SB3628 Summary

• State shall make annual contributions to the Chicago Teachers' Pension Fund beginning in fiscal year 2013, with an initial contribution of $270,347,800.

• For fiscal years 2014 and beyond, the State contribution shall equal 10% of the State contribution to the downstate Teachers' Retirement System, certified by the Board by December 15th each year.

• Board of Education's required contributions to the Fund are capped at $187,000,000 for fiscal year 2011, $192,000,000 for fiscal year 2012, and $196,000,000 for fiscal year 2013.

• State contributions serve as a credit against Board of Education contributions only if the Board certifies that total Fund assets are at least 90% of total actuarial liabilities in the previous fiscal year.

• For fiscal years 2014-2059, Board contributions shall be calculated to bring Fund assets to 90% of actuarial liabilities by the end of fiscal year 2059, using level percentage of payroll methodology.