HB 5610

Select Language
  ×
The Illinois General Assembly offers the Google Translate™ service for visitor convenience. In no way should it be considered accurate as to the translation of any content herein.
Visitors of the Illinois General Assembly website are encouraged to use other translation services available on the internet.
The English language version is always the official and authoritative version of this website.
NOTE: To return to the original English language version, select the "Show Original" button on the Google Translate™ menu bar at the top of the window.
  Choose Language
  English
  Afrikaans
  Albanian
  Arabic
  Armenian
  Azerbaijani
  Basque
  Bengali
  Bosnian
  Catalan
  Croatian
  Czech
  Danish
  Dutch
  Esperanto
  Estonian
  Filipino
  Finnish
  French
  Galician
  Georgian
  German
  Greek
  Gujarati
  Haitian Creole
  Hausa
  Hawaiian
  Hebrew
  Hindi
  Hungarian
  Icelandic
  Indonesian
  Interlingua
  Interlingue
  Inuktitut
  Irish
  Italian
  Japanese
  Javanese
  Kannada
  Khmer
  Korean
  Latin
  Latvian
  Lithuanian
  Luxembourgish
  Macedonian
  Malagasy
  Malayalam
  Maltese
  Maori
  Marathi
  Myanmar
  Nepali
  Norwegian
  Odia
  Pashto
  Punjabi
  Romanian
  Russian
  Samoan
  Sango
  Sanskrit
  Sardinian
  Sindhi
  Sinhala
  Slovak
  Slovenian
  Somali
  Southern Sotho
  Spanish
  Sundanese
  Swahili
  Swedish
  Tamil
  Telugu
  Thai
  Tigrinya
  Tonga
  Turkish
  Ukrainian
  Urdu
  Vietnamese
  Welsh
  Xhosa
  Yiddish
  Yoruba
  Zulu
  Powered by Translate
  Close
Illinois General Assembly
Top Navigation Bar
  Translate
  Learn
  Select General Assembly
  Search the 104th General Assembly
  Enter search terms for legislation, members, committees, or schedules.
  ILGA.GOV
Mobile Top Bar
  Search the 104th General Assembly
  Enter keywords to search the Illinois General Assembly website.
Full Text of HB5610
Home
Legislation
Full Text
	HB5610 - 104th General Assembly
		Bill Status
		Full Text
		Votes
		Witness Slips
	Select Menu
	Bill Status
	Full Text
	Votes
	Witness Slips
	Printer Friendly Version
			Introduced
		Printer Friendly Version
		Introduced
			 Open PDF
104TH GENERAL ASSEMBLY
State of Illinois
2025 and 2026
HB5610
Introduced 2/13/2026, by Rep. Travis Weaver
SYNOPSIS AS INTRODUCED:
30 ILCS 122/20
30 ILCS 122/25
Amends the Budget Stabilization Act. Provides that specified amounts shall be transferred from the General Revenue Fund to the Pension Stabilization Fund beginning in fiscal year 2030 and continuing until the end of fiscal year 2045 or when each of the designated retirement systems has achieved 100% funding, whichever occurs first. Effective immediately.
LRB104 18763 HLH 32206 b
A BILL FOR
		HB5610		LRB104 18763 HLH 32206 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 Budget Stabilization Act is amended by
5changing Sections 20 and 25 as follows:
6    (30 ILCS 122/20)
7    (Text of Section WITH the changes made by P.A. 98-599,
8which has been held unconstitutional)
9    Sec. 20. Pension Stabilization Fund.
10    (a) The Pension Stabilization Fund is hereby created as a
11special fund in the State treasury. Moneys in the fund shall be
12used for the sole purpose of making payments to the designated
13retirement systems as provided in Section 25.
14    (b) For each fiscal year through State fiscal year 2014,
15when the General Assembly's appropriations and transfers or
16diversions as required by law from general funds do not exceed
1799% of the estimated general funds revenues pursuant to
18subsection (a) of Section 10, the Comptroller shall transfer
19from the General Revenue Fund as provided by this Section a
20total amount equal to 0.5% of the estimated general funds
21revenues to the Pension Stabilization Fund.
22    (c) For each fiscal year through State fiscal year 2014,
23when the General Assembly's appropriations and transfers or
		HB5610	- 2 -	LRB104 18763 HLH 32206 b
1diversions as required by law from general funds do not exceed
298% of the estimated general funds revenues pursuant to
3subsection (b) of Section 10, the Comptroller shall transfer
4from the General Revenue Fund as provided by this Section a
5total amount equal to 1.0% of the estimated general funds
6revenues to the Pension Stabilization Fund.
