HB1566 Summary

• Amends the Illinois Pension Code to require pension boards to recalculate and recertify required State contributions to multiple pension systems by February 1, 2011, taking into account Public Act 96-889.

• Applies the recalculation requirement to five pension systems: General Assembly Retirement System (Section 2-134), Judges Retirement System (Section 14-135.08), State Employees Retirement System (Section 15-165), Teachers Retirement System (Section 16-158), and State University Retirement System (Section 18-140).

• Maintains existing procedures for monthly voucher submissions starting on or after the 15th of each month in amounts equal to one-twelfth of certified annual contributions.

• Ensures any funding shortfalls are covered by the General Revenue Fund or Common School Fund through continuing appropriation authority if monthly appropriations prove insufficient.