IL SB1919

Amends the Chicago Teacher pension fund contribution requirements by setting specific Board of Education contributions of $187 million for fiscal year 2011, $192 million for fiscal year 2012, and $196 million for fiscal year 2013.

Establishes that for fiscal years 2014 through 2059, the Board of Education must contribute an amount 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.

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

Beginning in fiscal year 2060, requires the Board of Education to contribute the amount needed to maintain fund assets at 90% of total actuarial liabilities.

Amends the State Mandates Act to exempt this act from reimbursement requirements and makes the act effective immediately upon becoming law.