PENCD-REFORM BENEFITS

Amends the General Provisions, General Assembly, Illinois Municipal Retirement Fund (IMRF), State Employee, State Universities, Downstate Teacher, and Judges Articles of the Illinois Pension Code. In the General Assembly, State Employee, State Universities, and Downstate Teacher Articles: (i) suspends the payment of automatic annual increases to Tier I retirees; (ii) changes the conditions of eligibility for, and the amount of, automatic annual increases for Tier I retirees; (iii) increases required employee contributions for Tier I participants; (iv) limits pensionable salary for Tier I participants; (v) changes the required State contribution so that each system is 100% funded by 2043; and (vi) guarantees certain funding levels. Amends the State Finance Act. To the list of standardized items of appropriation, adds "State retirement contribution for annual normal cost" and "State retirement contribution for unfunded accrued liability". Amends the Governor's Office of Management and Budget Act. Adds those terms to a list of classifications to be used in statements and estimates of expenditures submitted to the Office in connection with the preparation of a State budget. Amends the State Mandates Act to require implementation without reimbursement. Amends the Budget Stabilization Act. Provides for the transfer of certain amounts from the General Revenue Fund to the Pension Stabilization Fund. Makes other changes. Effective immediately.