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| Public Act 103-0515
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| HB0300 Enrolled | LRB103 03827 RJT 48833 b |
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AN ACT concerning education.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Illinois Pension Code is amended by |
changing Section 16-158 as follows:
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(40 ILCS 5/16-158)
(from Ch. 108 1/2, par. 16-158)
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Sec. 16-158. Contributions by State and other employing |
units.
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(a) The State shall make contributions to the System by |
means of
appropriations from the Common School Fund and other |
State funds of amounts
which, together with other employer |
contributions, employee contributions,
investment income, and |
other income, will be sufficient to meet the cost of
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maintaining and administering the System on a 90% funded basis |
in accordance
with actuarial recommendations.
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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 recommendations of the actuary, using the |
formula
in subsection (b-3).
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(a-1) Annually, on or before November 15 until November |
15, 2011, the Board shall certify to the
Governor the amount of |
the required State contribution for the coming fiscal
year. |
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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.
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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
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Obligation Bond Act.
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On or before July 1, 2005, the Board shall recalculate and |
recertify
to the Governor the amount of the required State
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contribution to the System for State fiscal year 2006, taking |
into account the changes in required State contributions made |
by Public Act 94-4.
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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 |
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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 |
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 Public Act |
100-23. 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 |
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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 Public Act 100-587. 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) Through State fiscal year 1995, the State |
contributions shall be
paid to the System in accordance with |
Section 18-7 of the School Code.
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(b-1) Beginning in State fiscal year 1996, on the 15th day |
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of each month,
or as soon thereafter as may be practicable, 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-1).
From March 5, 2004 (the
effective date of Public Act |
93-665)
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 (a) 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.
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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 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.
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(b-2) Allocations from the Common School Fund apportioned |
to school
districts not coming under this System shall not be |
diminished or affected by
the provisions of this Article.
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(b-3) For State fiscal years 2012 through 2045, the |
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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
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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.
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For each of State fiscal years 2018, 2019, and 2020, the |
State shall make an additional contribution to the System |
equal to 2% of the total payroll of each employee who is deemed |
to have elected the benefits under Section 1-161 or who has |
made the election under subsection (c) of Section 1-161. |
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
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implemented in equal annual amounts over a 5-year period
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beginning in the State fiscal year in which the actuarial
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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 |
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(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
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contributing at the rate required under this Section; 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
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contribution in excess of the amount otherwise required under |
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):
10.02% in |
FY 1999;
10.77% in FY 2000;
11.47% in FY 2001;
12.16% in FY |
2002;
12.86% in FY 2003; and
13.56% in FY 2004.
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Notwithstanding any other provision of this Article, the |
total required State
contribution for State fiscal year 2006 |
is $534,627,700.
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Notwithstanding any other provision of this Article, the |
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total required State
contribution for State fiscal year 2007 |
is $738,014,500.
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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
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State is contributing at the rate otherwise required under |
this Section.
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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 |
proceeds due to the issuance of discounted bonds, if |
applicable. |
Notwithstanding any other provision of this Article, the
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total required State contribution for State fiscal year 2011 |
is
the amount recertified by the System on or before April 1, |
2011 pursuant to subsection (a-1) of this Section 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 |
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the System's share of total bond
proceeds, (ii) any amounts |
received from the Common School Fund
in fiscal year 2011, and |
(iii) any reduction in bond proceeds
due to the issuance of |
discounted bonds, if applicable. This amount shall include, in |
addition to the amount certified by the System, an amount |
necessary to meet employer contributions required by the State |
as an employer under paragraph (e) of this Section, which may |
also be used by the System for contributions required by |
paragraph (a) of Section 16-127. |
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.
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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 |
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required State
contribution for State fiscal year 2005 and for |
fiscal year 2008 and each fiscal year thereafter, as
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calculated under this Section and
certified under subsection |
(a-1), 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
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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.
