Bill > SB0691

This bill makes a technical amendment to the State Pensions Funds Continuing Appropriation Act by modifying Section 1, which concerns appropriations from the State Pensions Fund. Specifically, the bill removes and replaces the word "the" in a section describing how appropriations are made to cover deficiencies in funding for designated retirement systems. The provision ensures that if the total appropriation to a retirement system from the State Pensions Fund is less than the amount required under Section 8.12 of the State Finance Act, a continuing annual appropriation will automatically be made to make up the difference. This appropriation takes effect on July 1 for each fiscal year, and any amount used will be charged against unexpended funds. The change appears to be a minor linguistic adjustment rather than a substantive alteration of the existing law's intent or mechanism.

Government Affairs

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=691&GAID=18&DocTypeID=SB&SessionID=114&GA=104