Appropriates funds to designated retirement systems in Illinois to cover unfunded liabilities.
The bill amends the State Pension Funds Continuing Appropriation Act to ensure that appropriations used by retirement systems for a given fiscal year are charged against available funds under the State Finance Act. It specifies that these appropriations are for the unfunded liabilities of the designated retirement systems and are in addition to any state contributions required under the Illinois Pension Code. The bill also provides a continuing annual appropriation from the State Pensions Fund to the State Universities' Retirement System, ensuring the fund does not fall below $5,000,000.
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