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(b-4) Beginning in fiscal year 2018, each employer under |
this Article shall pay to the System a required contribution |
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determined as a percentage of projected payroll and sufficient |
to produce an annual amount equal to: |
(i) for each of fiscal years 2018, 2019, and 2020, the |
defined benefit normal cost of the defined benefit plan, |
less the employee contribution, for each employee of that |
employer who has elected or who is deemed to have elected |
the benefits under Section 1-161 or who has made the |
election under subsection (b) of Section 1-161; for fiscal |
year 2021 and each fiscal year thereafter, the defined |
benefit normal cost of the defined benefit plan, less the |
employee contribution, plus 2%, for each employee of that |
employer who has elected or who is deemed to have elected |
the benefits under Section 1-161 or who has made the |
election under subsection (b) of Section 1-161; plus |
(ii) the amount required for that fiscal year to |
amortize any unfunded actuarial accrued liability |
associated with the present value of liabilities |
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. |
In determining contributions required under item (i) of |
this subsection, the System shall determine an aggregate rate |
for all employers, expressed as a percentage of projected |
payroll. |
In determining the contributions required under item (ii) |
of this subsection, the amount shall be computed by the System |
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on the basis of the actuarial assumptions and tables used in |
the most recent actuarial valuation of the System that is |
available at the time of the computation. |
The contributions required under this subsection (b-4) |
shall be paid by an employer concurrently with that employer's |
payroll payment period. The State, as the actual employer of |
an employee, shall make the required contributions under this |
subsection. |
(c) Payment of the required State contributions and of all |
pensions,
retirement annuities, death benefits, refunds, and |
other benefits granted
under or assumed by this System, and |
all expenses in connection with the
administration and |
operation thereof, are obligations of the State.
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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 |
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. Employer contributions, |
based on
salary paid to members from federal funds, may be |
forwarded by the distributing
agency of the State of Illinois |
to the System prior to allocation, in an
amount determined in |
accordance with guidelines established by such
agency and the |
System. Any contribution for fiscal year 2015 collected as a |
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result of the change made by Public Act 98-674 shall be |
considered a State contribution under subsection (b-3) of this |
Section.
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(d) Effective July 1, 1986, any employer of a teacher as |
defined in
paragraph (8) of Section 16-106 shall pay the |
employer's normal cost
of benefits based upon the teacher's |
service, in addition to
employee contributions, as determined |
by the System. Such employer
contributions shall be forwarded |
monthly in accordance with guidelines
established by the |
System.
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However, with respect to benefits granted under Section |
16-133.4 or
16-133.5 to a teacher as defined in paragraph (8) |
of Section 16-106, the
employer's contribution shall be 12% |
(rather than 20%) of the member's
highest annual salary rate |
for each year of creditable service granted, and
the employer |
shall also pay the required employee contribution on behalf of
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the teacher. For the purposes of Sections 16-133.4 and |
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.
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(e) Beginning July 1, 1998, every employer of a teacher
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shall pay to the System an employer contribution computed as |
follows:
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(1) Beginning July 1, 1998 through June 30, 1999, the |
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employer
contribution shall be equal to 0.3% of each |
teacher's salary.
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(2) Beginning July 1, 1999 and thereafter, the |
employer
contribution shall be equal to 0.58% of each |
teacher's salary.
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The school district or other employing unit may pay these |
employer
contributions out of any source of funding available |
for that purpose and
shall forward the contributions to the |
System on the schedule established
for the payment of member |
contributions.
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These employer contributions are intended to offset a |
portion of the cost
to the System of the increases in |
retirement benefits resulting from Public Act 90-582.
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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 |
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.
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The additional 1% employee contribution required under |
Section 16-152 by Public Act 90-582
is the responsibility of |
the teacher and not the
teacher's employer, unless the |
employer agrees, through collective bargaining
or otherwise, |
to make the contribution on behalf of the teacher.
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If an employer is required by a contract in effect on May |
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1, 1998 between the
employer and an employee organization to |
pay, on behalf of all its full-time
employees
covered by this |
Article, all mandatory employee contributions required under
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this Article, then the employer shall be excused from paying |
the employer
contribution required under this subsection (e) |
for the balance of the term
of that contract. The employer and |
the employee organization shall jointly
certify to the System |
the existence of the contractual requirement, in such
form as |
the System may prescribe. This exclusion shall cease upon the
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termination, extension, or renewal of the contract at any time |
after May 1,
1998.
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(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 |
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%. This present value 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 the time of the |
computation. If a teacher's salary for the 2005-2006 school |
year is used to determine final average salary under this |
subsection (f), then the changes made to this subsection (f) |
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by Public Act 94-1057 shall apply in calculating whether the |
increase in his or her salary is in excess of 6%. For the |
purposes of this Section, change in employment under Section |
10-21.12 of the School Code on or after June 1, 2005 shall |
constitute a change in employer. The System may require the |
employer to provide any pertinent information or |
documentation.
The changes made to this subsection (f) by |
Public Act 94-1111 apply without regard to whether the teacher |
was in service on or after its effective date.
