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Illinois House Bill HB2515

Illinois 2023-2024 Regular Session

Illinois House Bill HB2515 Compare Versions

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11 103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB2515 Introduced , by Rep. Stephanie A. Kifowit SYNOPSIS AS INTRODUCED: 15 ILCS 20/50-40 25 ILCS 80/5 from Ch. 63, par. 42.93-5 30 ILCS 105/6z-51 30 ILCS 105/9.0830 ILCS 122/1030 ILCS 122/1530 ILCS 122/20 Amends the Balanced Budget Note Act. Specifies that the Pension Stabilization Fund is a general fund for purposes of identifying supplemental appropriation bills. Amends the State Finance Act. Provides that the monthly reports on State liabilities submitted to the Comptroller by the Department on Aging, the Department of Healthcare and Family Services, the Department of Human Services, the Department of Central Management Services, and the Department of Revenue shall also include certain supplemental information. Amends the Budget Stabilization Act. Modifies provisions placing limits on amounts that may be appropriated, transferred, or diverted by the General Assembly from general funds. Modifies provisions concerning requirements for and transfers into the Budget Stabilization Fund and the Pension Stabilization Fund based on the State's accounts payable. Makes changes to the definition of "estimated general funds revenues". Effective immediately. LRB103 29717 DTM 56122 b A BILL FOR 103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB2515 Introduced , by Rep. Stephanie A. Kifowit SYNOPSIS AS INTRODUCED: 15 ILCS 20/50-40 25 ILCS 80/5 from Ch. 63, par. 42.93-5 30 ILCS 105/6z-51 30 ILCS 105/9.0830 ILCS 122/1030 ILCS 122/1530 ILCS 122/20 15 ILCS 20/50-40 25 ILCS 80/5 from Ch. 63, par. 42.93-5 30 ILCS 105/6z-51 30 ILCS 105/9.08 30 ILCS 122/10 30 ILCS 122/15 30 ILCS 122/20 Amends the Balanced Budget Note Act. Specifies that the Pension Stabilization Fund is a general fund for purposes of identifying supplemental appropriation bills. Amends the State Finance Act. Provides that the monthly reports on State liabilities submitted to the Comptroller by the Department on Aging, the Department of Healthcare and Family Services, the Department of Human Services, the Department of Central Management Services, and the Department of Revenue shall also include certain supplemental information. Amends the Budget Stabilization Act. Modifies provisions placing limits on amounts that may be appropriated, transferred, or diverted by the General Assembly from general funds. Modifies provisions concerning requirements for and transfers into the Budget Stabilization Fund and the Pension Stabilization Fund based on the State's accounts payable. Makes changes to the definition of "estimated general funds revenues". Effective immediately. LRB103 29717 DTM 56122 b LRB103 29717 DTM 56122 b A BILL FOR
22 103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB2515 Introduced , by Rep. Stephanie A. Kifowit SYNOPSIS AS INTRODUCED:
33 15 ILCS 20/50-40 25 ILCS 80/5 from Ch. 63, par. 42.93-5 30 ILCS 105/6z-51 30 ILCS 105/9.0830 ILCS 122/1030 ILCS 122/1530 ILCS 122/20 15 ILCS 20/50-40 25 ILCS 80/5 from Ch. 63, par. 42.93-5 30 ILCS 105/6z-51 30 ILCS 105/9.08 30 ILCS 122/10 30 ILCS 122/15 30 ILCS 122/20
44 15 ILCS 20/50-40
55 25 ILCS 80/5 from Ch. 63, par. 42.93-5
66 30 ILCS 105/6z-51
77 30 ILCS 105/9.08
88 30 ILCS 122/10
99 30 ILCS 122/15
1010 30 ILCS 122/20
1111 Amends the Balanced Budget Note Act. Specifies that the Pension Stabilization Fund is a general fund for purposes of identifying supplemental appropriation bills. Amends the State Finance Act. Provides that the monthly reports on State liabilities submitted to the Comptroller by the Department on Aging, the Department of Healthcare and Family Services, the Department of Human Services, the Department of Central Management Services, and the Department of Revenue shall also include certain supplemental information. Amends the Budget Stabilization Act. Modifies provisions placing limits on amounts that may be appropriated, transferred, or diverted by the General Assembly from general funds. Modifies provisions concerning requirements for and transfers into the Budget Stabilization Fund and the Pension Stabilization Fund based on the State's accounts payable. Makes changes to the definition of "estimated general funds revenues". Effective immediately.
