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IL HB2652

Bill

Official Source

Status

Failed

12/3/2014

Primary Sponsor

Monique Davis

Click for details

Origin

House of Representatives

98th General Assembly

AI Summary

  • Amends Section 17-127 of the Illinois Pension Code regarding the Chicago Teachers' Retirement Fund financing.

  • Beginning in State fiscal year 2014, the State shall make annual contributions to the Fund, with an initial contribution of $343,860,000 for fiscal year 2014.

  • For each fiscal year after 2014, the Board shall certify the required State contribution to the Governor by December 15th, calculated as 10% of the State contribution to the downstate Teachers' Retirement System (Article 16).

  • Limits the previous 0.544% additional contribution requirement to fiscal years 1999 through 2013 only.

  • Takes effect immediately upon becoming law.

Legislative Description

PEN CD-CHI TCHR-STATE FUNDING

Last Action

Session Sine Die

12/3/2014

Committee Referrals

Rules3/22/2013
Personnel & Pensions3/4/2013
Rules2/21/2013

Full Bill Text

No bill text available