Vote Smart's Synopsis:

Vote to pass a bill that amends pension appropriations.

Highlights:

-Requires that if an employer is unable to make a line item appropriation, then the State Pension Funds Continuing Appropriation Act shall appropriate funds (Sec. 5). -Appropriates $40.92 billion for the retirement of general obligation bonds for the state of Illinois (Sec. 10). -Authorizes the Governor to approve the sale of bonds upon recommendation by the Director of the Governor's Office of Management and Budget (Sec. 10). -Specifies that on the delivery of bonds from the Comptroller to the Treasurer, there must be a certified premium, interest, and principle (Sec. 15). -Requires the state to make contributions to the State Employee Retirement System, which will be governed by the board from fiscal years 2011-2045 (Sec. 15). -Specifies that the board must submit the total amount of contributions made to the State Employee Retirement System for the next fiscal year before December fifteenth with any excess funds remaining in the general reserve of the State Employee Retirement System (Sec. 15). -Assigns 90 percent of the State Employee Retirement System contributions from the employer, trust, and federal funds (Sec. 15). -Limits the total state contributions for fiscal year 2010 at $2.09 billion (Sec. 15). -Authorizes the state to make contributions to the State Employee Retirement System through participants, net earning investments, and other income (Sec. 15).

Full Bill Text