Bill > HB3953

This bill provides appropriations for the State Universities Retirement System (SURS) for the fiscal year beginning July 1, 2025, allocating funds from multiple sources to support the state's pension obligations. Specifically, the bill appropriates $2,104,446,000 from the General Revenue Fund for the state's standard contribution, $215,000,000 from the State Pensions Fund as required by the State Finance Act, $10,966,632 from the Education Assistance Fund to be deposited into the Community College Health Insurance Security Fund, and $9,000,000 from the General Revenue Fund for additional contributions related to adjustments in the earnings limitation for pension calculations. These appropriations are designed to ensure that the State Universities Retirement System has sufficient funding to meet its financial obligations to retirees and active members of the public university retirement system. The bill will take effect on July 1, 2025, which marks the beginning of the next fiscal year.

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3953&GAID=18&DocTypeID=HB&SessionID=114&GA=104