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1717 1 AN ACT concerning finance.
1818 2 Be it enacted by the People of the State of Illinois,
1919 3 represented in the General Assembly:
2020 4 Section 5. The State Budget Law of the Civil
2121 5 Administrative Code of Illinois is amended by changing Section
2222 6 50-40 as follows:
2323 7 (15 ILCS 20/50-40)
2424 8 Sec. 50-40. General funds defined. "General funds" or
2525 9 "State general funds" means the General Revenue Fund, the
2626 10 Common School Fund, the General Revenue Common School Special
2727 11 Account Fund, the Education Assistance Fund, the Fund for the
2828 12 Advancement of Education, the Commitment to Human Services
2929 13 Fund, and the Budget Stabilization Fund, and the Pension
3030 14 Stabilization Fund.
3131 15 (Source: P.A. 100-23, eff. 7-6-17.)
3232 16 Section 6. The Balanced Budget Note Act is amended by
3333 17 changing Section 5 as follows:
3434 18 (25 ILCS 80/5) (from Ch. 63, par. 42.93-5)
3535 19 Sec. 5. Supplemental appropriation bill defined. For
3636 20 purposes of this Act, "supplemental appropriation bill" means
3737 21 any appropriation bill that is (a) introduced or amended
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4141 103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB2515 Introduced , by Rep. Stephanie A. Kifowit SYNOPSIS AS INTRODUCED:
4242 15 ILCS 20/50-40 25 ILCS 80/5 from Ch. 63, par. 42.93-5 30 ILCS 105/6z-51 30 ILCS 105/9.0830 ILCS 122/1030 ILCS 122/1530 ILCS 122/20 15 ILCS 20/50-40 25 ILCS 80/5 from Ch. 63, par. 42.93-5 30 ILCS 105/6z-51 30 ILCS 105/9.08 30 ILCS 122/10 30 ILCS 122/15 30 ILCS 122/20
4343 15 ILCS 20/50-40
4444 25 ILCS 80/5 from Ch. 63, par. 42.93-5
4545 30 ILCS 105/6z-51
4646 30 ILCS 105/9.08
4747 30 ILCS 122/10
4848 30 ILCS 122/15
4949 30 ILCS 122/20
5050 Amends the Balanced Budget Note Act. Specifies that the Pension Stabilization Fund is a general fund for purposes of identifying supplemental appropriation bills. Amends the State Finance Act. Provides that the monthly reports on State liabilities submitted to the Comptroller by the Department on Aging, the Department of Healthcare and Family Services, the Department of Human Services, the Department of Central Management Services, and the Department of Revenue shall also include certain supplemental information. Amends the Budget Stabilization Act. Modifies provisions placing limits on amounts that may be appropriated, transferred, or diverted by the General Assembly from general funds. Modifies provisions concerning requirements for and transfers into the Budget Stabilization Fund and the Pension Stabilization Fund based on the State's accounts payable. Makes changes to the definition of "estimated general funds revenues". Effective immediately.
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5959 15 ILCS 20/50-40
6060 25 ILCS 80/5 from Ch. 63, par. 42.93-5
6161 30 ILCS 105/6z-51
6262 30 ILCS 105/9.08
6363 30 ILCS 122/10
6464 30 ILCS 122/15
6565 30 ILCS 122/20
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8484 1 (including any changes to legislation by means of the
8585 2 submission of a conference committee report) on or after July
8686 3 1 of a fiscal year and (b) proposes (as introduced or as
8787 4 amended as the case may be) to authorize, increase, decrease,
8888 5 or reallocate any general funds appropriation for that same
8989 6 fiscal year. The general funds consist of the General Revenue
9090 7 Fund, the Common School Fund, the General Revenue Common
9191 8 School Special Account Fund, the Education Assistance Fund,
9292 9 the Fund for the Advancement of Education, the Commitment to
9393 10 Human Services Fund, and the Budget Stabilization Fund, and
9494 11 the Pension Stabilization Fund.
