Bill Text: IL HB5291 | 2013-2014 | 98th General Assembly | Introduced
Bill Title: 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.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Failed) 2014-12-03 - Session Sine Die [HB5291 Detail]
Download: Illinois-2013-HB5291-Introduced.html
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1 | AN ACT concerning finance.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Budget Stabilization Act is amended by | ||||||||||||||||||||||||
5 | changing Section 20 as follows:
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6 | (30 ILCS 122/20)
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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 | ||||||||||||||||||||||||
10 | special fund in the State treasury. Moneys in the fund shall be | ||||||||||||||||||||||||
11 | used for the sole purpose of making payments to the designated | ||||||||||||||||||||||||
12 | retirement systems as provided in Section 25.
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13 | (b) For each fiscal year through State fiscal year 2014, | ||||||||||||||||||||||||
14 | when the General Assembly's
appropriations and transfers or | ||||||||||||||||||||||||
15 | diversions as required by law
from general funds do not exceed | ||||||||||||||||||||||||
16 | 99% of the
estimated general funds revenues pursuant to | ||||||||||||||||||||||||
17 | subsection (a)
of Section 10, the Comptroller shall transfer | ||||||||||||||||||||||||
18 | from the
General Revenue Fund as provided by this Section a | ||||||||||||||||||||||||
19 | total
amount equal to 0.5% of the estimated general funds | ||||||||||||||||||||||||
20 | revenues
to the Pension Stabilization Fund. | ||||||||||||||||||||||||
21 | (c) For each fiscal year through State fiscal year 2014, | ||||||||||||||||||||||||
22 | when the General Assembly's
appropriations and transfers or | ||||||||||||||||||||||||
23 | diversions as required by law
from general funds do not exceed |
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1 | 98% of the
estimated general funds revenues pursuant to | ||||||
2 | subsection (b)
of Section 10, the Comptroller shall transfer | ||||||
3 | from the
General Revenue Fund as provided by this Section a | ||||||
4 | total
amount equal to 1.0% of the estimated general funds | ||||||
5 | revenues
to the Pension Stabilization Fund. | ||||||
6 | (c-5) In addition to any other amounts required to be | ||||||
7 | transferred under this Section, in State fiscal year 2016 and | ||||||
8 | each fiscal year thereafter through State fiscal year 2045, or | ||||||
9 | when each of the designated retirement systems, as
defined in | ||||||
10 | Section 25, has achieved 100% funding, whichever occurs
first, | ||||||
11 | the State Comptroller shall order transferred and the State | ||||||
12 | Treasurer shall transfer from the General Revenue Fund to the | ||||||
13 | Pension Stabilization Fund an amount equal to 100% 10% of (1) | ||||||
14 | the sum of the amounts certified by the designated retirement | ||||||
15 | systems under subsection (a-5) of Section 2-134, subsection | ||||||
16 | (a-10) of Section 14-135.08, subsection (a-10) of Section | ||||||
17 | 15-165, and subsection (a-10) of Section 16-158 of this Code | ||||||
18 | for that fiscal year minus (2) the sum of (i) the transfer | ||||||
19 | required under subsection (c-10) of this Section for that | ||||||
20 | fiscal year and (ii) the sum of the required State | ||||||
21 | contributions certified by the retirement systems under | ||||||
22 | subsection (a) of Section 2-134, subsection (a-5) of Section | ||||||
23 | 14-135.08, subsection (a-5) of Section 15-165, and subsection | ||||||
24 | (a-5) of Section 16-158 of this Code for that fiscal year. The | ||||||
25 | transferred amount is intended to represent all one-tenth of | ||||||
26 | the annual savings to the State resulting from the enactment of |
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1 | this amendatory Act of the 98th General Assembly. | ||||||
2 | (c-10) In State fiscal year 2019, the State Comptroller | ||||||
3 | shall order transferred and the State Treasurer shall transfer | ||||||
4 | $364,000,000 from the General Revenue Fund to the Pension | ||||||
5 | Stabilization Fund. In State fiscal year 2020 and each fiscal | ||||||
6 | year thereafter until terminated under subsection (c-15), the | ||||||
7 | State Comptroller shall order transferred and the State | ||||||
8 | Treasurer shall transfer $1,000,000,000 from the General | ||||||
9 | Revenue Fund to the Pension Stabilization Fund. | ||||||
10 | (c-15) The transfers made beginning in State fiscal year | ||||||
11 | 2020 pursuant to subsection (c-10) of
this Section shall | ||||||
12 | terminate at the end of State fiscal year
2045 or when each of | ||||||
13 | the designated retirement systems, as
defined in Section 25, | ||||||
14 | has achieved 100% funding, whichever occurs
first. | ||||||
15 | (d) The Comptroller shall transfer 1/12 of the total
amount | ||||||
16 | to be transferred each fiscal year under this Section
into the | ||||||
17 | Pension Stabilization Fund on the first day of each
month of | ||||||
18 | that fiscal year or as soon thereafter as possible; except that | ||||||
19 | the final transfer of the fiscal year shall be made as soon as | ||||||
20 | practical after the August 31 following the end of the fiscal | ||||||
21 | year. | ||||||
22 | Until State fiscal year 2015, before the final transfer for | ||||||
23 | a fiscal year is made, the Comptroller shall reconcile the | ||||||
24 | estimated general funds revenues used in calculating the other | ||||||
25 | transfers under this Section for that fiscal year with the | ||||||
26 | actual general funds revenues for that fiscal year. The
final |
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1 | transfer for the fiscal year shall be adjusted so that the
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2 | total amount transferred under this Section for that fiscal | ||||||
3 | year is equal to the percentage specified in subsection
(b) or | ||||||
4 | (c) of this Section, whichever is applicable, of the actual
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5 | general funds revenues for that fiscal year. The actual general | ||||||
6 | funds revenues for the fiscal year shall be calculated in a | ||||||
7 | manner consistent with subsection (c) of
Section 10 of this | ||||||
8 | Act.
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9 | (Source: P.A. 98-599, eff. 6-1-14.)
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