Bill Title: Amends the Budget Stabilization Act. Provides a transfer of specified amounts from the General Revenue Fund to the Pension Stabilization Fund for fiscal years 2030 through 2040. Amends the Illinois Pension Code. With regard to each of the 5 State-funded retirement systems, provides that for State fiscal years 2026 through 2034, the minimum contribution to the System to be made by the State for each State fiscal year shall be an amount determined by the System to be sufficient to bring the total assets of the System up to 100% of the total actuarial liabilities of the System by the end of State fiscal year 2048. Provides that the required State contribution shall be calculated each year as a level percentage of payroll over the years remaining to and including fiscal year 2048 and shall be determined under the projected unit credit actuarial cost method. Provides that for State fiscal years 2035 through 2048, the minimum contribution to the System to be made by the State for each State fiscal year shall be the contribution amount for the upcoming State fiscal year estimated in the previous year's actuarial valuation plus an adjustment for differences between the unfunded liability reported in the current actuarial valuation and the unfunded liability reported in the previous year's actuarial valuation, such that the total assets of the System equal 100% of the total actuarial liabilities of the System 20 years after the State fiscal year during which the contribution is made. Sets forth a funding formula for State fiscal year 2049 and thereafter. Repeals a provision requiring the Commission on Government Forecasting and Accountability to consider and determine whether certain funding goals are appropriate. Makes conforming and other changes. Effective immediately.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2024-05-15 - Referred to Assignments [SB3954 Detail]

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Bill Drafts

Revision	Date	Format	Source	View
Introduced	2024-05-15	HTML/Text	Link	View

Amendments

Amendment	Date	Disposition	Format	Source	View
No bill amendments currently on file for Illinois SB3954

Supplemental Documents

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No supplemental documents for Illinois SB3954 currently on file.

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