9595 12 (Source: P.A. 100-587, eff. 6-4-18.)
9696 13 Section 10. The State Finance Act is amended by changing
9797 14 Sections 6z-51 and 9.08 as follows:
9898 15 (30 ILCS 105/6z-51)
9999 16 Sec. 6z-51. Budget Stabilization Fund.
100100 17 (a) The Budget Stabilization Fund, a special fund in the
101101 18 State Treasury, shall consist of moneys appropriated or
102102 19 transferred to that Fund, as provided in Section 6z-43 and as
103103 20 otherwise provided by law. All earnings on Budget
104104 21 Stabilization Fund investments shall be deposited into that
105105 22 Fund.
106106 23 (b) The State Comptroller may direct the State Treasurer
107107 24 to transfer moneys from the Budget Stabilization Fund to the
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118118 1 General Revenue Fund in order to meet cash flow deficits
119119 2 resulting from timing variations between disbursements and the
120120 3 receipt of funds within a fiscal year. Except as provided in
121121 4 subsection (b-5), any Any moneys so borrowed in any fiscal
122122 5 year other than Fiscal Year 2011 shall be repaid by June 30 of
123123 6 the fiscal year in which they were borrowed. Any moneys so
124124 7 borrowed in Fiscal Year 2011 shall be repaid no later than July
125125 8 15, 2011.
126126 9 (b-5) For Fiscal Year 2025 and each fiscal year
127127 10 thereafter, any moneys transferred into the Budget
128128 11 Stabilization Fund pursuant to Section 15 of the Budget
129129 12 Stabilization Act may be transferred into the General Revenue
130130 13 Fund in order for the Comptroller to address outstanding
131131 14 vouchers and shall not be subject to repayment into the Budget
132132 15 Stabilization Fund if the amount of accounts payable, as
133133 16 determined by the Comptroller on June 30 of that fiscal year,
134134 17 exceeds $4,000,000,000.
135135 18 (c)(Blank). During Fiscal Year 2017 only, amounts may be
136136 19 expended from the Budget Stabilization Fund only pursuant to
137137 20 specific authorization by appropriation. Any moneys expended
138138 21 pursuant to appropriation shall not be subject to repayment.
139139 22 (d) (Blank). For Fiscal Years 2020 through 2022, any
140140 23 transfers into the Fund pursuant to the Cannabis Regulation
141141 24 and Tax Act may be transferred to the General Revenue Fund in
142142 25 order for the Comptroller to address outstanding vouchers and
143143 26 shall not be subject to repayment back into the Budget
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154154 1 Stabilization Fund.
155155 2 (e) Beginning July 1, 2023, on the first day of each month,
156156 3 or as soon thereafter as practical, the State Comptroller
157157 4 shall direct and the State Treasurer shall transfer $3,750,000
158158 5 from the General Revenue Fund to the Budget Stabilization
159159 6 Fund.
160160 7 (Source: P.A. 101-10, eff. 6-5-19; 102-699, eff. 4-19-22.)
161161 8 (30 ILCS 105/9.08)
162162 9 Sec. 9.08. State agency reports; bills held by the agency.
