IL SB4230

Adds the Pension Stabilization Fund to the definition of "general funds" or "State general funds" under the State Budget Law of the Civil Administrative Code of Illinois.

Allows transfers from the Budget Stabilization Fund to the General Revenue Fund for Fiscal Year 2024 and subsequent years to address outstanding vouchers without repayment if the bill backlog exceeds $4,000,000,000 on June 30 of that fiscal year.

Requires the Comptroller to report the estimated bill backlog on May 15 each year beginning in 2023, and establishes new transfer requirements between the General Revenue Fund and Budget Stabilization Fund based on whether the backlog is below $3,000,000,000.

Modifies the Pension Stabilization Fund provisions to transfer $200,000,000 annually in equal monthly installments when the bill backlog is less than $3,000,000,000, and suspends certain percentage-based transfer requirements.

Takes effect immediately upon becoming law.