IL SB1922

Addresses a funding crisis in Chicago's two pension funds (MEABF and LABF) by increasing employee contributions, modifying annual benefit increases, and establishing new city funding requirements.

Increases employee contribution rates from 6.5% to 9.0% of salary by 2019, with potential reduction to 7.75% once the fund reaches 90% funding ratio.

Modifies annual pension increases for new hires and current retirees: no increases in 2017, 2019, and 2025; other years capped at the lesser of 3% or half the consumer price index increase, with minimum 1% increases for annuities under $22,000.

Establishes the city's required annual contribution to fund 90% of pension liabilities by 2055 using entry age normal actuarial methods, with payments escalating from 1.85 times employee contributions in 2016 to full actuarial requirements by 2021.

Creates enforcement mechanisms allowing the retirement board to bring mandamus actions to compel city payments and authorizes the State Comptroller to intercept state grant funds for delinquent contributions starting in 2016.