40 ILCS 5/15-165
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 15 - State Universities Retirement System

   (from Ch. 108 1/2, par. 15-165)Sec. 15-165. To certify amounts and submit vouchers.(a) The Board shall certify to the Governor on or before November 15 of each  year until November 15, 2011 the appropriation required from State funds for the purposes of this  System for the following fiscal year.  The certification under this subsection (a) 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 and the projected State cost for the self-managed plan for that fiscal year.On or before May 1, 2004, the Board shall recalculate and recertify to  the Governor the amount of the required State contribution to the System for  State fiscal year 2005, taking into account the amounts appropriated to and  received by the System under subsection (d) of Section 7.2 of the General  Obligation Bond Act.On or before July 1, 2005, the Board shall recalculate and recertify  to the Governor the amount of the required State  contribution to the System for State fiscal year 2006, taking into account the changes in required State contributions made by this amendatory Act of the 94th General Assembly.On or before April 1, 2011, the Board shall recalculate and recertify to the Governor the amount of the required State contribution to the System for State fiscal year 2011, applying the changes made by Public Act 96-889 to the System's assets and liabilities as of June 30, 2009 as though Public Act 96-889 was approved on that date.(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 actuarial assumptions, calculations, and data upon which that proposed certification is based. On or before January 1 of each year, beginning January 1, 2013, the State Actuary shall issue a preliminary report concerning the proposed certification and identifying, if necessary, recommended changes in actuarial assumptions that the Board must consider before finalizing its certification of the required State contributions. On or before January 15, 2013 and each January 15 thereafter, the Board shall certify to the Governor and the General Assembly the amount of the required State contribution for the next fiscal year. The Board's certification must note, in a written response to the State Actuary, any deviations from the State Actuary's recommended changes, the reason or reasons for not following the State Actuary's recommended changes, and the fiscal impact of not following the State Actuary's recommended changes on the required State contribution.(a-10) By November 1, 2017, the Board shall recalculate and recertify to the State Actuary, the Governor, and the General Assembly the amount of the State contribution to the System for State fiscal year 2018, taking into account the changes in required State contributions made by this amendatory Act of the 100th General Assembly. 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 before finalizing its certification of the required State contributions. The Board's final certification must note any deviations from the State Actuary's recommended changes, the reason or reasons for not following the State Actuary's recommended changes, and the fiscal impact of not following the State Actuary's recommended changes on the required State contribution.(a-15)    On or after June 15, 2019, but no later than June 30, 2019, the Board shall recalculate and recertify to the Governor and the General Assembly the amount of the State contribution to the System for State fiscal year 2019, taking into account the changes in required State contributions made by this amendatory Act of the 100th General Assembly.  The recalculation shall be made using assumptions adopted by the Board for the original fiscal year 2019 certification.  The monthly voucher for the 12th month of fiscal year 2019 shall be paid by the Comptroller after the recertification required pursuant to this subsection is submitted to the Governor, Comptroller, and General Assembly.  The recertification submitted to the General Assembly shall be filed with the Clerk of the House of Representatives and the Secretary of the Senate in electronic form only, in the manner that the Clerk and the Secretary shall direct.(b) The Board shall certify to the State Comptroller or employer, as the  case may be, from time to time, by its chairperson and secretary, with its seal  attached, the amounts payable to the System from the various funds.(c) Beginning in State fiscal year 1996, on or as soon as possible after the  15th day of each month the Board shall submit vouchers for payment of State  contributions to the System, in a total monthly amount of one-twelfth of the  required annual State contribution certified under subsection (a).  From the effective date of this amendatory Act  of the 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 (b) of Section 6z-61 of the State Finance Act.  These  vouchers shall be paid by the State Comptroller and Treasurer by warrants drawn  on the funds appropriated to the System for that fiscal year.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 Pension Funds Continuing Appropriation Act) is less than  the amount lawfully vouchered under this Section, the difference shall be paid  from the General Revenue Fund under the continuing appropriation authority  provided in Section 1.1 of the State Pension Funds Continuing Appropriation  Act.(d) So long as the payments received are the full amount lawfully  vouchered under this Section, payments received by the System under this  Section shall be applied first toward the employer contribution to the  self-managed plan established under Section 15-158.2.  Payments shall be  applied second toward the employer's portion of the normal costs of the System,  as defined in subsection (f) of Section 15-155.  The balance shall be applied  toward the unfunded actuarial liabilities of the System.(e) In the event that the System does not receive, as a result of  legislative enactment or otherwise, payments sufficient to  fully fund the employer contribution to the self-managed plan  established under Section 15-158.2 and to fully fund that portion of the  employer's portion of the normal costs of the System, as calculated in  accordance with Section 15-155(a-1), then any payments received shall be  applied proportionately to the optional retirement program established under  Section 15-158.2 and to the employer's portion of the normal costs of the  System, as calculated in accordance with Section 15-155(a-1).  (Source: P.A. 100-23, eff. 7-6-17; 100-587, eff. 6-4-18.)