HB 3661

Abstract

Amends the Budget Stabilization Act. Makes changes concerning transfers from the General Revenue Fund to the Pension Stabilization Fund. Amends the State Universities, Downstate Teacher, and Chicago Teacher Articles of the Illinois Pension Code. Consolidates those systems into a single retirement system under Article 15 of the Code, to be known as the Illinois Teachers' Retirement Fund. Creates a new Board for the Fund. Imposes limits on pensionable salary, and requires participation in the self-managed plan to the extent that a participant's salary exceeds the salary cap. Changes participant contributions. Makes changes relating to State and employer funding. Shifts responsibility for a portion of the required State contribution to the actual employer and provides for the State to make certain payments to the actual employer. Authorizes actions to enforce payments by employers. Changes the formula for calculating the minimum required State contribution to these systems. Provides that the State is contractually obligated to pay the annual required State contribution to these retirement systems. Contains provisions requiring the retirement system to bring a mandamus action to compel payment of a required State contribution. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.