Bill > HB3952

This bill appropriates funds for various state retirement systems for the fiscal year beginning July 1, 2025, primarily drawing from the General Revenue Fund. Specifically, the bill allocates $27,400 for operational expenses for the Social Security Division and $10,000 for employee retirement contributions paid by the employer for prior fiscal years. The State Employees' Retirement System will receive a primary contribution of $1,792,315,020, with an additional $4,000,000 for adjustments to earnings limitations. The bill also provides $151,882,000 for the Judges Retirement System and $26,501,000 for the General Assembly Retirement System. These appropriations are designed to ensure that the state meets its legal obligations to fund retirement benefits for state employees, judges, and general assembly members. The bill will take effect on July 1, 2025, and allows for flexibility by specifying that the amounts appropriated are "or so much thereof as may be necessary," which means the state can adjust spending as needed within the specified limits.

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3952&GAID=18&DocTypeID=HB&SessionID=114&GA=104