IL SB3148

Amends the Illinois Pension Code to require the Chicago Board of Education to levy an annual property tax to fund employer contributions to the Chicago Teachers' Pension Fund, effective for fiscal year 2015 and thereafter.

Tax rate must produce an amount equal to member contributions from 2 years prior to the levy year, subject to a maximum rate of 0.26% of equalized assessed property value in the City.

Defines "member contributions" to include all contributions paid by or on behalf of members for service retirement, disability retirement, survivors' pensions, children's pensions, and automatic annual pension increases.

Requires the Chicago Board of Education to use tax proceeds exclusively for making employer contributions to the Chicago Teachers' Pension Fund under Section 17-129.

Takes effect immediately upon becoming law.