Reported by CommitteeFiled Jan 24, 2025
Sponsor: Don Harmon (D)
Latest Action
Rule 3-9(a) / Re-referred to Assignments
Jun 1, 2026
Summary
The measure updates the Illinois Pension Code, adding new definitions and a financing formula that lets the state refinance part of its pension debt and accelerate contributions. It applies to all major state retirement systems and changes how the state calculates and pays its share. The goal is to lower unfunded liabilities and future taxpayer costs.
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