163163 10 (a) Each State agency shall provide a report to the State
164164 11 Comptroller identifying: (i) current State liabilities held at
165165 12 the agency, by fund source; (ii) whether the liabilities are
166166 13 appropriated; and (iii) an estimate of interest penalties
167167 14 accrued under the State Prompt Payment Act under criteria
168168 15 prescribed by the State Comptroller. The report shall be
169169 16 provided monthly in a time and form prescribed by the State
170170 17 Comptroller in which the State Comptroller may provide a
171171 18 waiver to the monthly reporting requirement if a State agency
172172 19 does not have State liabilities. In the monthly reports under
173173 20 this subsection (a) for January 2024, and in the monthly
174174 21 reports under this subsection (a) for each January thereafter:
175175 22 (1) the Department on Aging, the Department of
176176 23 Healthcare and Family Services, and the Department of
177177 24 Human Services shall include the total number and
178178 25 aggregate dollar value of the invoices submitted by that
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189189 1 agency that may be paid from appropriations in a future
190190 2 fiscal year under Section 25 because appropriations in the
191191 3 current fiscal year are insufficient;
192192 4 (2) the Department of Central Management Services
193193 5 shall include the total number and aggregate dollar value
194194 6 of the invoices that may be paid from appropriations in
195195 7 future fiscal years under Section 25 due to insufficient
196196 8 resources in the Health Insurance Reserve Fund; and
197197 9 (3) the Department of Revenue shall include an
198198 10 estimate of the amount of individual and corporate income
199199 11 tax overpayments that will not be refunded before the
200200 12 close of the current fiscal year because deposits into the
201201 13 Income Tax Refund Fund are insufficient to pay those
202202 14 refunds.
203203 15 (b) As soon as possible after receiving a report from a
204204 16 State agency under subsection (a) of this Section, the State
205205 17 Comptroller shall post on his or her public-facing website the
206206 18 information amount reported by the State agency under
207207 19 subsection (a). The Comptroller shall also include on that
208208 20 website the liabilities reported to the Comptroller as of the
209209 21 close of business on December 31 of the previous calendar
210210 22 year.
211211 23 (c) For purposes of this Section, "State agency" means:
212212 24 all executive branch officers, boards, commissions and
213213 25 agencies created by the Constitution; all officers,
214214 26 departments, boards, commissions, agencies, institutions,
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225225 1 authorities, universities, bodies politic and corporate of the
226226 2 State; and administrative units or corporate outgrowths of the
227227 3 State government which are created by or pursuant to statute,
228228 4 other than units of local government and their officers,
229229 5 school districts and boards of election commissioners; and all
230230 6 administrative units and corporate outgrowths of the above and
231231 7 as may be created by executive order of the Governor. "State
232232 8 agency" does not include any officer, department, board,
233233 9 commission, agency, unit, or authority of the legislative or
234234 10 judicial branch.
235235 11 (Source: P.A. 100-552, eff. 1-1-18.)
236236 12 Section 15. The Budget Stabilization Act is amended by
237237 13 changing Sections 10, 15 and 20 as follows:
238238 14 (30 ILCS 122/10)
239239 15 Sec. 10. Budget limitations.
240240 16 (a) Through Fiscal Year 2024, except Except as provided in
241241 17 subsection (b-5), in addition to Section 50-5 of the State
242242 18 Budget Law of the Civil Administrative Code of Illinois, the
243243 19 General Assembly's appropriations and transfers or diversions
244244 20 as required by law from general funds shall not exceed 99% of
245245 21 the estimated general funds revenues for the fiscal year when
246246 22 revenue estimates of the State's general funds revenues exceed
247247 23 the prior fiscal year's estimated general funds revenues by
248248 24 more than 4%. Beginning in Fiscal Year 2025, in addition to
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259259 1 Section 50-5 of the State Budget Law of the Civil
260260 2 Administrative Code of Illinois, the General Assembly's
261261 3 appropriations and transfers or diversions as required by law
262262 4 from general funds shall not exceed 99% of the estimated
263263 5 general funds revenues for the fiscal year if (i) revenue
264264 6 estimates of the State's general funds revenues for the fiscal
265265 7 year exceed the prior fiscal year's estimated general funds
266266 8 revenues by more than 4% and (ii) projected accounts payable
267267 9 are estimated by the Comptroller to be less than
268268 10 $3,000,000,000 for the fiscal year.
269269 11 (b) Through Fiscal Year 2024, except Except as provided in
270270 12 subsection (b-5), the General Assembly's appropriations and
271271 13 transfers or diversions as required by law from general funds
272272 14 shall not exceed 98% of the estimated general funds revenues
273273 15 for the fiscal year when revenue estimates of the State's
274274 16 general funds revenues exceed the prior fiscal year's
275275 17 estimated general funds revenues by more than 4% for 2 or more
276276 18 consecutive fiscal years.
