Illinois General Assembly - Full Text of SB2599

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104TH GENERAL ASSEMBLY
State of Illinois
2025 and 2026
SB2599

Introduced 2/25/2025, by Sen. Elgie R. Sims, Jr.

SYNOPSIS AS INTRODUCED:

Makes appropriations for teacher retirement contributions for the fiscal year beginning July 1, 2025, as follows:

General Funds $7,047,506,738

AN ACT concerning appropriations.

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

ARTICLE 1

Section 1. The sum of $6,495,517,664, or so much thereof as may be necessary, is appropriated from the Common School Fund to the Teachers' Retirement System of the State of Illinois for the State's contribution, as provided by law.

Section 5. The sum of $200,000, or so much thereof as may be necessary, is appropriated from the Education Assistance Fund to the Teachers' Retirement System of the State of Illinois for additional costs due to the establishment of minimum retirement allowances pursuant to Sections 16-136.2 and 16-136.3 of the Illinois Pension Code.

Section 10. The sum of $500,000, or so much thereof as may be necessary, is appropriated from the Common School Fund to the Teachers' Retirement System of the State of Illinois for the employer contributions required by the State as an employer of teachers described under subsection (e) or subsection (f) of Section 16-158 of the Illinois Pension Code.

Section 15. The amount of $123,195,074, or so much thereof as may be necessary, is appropriated from the General Revenue Fund to the Teachers' Retirement System of the State of Illinois for deposit into the Teacher Health Insurance Security Fund as the State's contribution for teachers' health insurance.

Section 20. The amount of $16,256,000, or so much thereof as may be necessary, is appropriated from the Common School Fund to the Public School Teachers' Pension and Retirement Fund of Chicago for the State's contribution pursuant to subsection (c) of Section 17-127 of the Illinois Pension Code.

Section 25. The amount of $346,838,000, or so much thereof as may be necessary, is appropriated from the Common School Fund to the Public School Teachers' Pension and Retirement Fund of Chicago for the State's contribution pursuant to paragraph (2) of subsection (d) of Section 17-127 of the Illinois Pension Code.

Section 30. The sum of $65,000,000, or so much thereof as may be necessary, is appropriated from the General Revenue Fund to the Teachers' Retirement System of the State of Illinois for additional State contributions associated with adjustments to the earnings limitation specified in subsection (b-5) of Section 1-160 of the Illinois Pension Code.

Section 99. Effective date. This Act takes effect July 1, 2025.