SB 2368

Abstract

Amends the Illinois Pension Code. In the 5 State-funded retirement systems: (1) increases employee contributions; (2) decreases the annual increase in retirement annuities; (3) adds funding guarantee language and authorizes a mandamus action against the State; and (4) specifies that State pension funding is subordinate to certain debt service. In the Teachers' Retirement System, provides for the incremental shifting of responsibility for employer contributions from the State to the actual employers, contingent upon the State funding certain school programs. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.