BUDGET STABILIZATION-PENSION

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104TH GENERAL ASSEMBLY
State of Illinois
2025 and 2026
HB5610

Introduced 2/13/2026, by Rep. Travis Weaver

SYNOPSIS AS INTRODUCED:

30 ILCS 122/20
30 ILCS 122/25

Amends the Budget Stabilization Act. Provides that specified amounts
shall be transferred from the General Revenue Fund to the Pension
Stabilization Fund beginning in fiscal year 2030 and continuing until the
end of fiscal year 2045 or when each of the designated retirement systems
has achieved 100% funding, whichever occurs first. Effective immediately.
LRB104 18763 HLH 32206 b

A BILL FOR

HB5610
LRB104 18763 HLH 32206 b
1

AN ACT concerning finance.

2

Be it enacted by the People of the State of Illinois,
3
represented in the General Assembly:

4

Section 5.
The Budget Stabilization Act is amended by
5
changing Sections 20 and 25 as follows:

6

(30 ILCS 122/20)
7

(Text of Section WITH the changes made by P.A. 98-599,
8
which has been held unconstitutional)
9

Sec. 20.
Pension Stabilization Fund.
10

(a) The Pension Stabilization Fund is hereby created as a
11
special fund in the State treasury. Moneys in the fund shall be
12
used for the sole purpose of making payments to the designated
13
retirement systems as provided in Section 25.
14

(b) For each fiscal year through State fiscal year 2014,
15
when the General Assembly's appropriations and transfers or
16
diversions as required by law from general funds do not exceed
17
99% of the estimated general funds revenues pursuant to
18
subsection (a) of Section 10, the Comptroller shall transfer
19
from the General Revenue Fund as provided by this Section a
20
total amount equal to 0.5% of the estimated general funds
21
revenues to the Pension Stabilization Fund.
22

(c) For each fiscal year through State fiscal year 2014,
23
when the General Assembly's appropriations and transfers or

HB5610
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LRB104 18763 HLH 32206 b
1
diversions as required by law from general funds do not exceed
2
98% of the estimated general funds revenues pursuant to
3
subsection (b) of Section 10, the Comptroller shall transfer
4
from the General Revenue Fund as provided by this Section a
5
total amount equal to 1.0% of the estimated general funds
6
revenues to the Pension Stabilization Fund.
7

(c-5) In addition to any other amounts required to be
8
transferred under this Section, in State fiscal year 2016 and
9
each fiscal year thereafter through State fiscal year 2045, or
10
when each of the designated retirement systems, as defined in
11
Section 25, has achieved 100% funding, whichever occurs first,
12
the State Comptroller shall order transferred and the State
13
Treasurer shall transfer from the General Revenue Fund to the
14
Pension Stabilization Fund an amount equal to 10% of (1) the
15
sum of the amounts certified by the designated retirement
16
systems under subsection (a-5) of Section 2-134, subsection
17
(a-10) of Section 14-135.08, subsection (a-10) of Section
18
15-165, and subsection (a-10) of Section 16-158 of this Code
19
for that fiscal year minus (2) the sum of (i) the transfer
20
required under subsection (c-10) of this Section for that
21
fiscal year and (ii) the sum of the required State
22
contributions certified by the retirement systems under
23
subsection (a) of Section 2-134, subsection (a-5) of Section
24
14-135.08, subsection (a-5) of Section 15-165, and subsection
25
(a-5) of Section 16-158 of this Code for that fiscal year. The
26
transferred amount is intended to represent one-tenth of the

HB5610
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LRB104 18763 HLH 32206 b
1
annual savings to the State resulting from the enactment of
2
this amendatory Act of the 98th General Assembly.
3

(c-10) In State fiscal year 2019, the State Comptroller
4
shall order transferred and the State Treasurer shall transfer
5
$364,000,000 from the General Revenue Fund to the Pension
6
Stabilization Fund. In State fiscal year 2020 and each fiscal
7
year thereafter until terminated under subsection (c-15), the
8
State Comptroller shall order transferred and the State
9
Treasurer shall transfer $1,000,000,000 from the General
10
Revenue Fund to the Pension Stabilization Fund.
11

