IL HB5334

Amends the Chicago Teacher Article of the Illinois Pension Code to establish new State contribution requirements to the Public School Teachers' Pension and Retirement Fund beginning in State fiscal year 2015.

Sets the State contribution for fiscal year 2015 at $343,860,000.

Requires the Board of Trustees to certify to the Governor by January 15th each year the amount of the required State contribution for the coming fiscal year, calculated as 10% of the contribution certified for the downstate teachers retirement system (Article 16).

Takes effect immediately upon becoming law.