7    (c-5) In addition to any other amounts required to be
8transferred under this Section, in State fiscal year 2016 and
9each fiscal year thereafter through State fiscal year 2045, or
10when each of the designated retirement systems, as defined in
11Section 25, has achieved 100% funding, whichever occurs first,
12the State Comptroller shall order transferred and the State
13Treasurer shall transfer from the General Revenue Fund to the
14Pension Stabilization Fund an amount equal to 10% of (1) the
15sum of the amounts certified by the designated retirement
16systems under subsection (a-5) of Section 2-134, subsection
17(a-10) of Section 14-135.08, subsection (a-10) of Section
1815-165, and subsection (a-10) of Section 16-158 of this Code
19for that fiscal year minus (2) the sum of (i) the transfer
20required under subsection (c-10) of this Section for that
21fiscal year and (ii) the sum of the required State
22contributions certified by the retirement systems under
23subsection (a) of Section 2-134, subsection (a-5) of Section
2414-135.08, subsection (a-5) of Section 15-165, and subsection
25(a-5) of Section 16-158 of this Code for that fiscal year. The
26transferred amount is intended to represent one-tenth of the
		HB5610	- 3 -	LRB104 18763 HLH 32206 b
1annual savings to the State resulting from the enactment of
2this amendatory Act of the 98th General Assembly.
3    (c-10) In State fiscal year 2019, the State Comptroller
4shall order transferred and the State Treasurer shall transfer
5$364,000,000 from the General Revenue Fund to the Pension
6Stabilization Fund. In State fiscal year 2020 and each fiscal
7year thereafter until terminated under subsection (c-15), the
8State Comptroller shall order transferred and the State
9Treasurer shall transfer $1,000,000,000 from the General
10Revenue Fund to the Pension Stabilization Fund.
11    (c-15) The transfers made beginning in State fiscal year
122020 pursuant to subsection (c-10) of this Section shall
13terminate at the end of State fiscal year 2045 or when each of
14the designated retirement systems, as defined in Section 25,
15has achieved 100% funding, whichever occurs first.
16    (c-20) In addition to any other transfers that may be 
17provided by law, the State Comptroller shall order transferred 
18and the State Treasurer shall transfer from the General 
19Revenue Fund to the Pension Stabilization Fund the amounts set 
20forth as follows for each of the specified fiscal years:
21        (1) for fiscal years 2030 through 2033, $600,000,000 
22    in each of those fiscal years; and
23        (2) for fiscal year 2034 through the fiscal year 
24    specified in subsection (c-25), $1,700,000 in each of 
25    those fiscal years.
26    (c-25) The transfers pursuant to subsection (c-20) of this 
		HB5610	- 4 -	LRB104 18763 HLH 32206 b
1Section shall terminate at the end of State fiscal year 2045 or 
2when each of the designated retirement systems, as defined in 
3Section 25, has achieved 100% funding, whichever occurs first.
4    (d) The Comptroller shall transfer 1/12 of the total
5amount to be transferred each fiscal year under this Section
6into the Pension Stabilization Fund on the first day of each
7month of that fiscal year or as soon thereafter as possible;
8except that the final transfer of the fiscal year shall be made
9as soon as practical after the August 31 following the end of
10the fiscal year.
11    Until State fiscal year 2015, before the final transfer
12for a fiscal year is made, the Comptroller shall reconcile the
13estimated general funds revenues used in calculating the other
14transfers under this Section for that fiscal year with the
15actual general funds revenues for that fiscal year. The final
16transfer for the fiscal year shall be adjusted so that the
17total amount transferred under this Section for that fiscal
18year is equal to the percentage specified in subsection (b) or
19(c) of this Section, whichever is applicable, of the actual
20general funds revenues for that fiscal year. The actual
21general funds revenues for the fiscal year shall be calculated
22in a manner consistent with subsection (c) of Section 10 of
23this Act.
24(Source: P.A. 98-599, eff. 6-1-14.)
25    (Text of Section WITHOUT the changes made by P.A. 98-599,
		HB5610	- 5 -	LRB104 18763 HLH 32206 b
1which has been held unconstitutional)
2    Sec. 20. Pension Stabilization Fund.
3    (a) The Pension Stabilization Fund is hereby created as a
4special fund in the State treasury. Moneys in the fund shall be
5used for the sole purpose of making payments to the designated
6retirement systems as provided in Section 25.
7    (b) For each fiscal year when the General Assembly's
8appropriations and transfers or diversions as required by law
9from general funds do not exceed 99% of the estimated general
10funds revenues pursuant to subsection (a) of Section 10, the
11Comptroller shall transfer from the General Revenue Fund as
12provided by this Section a total amount equal to 0.5% of the
13estimated general funds revenues to the Pension Stabilization
14Fund.
