IL HB3162

Payments to designated retirement systems transferred after the effective date do not reduce or count toward the state's required pension contribution in that fiscal year or future years until the system receives its full contribution under the Act.

Changes funding basis from 90% to 100% funded basis for pension contribution calculations across multiple designated retirement systems.

Changes the funding target threshold from 80% to 100% of actuarial liabilities for pension system funding calculations.

Requires the state to contribute amounts needed to maintain system assets at 100% of actuarial liabilities if the system reaches that level before fiscal year 2045.

Changes language from "each designated retirement system" to "the System" and "calculation" to "calculating" in multiple sections of the Illinois Pension Code articles.