SB 3628

Abstract

Amends the Chicago Teacher Article of the Illinois Pension Code. Provides that, beginning in State fiscal year 2013, the State shall make annual contributions to the Fund. For State fiscal year 2013, the contribution shall be $270,347,800. For each year thereafter, the Board shall certify to the Governor by December 15th the amount of the required State contribution for the coming fiscal year. The certified contribution shall be equal to 10% of the certified State contribution to the downstate Teachers' Retirement System. In a provision that reduces the required annual Board of Education contribution to the Fund by the amount of any State contribution, makes the reduction apply only if the Board has certified in the previous fiscal year that the total assets of the Fund are at least 90% of the total actuarial liabilities of the Fund. Effective immediately.