HB5334 Summary

• Sets Chicago Board of Education pension contributions at $187 million for fiscal year 2011, $192 million for fiscal year 2012, and $196 million for fiscal year 2013.

• Requires contributions from fiscal years 2014 through 2059 to be calculated as a level percentage of employee payrolls, designed to bring total fund assets to 90% of total actuarial liabilities by the end of fiscal year 2059.

• Beginning in fiscal year 2060, establishes minimum Board contributions as the amount needed to maintain total fund assets at 90% of total actuarial liabilities.

• Makes State contributions credited against Board of Education obligations only if the Board has certified in the previous fiscal year that total fund assets are at least 90% of total actuarial liabilities.

• Takes effect immediately upon becoming law.