Amends the Illinois Municipal Code. Provides that, if the moneys in the general fund of a municipality exceed the municipality's operating expenses for the immediately preceding calendar year, then the municipality may establish an OPEB trust or deposit moneys into an existing OPEB trust. Provides that the trusts are in addition to pension benefits provided by the municipality for its employees under the Illinois Pension Code. Provides that the trustee of the OPEB trusts shall be the municipality. Provides that the treasurer of the municipality and the trustee shall be indemnified by the municipality to the fullest extent permitted by law for their actions taken with respect to the OPEB trust. Provides that the assets of an OPEB trust shall be managed by the treasurer of the municipality in any manner, subject only to the prudent investor standard and any requirements of applicable federal law.
Amends the Illinois Pension Code. Provides that the amendatory Act may be referred to as the Pension Security and Cost Efficiency Act. Sets forth findings. Provides that, beginning in State fiscal year 2027 and continuing through State fiscal year 2045, the State shall make the required annual State contributions to the 5 State-funded retirement systems on the first day of the fiscal year. For State fiscal years 2027 through 2031, authorizes, if the State Actuary makes a specified written certification, up to $6,000,000,000 in Pension Obligation Bonds to be used for the sole purpose of reducing the principal balance of unfunded liabilities of the 5 State-funded retirement systems. Provides that the proceeds of pension obligation bonds may not be used to fund the State's normal cost, to reduce or replace any minimum contribution otherwise required, or to pay benefits attributable to service rendered after the date of deposit of the proceeds. Provides that, for State fiscal years 2027 through 2031, the Governor is authorized to direct the payment of supplemental State contributions to the 5 State-funded retirement systems for the purpose of further front-loading payments and reducing unfunded liabilities. Provides that, for State fiscal years 2032 through 2045, the minimum contribution to each State-funded retirement system to be made by the State for each fiscal year shall be the re-amortized minimum contribution, which shall be calculated as a level-dollar amount over the years remaining to and including State fiscal year 2045 and shall be sufficient, in combination with employee contributions, investment income, and other income, to bring the total assets of each State-funded retirement system to at least 90% of its total actuarial liabilities by the end of State fiscal year 2045. Makes conforming changes. Amends the State Pension Funds Continuing Appropriation Act to make conforming changes. Effective immediately.
Makes appropriations for the ordinary and contingent expenses of the Teachers' Retirement System of the State of Illinois for the fiscal year beginning July 1, 2026, as follows: General Funds $7,104,357,993.
Amends the Counties Code. Provides that, beginning July 1, 2026, each State's Attorney whose term begins after July 1, 2026 shall be compensated at the rate of 100% of the mean of the amount paid to the resident circuit judges in the county courthouse for the State's Attorney.. Provides that the State shall furnish 66 2/3% of the total annual compensation to be paid to each State's Attorney in the State based on the salary in effect on December 31, 1988, and 100% of the increases in salary taking effect after December 31, 1988. Provides that the amount shall be paid from the Personal Property Tax Replacement Fund. Provides that the county shall be responsible for the State and federal income tax reporting and withholding and the employer contributions under the Illinois Pension Code.
Makes appropriations for the ordinary and contingent expenses of the State Employees' Retirement System for the fiscal year beginning July 1, 2026, as follows: General Funds $2,018,336,320.
SB 4076 is a funding bill that allocates $25.6 million from the General Revenue Fund to support 10 legislative agencies for fiscal year 2027 (starting July 1, 2026). It provides operational funding for agencies like the Legislative Information System ($6.6 million), Legislative Reference Bureau ($4.7 million), and Legislative Printing Unit ($3.7 million), plus $1.5 million for pension contributions to staff. The bill directly affects legislative staff and agency operations by covering salaries, equipment, and administrative costs. It does not create new policies but ensures these agencies have resources to function during the 2026-2027 fiscal year.
Makes appropriations for the ordinary and contingent expenses of the State Employees' Retirement System for the fiscal year beginning July 1, 2026, as follows: General Funds $2,018,336,320.
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.
Makes appropriations for the ordinary and contingent expenses of the Teachers' Retirement System of the State of Illinois for the fiscal year beginning July 1, 2026, as follows: General Funds $7,104,357,993.
SB 4085 is a funding bill that allocates specific sums from various state funds to the Illinois State Treasurer for fiscal year 2027 (ending June 30, 2027). It appropriates $18.68 million for the Treasurer’s operational costs, $1 million for tax refund interest, $28.05 million for pension fund operations, and $3.72 billion for bond payments covering projects like transportation, schools, and pollution control. The bill also funds specific programs, including $2.5 million for the Illinois Higher Education Savings Program and $1 million for arbitrage rebate payments. It takes effect July 1, 2026, and solely directs existing budget allocations without creating new policies.
