HB6158 Summary

• Increases motor fuel tax rate from 19 cents to 34 cents per gallon beginning July 1, 2012, with annual adjustments based on Consumer Price Index changes starting July 1, 2013.

• Directs 15 cents per gallon of motor fuel tax revenue to the Pension Stabilization Fund beginning July 1, 2012.

• Reduces use tax and service occupation tax rates on motor fuel to 1.25% beginning July 1, 2012.

• Establishes mandatory state pension contributions for five retirement systems (General Assembly, State Employees, State Universities, Teachers, and Judges) to achieve 100% funding by fiscal year 2043 instead of 90% by 2045, with escalating transfers from General Revenue Fund starting at $3.5 billion in FY2013.

• Grants retirement systems the exclusive right to bring Mandamus actions in Champaign County Circuit Court to compel state payment of annual required contributions, with members/annuitants able to sue if systems fail to act.