Bill > SB2596

This bill makes 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 provides $2,104,446,000 from the General Revenue Fund for the state's standard contribution, $215,000,000 from the State Pensions Fund pursuant to Section 8.12 of the State Finance Act, $10,966,632 from the Education Assistance Fund for deposit into the Community College Health Insurance Security Fund, and $9,000,000 from the General Revenue Fund for additional contributions related to earnings limitation adjustments in the Illinois Pension Code. These appropriations are designed to ensure adequate funding for the state's obligations to the retirement system, which provides pension benefits for employees of state universities and community colleges. The bill will take effect on July 1, 2025, and represents a comprehensive approach to meeting the state's ongoing pension funding requirements for higher education employees.

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2596&GAID=18&DocTypeID=SB&SessionID=114&GA=104