The Commission shall determine the changes to law necessary to ensure that the State Employee Retirement System, the General Assembly Retirement System, the State University Retirement System, and the Teacher’s Retirement System will reach 100% actuarial funding for all then-existing liabilities not later than December 31, 2045, calculated and defined in full accordance with the applicable standards and guidelines of the Governmental Accounting Standards Board. […]
General Assembly Disapproval of the Report. The General Assembly may disapprove the report of the Commission in whole within thirty legislative days after the report is filed by adoption of a joint resolution by a record vote of the majority of the members elected in each house. If the General Assembly does not adopt a joint resolution disapproving of the report, the Speaker of the House of Representatives and the President of the Senate shall certify the bill and it shall be presented to the Governor in accordance with Article 4, Section 9(a) [Veto Procedure] of the Illinois Constitution. The Governor shall sign the bill and it shall become law. The bill shall not be certified if the General Assembly adopts a joint resolution disapproving of the report.
House Speaker Michael Madigan made the motion to adjourn the chamber Tuesday just before 5 p.m. Members had expected to vote on a last-ditch attempt by Gov. Pat Quinn to save the broken-down pension talks. Quinn proposed setting up a commission that could recommend changes to bridge a $96 billion deficit in public-employee pension accounts. The commission had until April 30 to make recommendations, which would have taken effect unless the Legislature voted against them. Top lawmakers feared the move would have been illegal.