IL HB2751

Amends Section 17-129 of the Illinois Pension Code regarding Chicago Teacher Pension Fund contributions by the Board of Education.

Establishes fixed Board of Education pension contributions of $187 million for fiscal year 2011, $192 million for fiscal year 2012, and $196 million for fiscal year 2013.

For fiscal years 2014-2059, requires the Board of Education contribution to be sufficient to bring total Fund assets to 90% of total actuarial liabilities by the end of fiscal year 2059, calculated as a level percentage of employee payrolls using the projected unit credit actuarial cost method.

Starting in fiscal year 2060, requires the Board of Education minimum contribution to maintain Fund assets at 90% of total actuarial liabilities.

Makes State contributions a credit against required Board of Education contributions only if the Board certifies that Fund assets equal at least 90% of total actuarial liabilities as of the previous fiscal year's June 30.