IL HB4582

Amends Section 17-127 of the Illinois Pension Code regarding financing and revenues for a pension fund.

Establishes that beginning in State fiscal year 2010, the General Assembly must make annual contributions to the Fund equal to 20% of the annual State contribution to the Teachers' Retirement System of the State of Illinois, in addition to existing percentage-based contributions.

Continues the State's existing contribution level of between 20% and 30% of the annual State contribution to the Article 16 retirement system as the General Assembly's goal and intention.

Maintains the 0.544% of the Fund's total teacher payroll additional contribution requirement beginning in fiscal year 1999, with an exemption if the Board certifies the Fund is at least 90% funded based on actuarial determinations.

Takes effect upon becoming law.