SB1451

SB1451 amends the Illinois Pension Code to adjust the state's contribution to the pension system based on the ratio of the system's total assets to.

SB1451 amends the Illinois Pension Code to modify the state's contribution to the pension system. The state's minimum contribution is set to the system's normal cost for the fiscal year, plus a supplemental payment if the system's total assets are less than 120% of its total actuarial liabilities. The supplemental payment is calculated using a 30-year rolling amortization to target a ratio of 120%. If the ratio is 120% or greater but less than 130%, the state is only obligated to make the normal cost payment. If the ratio exceeds 130%, no payment is required.