Bill Status of HB 6959   96th General Assembly

Short Description:  PENSION FUNDING AND FAIRNESS

House Sponsors
Rep. Mike Bost-Patricia R. Bellock-Michael G. Connelly

Last Action  View All Actions

DateChamber Action
  1/11/2011HouseSession Sine Die

Statutes Amended In Order of Appearance
New Act
30 ILCS 105/5.786 new
30 ILCS 105/5.787 new
30 ILCS 105/5.788 new

Synopsis As Introduced
Creates the Pension Funding and Fairness Act. Provides that the maximum annual percentage change in State fiscal year spending in the categories specified may not exceed the inflation adjustment factor plus the population adjustment factor and any increases attributable to specified measures. Provides that, in order to adopt an increase in State spending beyond that limitation or in order to adopt an increase in State revenue, a measure must be approved by a three-fifths supermajority vote of all members of each house of the General Assembly and must be approved by a majority of voters. Provides for the imposition of an emergency tax. Establishes the Past Due Paydown Fund and provides that the General Assembly may authorize transfers, appropriations, and allocations from the fund only to fund the costs of paying down the remaining past due debt. Provides that any remaining funds shall be transferred to the State Budget Stabilization Fund. Establishes the State Budget Stabilization Fund to fund the costs of State government up to the expenditure limit in years when State revenues are less than the amount necessary to finance the level of expenditures. Provides that the fund may not exceed 8% of the total General Fund revenues received in the immediately preceding fiscal year, and any excess shall be transferred to the Taxpayer Relief Fund. Establishes the Taxpayer Relief Fund, and provides that, if the amount in the fund exceeds 1% of General Fund expenditures, then the General Assembly shall enact legislation to provide for the refund to taxpayers of amounts in the fund. Amends the State Finance Act to create the Past Due Paydown Fund, the State Budget Stabilization Fund, and the Taxpayer Relief Fund as special funds in the State treasury. Effective immediately.

Actions 
DateChamber Action
  1/5/2011HouseFiled with the Clerk by Rep. Mike Bost
  1/5/2011HouseFirst Reading
  1/5/2011HouseReferred to Rules Committee
  1/6/2011HouseAdded Chief Co-Sponsor Rep. Patricia R. Bellock
  1/10/2011HouseAdded Chief Co-Sponsor Rep. Michael G. Connelly
  1/11/2011HouseSession Sine Die

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