(c-15) The transfers made beginning in State fiscal year
12
2020 pursuant to subsection (c-10) of this Section shall
13
terminate at the end of State fiscal year 2045 or when each of
14
the designated retirement systems, as defined in Section 25,
15
has achieved 100% funding, whichever occurs first.
16

(c-20) In addition to any other transfers that may be
17
provided by law, the State Comptroller shall order transferred
18
and the State Treasurer shall transfer from the General
19
Revenue Fund to the Pension Stabilization Fund the amounts set
20
forth as follows for each of the specified fiscal years:

21

(1) for fiscal years 2030 through 2033, $600,000,000
22

in each of those fiscal years; and

23

(2) for fiscal year 2034 through the fiscal year
24

specified in subsection (c-25), $1,700,000 in each of
25

those fiscal years.

26

(c-25) The transfers pursuant to subsection (c-20) of this

HB5610
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LRB104 18763 HLH 32206 b
1
Section shall terminate at the end of State fiscal year 2045 or
2
when each of the designated retirement systems, as defined in
3
Section 25, has achieved 100% funding, whichever occurs first.

4

(d) The Comptroller shall transfer 1/12 of the total
5
amount to be transferred each fiscal year under this Section
6
into the Pension Stabilization Fund on the first day of each
7
month of that fiscal year or as soon thereafter as possible;
8
except that the final transfer of the fiscal year shall be made
9
as soon as practical after the August 31 following the end of
10
the fiscal year.
11

Until State fiscal year 2015, before the final transfer
12
for a fiscal year is made, the Comptroller shall reconcile the
13
estimated general funds revenues used in calculating the other
14
transfers under this Section for that fiscal year with the
15
actual general funds revenues for that fiscal year. The final
16
transfer for the fiscal year shall be adjusted so that the
17
total amount transferred under this Section for that fiscal
18
year is equal to the percentage specified in subsection (b) or
19
(c) of this Section, whichever is applicable, of the actual
20
general funds revenues for that fiscal year. The actual
21
general funds revenues for the fiscal year shall be calculated
22
in a manner consistent with subsection (c) of Section 10 of
23
this Act.
24
(Source: P.A. 98-599, eff. 6-1-14
.)

25

(Text of Section WITHOUT the changes made by P.A. 98-599,

HB5610
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LRB104 18763 HLH 32206 b
1
which has been held unconstitutional)
2

Sec. 20.
Pension Stabilization Fund.
3

(a) The Pension Stabilization Fund is hereby created as a
4
special fund in the State treasury. Moneys in the fund shall be
5
used for the sole purpose of making payments to the designated
6
retirement systems as provided in Section 25.
7

(b) For each fiscal year when the General Assembly's
8
appropriations and transfers or diversions as required by law
9
from general funds do not exceed 99% of the estimated general
10
funds revenues pursuant to subsection (a) of Section 10, the
11
Comptroller shall transfer from the General Revenue Fund as
12
provided by this Section a total amount equal to 0.5% of the
13
estimated general funds revenues to the Pension Stabilization
14
Fund.
15

(c) For each fiscal year when the General Assembly's
16
appropriations and transfers or diversions as required by law
17
from general funds do not exceed 98% of the estimated general
18
funds revenues pursuant to subsection (b) of Section 10, the
19
Comptroller shall transfer from the General Revenue Fund as
20
provided by this Section a total amount equal to 1.0% of the
21
estimated general funds revenues to the Pension Stabilization
22
Fund.
23

(c-20) In addition to any other transfers that may be
24
provided by law, the State Comptroller shall order transferred
25
and the State Treasurer shall transfer from the General
26
Revenue Fund to the Pension Stabilization Fund the amounts set

HB5610
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LRB104 18763 HLH 32206 b
1
forth as follows for each of the specified fiscal years:

2

(1) for fiscal years 2030 through 2033, $600,000,000
3

in each of those fiscal years; and

4

(2) for fiscal year 2034 through the fiscal year
5

specified in subsection (c-25), $1,700,000 in each of
6

those fiscal years.

7

(c-25) The transfers pursuant to subsection (c-20) of this
8
Section shall terminate at the end of State fiscal year 2045 or
9
when each of the designated retirement systems, as defined in
10
Section 25, has achieved 100% funding, whichever occurs first.

