Bill > SB0683

This bill makes a technical amendment to Section 14-131 of the Illinois Pension Code concerning state contributions to the State Employees' Retirement System. The bill primarily focuses on clarifying and refining language related to how the state calculates and makes contributions to the pension system. Specifically, it adjusts the language around how contributions are determined, emphasizing that the state's goal is to fund the system to 90% by fiscal year 2045 using a level percentage of payroll calculation method. The bill introduces provisions for how changes in actuarial or investment assumptions will be implemented, including spreading significant changes over a 5-year period. Additionally, the bill outlines details about contribution requirements, such as how departments should make contributions, how contributions from different fund sources are handled, and the process for determining and certifying the required state contribution each fiscal year. The changes appear to be primarily technical in nature, aimed at providing more precise language and clarification around the state's pension funding mechanisms, without making substantial changes to the fundamental contribution structure.

Government Affairs

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=683&GAID=18&DocTypeID=SB&SessionID=114&GA=104