104 05520 RPS 15549 b information:
This amount shall be computed by the System on the basis of the actuarial assumptions and tables used in the most HB2564 Engrossed - 22 - LRB104 05520 RPS 15549 b recent actuarial valuation of the System that is available at the time of the computation.
This amount shall be computed by the System on the basis of the actuarial assumptions and tables used in the most recent actuarial valuation of the System that is available at HB2564 Enrolled - 22 - LRB104 05520 RPS 15549 b the time of the computation.
(j) For purposes of determining the required State contribution to the System, the value of the System's assets HB2564 Engrossed - 23 - LRB104 05520 RPS 15549 b shall be equal to the actuarial value of the System's assets, which shall be calculated as follows:
(j) For purposes of determining the required State contribution to the System, the value of the System's assets shall be equal to the actuarial value of the System's assets, HB2564 Enrolled - 23 - LRB104 05520 RPS 15549 b which shall be calculated as follows:
102-16, eff.
6-17-21;
102-525, eff.
8-20-21;
102-558, eff.
8-20-21;
102-813, eff.
5-13-22;
6-5-24.) Section 99.
6-5-24;
104-284, eff.
1-1-26.) Section 99.
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