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Whenever it determines that a payment is or may be |
required under this subsection, the System shall calculate the |
amount of the payment and bill the employer for that amount. |
The bill shall specify the calculations used to determine the |
amount due. If the employer disputes the amount of the bill, it |
may, within 30 days after receipt of the bill, apply to the |
System in writing for a recalculation. The application must |
specify in detail the grounds of the dispute and, if the |
employer asserts that the calculation is subject to subsection |
(g), (g-5), (g-10), (g-15), (g-20), 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. Upon receiving a timely |
application for recalculation, the System shall review the |
application and, if appropriate, recalculate the amount due.
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The employer contributions required under this subsection |
(f) may be paid in the form of a lump sum within 90 days after |
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receipt of the bill. If the employer contributions are not |
paid within 90 days after receipt of the bill, then interest |
will be charged at a rate equal to the System's annual |
actuarially assumed rate of return on investment compounded |
annually from the 91st day after receipt of the bill. Payments |
must be concluded within 3 years after the employer's receipt |
of the bill.
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(f-1) (Blank). |
(g) This subsection (g) applies only to payments made or |
salary increases given on or after June 1, 2005 but before July |
1, 2011. The changes made by Public Act 94-1057 shall not |
require the System to refund any payments received before
July |
31, 2006 (the effective date of Public Act 94-1057). |
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 |
entered into, amended, or renewed before June 1, 2005.
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When assessing payment for any amount due under subsection |
(f), the System shall exclude salary increases paid to a |
teacher at a time when the teacher is 10 or more years from |
retirement eligibility under Section 16-132 or 16-133.2.
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When assessing payment for any amount due under subsection |
(f), the System shall exclude salary increases 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 |
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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.
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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 |
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.
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When assessing payment for any amount due under subsection |
(f), the System shall exclude any payment to the teacher from |
the State of Illinois or the State Board of Education over |
which the employer does not have discretion, notwithstanding |
that the payment is included in the computation of final |
average salary.
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(g-5) When assessing payment for any amount due under |
subsection (f), the System shall exclude salary increases |
resulting from overload or stipend work performed in a school |
year subsequent to a school year in which the employer was |
unable to offer or allow to be conducted overload or stipend |
work due to an emergency declaration limiting such activities. |
(g-10) When assessing payment for any amount due under |
subsection (f), the System shall exclude salary increases |
resulting from increased instructional time that exceeded the |
instructional time required during the 2019-2020 school year. |
(g-15) When assessing payment for any amount due under |
subsection (f), the System shall exclude salary increases |
resulting from teaching summer school on or after May 1, 2021 |
and before September 15, 2022. |
(g-20) When assessing payment for any amount due under |
subsection (f), the System shall exclude salary increases |
necessary to bring a school board in compliance with Public |
Act 101-443 or this amendatory Act of the 103rd General |
Assembly. |
(h) When assessing payment for any amount due under |
subsection (f), the System shall exclude any salary increase |
described in subsection (g) of this Section given on or after |
July 1, 2011 but before July 1, 2014 under a contract or |
collective bargaining agreement entered into, amended, or |
renewed on or after June 1, 2005 but before July 1, 2011. |
Notwithstanding any other provision of this Section, any |
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payments made or salary increases given after June 30, 2014 |
shall be used in assessing payment for any amount due under |
subsection (f) of this Section.
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(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 |
information: |
(1) The number of recalculations required by the |
changes made to this Section by Public Act 94-1057 for |
each employer. |
(2) The dollar amount by which each employer's |
contribution to the System was changed due to |
recalculations required by Public Act 94-1057. |
(3) The total amount the System received from each |
employer as a result of the changes made to this Section by |
Public Act 94-4. |
(4) The increase in the required State contribution |
resulting from the changes made to this Section by Public |
Act 94-1057.
