HB3376 Summary

• Creates the Property Tax Relief and Pension Stabilization Fund with $2.4 billion in annual continuing appropriation to provide State funding for pensions and school district grants.

• Reduces the pension funding goal from 90% to 70% of actuarial liabilities by 2045 for five State-funded retirement systems (Articles 2, 14, 15, 16, and 18 of Illinois Pension Code).

• Allocates Fund moneys on a graduated schedule: 100% to pension contributions in FY2020, transitioning to 100% for school grants by FY2028, with grants distributed to school districts on an equal per-pupil basis starting FY2021.

• Requires school districts receiving grants to certify the amount to county clerks, who must reduce property tax levies by the certified grant amount.

• Exempts the mandate from State reimbursement requirements under the State Mandates Act; takes effect immediately upon enactment.