Date	Chamber	Action
12/3/2014	House	Session Sine Die

Statutes Amended In Order of Appearance

30 ILCS 122/20

30 ILCS 122/25

35 ILCS 5/203

from Ch. 120, par. 2-203

40 ILCS 5/1-103.3

40 ILCS 5/2-124

from Ch. 108 1/2, par. 2-124

40 ILCS 5/2-125

from Ch. 108 1/2, par. 2-125

40 ILCS 5/2-134

from Ch. 108 1/2, par. 2-134

40 ILCS 5/14-131

40 ILCS 5/14-132

from Ch. 108 1/2, par. 14-132

40 ILCS 5/14-135.08

from Ch. 108 1/2, par. 14-135.08

40 ILCS 5/15-155

from Ch. 108 1/2, par. 15-155

40 ILCS 5/15-156

from Ch. 108 1/2, par. 15-156

40 ILCS 5/15-165

from Ch. 108 1/2, par. 15-165

40 ILCS 5/16-158

from Ch. 108 1/2, par. 16-158

40 ILCS 5/16-158.2 new

40 ILCS 5/18-131

from Ch. 108 1/2, par. 18-131

40 ILCS 5/18-132

from Ch. 108 1/2, par. 18-132

40 ILCS 5/18-140

from Ch. 108 1/2, par. 18-140

Synopsis As Introduced
Amends the Budget Stabilization Act. Provides for the transfer of $1 billion from the General Revenue Fund to the Pension Stabilization Fund in 2020 and each fiscal year thereafter. Provides for the termination of those transfers in State fiscal year 2057 or when each of the designated retirement systems has achieved the funding ratio prescribed by law for that retirement system, whichever occurs first. Specifies that the transferred amounts do not reduce and do not constitute payment of any portion of the required State contribution. Amends the Illinois Income Tax Act. Includes annual retirement income above $125,000 in the calculation of adjusted gross income. Amends the General Assembly, State Employee, State Universities, Downstate Teacher, and Judges Articles of the Illinois Pension Code. Provides a new funding formula, designed to bring the total assets of the System up to 80% of the total actuarial liabilities of the System by the end of State fiscal year 2057. Contains a funding guarantee that obligates the State to make certain contributions. Provides for the recalculation of the required State contribution to each of the Systems for State fiscal year 2014. Effective immediately.

	Pension Note (Government Forecasting & Accountability)
	The fiscal impact of HB 3130 is presently indiscernible. Upon receipt of a cost study detailing the effects of a new 45-year, 80% funding schedule, the Commission will update this note.

Actions 

Date	Chamber	Action
2/26/2013	House	Filed with the Clerk by Rep. Mary E. Flowers
2/26/2013	House	First Reading
2/26/2013	House	Referred to Rules Committee
3/11/2013	House	Assigned to Personnel and Pensions Committee
3/20/2013	House	Pension Note Filed
3/22/2013	House	Rule 19(a) / Re-referred to Rules Committee
12/3/2014	House	Session Sine Die

Back To Top