Bill Status of SB3044 94th General Assembly
Short Description: PENCD-FUNDING STATE SYSTEMS
Sen. John O. Jones - Frank C. Watson - David Luechtefeld - Carole Pankau - Gary G. Dahl, William E. Peterson, Adeline Jay Geo-Karis, Wendell E. Jones, Larry K. Bomke, Dave Syverson, Cheryl Axley, Kirk W. Dillard, Bill Brady, Christine Radogno, John J. Millner and Pamela J. Althoff
| 1/9/2007||Senate||Session Sine Die|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Illinois Pension Code. In provisions concerning the 5 State-funded retirement systems, deletes language specifying dollar amounts for the State contribution to each System required for FY 2007 and provides that State contributions to the systems for fiscal years 2007 through 2010 shall be increased in equal annual increments from the required State contributions in State fiscal year 2005 until the State is contributing at a rate that will result in the systems being 90% funded. Changes how certain calculations related to the required State contributions are made. Provides that the Board of Trustees of the retirement systems must re-certify, on or before July 1, 2006, the amount of the required State contribution for FY 2007, taking into account the changes made by this amendatory Act. In the State Employee Article of the Illinois Pension Code, provides that increases as a result of certain early retirement incentives shall not be included in the calculation of the required State contribution under that Article, but shall be appropriated separately. Effective immediately.