HB 5573

Abstract

Amends the Illinois Pension Code. In provisions concerning the 5 State-funded retirement systems, deletes language specifying dollar amounts for the State contribution to each System required for FY 2007 and provides that the minimum contribution to the systems to be made by the State for each fiscal year shall be an amount determined by the systems to be sufficient to bring the total assets of the systems up to 90% of the total actuarial liabilities of the System by the end of State fiscal year 2056 (was by the end of State fiscal year 2045). Changes how certain calculations related to the required State contributions are made. Provides that the Board of Trustees of the retirement systems must re-certify, on or before July 1, 2006, the amount of the required State contribution for FY 2007, taking into account the changes made by this amendatory Act. In the State Employee Article of the Illinois Pension Code, provides that increases as a result of certain early retirement incentives shall not be included in the calculation of the required State contribution under that Article, but shall be appropriated separately. Effective immediately.