IL SB2137

Amends the Illinois Prepaid Tuition Act to change investment requirement references from multiple sections of the Illinois Pension Code to subsections (5) and (9) of Section 1-109.1 and Section 1-113.21 of the Illinois Pension Code.

Establishes an irrevocable and continuing appropriation if the General Assembly fails to make sufficient appropriations for the State to pay contractual obligations under the prepaid tuition program.

Directs the State Comptroller and State Treasurer to make necessary transfers and disbursements from State revenues and funds to meet prepaid tuition obligations.

Pledges the full faith and credit of the State of Illinois for punctual payment of prepaid tuition contractual obligations.

Removes prior language allowing the Commission to discontinue program operations if deemed financially infeasible, replacing it with mandatory funding requirements.