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(i-5) For school years beginning on or after July 1, 2017, |
if the amount of a participant's salary for any school year |
exceeds the amount of the salary set for the Governor, the |
participant's employer shall pay to the System, in addition to |
all other payments required under this Section and in |
accordance with guidelines established by the System, an |
amount determined by the System to be equal to the employer |
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normal cost, as established by the System and expressed as a |
total percentage of payroll, multiplied by the amount of |
salary in excess of the amount of the salary set for the |
Governor. 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 |
the time of the computation. The System may require the |
employer to provide any pertinent information or |
documentation. |
Whenever it determines that a payment is or may be |
required under this subsection, the System shall calculate the |
amount of the payment and bill the employer for that amount. |
The bill shall specify the calculations used to determine the |
amount due. If the employer disputes the amount of the bill, it |
may, within 30 days after receipt of the bill, apply to the |
System in writing for a recalculation. The application must |
specify in detail the grounds of the dispute. Upon receiving a |
timely application for recalculation, the System shall review |
the application and, if appropriate, recalculate the amount |
due. |
The employer contributions required under this subsection |
may be paid in the form of a lump sum within 90 days after |
receipt of the bill. If the employer contributions are not |
paid within 90 days after receipt of the bill, then interest |
will be charged at a rate equal to the System's annual |
actuarially assumed rate of return on investment compounded |
|
annually from the 91st day after receipt of the bill. Payments |
must be concluded within 3 years after the employer's receipt |
of the bill. |
(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, |
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. |
(k) 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. 101-10, eff. 6-5-19; 101-81, eff. 7-12-19; |
102-16, eff. 6-17-21; 102-525, eff. 8-20-21; 102-558, eff. |
8-20-21; 102-813, eff. 5-13-22.)
|
Section 10. The School Code is amended by changing Section |
24-8 as follows:
|
|
(105 ILCS 5/24-8) (from Ch. 122, par. 24-8)
|
Sec. 24-8. Minimum salary. In fixing the salaries of |
teachers, school boards shall pay those who
serve on a |
full-time basis not less than a rate for the school year that
|
is based upon training completed in a recognized institution |
of higher
learning, as follows: for the school year beginning |
July 1, 1980 and
until the 2020-2021 school year, less than a |
bachelor's degree, $9,000; 120 semester hours or
more and a |
bachelor's degree, $10,000; 150 semester hours or more and a
|
master's degree, $11,000. In fixing the salaries of teachers, |
a school board shall pay those who serve on a full-time basis a |
rate not less than (i) $32,076 for the 2020-2021 school year, |
(ii) $34,576 for the 2021-2022 school year, (iii) $37,076 for |
the 2022-2023 school year, and (iv) $40,000 for the 2023-2024 |
school year. The minimum salary rate for each school year |
thereafter, subject to review by the General Assembly, shall |
equal the minimum salary rate for the previous school year |
increased by a percentage equal to the annualized percentage |
increase, if any, in the Consumer Price Index for All Urban |
Consumers for all items published by the United States |
Department of Labor for the 12-month period ending on June 30 |
of the school year that ended 12 months prior to the school |
year in which the adjusted salary is to be in effect the |
previous school year.
|
In accordance with this Section, the Commission on |
Government Forecasting and Accountability shall certify and |
|
publish the minimum salary rate to be used for the 2024-2025 |
school year no later than September 30, 2023. By no later than |
July 20, 2024 and annually on or before each July 20 |
thereafter, the Commission on Government Forecasting and |
Accountability shall certify and publish the minimum salary |
rate to be used for each school year after the 2024-2025 school |
year in accordance with this Section. |
On or before January 31, 2020, the Professional Review |
Panel created under Section 18-8.15 must submit a report to |
the General Assembly on how State funds and funds distributed |
under the evidence-based funding formula under Section 18-8.15 |
may aid the financial effects of the changes made by this |
amendatory Act of the 101st General Assembly. |
Based upon previous public school
experience in this State |
or any other state, territory, dependency or
possession of the |
United States, or in schools operated by or under the
auspices |
of the United States, teachers who serve on a full-time basis
|
shall have their salaries increased to at least the following |
amounts
above the starting salary for a teacher in such |
district in the same
classification: with less than a |
bachelor's degree, $750 after 5 years;
with 120 semester hours |
or more and a bachelor's degree, $1,000 after 5
years and |
$1,600 after 8 years; with 150 semester hours or more and a |
master's
degree, $1,250 after 5 years, $2,000 after 8 years |
and $2,750 after 13 years.
|
For the purpose of this Section a teacher's salary shall |
|
include any amount
paid by the school district on behalf of the |
teacher, as teacher contributions,
to the Teachers' Retirement |
System of the State of Illinois.
|
If a school board establishes a schedule for teachers' |
salaries based
on education and experience, not inconsistent |
with this Section, all certificated
nurses employed by that |
board shall be paid in accordance with the provisions
of such |
schedule.
|
For purposes of this Section, a teacher who submits a |
certificate of
completion to the school office prior to the |
first day of the school
term shall be considered to have the |
degree stated in such certificate.
|
(Source: P.A. 101-443, eff. 6-1-20.)
|
