IL SB2954

State contributions to the Universities Retirement System must be sufficient to maintain 90% funding level by fiscal year 2045, calculated as a level percentage of payroll using the projected unit credit actuarial cost method.

For fiscal years 2018-2020, the State must make additional 2% contributions on payroll for employees who elected benefits under Section 1-161.

Beginning fiscal year 2018, each employer must pay contributions equal to the defined benefit normal cost (less employee contribution) plus 2% beginning in fiscal year 2021, plus amounts to amortize unfunded actuarial liabilities over a 30-year rolling period.

Employers must pay additional contributions if a participant's earnings exceed the Governor's salary set by law; the amount equals employer normal cost as a percentage of payroll multiplied by excess earnings, with interest charged on late payments.

Similar provisions apply to the Teachers' Retirement System (TRS), with parallel employer contribution requirements, 90% funding target by 2045, and additional contributions for earnings exceeding the Governor's salary.