HB 5611

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Full Text of HB5611
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	HB5611 - 104th General Assembly
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104TH GENERAL ASSEMBLY
State of Illinois
2025 and 2026
HB5611
Introduced 2/13/2026, by Rep. Travis Weaver
SYNOPSIS AS INTRODUCED:
30 ILCS 105/5.1038 new
30 ILCS 122/20
30 ILCS 122/25
105 ILCS 5/2-3.214 new
Amends the Budget Stabilization Act. Provides additional scheduled transfers to the Pension Stabilization Fund, sets termination conditions, and clarifies allocation and applicability of payments. Amends the School Code. Establishes a property tax relief grant program for school districts beginning in Fiscal Year 2030, funded from the Education Property Tax Relief Fund. Makes conforming changes in the State Finance Act.
LRB104 20416 HLH 33880 b
A BILL FOR
		HB5611		LRB104 20416 HLH 33880 b
1    AN ACT concerning finance.
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4    Section 5. The State Finance Act is amended by adding
5Section 5.1038 as follows:
6    (30 ILCS 105/5.1038 new)
7    Sec. 5.1038. The Education Property Tax Relief Fund.
8    Section 10. The Budget Stabilization Act is amended by
9changing Sections 20 and 25 as follows:
10    (30 ILCS 122/20)
11    (Text of Section WITHOUT the changes made by P.A. 98-599,
12which has been held unconstitutional)
13    Sec. 20. Pension Stabilization Fund.
14    (a) The Pension Stabilization Fund is hereby created as a
15special fund in the State treasury. Moneys in the fund shall be
16used for the sole purpose of making payments to the designated
17retirement systems as provided in Section 25.
18    (b) For each fiscal year when the General Assembly's
19appropriations and transfers or diversions as required by law
20from general funds do not exceed 99% of the estimated general
21funds revenues pursuant to subsection (a) of Section 10, the
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1Comptroller shall transfer from the General Revenue Fund as
2provided by this Section a total amount equal to 0.5% of the
3estimated general funds revenues to the Pension Stabilization
4Fund.
5    (c) For each fiscal year when the General Assembly's
6appropriations and transfers or diversions as required by law
7from general funds do not exceed 98% of the estimated general
8funds revenues pursuant to subsection (b) of Section 10, the
9Comptroller shall transfer from the General Revenue Fund as
10provided by this Section a total amount equal to 1.0% of the
11estimated general funds revenues to the Pension Stabilization
12Fund.
13    (c-5) In addition to any other transfers that may be 
14provided by law, the Comptroller shall transfer from the 
15General Revenue Fund to the Pension Stabilization Fund the 
16amount set forth as follows for each of the specified fiscal 
17years:
18Fiscal Year	Amount
192030-2033	$300,000,000
202034-Completion	$850,000,000
21    (c-10) The transfers made beginning in State fiscal year 
222030 pursuant to subsection (c-5) of this Section shall 
23terminate at the end of State fiscal year 2045 or when each of 
24the designated retirement systems, as defined in Section 25, 
25has achieved 100% funding, whichever occurs first.
26    (d) The Comptroller shall transfer 1/12 of the total
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1amount to be transferred each fiscal year under this Section
2into the Pension Stabilization Fund on the first day of each
3month of that fiscal year or as soon thereafter as possible;
4except that the final transfer of the fiscal year shall be made
5as soon as practical after the August 31 following the end of
6the fiscal year.
7    Before the final transfer for a fiscal year is made, the
8Comptroller shall reconcile the estimated general funds
9revenues used in calculating the other transfers under this
10Section for that fiscal year with the actual general funds
11revenues for that fiscal year. The final transfer for the
12fiscal year shall be adjusted so that the total amount
13transferred under this Section for that fiscal year is equal
14to the percentage specified in subsection (b) or (c) of this
15Section, whichever is applicable, of the actual general funds
16revenues for that fiscal year. The actual general funds
17revenues for the fiscal year shall be calculated in a manner
18consistent with subsection (c) of Section 10 of this Act.
19(Source: P.A. 94-839, eff. 6-6-06.)
20    (30 ILCS 122/25)
21    (Text of Section WITHOUT the changes made by P.A. 98-599,
22which has been held unconstitutional)
23    Sec. 25. Transfers from the Pension Stabilization Fund.
24    (a) As used in this Section, "designated retirement
25systems" means:
		HB5611	- 4 -	LRB104 20416 HLH 33880 b
1        (1) the State Employees' Retirement System of
2    Illinois;
3        (2) the Teachers' Retirement System of the State of
4    Illinois;
5        (3) the State Universities Retirement System;
6        (4) the Judges Retirement System of Illinois; and
7        (5) the General Assembly Retirement System.
