IL HB3899

Sets the Chicago Board of Education's pension contributions to the Teachers' Pension Fund at $187 million for fiscal year 2011, $192 million for fiscal year 2012, and $196 million for fiscal year 2013.

Establishes a contribution schedule for fiscal years 2014 through 2059 requiring the Board of Education to contribute amounts sufficient to bring the Fund's total 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.

Requires the Board of Education to submit monthly vouchers for pension contributions on or after the 15th of each month beginning in fiscal year 2015, in amounts equal to one-twelfth of the annual required contribution.

Authorizes the Fund to certify delinquent payments to the State Comptroller, who may deduct amounts from State grants to the Board of Education, or to the Chicago City Treasurer to deduct amounts from the Board's tax levy if State funds are unavailable.

Applies State pension contributions as credits against the Board of Education's required contributions under the amended provisions.