IL SB1668

Amends the Illinois Pension Code for five state retirement systems: General Assembly, State Employees, State Universities, Downstate Teachers, and Judges

Establishes a new contribution formula that takes effect once any system reaches 90% funded status, transitioning from the current fixed 2045 funding target to an actuarially determined contribution rate

Requires each system's Board to calculate the actuarially determined contribution rate annually using Governmental Accounting Research System standards and adopted actuarial assumptions, with mandatory reporting to the Governor, Auditor General, State Treasurer, and General Assembly by January 1 each year

Prohibits the actuarially determined contribution rate from falling below the prior year's rate if the system's funded ratio drops below 90%, and sets a floor requiring contributions to never be less than the normal cost for that fiscal year

Maintains the existing requirement that systems reach 90% funded status by fiscal year 2045, but creates a sustainable funding mechanism to maintain that level once achieved rather than allowing contributions to potentially decrease