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1 | AN ACT concerning finance.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Budget Stabilization Act is amended by | ||||||
5 | changing Section 20 as follows: | ||||||
6 | (30 ILCS 122/20) | ||||||
7 | Sec. 20. Pension Stabilization Fund. | ||||||
8 | (a) The Pension Stabilization Fund is hereby created as a | ||||||
9 | special fund in the State treasury. Moneys in the fund shall be | ||||||
10 | used for the sole purpose of making payments to the designated | ||||||
11 | retirement systems as provided in Section 25.
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12 | (b) For each fiscal year when the General Assembly's
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13 | appropriations and transfers or diversions as required by law
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14 | from general funds do not exceed 99% of the
estimated general | ||||||
15 | funds revenues pursuant to subsection (a)
of Section 10, the | ||||||
16 | Comptroller shall transfer from the
General Revenue Fund as | ||||||
17 | provided by subsection (d) of this Section a total
amount equal | ||||||
18 | to 0.5% of the estimated general funds revenues
to the Pension | ||||||
19 | Stabilization Fund. | ||||||
20 | (c) For each fiscal year when the General Assembly's
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21 | appropriations and transfers or diversions as required by law
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22 | from general funds do not exceed 98% of the
estimated general | ||||||
23 | funds revenues pursuant to subsection (b)
of Section 10, the |
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1 | Comptroller shall transfer from the
General Revenue Fund as | ||||||
2 | provided by subsection (d) of this Section a total
amount equal | ||||||
3 | to 1.0% of the estimated general funds revenues
to the Pension | ||||||
4 | Stabilization Fund. | ||||||
5 | (d) The Comptroller shall transfer 1/12 of the total
amount | ||||||
6 | to be transferred each fiscal year under subsection (b) or (c) | ||||||
7 | of this Section
into the Pension Stabilization Fund on the | ||||||
8 | first day of each
month of that fiscal year or as soon | ||||||
9 | thereafter as possible; except that the final transfer of the | ||||||
10 | fiscal year shall be made as soon as practical after the August | ||||||
11 | 31 following the end of the fiscal year. | ||||||
12 | Before the final transfer for a fiscal year is made, the | ||||||
13 | Comptroller shall reconcile the estimated general funds | ||||||
14 | revenues used in calculating the other transfers under this | ||||||
15 | Section for that fiscal year with the actual general funds | ||||||
16 | revenues for that fiscal year. The
final transfer for the | ||||||
17 | fiscal year shall be adjusted so that the
total amount | ||||||
18 | transferred under this Section for that fiscal year is equal to | ||||||
19 | the percentage specified in subsection
(b) or (c) of this | ||||||
20 | Section, whichever is applicable, of the actual
general funds | ||||||
21 | revenues for that fiscal year. The actual general funds | ||||||
22 | revenues for the fiscal year shall be calculated in a manner | ||||||
23 | consistent with subsection (c) of
Section 10 of this Act.
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24 | (e) Beginning in fiscal year 2011, when the increase in the | ||||||
25 | Employment Cost Index, as determined by the Bureau of Labor | ||||||
26 | Statistics of the U.S. Department of Labor, for the previous |
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1 | fiscal year exceeds 2%, the Comptroller shall transfer into the | ||||||
2 | Pension Stabilization Fund from the
General Revenue Fund, on at | ||||||
3 | least a monthly basis, an amount equal to the amount of general | ||||||
4 | funds revenues exceeding 102% of the prior fiscal year's | ||||||
5 | general funds revenues for the purpose of making payments to | ||||||
6 | the designated retirement systems as provided in Section 25. | ||||||
7 | (Source: P.A. 94-839, eff. 6-6-06.)
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8 | Section 99. Effective date. This Act takes effect July 1, | ||||||
9 | 2010.
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