IL HB5232

Establishes State funding for the Chicago Teachers' Pension Fund beginning in State fiscal year 2013, with an initial contribution of $270,347,800.

Sets future State contributions equal to 10% of the certified State contribution to the downstate Teachers' Retirement System (Article 16), to be certified by the Board by December 15th annually.

Reduces the Board of Education's required annual contribution to the Fund by the amount of any State contribution, but only if the Board certifies the Fund's total assets are at least 90% of total actuarial liabilities.

Caps the Board of Education's required contributions for fiscal years 2011-2013 at $187,000,000 (FY2011), $192,000,000 (FY2012), and $196,000,000 (FY2013).

For fiscal years 2014-2059, requires minimum Board contributions sufficient to achieve 90% funding by fiscal year 2059; beginning in fiscal year 2060, contributions maintain the 90% funding level.