IL SB2739

Beginning in State fiscal year 2025, the Comptroller may request that pension system boards submit multiple monthly vouchers for advance payment of State contributions, allowing early payment beyond the standard monthly schedule.

Unless otherwise specified in appropriations acts, boards of trustees cannot submit vouchers exceeding the certified contribution rate (for General Assembly, State Employees, Downstate Teachers, and Judges systems) or annual certified contribution (for State Universities system) in any fiscal year.

Applies to five pension articles: General Assembly, State Employees, State Universities, Downstate Teachers, and Judges, with conforming changes to their contribution and vouchering procedures.

Effective July 1, 2024, and allows the State Comptroller flexibility to manage pension payment timing while maintaining overall annual contribution limits.