Sen. John J. Cullerton
Filed: 5/9/2013
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| 1 | AMENDMENT TO SENATE BILL 2404
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| 2 | AMENDMENT NO. ______. Amend Senate Bill 2404, AS AMENDED, | ||||||
| 3 | in Section 25, by replacing Sec. 20 with the following:
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| 4 | "(30 ILCS 122/20) | ||||||
| 5 | Sec. 20. Pension Stabilization Fund. | ||||||
| 6 | (a) The Pension Stabilization Fund is hereby created as a | ||||||
| 7 | special fund in the State treasury. Moneys in the fund shall be | ||||||
| 8 | used for the sole purpose of making payments to the designated | ||||||
| 9 | retirement systems as provided in Section 25.
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| 10 | (b) For each fiscal year when the General Assembly's
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| 11 | appropriations and transfers or diversions as required by law
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| 12 | from general funds do not exceed 99% of the
estimated general | ||||||
| 13 | funds revenues pursuant to subsection (a)
of Section 10, the | ||||||
| 14 | Comptroller shall transfer from the
General Revenue Fund as | ||||||
| 15 | provided by this Section a total
amount equal to 0.5% of the | ||||||
| 16 | estimated general funds revenues
to the Pension Stabilization | ||||||
| 17 | Fund. | ||||||
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| 1 | (c) For each fiscal year through State fiscal year 2019, | ||||||
| 2 | when the General Assembly's
appropriations and transfers or | ||||||
| 3 | diversions as required by law
from general funds do not exceed | ||||||
| 4 | 98% of the
estimated general funds revenues pursuant to | ||||||
| 5 | subsection (b)
of Section 10, the Comptroller shall transfer | ||||||
| 6 | from the
General Revenue Fund as provided by this Section a | ||||||
| 7 | total
amount equal to 1.0% of the estimated general funds | ||||||
| 8 | revenues
to the Pension Stabilization Fund. | ||||||
| 9 | (c-10) In State fiscal year 2020 and each fiscal year | ||||||
| 10 | thereafter, the State Comptroller shall order transferred and | ||||||
| 11 | the State Treasurer shall transfer $1,000,000,000 from the | ||||||
| 12 | General Revenue Fund to the Pension Stabilization Fund. | ||||||
| 13 | (c-15) The transfers made pursuant to subsection (c-10) of | ||||||
| 14 | this Section shall continue through State fiscal year 2045 or | ||||||
| 15 | until each of the designated retirement systems, as defined in | ||||||
| 16 | Section 25, has achieved the funding ratio prescribed by law | ||||||
| 17 | for that retirement system, whichever occurs first. | ||||||
| 18 | (d) The Comptroller shall transfer 1/12 of the total
amount | ||||||
| 19 | to be transferred each fiscal year under this Section
into the | ||||||
| 20 | Pension Stabilization Fund on the first day of each
month of | ||||||
| 21 | that fiscal year or as soon thereafter as possible; except that | ||||||
| 22 | the final transfer of the fiscal year shall be made as soon as | ||||||
| 23 | practical after the August 31 following the end of the fiscal | ||||||
| 24 | year. | ||||||
| 25 | Until State fiscal year 2020, before Before the final | ||||||
| 26 | transfer for a fiscal year is made, the Comptroller shall | ||||||
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| 1 | reconcile the estimated general funds revenues used in | ||||||
| 2 | calculating the other transfers under this Section for that | ||||||
| 3 | fiscal year with the actual general funds revenues for that | ||||||
| 4 | fiscal year. The
final transfer for the fiscal year shall be | ||||||
| 5 | adjusted so that the
total amount transferred under this | ||||||
| 6 | Section for that fiscal year is equal to the percentage | ||||||
| 7 | specified in subsection
(b) or (c) of this Section, whichever | ||||||
| 8 | is applicable, of the actual
general funds revenues for that | ||||||
| 9 | fiscal year. The actual general funds revenues for the fiscal | ||||||
| 10 | year shall be calculated in a manner consistent with subsection | ||||||
| 11 | (c) of
Section 10 of this Act.
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| 12 | (Source: P.A. 94-839, eff. 6-6-06.)".
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