Illinois General Assembly - Bill Status for SB2851
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 Bill Status of SB2851  102nd General Assembly


Short Description:  GAMING REVENUE FOR PENSIONS

Senate Sponsors
Sen. Jeffrey M. Schoenberg

Last Action
DateChamber Action
  1/9/2007SenateSession Sine Die

Statutes Amended In Order of Appearance
40 ILCS 5/2-124from Ch. 108 1/2, par. 2-124
40 ILCS 5/14-131from Ch. 108 1/2, par. 14-131
40 ILCS 5/15-155from Ch. 108 1/2, par. 15-155
40 ILCS 5/16-158from Ch. 108 1/2, par. 16-158
40 ILCS 5/18-131from Ch. 108 1/2, par. 18-131
230 ILCS 10/13from Ch. 120, par. 2413
230 ILCS 10/23.1 new
30 ILCS 105/5.663 new


Synopsis As Introduced
Amends the Illinois Pension Code and the Riverboat Gambling Act. Provides that all of the monies remaining after the local share is distributed that are received by the Board for the issuance of and conduct of gambling under any license issued under the jurisdiction of the Illinois Gaming Board on or after the effective date of this amendatory Act shall be transferred to the Pension Reserve Fund. Provides that the monies in the Pension Reserve Fund shall be paid to the 5 State-funded retirement systems to be used for funding the unfunded liabilities of the retirement systems and that the amount of the annual appropriation to each of the retirement systems shall constitute a portion of the total amount available for appropriation for that fiscal year that is the same as that retirement system's portion of the total actuarial reserve deficiency of the systems. Provides that these appropriations shall be in addition to, not in lieu of, State contributions required under the Illinois Pension Code. Amends the State Finance Act to create the Pension Reserve Fund as a special fund within the State Treasury. Effective immediately.

Actions 
DateChamber Action
  1/20/2006SenateFiled with Secretary by Sen. Jeffrey M. Schoenberg
  1/20/2006SenateFirst Reading
  1/20/2006SenateReferred to Rules
  1/9/2007SenateSession Sine Die

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