277277 19 (b-5) The limitations on appropriations and transfers or
278278 20 diversions set forth under subsections (a) and (b) do not
279279 21 apply for State fiscal year 2008.
280280 22 (c) For the purpose of this Act, through Fiscal Year 2024,
281281 23 "estimated general funds revenues" include, for each budget
282282 24 year, all taxes, fees, and other revenues expected to be
283283 25 deposited into the State's general funds, including recurring
284284 26 transfers from other State funds into the general funds.
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295295 1 Beginning in Fiscal Year 2025, "estimated general funds
296296 2 revenues" means the estimate from the Governor's Office of
297297 3 Management and Budget under Section 50-5 of the State Budget
298298 4 Law of the Civil Administrative Code of Illinois of all the
299299 5 taxes, fees, and other revenues expected to be deposited into
300300 6 the State's general funds, including recurring transfers from
301301 7 other State funds into the general funds, but excluding any
302302 8 federal revenue sources.
303303 9 Through Fiscal Year 2024, year-over-year Year-over-year
304304 10 comparisons used to determine the percentage growth factor of
305305 11 estimated general funds revenues shall exclude the sum of the
306306 12 following: (i) expected revenues resulting from new taxes or
307307 13 fees or from tax or fee increases during the first year of the
308308 14 change, (ii) expected revenues resulting from one-time
309309 15 receipts or non-recurring transfers in, (iii) expected
310310 16 proceeds resulting from borrowing, and (iv) increases in
311311 17 federal grants that must be completely appropriated based on
312312 18 the terms of the grants.
313313 19 (Source: P.A. 94-839, eff. 6-6-06; 95-707, eff. 1-11-08.)
314314 20 (30 ILCS 122/15)
315315 21 Sec. 15. Transfers to Budget Stabilization Fund. In
316316 22 furtherance of the State's objective for the Budget
317317 23 Stabilization Fund to have resources representing 7.5% of the
318318 24 State's annual general funds revenues:
319319 25 (a) For each fiscal year when the General Assembly's
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330330 1 appropriations and transfers or diversions as required by law
331331 2 from general funds do not exceed 99% of the estimated general
332332 3 funds revenues pursuant to subsection (a) of Section 10, the
333333 4 Comptroller shall transfer from the General Revenue Fund as
334334 5 provided by this Section a total amount equal to 0.5% of the
335335 6 estimated general funds revenues to the Budget Stabilization
336336 7 Fund.
337337 8 (b) Through the Fiscal Year 2024, For each fiscal year
338338 9 when the General Assembly's appropriations and transfers or
339339 10 diversions as required by law from general funds do not exceed
340340 11 98% of the estimated general funds revenues pursuant to
341341 12 subsection (b) of Section 10, the Comptroller shall transfer
342342 13 from the General Revenue Fund as provided by this Section a
343343 14 total amount equal to 1% of the estimated general funds
344344 15 revenues to the Budget Stabilization Fund.
345345 16 (c) The Comptroller shall transfer 1/12 of the total
346346 17 amount to be transferred each fiscal year under this Section
347347 18 into the Budget Stabilization Fund on the first day of each
348348 19 month of that fiscal year or as soon thereafter as possible.
349349 20 The balance of the Budget Stabilization Fund shall not
350350 21 exceed 7.5% of the total of general funds revenues estimated
351351 22 for that fiscal year. Beginning in Fiscal Year 2025, once the
352352 23 balance of the Budget Stabilization Fund is equal to 7.5% of
353353 24 the total general funds revenues of the prior fiscal year, no
354354 25 further transfers shall be made into the Budget Stabilization
355355 26 Fund in that fiscal year. If any of the reports submitted under
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366366 1 Section 9.08 by the Department on Aging, the Department of
367367 2 Central Management Services, the Department of Healthcare and
368368 3 Family Services, the Department of Human Services, or the
369369 4 Department of Revenue indicate that there are invoices that
370370 5 have been submitted by that agency that may be paid from
371371 6 appropriations in future fiscal years because appropriations
372372 7 in the then current fiscal year are insufficient to pay those
373373 8 invoices, then the Comptroller shall order transferred and the
374374 9 Treasurer shall transfer from the General Revenue Fund into
375375 10 the Health Insurance Reserve Fund, the Healthcare Provider
376376 11 Relief Fund, or the Income Tax Refund Fund, as applicable, an
377377 12 amount necessary to reduce those amounts to zero, but not to
378378 13 exceed a monthly aggregate combined total for all funds of
379379 14 1/12 of the total amount identified for transfer into those
380380 15 funds. except as provided by subsection (d) of this Section.
