98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
HB5291

 

Introduced , by Rep. Bill Mitchell

 

SYNOPSIS AS INTRODUCED:
 
30 ILCS 122/20

    Amends the Budget Stabilization Act. Increases the amount transferred from the General Revenue Fund to the Pension Stabilization Fund to 100% (currently 10%) of the specified sums. Provides that the transferred amount is intended to represent all (currently one-tenth) of the annual savings to the State resulting from the enactment of Public Act 98-599.


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FISCAL NOTE ACT MAY APPLY
PENSION IMPACT NOTE ACT MAY APPLY

 

 

A BILL FOR

 

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1    AN ACT concerning finance.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Budget Stabilization Act is amended by
5changing Section 20 as follows:
 
6    (30 ILCS 122/20)
7    (Text of Section after amendment by P.A. 98-599)
8    Sec. 20. Pension Stabilization Fund.
9    (a) The Pension Stabilization Fund is hereby created as a
10special fund in the State treasury. Moneys in the fund shall be
11used for the sole purpose of making payments to the designated
12retirement systems as provided in Section 25.
13    (b) For each fiscal year through State fiscal year 2014,
14when the General Assembly's appropriations and transfers or
15diversions as required by law from general funds do not exceed
1699% of the estimated general funds revenues pursuant to
17subsection (a) of Section 10, the Comptroller shall transfer
18from the General Revenue Fund as provided by this Section a
19total amount equal to 0.5% of the estimated general funds
20revenues to the Pension Stabilization Fund.
21    (c) For each fiscal year through State fiscal year 2014,
22when the General Assembly's appropriations and transfers or
23diversions as required by law from general funds do not exceed

 

 

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198% of the estimated general funds revenues pursuant to
2subsection (b) of Section 10, the Comptroller shall transfer
3from the General Revenue Fund as provided by this Section a
4total amount equal to 1.0% of the estimated general funds
5revenues to the Pension Stabilization Fund.
6    (c-5) In addition to any other amounts required to be
7transferred under this Section, in State fiscal year 2016 and
8each fiscal year thereafter through State fiscal year 2045, or
9when each of the designated retirement systems, as defined in
10Section 25, has achieved 100% funding, whichever occurs first,
11the State Comptroller shall order transferred and the State
12Treasurer shall transfer from the General Revenue Fund to the
13Pension Stabilization Fund an amount equal to 100% 10% of (1)
14the sum of the amounts certified by the designated retirement
15systems under subsection (a-5) of Section 2-134, subsection
16(a-10) of Section 14-135.08, subsection (a-10) of Section
1715-165, and subsection (a-10) of Section 16-158 of this Code
18for that fiscal year minus (2) the sum of (i) the transfer
19required under subsection (c-10) of this Section for that
20fiscal year and (ii) the sum of the required State
21contributions certified by the retirement systems under
22subsection (a) of Section 2-134, subsection (a-5) of Section
2314-135.08, subsection (a-5) of Section 15-165, and subsection
24(a-5) of Section 16-158 of this Code for that fiscal year. The
25transferred amount is intended to represent all one-tenth of
26the annual savings to the State resulting from the enactment of

 

 

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1this amendatory Act of the 98th General Assembly.
2    (c-10) In State fiscal year 2019, the State Comptroller
3shall order transferred and the State Treasurer shall transfer
4$364,000,000 from the General Revenue Fund to the Pension
5Stabilization Fund. In State fiscal year 2020 and each fiscal
6year thereafter until terminated under subsection (c-15), the
7State Comptroller shall order transferred and the State
8Treasurer shall transfer $1,000,000,000 from the General
9Revenue Fund to the Pension Stabilization Fund.
10    (c-15) The transfers made beginning in State fiscal year
112020 pursuant to subsection (c-10) of this Section shall
12terminate at the end of State fiscal year 2045 or when each of
13the designated retirement systems, as defined in Section 25,
14has achieved 100% funding, whichever occurs first.
15    (d) The Comptroller shall transfer 1/12 of the total amount
16to be transferred each fiscal year under this Section into the
17Pension Stabilization Fund on the first day of each month of
18that fiscal year or as soon thereafter as possible; except that
19the final transfer of the fiscal year shall be made as soon as
20practical after the August 31 following the end of the fiscal
21year.
22    Until State fiscal year 2015, before the final transfer for
23a fiscal year is made, the Comptroller shall reconcile the
24estimated general funds revenues used in calculating the other
25transfers under this Section for that fiscal year with the
26actual general funds revenues for that fiscal year. The final

 

 

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1transfer for the fiscal year shall be adjusted so that the
2total amount transferred under this Section for that fiscal
3year is equal to the percentage specified in subsection (b) or
4(c) of this Section, whichever is applicable, of the actual
5general funds revenues for that fiscal year. The actual general
6funds revenues for the fiscal year shall be calculated in a
7manner consistent with subsection (c) of Section 10 of this
8Act.
9(Source: P.A. 98-599, eff. 6-1-14.)