SB1668 - 104th General Assembly (2025-2026)

PEN CD-STATE SYSTEMS-FUNDING
Last Action
1/27/2026 - Senate: Assigned to Pensions
Statutes Amended In Order of Appearance
40 ILCS 5/2-124  from Ch. 108 1/2, par. 2-124
40 ILCS 5/14-131  
40 ILCS 5/15-155  from Ch. 108 1/2, par. 15-155
40 ILCS 5/16-158  from Ch. 108 1/2, par. 16-158
40 ILCS 5/18-131  from Ch. 108 1/2, par. 18-131
Synopsis As Introduced
Amends the General Assembly, State Employees, State Universities, Downstate Teachers, and Judges Articles of the Illinois Pension Code. Provides that, beginning the first State fiscal year after the total assets of the System are at least 90% of the total actuarial liabilities of the System and each State fiscal year thereafter, the contribution to the System shall be calculated based on an actuarially determined contribution rate. Provides that the System shall calculate the actuarially determined contribution rate in accordance with the Governmental Accounting Research System and officially adopted actuarial assumptions. Provides that the System shall use this valuation to calculate the actuarially determined contribution rate for the next fiscal year. Provides that the actuarially determined contribution rate for a fiscal year shall not be less than the amount for the preceding fiscal year if the ratio of the System's total assets to the System's total liabilities is less than 90%. Provides that the actuarially determined contribution rate shall not be less than the normal cost for the fiscal year. Sets forth provisions concerning reporting and determining the actuarially determined contribution rate. Makes conforming changes.
Actions
DateChamberAction
2/05/2025SenateFiled with Secretary by Sen. Robert F. Martwick
2/05/2025SenateFirst Reading
2/05/2025SenateReferred to Assignments
1/27/2026SenateAssigned to Pensions