HB 5721 allocates specific funding from the General Revenue Fund to multiple legislative support agencies for fiscal year 2027 (starting July 1, 2026). It provides $4.79 million for the Commission on Government Forecasting and Accountability’s operations, $1.5 million for pension contributions to the State Employees' Retirement System for legislative staff, and $3.5 million for equipment purchases at the Architect of the Capitol, among other allocations. The bill directly affects internal legislative agencies, including the Legislative Audit Commission, Legislative Ethics Commission, and Legislative Information System, covering their operational and contingent expenses. This is a routine funding measure with no new policy changes, solely ensuring these agencies have budgeted resources for the upcoming fiscal year.
Makes appropriations for the ordinary and contingent expenses of the State Universities Retirement System for the fiscal year beginning July 1, 2026, as follows: General Funds $2,127,851,648; Other State Funds $250,000,000; Total $2,377,851,648.
Amends the General Provisions and Downstate Teacher Article of the Illinois Pension Code. Provides that a person who first becomes a member on or after the effective date of the amendatory Act who (i) is at least 50 years of age and (ii) does not have any service credit in the System or any other reciprocal System may elect to participate in the defined contribution benefit in lieu of participation in the defined benefit plan under the Article. Provides that the member shall contribute an amount equal to 7.5% of the member's pre-tax salary to the member's defined contribution account. Provides that, in addition, the employer shall contribute 6% of the member's pre-tax salary to the defined contribution account. Provides that a person who participates in the defined contribution plan in lieu of the defined benefit plan may not establish any service credit in the System. Provides that any benefit increase that results from the amendatory Act is excluded from the definition of "new benefit increase". Makes conforming changes. Amends the State Mandates Act to require implementation without reimbursement by the State. Effective immediately.
Amends the Budget Stabilization Act. Provides additional scheduled transfers to the Pension Stabilization Fund, sets termination conditions, and clarifies allocation and applicability of payments. Amends the School Code. Establishes a property tax relief grant program for school districts beginning in Fiscal Year 2030, funded from the Education Property Tax Relief Fund. Makes conforming changes in the State Finance Act.
Amends the Budget Stabilization Act. Provides that specified amounts shall be transferred from the General Revenue Fund to the Pension Stabilization Fund beginning in fiscal year 2030 and continuing until the end of fiscal year 2045 or when each of the designated retirement systems has achieved 100% funding, whichever occurs first. Effective immediately.
Amends the Downstate Police Article of the Illinois Pension Code. Provides that, beginning July 1, 2026, any line-of-duty disability pension shall be at least $40,000 per year (instead of $400 per month), without regard to whether the disability or death of the police officer occurred before July 1, 2026. In provisions concerning an annual increase in the line-of-duty disability pension, removes requirements that an applicant must file an affidavit stating that the applicant has not earned any income from gainful employment during the most recently concluded tax year; have service credit in the Fund for at least 7 years of active duty; and have been receiving a line-of-duty disability pension for a period which, when added to the officer's total service credit in the Fund, equals at least 20 years. Provides that, if a disabled police officer is receiving a line-of-duty disability pension and is an annuitant of a municipality that sponsors a group hospital and medical plan that includes police officers or is participating in certain group insurance coverage, then the pension fund shall pay the total monthly premium on behalf of that police officer for such group insurance coverage. Amends the Property Tax Code. Sets forth a homestead exemption for property owned by a person receiving a line-of-duty disability pension in an amount equal to 50% of the equalized or assessed value of the property if the person is age 25 or over and under the age of 36, 75% of the equalized or assessed value of the property if the person is age 36 or over and under the age of 50, and 100% of the equalized or assessed value of the property if the person is age 50 or over. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.
