Illinois § 6z-148 Tier 2 SSWB Reserve Fund

Illinois Statutes

§ 6z-148 — Tier 2 SSWB Reserve Fund

Illinois § 6z-148

TopicGOVERNMENT

Ch. 30FINANCE

Act 30 ILCS 105/State Finance Act.

This text of Illinois § 6z-148 (Tier 2 SSWB Reserve Fund) is published on Counsel Stack Legal Research, covering Illinois primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

30 Ill. Comp. Stat. 6z-148 (2026).

Text

(a)The Tier 2 SSWB Reserve Fund is created as a special fund in the State treasury. The Fund may receive revenue from any authorized source, including, but not limited to, transfers and appropriations from other funds in the State treasury. Any interest earned on moneys in the Fund shall be retained in the Fund.

(b)Subject to appropriation, moneys in the Fund shall be used for additional State contributions associated with adjustments to the earnings limitations specified in subsection (b-5) of Section 1-160 of the Illinois Pension Code and subsection (b) of Section 15-111 of the Illinois Pension Code. Distributions from the Fund shall be allocated as follows:

(1)5.1% to the State Employees' Retirement System of Illinois;

(2)83.3% to the Teachers' Retirement System of the State of Illi

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(a) The Tier 2 SSWB Reserve Fund is created as a special fund in the State treasury. The Fund may receive revenue from any authorized source, including, but not limited to, transfers and appropriations from other funds in the State treasury. Any interest earned on moneys in the Fund shall be retained in the Fund. (b) Subject to appropriation, moneys in the Fund shall be used for additional State contributions associated with adjustments to the earnings limitations specified in subsection (b-5) of Section 1-160 of the Illinois Pension Code and subsection (b) of Section 15-111 of the Illinois Pension Code. Distributions from the Fund shall be allocated as follows: (1) 5.1% to the State Employees' Retirement System of Illinois; (2) 83.3% to the Teachers' Retirement System of the State of Illinois; and (3) 11.6% to the State Universities Retirement System. (c) If, after the effective date of this amendatory Act of the 104th General Assembly, any enforceable determination concludes that the benefits for a Tier 2 member or participant under Section 1-160 or 15-111 of the Illinois Pension Code do not provide the minimum retirement benefits required under Internal Revenue Service regulations or other provisions of federal law such that the wages of such member or participant would be subject to tax under the Federal Insurance Contributions Act, then moneys in the Tier 2 SSWB Reserve Fund may be used by the State Employees' Retirement System of Illinois, the Teachers' Retirement System of the State of Illinois, or the State Universities Retirement System to pay the difference between benefits otherwise available and benefits that would constitute minimum retirement benefits under applicable federal law or regulation. This subsection shall constitute a continuing appropriation of all amounts necessary for such purposes.