IL HB5351

Amends the Illinois Pension Code to require each of the 5 State-funded retirement systems to include an additional amount in their Fiscal Year 2014 contribution certification to compensate for underfunding during 1996-2012.

The additional FY2014 contribution must bring total State contributions for fiscal years 1996 through 2012 up to the level required under the original Public Act 88-593 contribution formula.

Includes an amount representing the systems' lost investment earnings resulting from delayed State payments during the 1996-2012 period.

Applies to State Employees' Retirement System (SERS), Teachers' Retirement System (TRS), State Universities Retirement System (SURS), Judges Retirement System (JRS), and General Assembly Retirement System (GARS).

Takes effect immediately upon becoming law.