381381 16 (d) Upon written notice from the Governor to the Clerk of
382382 17 the House of Representatives, the Secretary of the Senate, and
383383 18 the Secretary of State pursuant to Section 1.1 of the Short
384384 19 Term Borrowing Act, the Comptroller may cease the order of any
385385 20 further transfers into the Budget Stabilization Fund and may
386386 21 order the transfer, and the Treasurer shall transfer, from the
387387 22 Budget Stabilization Fund into the General Revenue Fund an
388388 23 amount deemed necessary to maintain the State's accounts
389389 24 payable at an amount less than $3,000,000,000. If the written
390390 25 notice has been provided, the General Assembly may make
391391 26 transfers or appropriations from the Budget Stabilization Fund
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402402 1 for the upcoming fiscal year as necessary to provide for the
403403 2 health, safety, and welfare of the people of the State of
404404 3 Illinois. If the balance of the Budget Stabilization Fund
405405 4 exceeds 7.5% of the total general funds revenues estimated for
406406 5 that fiscal year, the additional transfers are not required
407407 6 unless there are outstanding liabilities under Section 25 of
408408 7 the State Finance Act from prior fiscal years. If there are
409409 8 such outstanding Section 25 liabilities, then the Comptroller
410410 9 shall continue to transfer 1/12 of the total amount identified
411411 10 for transfer to the Budget Stabilization Fund on the first day
412412 11 of each month of that fiscal year or as soon thereafter as
413413 12 possible to be reserved for those Section 25 liabilities.
414414 13 Nothing in this Act prohibits the General Assembly from
415415 14 appropriating additional moneys into the Budget Stabilization
416416 15 Fund.
417417 16 (e) (Blank). On or before August 31 of each fiscal year,
418418 17 the amount determined to be transferred to the Budget
419419 18 Stabilization Fund shall be reconciled to actual general funds
420420 19 revenues for that fiscal year. The final transfer for each
421421 20 fiscal year shall be adjusted so that the total amount
422422 21 transferred under this Section is equal to the percentage
423423 22 specified in subsection (a) or (b) of this Section, as
424424 23 applicable, based on actual general funds revenues calculated
425425 24 consistently with subsection (c) of Section 10 of this Act for
426426 25 each fiscal year.
427427 26 (f) For the fiscal year beginning July 1, 2006 and for each
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438438 1 fiscal year thereafter, the budget proposal to the General
439439 2 Assembly shall identify liabilities incurred in a prior fiscal
440440 3 year under Section 25 of the State Finance Act and the budget
441441 4 proposal shall provide funding as allowable pursuant to
442442 5 subsection (d) of this Section, if applicable.
443443 6 (g) Beginning in Fiscal Year 2025, the Commission on
444444 7 Government Forecasting and Accountability shall provide in a
445445 8 report to the General Assembly, the Governor, and the
446446 9 Comptroller, by January 10 of every year, a review of the first
447447 10 6 months of revenue for the current fiscal year. If the general
448448 11 funds revenues for the first 6 months of the then current
449449 12 fiscal year exceed 4% growth over the first 6 months of the
450450 13 previous fiscal year and the Comptroller has reported accounts
451451 14 payable of less than $3,000,000,000, then, by the end of the
452452 15 fiscal year, the Comptroller shall order the transfer and the
453453 16 Treasurer shall transfer 0.5% of the updated estimated
454454 17 revenues for that fiscal year into the Budget Stabilization
455455 18 Fund and 0.5% of the updated estimated revenues for that
456456 19 fiscal year into the Pension Stabilization Fund.
457457 20 (Source: P.A. 102-1115, eff. 1-9-23.)
