SB3481 Amendment Summary

• Labor organizations under the Illinois Public Labor Relations Act and Illinois Educational Labor Relations Act must notify members by email within 5 days when bills or amendments underfunding or missing pension payments are introduced.

• Notifications must include information on who filed witness slips in favor of, in opposition to, or neutral on the pension-related bills or amendments.

• Commission on Government Forecasting and Accountability must publish a one-page annual report at the start of each regular legislative session covering pension funding status over the previous 10 years, state borrowing for pensions, investment returns, asset liquidation rates, costs of unfunded benefits, and fund solvency projections.

• The Board must distribute the Commission's pension report to all labor unions and constitutional officers, and post it on its website; labor organizations must distribute it to their members and annuitants.

• The Act takes effect upon becoming law.