PEN CD-REFORM STATE SYSTEMS House SponsorsRep. Mary E. Flowers 12/3/2014HouseSession Sine Die 30 ILCS 122/2030 ILCS 122/2535 ILCS 5/203from Ch. 120, par. 2-20340 ILCS 5/1-103.340 ILCS 5/2-124from Ch. 108 1/2, par. 2-12440 ILCS 5/2-125from Ch. 108 1/2, par. 2-12540 ILCS 5/2-134from Ch. 108 1/2, par. 2-13440 ILCS 5/14-13140 ILCS 5/14-132from Ch. 108 1/2, par. 14-13240 ILCS 5/14-135.08from Ch. 108 1/2, par. 14-135.0840 ILCS 5/15-155from Ch. 108 1/2, par. 15-15540 ILCS 5/15-156from Ch. 108 1/2, par. 15-15640 ILCS 5/15-165from Ch. 108 1/2, par. 15-16540 ILCS 5/16-158from Ch. 108 1/2, par. 16-15840 ILCS 5/16-158.2 new40 ILCS 5/18-131from Ch. 108 1/2, par. 18-13140 ILCS 5/18-132from Ch. 108 1/2, par. 18-13240 ILCS 5/18-140from Ch. 108 1/2, par. 18-140 Amends the Budget Stabilization Act. Provides for the transfer of $1 billion from the General Revenue Fund to the Pension Stabilization Fund in 2020 and each fiscal year thereafter. Provides for the termination of those transfers in State fiscal year 2057 or when each of the designated retirement systems has achieved the funding ratio prescribed by law for that retirement system, whichever occurs first. Specifies that the transferred amounts do not reduce and do not constitute payment of any portion of the required State contribution. Amends the Illinois Income Tax Act. Includes annual retirement income above $125,000 in the calculation of adjusted gross income. Amends the General Assembly, State Employee, State Universities, Downstate Teacher, and Judges Articles of the Illinois Pension Code. Provides a new funding formula, designed to bring the total assets of the System up to 80% of the total actuarial liabilities of the System by the end of State fiscal year 2057. Contains a funding guarantee that obligates the State to make certain contributions. Provides for the recalculation of the required State contribution to each of the Systems for State fiscal year 2014. Effective immediately.Pension Note (Government Forecasting & Accountability) The fiscal impact of HB 3130 is presently indiscernible. Upon receipt of a cost study detailing the effects of a new 45-year, 80% funding schedule, the Commission will update this note. 2/26/2013HouseFiled with the Clerk by Rep. Mary E. Flowers 2/26/2013HouseFirst Reading 2/26/2013HouseReferred to Rules Committee 3/11/2013HouseAssigned to Personnel and Pensions Committee 3/20/2013HousePension Note Filed 3/22/2013HouseRule 19(a) / Re-referred to Rules Committee 12/3/2014HouseSession Sine Die