15    (c) For each fiscal year when the General Assembly's
16appropriations and transfers or diversions as required by law
17from general funds do not exceed 98% of the estimated general
18funds revenues pursuant to subsection (b) of Section 10, the
19Comptroller shall transfer from the General Revenue Fund as
20provided by this Section a total amount equal to 1.0% of the
21estimated general funds revenues to the Pension Stabilization
22Fund.
23    (c-20) In addition to any other transfers that may be 
24provided by law, the State Comptroller shall order transferred 
25and the State Treasurer shall transfer from the General 
26Revenue Fund to the Pension Stabilization Fund the amounts set 
		HB5610	- 6 -	LRB104 18763 HLH 32206 b
1forth as follows for each of the specified fiscal years:
2        (1) for fiscal years 2030 through 2033, $600,000,000 
3    in each of those fiscal years; and
4        (2) for fiscal year 2034 through the fiscal year 
5    specified in subsection (c-25), $1,700,000 in each of 
6    those fiscal years.
7    (c-25) The transfers pursuant to subsection (c-20) of this 
8Section shall terminate at the end of State fiscal year 2045 or 
9when each of the designated retirement systems, as defined in 
10Section 25, has achieved 100% funding, whichever occurs first.
11    (d) The Comptroller shall transfer 1/12 of the total
12amount to be transferred each fiscal year under this Section
13into the Pension Stabilization Fund on the first day of each
14month of that fiscal year or as soon thereafter as possible;
15except that the final transfer of the fiscal year shall be made
16as soon as practical after the August 31 following the end of
17the fiscal year.
18    Before the final transfer for a fiscal year is made, the
19Comptroller shall reconcile the estimated general funds
20revenues used in calculating the other transfers under this
21Section for that fiscal year with the actual general funds
22revenues for that fiscal year. The final transfer for the
23fiscal year shall be adjusted so that the total amount
24transferred under this Section for that fiscal year is equal
25to the percentage specified in subsection (b) or (c) of this
26Section, whichever is applicable, of the actual general funds
		HB5610	- 7 -	LRB104 18763 HLH 32206 b
1revenues for that fiscal year. The actual general funds
2revenues for the fiscal year shall be calculated in a manner
3consistent with subsection (c) of Section 10 of this Act.
4(Source: P.A. 94-839, eff. 6-6-06.)
5    (30 ILCS 122/25)
6    (Text of Section WITH the changes made by P.A. 98-599,
7which has been held unconstitutional)
8    Sec. 25. Transfers from the Pension Stabilization Fund.
9    (a) As used in this Section, "designated retirement
10systems" means:
11        (1) the State Employees' Retirement System of
12    Illinois;
13        (2) the Teachers' Retirement System of the State of
14    Illinois;
15        (3) the State Universities Retirement System;
16        (4) the Judges Retirement System of Illinois; and
17        (5) the General Assembly Retirement System.
18    (b) As soon as may be practical after any money is
19deposited into the Pension Stabilization Fund, the State
20Comptroller shall apportion the deposited amount among the
21designated retirement systems and the State Comptroller and
22State Treasurer shall pay the apportioned amounts to the
23designated retirement systems. The amount deposited shall be
24apportioned among the designated retirement systems in the
25same proportion as their respective portions of the total
		HB5610	- 8 -	LRB104 18763 HLH 32206 b
1actuarial reserve deficiency of the designated retirement
2systems, as most recently determined by the Governor's Office
3of Management and Budget. Amounts received by a designated
4retirement system under this Section shall be used for funding
5the unfunded liabilities of the retirement system. Payments
6under this Section are authorized by the continuing
7appropriation under Section 1.7 of the State Pension Funds
8Continuing Appropriation Act.
9    (c) At the request of the State Comptroller, the
10Governor's Office of Management and Budget shall determine the
11individual and total actuarial reserve deficiencies of the
12designated retirement systems. For this purpose, the
13Governor's Office of Management and Budget shall consider the
14latest available audit and actuarial reports of each of the
15retirement systems and the relevant reports and statistics of
16the Public Pension Division of the Department of Insurance.
17    (d) Payments to the designated retirement systems under
18this Section shall be in addition to, and not in lieu of, any
19State contributions required under Section 2-124, 14-131,
2015-155, 16-158, or 18-131 of the Illinois Pension Code.
