95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB1494

 

Introduced 2/21/2007, by Rep. Kurt M. Granberg

 

SYNOPSIS AS INTRODUCED:
 
30 ILCS 105/5.675 new
30 ILCS 105/6z-69 new

    Amends the State Finance Act. Provides that all net proceeds from any sale or other disposition of the State Lottery must be deposited into the Commitment to Pension Protection Fund, a special fund created in the State treasury. Provides that all amounts in the Fund must be appropriated as determined by the General Assembly to restore adequate funding of the various State pension and retirement systems. Effective immediately.


LRB095 09847 BDD 30058 b

FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB1494 LRB095 09847 BDD 30058 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 State Finance Act is amended by adding
5 Sections 5.675 and 6z-69 as follows:
 
6     (30 ILCS 105/5.675 new)
7     Sec. 5.675. The Commitment to Pension Protection Fund.
 
8     (30 ILCS 105/6z-69 new)
9     Sec. 6z-69. The Commitment to Pension Protection Fund. The
10 Commitment to Pension Protection Fund is created as a special
11 fund in the State treasury. All of the net proceeds from any
12 sale or disposition of the State Lottery must be deposited into
13 the Fund. All amounts in the Fund must be appropriated as
14 determined by the General Assembly to restore adequate funding
15 of the various State pension and retirement systems. Any
16 interest earned on money in the Fund must be deposited into the
17 Fund.
 
18     Section 99. Effective date. This Act takes effect upon
19 becoming law.