SB 2430

Abstract

Amends the State Finance Act. Provides that moneys in the State Pensions Fund shall be used for the funding of the unfunded liabilities of the 5 State-funded retirement systems (rather than for payment of or repayment to the General Revenue Fund of a portion of the required State contributions to the designated retirement systems). Provides that the payments to the designated retirement systems shall be in addition to, and not in lieu of, any State contributions required under the Illinois Pension Code. Provides that, for fiscal year 2010 and each fiscal year thereafter, as soon as may be practical after any money is deposited into the State Pensions Fund from the Unclaimed Property Trust Fund, the State Treasurer shall apportion the deposited amount to the designated retirement systems to reduce their actuarial reserve deficiencies. Provides that the amount apportioned to each designated retirement system shall constitute a portion of the amount estimated to be available for appropriation from the State Pensions Fund that is the same as that retirement system's portion of the total actuarial reserve deficiency of the systems. Makes conforming changes in the Illinois Pension Code, the State Pension Funds Continuing Appropriation Act, and the Uniform Disposition of Unclaimed Property Act. Effective immediately.