SB3776 Engrossed

LRB096 20865 AMC 36639 b





  
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    AN ACT concerning finance.
  
 
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    Be it enacted by the People of the State of Illinois,
 
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represented in the General Assembly:
  
 
 
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    Section 5. The Budget Stabilization Act is amended  by 
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changing Section 20 as follows:
 
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    (30 ILCS 122/20)
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    Sec. 20. Pension Stabilization Fund.
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    (a) The Pension Stabilization Fund is hereby created as a 
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special fund in the State treasury. Moneys in the fund shall be 
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used for the sole purpose of making payments to the designated  
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retirement systems as provided in Section 25.

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    (b) For each fiscal year when the General Assembly's

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appropriations and transfers or diversions as required by law

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from general funds do not exceed 99% of the
estimated general 
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funds revenues pursuant to subsection (a)
of Section 10, the 
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Comptroller shall transfer from the
General Revenue Fund as 
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provided by subsection (d) of this Section a total
amount equal 
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to 0.5% of the estimated general funds revenues
to the Pension 
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Stabilization Fund.
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    (c) For each fiscal year when the General Assembly's

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appropriations and transfers or diversions as required by law

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from general funds do not exceed 98% of the
estimated general 
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funds revenues pursuant to subsection (b)
of Section 10, the 
 


 






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Comptroller shall transfer from the
General Revenue Fund as 
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provided by subsection (d) of this Section a total
amount equal 
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to 1.0% of the estimated general funds revenues
to the Pension 
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Stabilization Fund.
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    (d) The Comptroller shall transfer 1/12 of the total
amount 
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to be transferred each fiscal year under subsection (b) or (c) 
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of this Section
into the Pension Stabilization Fund on the 
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first day of each
month of that fiscal year or as soon 
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thereafter as possible; except that the final transfer of the 
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fiscal year shall be made as soon as practical after the August 
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31 following the end of the  fiscal year.
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    Before the final transfer for a fiscal year is made, the 
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Comptroller shall reconcile the estimated general funds 
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revenues used in calculating the other transfers under this 
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Section for that fiscal year with the actual general funds 
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revenues for that fiscal year. The
final transfer for the 
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fiscal year shall be adjusted so that the
total amount 
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transferred under this Section for that fiscal year is equal to 
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the percentage specified in subsection
(b) or (c) of this 
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Section, whichever is applicable, of the actual
general funds 
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revenues for that fiscal year.  The actual general funds 
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revenues for the fiscal year shall be calculated in a manner 
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consistent with subsection (c) of
Section 10 of this Act.


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    (e) Beginning in fiscal year 2011, when the increase in the 
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Employment Cost Index, as determined by the Bureau of Labor 
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Statistics of the U.S. Department of Labor,  for the previous 
 


 






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fiscal year exceeds 2%, the Comptroller shall transfer into the 
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Pension Stabilization Fund from the
General Revenue Fund, on at 
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least a monthly basis, an amount equal to the amount of general 
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funds revenues exceeding 102% of the prior fiscal year's 
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general funds revenues for the purpose of making payments to 
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the designated  retirement systems as provided in Section 25. 
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(Source: P.A. 94-839, eff. 6-6-06.)
 
 
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    Section 99. Effective date. This Act takes effect July 1, 
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2010.