HB1484 Summary

• Shifts Chicago Teachers' Pension Fund (CTPF) future funding responsibility from Chicago Board of Education to State of Illinois beginning in fiscal year 2014.

• Sets State contribution at $173,800,000 for fiscal year 2014, with amounts for fiscal year 2015 and beyond determined annually by the Board in consultation with the Commission on Government Forecasting and Accountability.

• Changes CTPF funding goal from 90% to 100% and establishes that Board of Education contributions through 2059 shall amortize 100% of unfunded accrued liability existing on July 1, 2013, plus any additional unfunded liability from lost investment earnings.

• Requires State contributions to be paid monthly via vouchers submitted by the Board, with any shortfall between vouchers and other appropriations paid from the General Revenue Fund under a continuing appropriation authority.

• Repeals Section 17-127.2 and defines key terms including "normal cost," "supplemental annual cost," and "lost investment earnings due to underfunding."