IL SB3742

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

Establishes fixed contribution amounts for fiscal years 2011 ($187,000,000) and 2012 ($192,000,000).

Requires contributions for fiscal years 2014-2059 to be calculated as sufficient to achieve 90% funding level of total actuarial liabilities by end of fiscal year 2059.

Makes State contributions a credit against Board of Education contributions only if the Board certifies in the previous fiscal year that Fund assets equal at least 90% of actuarial liabilities.

Takes effect immediately upon becoming law.