HB 4635

Abstract

Amends the Chicago Teacher Article of the Illinois Pension Code. Provides that beginning in State fiscal year 2017, the State shall make annual contributions to the Chicago Public School Teachers' Pension and Retirement Fund. Provides that for State fiscal year 2017, the contribution shall be $374,270,000 and that for each year thereafter, the Board of Trustees of the Fund shall certify to the Governor by January 15th the amount of the required State contribution to the Fund for the coming fiscal year. Requires the certified contribution to be equal to 10% of the contribution certified by the board of trustees of the downstate teachers retirement system for the coming fiscal year. Effective immediately.