Illinois General Assembly - Full Text of SB2404
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Full Text of SB2404  98th General Assembly


Sen. John J. Cullerton

Filed: 5/9/2013





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2    AMENDMENT NO. ______. Amend Senate Bill 2404, AS AMENDED,
3in Section 25, by replacing Sec. 20 with the following:
4    "(30 ILCS 122/20)
5    Sec. 20. Pension Stabilization Fund.
6    (a) The Pension Stabilization Fund is hereby created as a
7special fund in the State treasury. Moneys in the fund shall be
8used for the sole purpose of making payments to the designated
9retirement systems as provided in Section 25.
10    (b) For each fiscal year when the General Assembly's
11appropriations and transfers or diversions as required by law
12from general funds do not exceed 99% of the estimated general
13funds revenues pursuant to subsection (a) of Section 10, the
14Comptroller shall transfer from the General Revenue Fund as
15provided by this Section a total amount equal to 0.5% of the
16estimated general funds revenues to the Pension Stabilization



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1    (c) For each fiscal year through State fiscal year 2019,
2when the General Assembly's appropriations and transfers or
3diversions as required by law from general funds do not exceed
498% of the estimated general funds revenues pursuant to
5subsection (b) of Section 10, the Comptroller shall transfer
6from the General Revenue Fund as provided by this Section a
7total amount equal to 1.0% of the estimated general funds
8revenues to the Pension Stabilization Fund.
9    (c-10) In State fiscal year 2020 and each fiscal year
10thereafter, the State Comptroller shall order transferred and
11the State Treasurer shall transfer $1,000,000,000 from the
12General Revenue Fund to the Pension Stabilization Fund.
13    (c-15) The transfers made pursuant to subsection (c-10) of
14this Section shall continue through State fiscal year 2045 or
15until each of the designated retirement systems, as defined in
16Section 25, has achieved the funding ratio prescribed by law
17for that retirement system, whichever occurs first.
18    (d) The Comptroller shall transfer 1/12 of the total amount
19to be transferred each fiscal year under this Section into the
20Pension Stabilization Fund on the first day of each month of
21that fiscal year or as soon thereafter as possible; except that
22the final transfer of the fiscal year shall be made as soon as
23practical after the August 31 following the end of the fiscal
25    Until State fiscal year 2020, before Before the final
26transfer for a fiscal year is made, the Comptroller shall



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1reconcile the estimated general funds revenues used in
2calculating the other transfers under this Section for that
3fiscal year with the actual general funds revenues for that
4fiscal year. The final transfer for the fiscal year shall be
5adjusted so that the total amount transferred under this
6Section for that fiscal year is equal to the percentage
7specified in subsection (b) or (c) of this Section, whichever
8is applicable, of the actual general funds revenues for that
9fiscal year. The actual general funds revenues for the fiscal
10year shall be calculated in a manner consistent with subsection
11(c) of Section 10 of this Act.
12(Source: P.A. 94-839, eff. 6-6-06.)".