HR0542LRB097 13869 GRL 58438 r

1
HOUSE RESOLUTION

 
2    WHEREAS, Public Act 93-0002 amended the General Obligation
3Bond Act to increase bond authorization by $10 billion; and
 
4    WHEREAS, These 30-year general obligation bonds were
5designated as a pension funding series; the State of Illinois
6used a portion of the bond proceeds to pay part of the Fiscal
7Year 2003 State contribution and all of the Fiscal Year 2004
8State contributions to the retirement systems; and
 
9    WHEREAS, Of the $10 billion that was allocated, $7.3
10billion was used to reduce the unfunded liabilities of the
11State-funded retirement systems; and
 
12    WHEREAS, Along with the $10 billion increase in bond
13authorization, Public Act 93-0002 included a provision
14requiring State contributions to the retirement systems to be
15reduced by the amount of the debt service on the bonds; and
 
16    WHEREAS, The State will be paying off the principal and
17debt on these bonds until 2033; and
 
18    WHEREAS, The State of Illinois has the worst funded pension
19system in the nation, with around $85 billion in unfunded
20liability; and
 

 

 

HR0542- 2 -LRB097 13869 GRL 58438 r

1    WHEREAS, The bonding for 2003 was supposed to reduce the
2unfunded liability in the pensions systems and reduce the
3pension systems' financial cost to the State; therefore, be it
 
4    RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE
5NINETY-SEVENTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that
6the Commission on Government Forecasting and Accountability
7shall study the impact of Public Act 93-0002 and the true cost
8of the bill versus the projected savings and create a report on
9its findings; and be it further
 
10    RESOLVED, That the Commission on Government Forecasting
11and Accountability shall release its report, report all of its
12findings to the Illinois General Assembly and Governor, and
13publish all findings on the Commission on Government
14Forecasting and Accountability website by July 1, 2012.