Bill Status of SB 1223   98th General Assembly

Short Description:  PENSION FUNDING & FAIRNESS

Senate Sponsors
Sen. Matt Murphy

Last Action  View All Actions

DateChamber Action
  1/13/2015SenateSession Sine Die

Statutes Amended In Order of Appearance
New Act
30 ILCS 105/5.826 new
30 ILCS 105/5.829 new
30 ILCS 105/5.830 new

Synopsis As Introduced
Creates the Pension Funding and Fairness Act. Provides that the maximum annual percentage change in State fiscal year spending may not exceed the inflation adjustment factor plus the population adjustment factor. Provides that, in order to adopt an increase in State spending beyond that limit or an increase in State revenue, the measure must be approved by a three-fifths supermajority vote of each chamber 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, into which the Comptroller shall transfer any amount necessary up to the total past due operating debt owed by the State, and provides that the General Assembly may authorize transfers, appropriations, and allocations from the fund to fund only the costs of paying down the remaining past due debt. Requires any remaining funds to be transferred into 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 expenditures. Limits the fund from exceeding 8% of the total General Fund revenues received in the immediately preceding fiscal year, and requires the transfer of any excess into the Taxpayer Relief Fund. Establishes the Taxpayer Relief Fund, and provides that, if the amount in that 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. Contains provisions concerning annual pension payments. Amends the State Finance Act to make conforming changes. Effective immediately.

Actions 
DateChamber Action
  1/30/2013SenateFiled with Secretary by Sen. Matt Murphy
  1/30/2013SenateFirst Reading
  1/30/2013SenateReferred to Assignments
  2/7/2013SenateAssigned to Executive
  2/13/2013SenateTo Subcommittee on Special Issues (EX)
  3/14/2013SenatePostponed - Subcommittee on Special Issues
  3/22/2013SenateRule 3-9(a) / Re-referred to Assignments
  1/13/2015SenateSession Sine Die

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