IL HB5333

Increases the Chicago Board of Education's required contribution to the Teachers' Pension Fund for fiscal year 2013 from $196,000,000 to $307,485,000.

Sets fixed Board of Education contributions at $187,000,000 for fiscal year 2011 and $192,000,000 for fiscal year 2012.

Requires contributions from fiscal year 2014 through 2059 to be calculated as a level percentage of employee payroll to bring fund assets to 90% of actuarial liabilities by fiscal year 2059.

Restricts State contribution credits against Board contributions to only apply when the Board certifies that total fund assets equal at least 90% of total actuarial liabilities in the previous fiscal year.

Becomes effective immediately upon enactment.