HB1494 95TH GENERAL ASSEMBLY

LRB095 09847 BDD 30058 b

95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB1494

Introduced 2/21/2007, by Rep. Kurt M. Granberg

SYNOPSIS AS INTRODUCED:

30 ILCS 105/5.675 new
30 ILCS 105/6z-69 new

Amends the State Finance Act. Provides that all net proceeds from any sale or other disposition of the State Lottery must be deposited into the Commitment to Pension Protection Fund, a special fund created in the State treasury. Provides that all amounts in the Fund must be appropriated as determined by the General Assembly to restore adequate funding of the various State pension and retirement systems. Effective immediately.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning finance.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The State Finance Act is amended by adding Sections 5.675 and 6z-69 as follows:

(30 ILCS 105/5.675 new)

Sec. 5.675. The Commitment to Pension Protection Fund.

(30 ILCS 105/6z-69 new)

Sec. 6z-69. The Commitment to Pension Protection Fund. The Commitment to Pension Protection Fund is created as a special fund in the State treasury. All of the net proceeds from any sale or disposition of the State Lottery must be deposited into the Fund. All amounts in the Fund must be appropriated as determined by the General Assembly to restore adequate funding of the various State pension and retirement systems. Any interest earned on money in the Fund must be deposited into the Fund.

Section 99. Effective date. This Act takes effect upon becoming law.