SB 3282

Abstract

Amends the Chicago Teacher Article of the Illinois Pension Code. Provides that beginning in FY2015, the Board of Trustees of the Chicago Teachers' Pension Fund shall submit vouchers for payment of Board of Education contributions on or as soon as possible after the 15th day of each month. Provides that if the Board of Education fails to transmit to the Fund the contributions required of it or the contributions collected by it from its participating employees for more than 90 days, the Fund may certify to the State Comptroller the amounts of the delinquent payments and the Comptroller shall deduct the certified amounts or any part of the certified amounts from any grants of State funds to the Board of Education and shall pay the deducted amount to the Fund. If State funds from which the deductions may be made are not available, permits the Fund to certify to the City Treasurer of Chicago the amounts of delinquent payments and requires the City Treasurer of Chicago to deduct the certified amounts or any part of the certified amounts from the tax levied by the Board of Education to pay the deducted amount to the Fund. Effective immediately.