40 ILCS 5/2-124
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. 2-124)Sec. 2-124. Contributions by State.(a) The State shall make contributions to the System by  appropriations of amounts which, together with the contributions of  participants, interest earned on investments, and other income  will meet the cost of maintaining and administering the System on a 90%  funded basis in accordance with actuarial recommendations.(b) The Board shall determine the amount of State  contributions required for each fiscal year on the basis of the  actuarial tables and other assumptions adopted by the Board and the  prescribed rate of interest, using the formula in subsection (c).(c) For State fiscal years 2012 through 2045, the minimum contribution  to the System to be made by the State for each fiscal year shall be an amount  determined by the System to be sufficient to bring the total assets of the  System up to 90% of the total actuarial liabilities of the System by the end of  State fiscal year 2045.  In making these determinations, the 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.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  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  applied to the State contribution in fiscal year 2014, 2015, 2016, or 2017 shall be  implemented:(i) as already applied in State fiscal years before     2018; and(ii) in the portion of the 5-year period beginning in     the State fiscal year in which the actuarial change first applied that occurs  in State fiscal year 2018 or thereafter, by calculating the change in equal annual amounts over that 5-year period and then implementing it at the resulting annual rate in each of the remaining fiscal years in that 5-year period.For State fiscal years 1996 through 2005, the State contribution to  the System, as a percentage of the applicable employee payroll, shall be  increased in equal annual increments so that by State fiscal year 2011, the  State is contributing at the rate required under this Section.Notwithstanding any other provision of this Article, the total required State  contribution for State fiscal year 2006 is $4,157,000.Notwithstanding any other provision of this Article, the total required State  contribution for State fiscal year 2007 is $5,220,300.For each of State fiscal years 2008 through 2009, the State 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.Notwithstanding any other provision of this Article, the total required State contribution for State fiscal year 2010 is $10,454,000 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 General Revenue Fund in fiscal year 2010, and (iii) any reduction in bond 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 2011 is  the amount recertified by the System on or before April 1, 2011 pursuant to Section 2-134 and shall be made from the proceeds of bonds sold  in fiscal year 2011 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 General Revenue  Fund in fiscal year 2011, and (iii) any reduction in bond  proceeds due to the issuance of discounted bonds, if  applicable.Beginning in State fiscal year 2046, the minimum State contribution for  each fiscal year shall be the amount needed to maintain the total assets of  the System at 90% of the total actuarial liabilities of the System.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 contribution required under this Article in that fiscal year.  Such amounts shall not reduce, and shall not be included in the calculation of, the required State contributions under this Article in any future year until the System has reached a funding ratio of at least 90%.  A reference in this Article to the "required State contribution" or any substantially similar term does not include or apply to any amounts payable to the System under  Section 25 of the Budget Stabilization 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 Section 2-134, shall not exceed an amount equal to (i) the  amount of the required State contribution that would have been calculated under  this 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. 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 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.(d) 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, which shall be calculated as follows:As of June 30, 2008, the actuarial value of the System's assets shall be equal to the market value of the assets as of that date.  In determining the actuarial value of the System's assets for fiscal years after June 30, 2008, any actuarial gains or losses from investment return incurred in a fiscal year shall be recognized in equal annual amounts over the 5-year period following that fiscal year.(e) For purposes of determining the required State contribution to the system for a particular year, the actuarial value of assets shall be assumed to earn a rate of return equal to the system's actuarially assumed rate of return. (Source: P.A. 100-23, eff. 7-6-17.)