SB2404sam001 98TH GENERAL ASSEMBLY

Sen. Linda Holmes

Filed: 3/21/2013

09800SB2404sam001 LRB098 09018 JDS 43731 a

AMENDMENT TO SENATE BILL 2404

AMENDMENT NO. ______. Amend Senate Bill 2404 on page 6, below line 2, by inserting the following:

"Payments to the designated retirement systems under this Section, transferred after the effective date of this amendatory Act of the 98th General Assembly, do not reduce and do not constitute payment of any portion of the required State contribution under Article 2, 14, 15, 16, or 18 of the Illinois Pension Code in that fiscal year. Such amounts shall not reduce, and shall not be included in the calculation of, the required State contribution under Article 2, 14, 15, 16, or 18 of the Illinois Pension Code in any future year, until the designated retirement system has received payment of contributions pursuant to this Act."; and

on page 8, in line 5, by changing "100% 90% funded basis" to "funding basis as specified in this Section 90% funded basis"; and

on page 11, in line 4, by changing "80%" to "100%"; and

on page 14, in line 5, immediately after "2045.", by inserting "If the system's assets reach 100% of its actuarial liabilities before fiscal year 2045, then the State shall contribute an amount needed to maintain the total assets of the system at 100% of the actuarial liabilities of the system."; and

on page 14, in lines 6 and 7, by changing "each designated retirement system" to "the System"; and

on page 14, in line 18, by changing "calculation" to "calculating"; and

on page 18, in line 16, by changing "100% 90% funded basis" to "funding basis as specified in this Section 90% funded basis"; and

on page 31, in line 7, immediately after "2045.", by inserting "If the system's assets reach 100% of its actuarial liabilities before fiscal year 2045, then the State shall contribute an amount needed to maintain the total assets of the system at 100% of the actuarial liabilities of the system."; and

on page 31, in lines 8 and 9, by changing "each designated retirement system" to "the System"; and

on page 31, in line 20, by changing "calculation" to "calculating"; and

on page 46, in lines 7 and 8, by changing "100% 90% funded basis" to "funding basis as specified in this Section 90% funded basis"; and

on page 59, in line 3, immediately after "2045.", by inserting "If the system's assets reach 100% of its actuarial liabilities before fiscal year 2045, then the State shall contribute an amount needed to maintain the total assets of the system at 100% of the actuarial liabilities of the system."; and

on page 59, in lines 4 and 5, by changing "each designated retirement system" to "the System"; and

on page 59, in line 16, by changing "calculation" to "calculating"; and

on page 72, in lines 8 and 9, by changing "100% 90% funded basis" to "funding basis as specified in this Section 90% funded basis"; and

on page 88, in line 16, immediately after "2045.", by inserting "If the system's assets reach 100% of its actuarial liabilities before fiscal year 2045, then the State shall contribute an amount needed to maintain the total assets of the system at 100% of the actuarial liabilities of the system."; and

on page 88, in line 18, by changing "each designated retirement system" to "the System"; and

on page 89, in line 4, by changing "calculation" to "calculating".