11

(d) The Comptroller shall transfer 1/12 of the total
12
amount to be transferred each fiscal year under this Section
13
into the Pension Stabilization Fund on the first day of each
14
month of that fiscal year or as soon thereafter as possible;
15
except that the final transfer of the fiscal year shall be made
16
as soon as practical after the August 31 following the end of
17
the fiscal year.
18

Before the final transfer for a fiscal year is made, the
19
Comptroller shall reconcile the estimated general funds
20
revenues used in calculating the other transfers under this
21
Section for that fiscal year with the actual general funds
22
revenues for that fiscal year. The final transfer for the
23
fiscal year shall be adjusted so that the total amount
24
transferred under this Section for that fiscal year is equal
25
to the percentage specified in subsection (b) or (c) of this
26
Section, whichever is applicable, of the actual general funds

HB5610
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LRB104 18763 HLH 32206 b
1
revenues for that fiscal year. The actual general funds
2
revenues for the fiscal year shall be calculated in a manner
3
consistent with subsection (c) of Section 10 of this Act.
4
(Source: P.A. 94-839, eff. 6-6-06.)

5

(30 ILCS 122/25)
6

(Text of Section WITH the changes made by P.A. 98-599,
7
which has been held unconstitutional)
8

Sec. 25.
Transfers from the Pension Stabilization Fund.
9

(a) As used in this Section, "designated retirement
10
systems" means:
11

(1) the State Employees' Retirement System of
12

Illinois;
13

(2) the Teachers' Retirement System of the State of
14

Illinois;
15

(3) the State Universities Retirement System;
16

(4) the Judges Retirement System of Illinois; and
17

(5) the General Assembly Retirement System.
18

(b) As soon as may be practical after any money is
19
deposited into the Pension Stabilization Fund, the State
20
Comptroller shall apportion the deposited amount among the
21
designated retirement systems and the State Comptroller and
22
State Treasurer shall pay the apportioned amounts to the
23
designated retirement systems. The amount deposited shall be
24
apportioned among the designated retirement systems in the
25
same proportion as their respective portions of the total

HB5610
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LRB104 18763 HLH 32206 b
1
actuarial reserve deficiency of the designated retirement
2
systems, as most recently determined by the Governor's Office
3
of Management and Budget. Amounts received by a designated
4
retirement system under this Section shall be used for funding
5
the unfunded liabilities of the retirement system. Payments
6
under this Section are authorized by the continuing
7
appropriation under Section 1.7 of the State Pension Funds
8
Continuing Appropriation Act.
9

(c) At the request of the State Comptroller, the
10
Governor's Office of Management and Budget shall determine the
11
individual and total actuarial reserve deficiencies of the
12
designated retirement systems. For this purpose, the
13
Governor's Office of Management and Budget shall consider the
14
latest available audit and actuarial reports of each of the
15
retirement systems and the relevant reports and statistics of
16
the Public Pension Division of the Department of Insurance.
17

(d) Payments to the designated retirement systems under
18
this Section shall be in addition to, and not in lieu of, any
19
State contributions required under Section 2-124, 14-131,
20
15-155, 16-158, or 18-131 of the Illinois Pension Code.
21

Payments to the designated retirement systems under this
22
Section received after the effective date of this amendatory
23
Act of the 98th General Assembly, and any investment earnings
24
attributable to such payments, do not reduce and do not
25
constitute payment of any portion of the required State
26
contribution under Article 2, 14, 15, 16, or 18 of the Illinois

HB5610
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LRB104 18763 HLH 32206 b
1
Pension Code in the current fiscal year. Such amounts shall
2
not reduce, and shall not be included in the calculation of,
3
the required State contribution under Article 2, 14, 15, 16,
4
or 18 of the Illinois Pension Code in any future fiscal year,
5
until the designated retirement system has reached the
6
targeted funding ratio as prescribed by law for that
7
retirement system. Such payments may be invested in the same
8
manner as other assets of the designated retirement system and
9
shall be used in the calculation of the system's funding ratio
10
for the purposes of this Section and Section 20 of this Act.
11
Payments under this Section may be used for any associated
12
administrative costs.
13