Amends the Illinois Municipal Retirement Fund (IMRF) Article of the Illinois Pension Code. Provides that the amendatory Act may be referred to as the Pension Equity Act. Provides that, beginning on January 1, 2027, for all purposes under the Code (including, without limitation, the calculation of benefits and employee contributions), the annual earnings of a Tier 2 sheriff's law enforcement employee shall not include overtime and shall not exceed $145,649.97 (instead of $108,600, as adjusted annually beginning in 2011) plus the lesser of (i) 3% of that amount or (ii) the annual unadjusted percentage increase (instead of one-half the annual unadjusted percentage increase) in the consumer price index-u for the 12 months ending with September 2026. Provides that, beginning on January 1, 2028, that amount shall annually thereafter be increased by the lesser of (i) 3% of that amount, including all previous adjustments, or (ii) the annual unadjusted percentage increase (instead of one-half the annual percentage increase) in the consumer price index-u for the 12 months ending with the September preceding each November 1, including all previous adjustments. Provides that, as soon as practical on or after the effective date of the amendatory Act, with regard to benefits earned for the years 2012 through 2026, the Fund shall recalculate benefits for Tier 2 sheriff's law enforcement employees based on the annual salary limitation that was in effect for that year for Tier 2 police officers under the Downstate Police Article. Provides that the changes shall not result in any retroactive adjustment of any employee contributions. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.
Amends the Chicago Teacher Article of the Illinois Pension Code. Provides that beginning in State fiscal year 2027, the State (instead of the Chicago Board of Education) shall contribute for each of fiscal years 2027 through 2059, a minimum contribution to the Fund in an amount determined by the Fund to be sufficient to bring the total assets of the Fund up to 90% of the total actuarial liabilities of the Fund by the end of fiscal year 2059. Provides that, in making these determinations, the required contribution shall be calculated each year as a level percentage of the applicable employee payrolls over the years remaining to and including fiscal year 2059 and shall be determined under the projected unit credit actuarial cost method. Amends the School Code to make a conforming change in provisions concerning evidence-based funding. Effective immediately.
Amends the General Assembly, State Employees, State Universities, Downstate Teachers, and Judges Articles of the Illinois Pension Code. Provides that, beginning the first State fiscal year after the total assets of the System are at least 90% of the total actuarial liabilities of the System and each State fiscal year thereafter, the contribution to the System shall be calculated based on an actuarially determined contribution rate. Provides that the System shall calculate the actuarially determined contribution rate in accordance with the Governmental Accounting Research System and officially adopted actuarial assumptions. Provides that the System shall use this valuation to calculate the actuarially determined contribution rate for the next fiscal year. Provides that the actuarially determined contribution rate for a fiscal year shall not be less than the amount for the preceding fiscal year if the ratio of the System's total assets to the System's total liabilities is less than 90%. Provides that the actuarially determined contribution rate shall not be less than the normal cost for the fiscal year. Sets forth provisions concerning reporting and determining the actuarially determined contribution rate. Makes conforming changes.
Amends the General Provisions, Downstate Police, Downstate Firefighter, Chicago Police, Chicago Firefighter, Illinois Municipal Retirement Fund (IMRF), State Employees, and State Universities Articles of the Illinois Pension Code. With regard to police officers, firefighters, and similar public safety employees, removes Tier 2 limitations on the amount of salary for annuity purposes; provides that the automatic annual increases to a retirement pension or survivor pension are calculated under the Tier 1 formulas; and provides that the amount of and eligibility for a retirement annuity are calculated under the Tier 1 provisions. Amends the State Finance Act. Provides that, each fiscal year, the Comptroller shall pay to each unit of local government that makes a certification of certain employer costs under the Illinois Pension Code or under a specified provision of the Public Safety Employee Benefits Act an amount equal to 40% of the total amount certified by the unit of local government. Creates a continuing appropriation of that amount. Amends the Public Safety Employee Benefits Act. Provides that a unit of local government that provides health insurance to police officers and firefighters shall maintain the health insurance plans of these employees after retirement and shall contribute toward the cost of the annuitant's coverage under the unit of local government's health insurance plan an amount equal to 4% of that cost for each full year of creditable service upon which the annuitant's retirement annuity is based. Makes other and conforming changes. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.
