IL SB1926

Amends the Chicago Teacher Article of the Illinois Pension Code to establish new State funding requirements beginning in State fiscal year 2014.

Sets the State contribution for fiscal year 2014 at $343,860,000.

Requires the Board to certify to the Governor by December 15th the amount of required State contribution for each subsequent fiscal year, equal to 10% of the certified State contribution to the downstate Teachers' Retirement System (Article 16).

Maintains existing requirements for State contributions from fiscal years 1999-2013, including an additional 0.544% of total teacher payroll unless the Fund is certified as at least 90% funded.

Takes effect immediately upon becoming law.