IL HB1511

Amends Section 8.12 of the State Finance Act concerning the State Pensions Fund through a technical correction to the language in subsection (a).

Specifies that moneys in the State Pensions Fund shall be used exclusively for administering the Uniform Disposition of Unclaimed Property Act and funding unfunded liabilities of five designated retirement systems: State Employees' Retirement System, Teachers' Retirement System, State Universities Retirement System, Judges Retirement System, and General Assembly Retirement System.

Establishes procedures for monthly certification by the Commissioner of the Office of Banks and Real Estate and the Director of Financial Institutions to the State Treasurer of actual expenditures for unclaimed property examinations, with reimbursement from the State Pensions Fund to relevant regulatory funds.

Provides specific appropriation provisions for fiscal years 2006-2010 to the State Universities Retirement System and for fiscal year 2011 onward directing the State Treasurer to apportion deposits from the Unclaimed Property Trust Fund among designated retirement systems based on their proportion of total reserve deficiencies.

Requires the Governor's Office of Management and Budget to determine reserve deficiencies of designated retirement systems using latest available audit and actuarial reports, with a minimum fund balance of $5,000,000 to be maintained.