Bill > HB5610

This bill amends the Budget Stabilization Act to direct specific transfers from the General Revenue Fund to the Pension Stabilization Fund, which is a special fund in the state treasury used to make payments to designated retirement systems. These transfers are scheduled to begin in fiscal year 2030 and continue until the end of fiscal year 2045, or until all designated retirement systems (which include the State Employees' Retirement System, Teachers' Retirement System, State Universities Retirement System, Judges Retirement System, and General Assembly Retirement System) achieve 100% funding, whichever comes first. The bill specifies that for fiscal years 2030 through 2033, $600,000,000 will be transferred each year, and for fiscal year 2034 through the termination date, $1,700,000 will be transferred each year. Importantly, these payments are intended to supplement, not replace, the state's required contributions to these retirement systems and will not reduce future required contributions until the systems reach their funding targets. The bill also states that it takes effect immediately upon becoming law.

https://www.ilga.gov/Legislation/BillStatus?DocNum=5610&GAID=18&DocTypeID=HB&SessionID=114&GA=104