40 ILCS 5/2-134
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 2 - General Assembly Retirement System

   (from Ch. 108 1/2, par. 2-134)Sec. 2-134. To certify required State contributions and submit vouchers.(a) The Board shall certify to the Governor on or before December 15 of each  year until December 15, 2011 the amount of the required State contribution to the System for the next  fiscal year and shall specifically identify the System's projected State normal cost for that fiscal year.  The certification 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.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 every 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 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.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.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.(b) 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 (d) 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.(c) The full amount of any annual appropriation for the System for  State fiscal year 1995 shall be transferred and made available to the System  at the beginning of that fiscal year at the request of the Board.  Any excess funds remaining at the end of any fiscal year from appropriations  shall be retained by the System as a general reserve to meet the System's  accrued liabilities.  (Source: P.A. 100-23, eff. 7-6-17.)