IL SB3954

Modifies the State's pension funding goal from 90% to 100% funded by fiscal year 2048 for all five State-funded retirement systems.

Transfers specified amounts from the General Revenue Fund to the Pension Stabilization Fund: $175 million in FY2030, $250 million in FY2031-2033, and $750 million in FY2034-2040.

Establishes new contribution formulas for State fiscal years 2026-2034 (level percentage of payroll to reach 100% funding by 2048) and 2035-2048 (with adjustments for unfunded liability changes implemented over 20 years).

Requires pension boards to disregard future Budget Stabilization Act contributions when calculating required State contributions and makes Pension Stabilization Act payments supplemental to required contributions.

Repeals the Commission on Government Forecasting and Accountability's role in reviewing pension funding goals and makes the effective date immediate.