458458 21 (30 ILCS 122/20)
459459 22 (Text of Section WITH the changes made by P.A. 98-599,
460460 23 which has been held unconstitutional)
461461 24 Sec. 20. Pension Stabilization Fund.
462462 25 (a) The Pension Stabilization Fund is hereby created as a
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473473 1 special fund in the State treasury. Moneys in the fund shall be
474474 2 used for the sole purpose of making payments to the designated
475475 3 retirement systems as provided in Section 25.
476476 4 (b) For each fiscal year through State fiscal year 2014,
477477 5 when the General Assembly's appropriations and transfers or
478478 6 diversions as required by law from general funds do not exceed
479479 7 99% of the estimated general funds revenues pursuant to
480480 8 subsection (a) of Section 10, the Comptroller shall transfer
481481 9 from the General Revenue Fund as provided by this Section a
482482 10 total amount equal to 0.5% of the estimated general funds
483483 11 revenues to the Pension Stabilization Fund.
484484 12 (c) For each fiscal year through State fiscal year 2014,
485485 13 when the General Assembly's appropriations and transfers or
486486 14 diversions as required by law from general funds do not exceed
487487 15 98% of the estimated general funds revenues pursuant to
488488 16 subsection (b) of Section 10, the Comptroller shall transfer
489489 17 from the General Revenue Fund as provided by this Section a
490490 18 total amount equal to 1.0% of the estimated general funds
491491 19 revenues to the Pension Stabilization Fund.
492492 20 (c-5) In addition to any other amounts required to be
493493 21 transferred under this Section, in State fiscal year 2016 and
494494 22 each fiscal year thereafter through State fiscal year 2045, or
495495 23 when each of the designated retirement systems, as defined in
496496 24 Section 25, has achieved 100% funding, whichever occurs first,
497497 25 the State Comptroller shall order transferred and the State
498498 26 Treasurer shall transfer from the General Revenue Fund to the
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509509 1 Pension Stabilization Fund an amount equal to 10% of (1) the
510510 2 sum of the amounts certified by the designated retirement
511511 3 systems under subsection (a-5) of Section 2-134, subsection
512512 4 (a-10) of Section 14-135.08, subsection (a-10) of Section
513513 5 15-165, and subsection (a-10) of Section 16-158 of this Code
514514 6 for that fiscal year minus (2) the sum of (i) the transfer
515515 7 required under subsection (c-10) of this Section for that
516516 8 fiscal year and (ii) the sum of the required State
517517 9 contributions certified by the retirement systems under
518518 10 subsection (a) of Section 2-134, subsection (a-5) of Section
519519 11 14-135.08, subsection (a-5) of Section 15-165, and subsection
520520 12 (a-5) of Section 16-158 of this Code for that fiscal year. The
521521 13 transferred amount is intended to represent one-tenth of the
522522 14 annual savings to the State resulting from the enactment of
523523 15 this amendatory Act of the 98th General Assembly.
524524 16 (c-10) In State fiscal year 2019, the State Comptroller
525525 17 shall order transferred and the State Treasurer shall transfer
526526 18 $364,000,000 from the General Revenue Fund to the Pension
527527 19 Stabilization Fund. In State fiscal year 2020 and each fiscal
528528 20 year thereafter until terminated under subsection (c-15), the
529529 21 State Comptroller shall order transferred and the State
530530 22 Treasurer shall transfer $1,000,000,000 from the General
531531 23 Revenue Fund to the Pension Stabilization Fund.
532532 24 (c-15) The transfers made beginning in State fiscal year
533533 25 2020 pursuant to subsection (c-10) of this Section shall
534534 26 terminate at the end of State fiscal year 2045 or when each of
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545545 1 the designated retirement systems, as defined in Section 25,
546546 2 has achieved 100% funding, whichever occurs first.
547547 3 (d) The Comptroller shall transfer 1/12 of the total
548548 4 amount to be transferred each fiscal year under this Section
549549 5 into the Pension Stabilization Fund on the first day of each
550550 6 month of that fiscal year or as soon thereafter as possible;
551551 7 except that the final transfer of the fiscal year shall be made
552552 8 as soon as practical after the August 31 following the end of
553553 9 the fiscal year.
