Amendment to SB512: Contributions by Members

Amendment SB512 (Nov. 7, 2011) pages 271-73
From (40 ILCS 5/16-152) (from Ch. 108 1/2, par. 16-152)
Sec. 16-152. Contributions by members:

…Beginning July 1, 2013, all members shall be required to make the following contributions:

(1) Members who elect the traditional benefit package provided under paragraph (1) of subsection (a) of Section 16-133.6 of this Code shall contribute:

(A) In fiscal year 2014, fiscal year 2015, and fiscal year 2016, an amount equal to 13.77% of salary.
(B) In fiscal year 2017 and in each fiscal year thereafter, a percentage of salary equal to the actuarially determined fiscal year 2017 normal cost of the traditional benefit package, minus contributions by the State of Illinois in fiscal year 2017 under subsection (a) of Section 16-158.2, provided that no member's contribution shall be less than 6% or more than 15.77% of salary. The System shall certify the actuarially determined fiscal year 2017 normal cost of the traditional benefit package and the amount of the required member contribution.

(2) In fiscal year 2014 and in each fiscal year thereafter, members who elect the revised benefit package provided under paragraph (2) of subsection (a) of Section 16-133.6 of this Code shall contribute an amount equal to the greater of the actuarially determined long term normal cost of the revised benefit package as calculated in fiscal year 2014 or 12%, minus contributions by the State of Illinois in fiscal year 2014 under subsection (b) of Section 16-158.2, provided that no member's contribution shall be less than 6% of salary. The System shall certify the actuarially determined long term normal cost of such revised benefit package and the amount of the required member contribution. For purposes of this paragraph (2), long term normal cost shall be defined as the normal cost of the revised benefit package assuming that all employees are covered under the revised benefit package. Contributions under this paragraph (2) shall be based on pensionable salary.

(3) In fiscal year 2014 and in each fiscal year thereafter, members who elect the self-managed plan provided under Section 16-133.8 of this Code shall contribute a minimum of 6% of salary. Members who elect the self-managed plan provided under Section 16-133.8 of this Code may elect to increase their member contribution in accordance with rules prescribed by the Board.
(Source: P.A. 93-320, eff. 7-23-03; 94-4, eff. 6-1-05.)
(40 ILCS 5/16-152.2 new)

Sec. 16-152.2. Increases in member contributions. If the member contribution required under Section 16-152 increases for any member pursuant to this amendatory Act of the 97th General Assembly, the additional member contribution in excess of the prior member contribution for such member shall be deducted from the member's salary unless the member's employer agrees pursuant to Section 414(h) of the Internal Revenue Code to pick up and pay part or all of such increased contribution in addition to the member's salary.