Sen. John J. Cullerton
Filed: 5/9/2013
 
 

 

 

 
09800SB2404sam004LRB098 09018 JDS 45656 a



1
AMENDMENT TO SENATE BILL 2404 




2    AMENDMENT NO. ______. Amend Senate Bill 2404, AS AMENDED, 
3in Section 25, by replacing Sec. 20 with the following:


 
4    "(30 ILCS 122/20)
5    Sec. 20. Pension Stabilization Fund.
6    (a) The Pension Stabilization Fund is hereby created as a 
7special fund in the State treasury. Moneys in the fund shall be 
8used for the sole purpose of making payments to the designated  
9retirement systems as provided in Section 25.

10    (b) For each fiscal year when the General Assembly's

11appropriations and transfers or diversions as required by law

12from general funds do not exceed 99% of the
estimated general 
13funds revenues pursuant to subsection (a)
of Section 10, the 
14Comptroller shall transfer from the
General Revenue Fund as 
15provided by this Section a total
amount equal to 0.5% of the 
16estimated general funds revenues
to the Pension Stabilization 
17Fund.
 
 
09800SB2404sam004- 2 -LRB098 09018 JDS 45656 a

1    (c) For each fiscal year through State fiscal year 2019, 
2when the General Assembly's
appropriations and transfers or 
3diversions as required by law
from general funds do not exceed 
498% of the
estimated general funds revenues pursuant to 
5subsection (b)
of Section 10, the Comptroller shall transfer 
6from the
General Revenue Fund as provided by this Section a 
7total
amount equal to 1.0% of the estimated general funds 
8revenues
to the Pension Stabilization Fund. 
9    (c-10)  In State fiscal year 2020 and each fiscal year 
10thereafter, the State Comptroller shall order transferred and 
11the State Treasurer shall transfer $1,000,000,000 from the 
12General Revenue Fund to the Pension Stabilization Fund. 
13    (c-15)  The transfers made pursuant to subsection (c-10) of 
14this Section shall continue through State fiscal year 2045 or 
15until each of the designated retirement systems, as defined in 
16Section 25, has achieved the funding ratio prescribed by law 
17for that retirement system, whichever occurs first. 
18    (d) The Comptroller shall transfer 1/12 of the total
amount 
19to be transferred each fiscal year under this Section
into the 
20Pension Stabilization Fund on the first day of each
month of 
21that fiscal year or as soon thereafter as possible; except that 
22the final transfer of the fiscal year shall be made as soon as 
23practical after the August 31 following the end of the  fiscal 
24year.
25    Until State fiscal year 2020, before Before the final 
26transfer for a fiscal year is made, the Comptroller shall 
 
 
09800SB2404sam004- 3 -LRB098 09018 JDS 45656 a

1reconcile the estimated general funds revenues used in 
2calculating the other transfers under this Section for that 
3fiscal year with the actual general funds revenues for that 
4fiscal year. The
final transfer for the fiscal year shall be 
5adjusted so that the
total amount transferred under this 
6Section for that fiscal year is equal to the percentage 
7specified in subsection
(b) or (c) of this Section, whichever 
8is applicable, of the actual
general funds revenues for that 
9fiscal year.  The actual general funds revenues for the fiscal 
10year shall be calculated in a manner consistent with subsection 
11(c) of
Section 10 of this Act.


12(Source: P.A. 94-839, eff. 6-6-06.)".