21    Payments to the designated retirement systems under this
22Section received after the effective date of this amendatory
23Act of the 98th General Assembly, and any investment earnings
24attributable to such payments, do not reduce and do not
25constitute payment of any portion of the required State
26contribution under Article 2, 14, 15, 16, or 18 of the Illinois
		HB5610	- 9 -	LRB104 18763 HLH 32206 b
1Pension Code in the current fiscal year. Such amounts shall
2not reduce, and shall not be included in the calculation of,
3the required State contribution under Article 2, 14, 15, 16,
4or 18 of the Illinois Pension Code in any future fiscal year,
5until the designated retirement system has reached the
6targeted funding ratio as prescribed by law for that
7retirement system. Such payments may be invested in the same
8manner as other assets of the designated retirement system and
9shall be used in the calculation of the system's funding ratio
10for the purposes of this Section and Section 20 of this Act.
11Payments under this Section may be used for any associated
12administrative costs.
13    (e) Payments to the designated retirement systems under 
14sections (c-20) and (c-25) of Section 20 received after the 
15effective date of this amendatory Act of the 104th General 
16Assembly, as well as any investment earnings attributable to 
17those payments, do not reduce and do not constitute payment of 
18any portion of the required State contribution under Article 
192, 14, 15, 16, or 18 of the Illinois Pension Code in the 
20current fiscal year. Those amounts shall not reduce, and shall 
21not be included in the calculation of, the required State 
22contribution under Article 2, 14, 15, 16, or 18 of the Illinois 
23Pension Code in any future fiscal year, until the designated 
24retirement system has reached a 100% funding ratio. Those 
25payments may be invested in the same manner as other assets of 
26the designated retirement system and shall be used in the 
		HB5610	- 10 -	LRB104 18763 HLH 32206 b
1calculation of the system's funding ratio for the purposes of 
2this Section and Section 20 of this Act. Payments under this 
3Section may be used for any associated administrative costs.
4(Source: P.A. 98-599, eff. 6-1-14.)
5    (Text of Section WITHOUT the changes made by P.A. 98-599,
6which has been held unconstitutional)
7    Sec. 25. Transfers from the Pension Stabilization Fund.
8    (a) As used in this Section, "designated retirement
9systems" means:
10        (1) the State Employees' Retirement System of
11    Illinois;
12        (2) the Teachers' Retirement System of the State of
13    Illinois;
14        (3) the State Universities Retirement System;
15        (4) the Judges Retirement System of Illinois; and
16        (5) the General Assembly Retirement System.
17    (b) As soon as may be practical after any money is
18deposited into the Pension Stabilization Fund, the State
19Comptroller shall apportion the deposited amount among the
20designated retirement systems and the State Comptroller and
21State Treasurer shall pay the apportioned amounts to the
22designated retirement systems. The amount deposited shall be
23apportioned among the designated retirement systems in the
24same proportion as their respective portions of the total
25actuarial reserve deficiency of the designated retirement
		HB5610	- 11 -	LRB104 18763 HLH 32206 b
1systems, as most recently determined by the Governor's Office
2of Management and Budget. Amounts received by a designated
3retirement system under this Section shall be used for funding
4the unfunded liabilities of the retirement system. Payments
5under this Section are authorized by the continuing
6appropriation under Section 1.7 of the State Pension Funds
7Continuing Appropriation Act.
8    (c) At the request of the State Comptroller, the
9Governor's Office of Management and Budget shall determine the
10individual and total actuarial reserve deficiencies of the
11designated retirement systems. For this purpose, the
12Governor's Office of Management and Budget shall consider the
13latest available audit and actuarial reports of each of the
14retirement systems and the relevant reports and statistics of
15the Public Pension Division of the Department of Financial and
16Professional Regulation.
17    (d) Payments to the designated retirement systems under
18this Section shall be in addition to, and not in lieu of, any
19State contributions required under Section 2-124, 14-131,
2015-155, 16-158, or 18-131 of the Illinois Pension Code.
21    (e) Payments to the designated retirement systems under 
22sections (c-20) and (c-25) of Section 20 received after the 
23effective date of this amendatory Act of the 104th General 
24Assembly, as well as any investment earnings attributable to 
25those payments, do not reduce and do not constitute payment of 
26any portion of the required State contribution under Article 
		HB5610	- 12 -	LRB104 18763 HLH 32206 b
12, 14, 15, 16, or 18 of the Illinois Pension Code in the 
2current fiscal year. Those amounts shall not reduce, and shall 
3not be included in the calculation of, the required State 
4contribution under Article 2, 14, 15, 16, or 18 of the Illinois 
5Pension Code in any future fiscal year, until the designated 
6retirement system has reached a 100% funding ratio. Those 
7payments may be invested in the same manner as other assets of 
8the designated retirement system and shall be used in the 
9calculation of the system's funding ratio for the purposes of 
10this Section and Section 20 of this Act. Payments under this 
11Section may be used for any associated administrative costs.
12(Source: P.A. 94-839, eff. 6-6-06.)
13    Section 99. Effective date. This Act takes effect upon
14becoming law.