8    (b) As soon as may be practical after any money is
9deposited into the Pension Stabilization Fund, the State
10Comptroller shall apportion the deposited amount among the
11designated retirement systems and the State Comptroller and
12State Treasurer shall pay the apportioned amounts to the
13designated retirement systems. The amount deposited shall be
14apportioned among the designated retirement systems in the
15same proportion as their respective portions of the total
16actuarial reserve deficiency of the designated retirement
17systems, as most recently determined by the Governor's Office
18of Management and Budget. Amounts received by a designated
19retirement system under this Section shall be used for funding
20the unfunded liabilities of the retirement system. Payments
21under this Section are authorized by the continuing
22appropriation under Section 1.7 of the State Pension Funds
23Continuing Appropriation Act.
24    (c) At the request of the State Comptroller, the
25Governor's Office of Management and Budget shall determine the
26individual and total actuarial reserve deficiencies of the
		HB5611	- 5 -	LRB104 20416 HLH 33880 b
1designated retirement systems. For this purpose, the
2Governor's Office of Management and Budget shall consider the
3latest available audit and actuarial reports of each of the
4retirement systems and the relevant reports and statistics of
5the Public Pension Division of the Department of Financial and
6Professional Regulation.
7    (d) Payments to the designated retirement systems under
8this Section shall be in addition to, and not in lieu of, any
9State contributions required under Section 2-124, 14-131,
1015-155, 16-158, or 18-131 of the Illinois Pension Code.
11    Payments to the designated retirement systems under 
12subsections (c-5) and (c-10) of Section 20 received after the 
13effective date of this amendatory Act of the 104th General 
14Assembly, and any investment earnings attributable to such 
15payments, do not reduce and do not constitute payment of any 
16portion of the required State contribution under Article 2, 
1714, 15, 16, or 18 of the Illinois Pension Code in the current 
18fiscal year. Such amounts shall not reduce, and shall not be 
19included in the calculation of, the required State 
20contribution under Article 2, 14, 15, 16, or 18 of the Illinois 
21Pension Code in any future fiscal year, until the designated 
22retirement system has reached a 100% funding ratio. Such 
23payments may be invested in the same manner as other assets of 
24the designated retirement system and shall be used in the 
25calculation of the system's funding ratio for the purposes of 
26this Section and Section 20 of this Act. Payments under this 
		HB5611	- 6 -	LRB104 20416 HLH 33880 b
1Section may be used for any associated administrative costs.
2(Source: P.A. 94-839, eff. 6-6-06.)
3    Section 15. The School Code is amended by adding Section
42-3.214 as follows:
5    (105 ILCS 5/2-3.214 new)
6    Sec. 2-3.214. School district property tax relief grant 
7program.
8    (a) As used in this Section:
9    "Adjusted maximum aggregate property tax extension" means 
10the highest aggregate property tax extension that a school 
11district is authorized by law to levy, without regard to this 
12Section, for the taxable year for which the adjusted maximum 
13aggregate property tax extension is calculated, minus the 
14grant amount received by the school district for the fiscal 
15year that ends during the taxable year for which the adjusted 
16maximum aggregate property tax extension is calculated.
17    "Aggregate property tax extension" means the annual 
18corporate extension for the school district and those special 
19purpose extensions that are made annually for a school 
20district.
21    "Taxable year" means the calendar year during which 
22property taxes payable in the next succeeding year are levied.
23    (b) For State fiscal year 2030 and each State fiscal year 
24thereafter, the State Board of Education shall establish and 
		HB5611	- 7 -	LRB104 20416 HLH 33880 b
1administer a program to award property tax relief grants to 
2school districts in this State. In exchange for receiving a 
3grant under this Section, a school district's maximum 
4aggregate property tax extension for the taxable year that 
5begins on January 1 of the fiscal year for which the grant is 
6awarded may not exceed its adjusted maximum aggregate property 
7tax extension for that taxable year. Grants shall be awarded 
8from moneys appropriated for that purpose from the Education 
9Property Tax Relief Fund created in subsection (c). Moneys 
10awarded to school districts under this Section shall be 
11distributed pro rata on a per pupil average daily attendance 
12basis, as reported in the school district report card for the 
13immediately preceding school year under Section 10-17a.
14    (c) The Education Property Tax Relief Fund is created as a 
15special fund in the State treasury. By September 1, 2030, and 
16by September 1 of each year thereafter, the Governor's Office 
17of Management and Budget shall certify to the State 
18Comptroller and the State Treasurer an amount equal to 
19$300,000,000 in fiscal years 2030-2033 and $850,000,000 in 
20fiscal year 2034 and every fiscal year thereafter. Upon 
21receiving the certified amount from the Governor's Office of 
22Management and Budget, the State Comptroller shall order 
23transferred and the State Treasurer shall transfer the 
24certified amount from the General Revenue Fund to the 
25Education Property Tax Relief Fund. Any unexpended amounts 
26remaining in the Education Property Tax Relief Fund on the 
		HB5611	- 8 -	LRB104 20416 HLH 33880 b
1last day of the fiscal year shall be transferred from the 
2Education Property Tax Relief Fund to the General Revenue 
3Fund.