SB2642 Summary

• Increases transfers from the General Revenue Fund to the Pension Stabilization Fund from 10% to 90% of specified sums beginning in fiscal year 2016 through fiscal year 2045.

• Changes the stated purpose of transfers to represent nine-tenths (instead of one-tenth) of annual savings to the State resulting from Public Act 98-599.

• Requires $364,000,000 transfer in fiscal year 2019 and $1,000,000,000 annual transfers beginning in fiscal year 2020 through fiscal year 2045.

• Transfers terminate at the end of fiscal year 2045 or when all designated retirement systems achieve 100% funding, whichever occurs first.

• Takes effect immediately upon becoming law.