554554 10 Until State fiscal year 2015, before the final transfer
555555 11 for a fiscal year is made, the Comptroller shall reconcile the
556556 12 estimated general funds revenues used in calculating the other
557557 13 transfers under this Section for that fiscal year with the
558558 14 actual general funds revenues for that fiscal year. The final
559559 15 transfer for the fiscal year shall be adjusted so that the
560560 16 total amount transferred under this Section for that fiscal
561561 17 year is equal to the percentage specified in subsection (b) or
562562 18 (c) of this Section, whichever is applicable, of the actual
563563 19 general funds revenues for that fiscal year. The actual
564564 20 general funds revenues for the fiscal year shall be calculated
565565 21 in a manner consistent with subsection (c) of Section 10 of
566566 22 this Act.
567567 23 (Source: P.A. 98-599, eff. 6-1-14.)
568568 24 (Text of Section WITHOUT the changes made by P.A. 98-599,
569569 25 which has been held unconstitutional)
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580580 1 Sec. 20. Pension Stabilization Fund.
581581 2 (a) The Pension Stabilization Fund is hereby created as a
582582 3 special fund in the State treasury. Moneys in the fund shall be
583583 4 used for the sole purpose of making payments to the designated
584584 5 retirement systems as provided in Section 25.
585585 6 (b) For each fiscal year when the General Assembly's
586586 7 appropriations and transfers or diversions as required by law
587587 8 from general funds do not exceed 99% of the estimated general
588588 9 funds revenues pursuant to subsection (a) of Section 10, the
589589 10 Comptroller shall transfer from the General Revenue Fund as
590590 11 provided by this Section a total amount equal to 0.5% of the
591591 12 estimated general funds revenues to the Pension Stabilization
592592 13 Fund. Beginning in Fiscal Year 2025, for each fiscal year when
593593 14 the General Assembly's appropriations and transfers or
594594 15 diversions as required by law from general funds do not exceed
595595 16 99% of the estimated general funds revenues pursuant to
596596 17 subsection (a) of Section 10 and the Budget Stabilization Fund
597597 18 is equal to 7.5% of general funds revenues, the Comptroller
598598 19 shall transfer from the General Revenue Fund as provided by
599599 20 this Section a total amount equal to 1% of the estimated
600600 21 general funds revenues into the Pension Stabilization Fund.
601601 22 (c) Through Fiscal Year 2024, For each fiscal year when
602602 23 the General Assembly's appropriations and transfers or
603603 24 diversions as required by law from general funds do not exceed
604604 25 98% of the estimated general funds revenues pursuant to
605605 26 subsection (b) of Section 10, the Comptroller shall transfer
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616616 1 from the General Revenue Fund as provided by this Section a
617617 2 total amount equal to 1.0% of the estimated general funds
618618 3 revenues to the Pension Stabilization Fund.
619619 4 (d) The Comptroller shall transfer 1/12 of the total
620620 5 amount to be transferred each fiscal year under this Section
621621 6 into the Pension Stabilization Fund on the first day of each
622622 7 month of that fiscal year or as soon thereafter as possible;
623623 8 except that the final transfer of the fiscal year shall be made
624624 9 as soon as practical after the August 31 following the end of
625625 10 the fiscal year.
626626 11 Before the final transfer for a fiscal year is made, the
627627 12 Comptroller shall reconcile the estimated general funds
628628 13 revenues used in calculating the other transfers under this
629629 14 Section for that fiscal year with the actual general funds
630630 15 revenues for that fiscal year. The final transfer for the
631631 16 fiscal year shall be adjusted so that the total amount
632632 17 transferred under this Section for that fiscal year is equal
633633 18 to the percentage specified in subsection (b) or (c) of this
634634 19 Section, whichever is applicable, of the actual general funds
635635 20 revenues for that fiscal year. The actual general funds
636636 21 revenues for the fiscal year shall be calculated in a manner
637637 22 consistent with subsection (c) of Section 10 of this Act.
638638 23 (Source: P.A. 94-839, eff. 6-6-06.)
639639 24 Section 99. Effective date. This Act takes effect upon
640640 25 becoming law.
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