SURS Logo

Sports Wagering Act

Printer-friendly versionPDF version

House Amendment #4 to HB 1260 creates the Sporting Contest Safety and Integrity Act and the Sports Wagering Act. As it relates to SURS, it requires moneys collected by the Illinois Gaming Board under the Sports Wagering Act to be deposited into Sports Wagering Fund and then transferred in equal amounts to the State Construction Account Fund, the Pension Stabilization Fund, and the Common School Fund. (The Pension Stabilization Fund is used to transfer moneys to the State Employees’ Retirement System, Teachers’ Retirement System, State Universities Retirement System, Judges Retirement System and General Assembly Retirement System in proportion to their actuarial reserve deficiencies in order to reduce their unfunded liabilities.) HA #4 takes effect immediately upon becoming law.

House Amendment #3 to HB 1260 creates the Sporting Contest Safety and Integrity Act and the Sports Wagering Act. As it relates to SURS, it requires moneys collected by the Illinois Gaming Board under the Sports Wagering Act to be deposited into the Sports Wagering Fund and then transferred in equal amounts to the State Construction Account Fund, the Pension Stabilization Fund and the Common School Fund. (The Pension Stabilization Fund is used to transfer moneys to the State Employees’ Retirement System, Teachers’ Retirement System, State Universities Retirement System, Judges Retirement System and General Assembly Retirement System in proportion to their actuarial reserve deficiencies in order to reduce their unfunded liabilities.) HA #3 takes effect immediately upon becoming law.

House Amendment #2 to HB 1260 creates the Sporting Contest Safety and Integrity Act and the Sports Wagering Act. As it relates to SURS, it requires moneys collected by the Illinois Gaming Board under the Sports Wagering Act to be deposited into the Sports Wagering Fund and then transferred in equal amounts to the State Construction Account Fund, the Pension Stabilization Fund and the Common School Fund. (The Pension Stabilization Fund is used to transfer moneys to the State Employees’ Retirement System, Teachers’ Retirement System, State Universities Retirement System, Judges Retirement System and General Assembly Retirement System in proportion to their actuarial reserve deficiencies in order to reduce their unfunded liabilities.) HA #2 takes effect immediately upon becoming law.

House Amendment #1 to HB 1260 creates the Sporting Contest Safety and Integrity Act and the Sports Wagering Act. As it relates to SURS, it requires the remainder of net proceeds from sports wagering (after proceeds returned to players and amounts owed to the central system provider and licensed agent) to be deposited into the State Lottery Fund and then deposited in equal amounts to the Pension Stabilization Fund, the Common School Fund and the State Construction Account Fund. It also requires moneys collected by the Illinois Gaming Board under the Sports Wagering Act to be deposited into Sports Wagering Fund and then transferred in equal amounts to the State Construction Account Fund, the Pension Stabilization Fund and the Common School Fund. (The Pension Stabilization Fund is used to transfer moneys to the State Employees’ Retirement System, Teachers’ Retirement System, State Universities Retirement System, Judges Retirement System and General Assembly Retirement System in proportion to their actuarial reserve deficiencies in order to reduce their unfunded liabilities.) HA#1 takes effect immediately upon becoming law.

Sponsor: 
Representative Michael J. Zalewski