SB3632 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.

• For fiscal years 2014 through 2059, requires minimum Board contributions calculated to bring total pension fund assets to 90% of total actuarial liabilities by the end of fiscal year 2059, using level percentage of payroll methodology.

• Beginning in fiscal year 2060, requires Board contributions sufficient to maintain pension fund assets at 90% of total actuarial liabilities.

• Allows State contributions to reduce required Board of Education contributions only if the Board certifies in the previous fiscal year that fund assets equal at least 90% of total actuarial liabilities.

• Takes effect immediately upon becoming law.