IL HB3475

Amends five articles of the Illinois Pension Code (General Assembly, State Employee, State Universities, Downstate Teachers, and Judges) by adding new discount rate provisions.

Beginning in fiscal year 2019, establishes that the discount rate for pension calculations shall be the actual 30-year rolling rate of return experienced by each pension system.

Applies the same discount rate methodology across all five affected state pension systems through new sections 2-125.5, 14-132.5, 15-156.5, 16-158.5, and 18-132.5 of the Illinois Pension Code.

Takes effect immediately upon becoming law.