SB4166

Illinois SB4166 amends pension funding and contribution schedules for state-funded retirement systems.

Illinois SB4166, known as the Pension Security and Cost Efficiency Act, revises the framework for financing and funding the state's pension obligations. It aims to reduce unfunded liabilities, enhance budget predictability, and improve the state's long-term fiscal position. The bill authorizes the issuance of pension obligation bonds to refinance existing liabilities and front-load contributions. It also adjusts contribution schedules and sets minimum contributions to reach a 90% funded ratio by 2045.