(e) Payments to the designated retirement systems under
14
sections (c-20) and (c-25) of Section 20 received after the
15
effective date of this amendatory Act of the 104th General
16
Assembly, as well as any investment earnings attributable to
17
those payments, do not reduce and do not constitute payment of
18
any portion of the required State contribution under Article
19
2, 14, 15, 16, or 18 of the Illinois Pension Code in the
20
current fiscal year. Those amounts shall not reduce, and shall
21
not be included in the calculation of, the required State
22
contribution under Article 2, 14, 15, 16, or 18 of the Illinois
23
Pension Code in any future fiscal year, until the designated
24
retirement system has reached a 100% funding ratio. Those
25
payments may be invested in the same manner as other assets of
26
the designated retirement system and shall be used in the

HB5610
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LRB104 18763 HLH 32206 b
1
calculation of the system's funding ratio for the purposes of
2
this Section and Section 20 of this Act. Payments under this
3
Section may be used for any associated administrative costs.

4
(Source: P.A. 98-599, eff. 6-1-14
.)

5

(Text of Section WITHOUT the changes made by P.A. 98-599,
6
which has been held unconstitutional)
7

Sec. 25.
Transfers from the Pension Stabilization Fund.
8

(a) As used in this Section, "designated retirement
9
systems" means:
10

(1) the State Employees' Retirement System of
11

Illinois;
12

(2) the Teachers' Retirement System of the State of
13

Illinois;
14

(3) the State Universities Retirement System;
15

(4) the Judges Retirement System of Illinois; and
16

(5) the General Assembly Retirement System.
17

(b) As soon as may be practical after any money is
18
deposited into the Pension Stabilization Fund, the State
19
Comptroller shall apportion the deposited amount among the
20
designated retirement systems and the State Comptroller and
21
State Treasurer shall pay the apportioned amounts to the
22
designated retirement systems. The amount deposited shall be
23
apportioned among the designated retirement systems in the
24
same proportion as their respective portions of the total
25
actuarial reserve deficiency of the designated retirement

HB5610
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LRB104 18763 HLH 32206 b
1
systems, as most recently determined by the Governor's Office
2
of Management and Budget. Amounts received by a designated
3
retirement system under this Section shall be used for funding
4
the unfunded liabilities of the retirement system. Payments
5
under this Section are authorized by the continuing
6
appropriation under Section 1.7 of the State Pension Funds
7
Continuing Appropriation Act.
8

(c) At the request of the State Comptroller, the
9
Governor's Office of Management and Budget shall determine the
10
individual and total actuarial reserve deficiencies of the
11
designated retirement systems. For this purpose, the
12
Governor's Office of Management and Budget shall consider the
13
latest available audit and actuarial reports of each of the
14
retirement systems and the relevant reports and statistics of
15
the Public Pension Division of the Department of Financial and
16
Professional Regulation.
17

(d) Payments to the designated retirement systems under
18
this Section shall be in addition to, and not in lieu of, any
19
State contributions required under Section 2-124, 14-131,
20
15-155, 16-158, or 18-131 of the Illinois Pension Code.
21

(e) Payments to the designated retirement systems under
22
sections (c-20) and (c-25) of Section 20 received after the
23
effective date of this amendatory Act of the 104th General
24
Assembly, as well as any investment earnings attributable to
25
those payments, do not reduce and do not constitute payment of
26
any portion of the required State contribution under Article

HB5610
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LRB104 18763 HLH 32206 b
1
2, 14, 15, 16, or 18 of the Illinois Pension Code in the
2
current fiscal year. Those amounts shall not reduce, and shall
3
not be included in the calculation of, the required State
4
contribution under Article 2, 14, 15, 16, or 18 of the Illinois
5
Pension Code in any future fiscal year, until the designated
6
retirement system has reached a 100% funding ratio. Those
7
payments may be invested in the same manner as other assets of
8
the designated retirement system and shall be used in the
9
calculation of the system's funding ratio for the purposes of
10
this Section and Section 20 of this Act. Payments under this
11
Section may be used for any associated administrative costs.

12
(Source: P.A. 94-839, eff. 6-6-06.)

13

Section 99.
Effective date.
This Act takes effect upon
14
becoming law.

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