Bill > SB2580

This bill makes appropriations (allocates funds) for the State Employees' Retirement System (SERS) and other state retirement systems for the fiscal year beginning July 1, 2025, specifically drawing from the General Revenue Fund. The bill provides funding for several key areas: $27,400 for Social Security Division operational expenses, $10,000 for employee retirement contributions from prior fiscal years, $1,792,315,020 for the state's contribution to SERS, $4,000,000 for additional contributions related to earnings limitation adjustments, $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 financial obligations to various public employee retirement systems, covering operational costs and mandated contributions. The bill specifies that these amounts are maximum allocations, with funds to be used as necessary, and will take effect on July 1, 2025.

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2580&GAID=18&DocTypeID=SB&SessionID=114&GA=104