Replaces everything after the enacting clause. Creates the State Healthcare Purchasing Reorganization and Oversight Act and amends various Acts. Supersedes Executive Order 3 (2005), except for the portion of that Executive Order that renamed the Department of Public Aid as the Department of Healthcare and Family Services. Transfers certain powers, duties, rights, and responsibilities related to State healthcare purchasing (including (i) rate development and negotiation with hospitals, physicians, and managed care providers, (ii) health care procurement development, (iii) contract implementation and fiscal monitoring, (iv) contract amendments, (v) payment processing, and (vi) purchasing aspects of health care plans administered by the State on behalf of State employees, non-State employees (such as retired teachers), and residents of State-operated facilities) from the Department of Healthcare and Family Services to the departments of Central Management Services, Corrections, Human Services, Juvenile Justice, and Veterans' Affairs. Provides that certain functions concerning the administration and management of employee benefits are unaffected by the transfer. Provides for the transfer of specified staff, records, and unexpended moneys. Makes conforming changes in other Acts. Amends the State Employees Group Insurance Act of 1971. Authorizes the Commission on Government Forecasting and Accountability to make a formal written determination to disapprove proposed contracts for the provision of group health insurance benefits under the Act. Specifies that if the Commission disapproves a proposed contract, then that proposed contract may not be finalized unless subsequently approved by a joint resolution of the General Assembly. Provides that if, within 90 days before the start of a fiscal year, the Chief Procurement Officer responsible for awarding group health insurance contracts fails to finalize all written contracts for the provision of group health insurance benefits under the Act for the coming fiscal year, then the Commission may direct the Chief Procurement Officer (i) not to finalize any proposed group health insurance contracts, as well as associated requests for proposals, and (ii) to extend existing contracts for those benefits for a term of 2 additional years. Makes corresponding changes in the Commission on Government Forecasting and Accountability Act and the Illinois Procurement Code. Effective immediately.