SB0683 amends the Illinois Pension Code to adjust the required State contributions to the pension system.
SB0683 modifies the State Employee Article of the Illinois Pension Code, specifically concerning the contributions by the State to the pension system. It adjusts the required State contributions over a 5-year period following a fiscal year, ensuring actuarial gains or losses from investment returns are recognized in equal annual amounts. The bill also sets specific contribution rates for certain fiscal years and mandates that the State Comptroller provide certifications of personal services expenditures.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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