SB1451 - 104th General Assembly
PEN CD-GARS-FUNDING
Statutes Amended In Order of Appearance
40 ILCS 5/2-124from Ch. 108 1/2, par. 2-124
Synopsis As Introduced
Amends the General Assembly Article of the Illinois Pension Code. Provides that, in any fiscal year in which the total assets of the System are at least 90% of the total actuarial liabilities of the System, the minimum contribution by the State for that fiscal year shall be the System's normal cost for the fiscal year, plus a supplemental payment in any year in which the total assets of the System are less than 120% of the total actuarial liabilities. Provides that the supplemental payment is to be calculated by using a 30-year rolling amortization to target a ratio of the System's total assets to the System's total actuarial liabilities of 120%. Provides that, if the ratio of the System's total assets to the System's total actuarial liabilities is 120% or greater, but 130% or less, the State is only obligated to make a payment of the normal cost for the fiscal year. Provides that, in any fiscal year in which the ratio of the System's total assets to the System's total actuarial liabilities exceeds 130%, no payment, either for the normal cost or a supplemental payment, shall be paid to the System. Makes conforming changes.
Actions
| Date | Chamber | Action |
|---|---|---|
| 1/31/2025 | Senate | Filed with Secretary by Sen. Robert F. Martwick |
| 1/31/2025 | Senate | First Reading |
| 1/31/2025 | Senate | Referred to Assignments |