PEN CD-FUNDING

Amends the Illinois Pension Code. With respect to the 5 State-funded retirement systems, provides that each system's certification of the required State contribution for Fiscal Year 2014 shall include, in addition to the amount otherwise calculated for FY2014, an amount certified by the Board to be necessary to bring the total contributions of the State to the system for Fiscal Years 1996 through 2012 up to the level that would have been contributed if the State had complied throughout that period with the contribution formula as originally enacted in Public Act 88-593, plus an amount representing the system's lost investment earnings resulting from the delayed payment of those contributions. Also includes revisory changes. Effective immediately.