IL SB3282

Beginning in fiscal year 2015, the Chicago Teachers' Pension Fund Board of Trustees shall submit vouchers for monthly Board of Education contributions on or shortly after the 15th of each month, equal to one-twelfth of the annual required contribution.

If the Board of Education fails to transmit required contributions or employee-collected contributions to the Fund for more than 90 days, the Fund may certify delinquent amounts to the State Comptroller, who shall deduct them from State grants to the Board of Education and pay them to the Fund.

If State funds are unavailable for deduction, the Fund may certify delinquent amounts to the Chicago City Treasurer, who shall deduct them from the Board of Education's tax levy and pay them directly to the Fund.

Establishes minimum Board of Education contributions of $187 million (FY2011), $192 million (FY2012), and $196 million (FY2013), with FY2014-2059 contributions calculated to bring total fund assets to 90% of actuarial liabilities by fiscal year 2059.

The Act takes effect immediately upon becoming law.