IL HB1454

Amends the Illinois Pension Code to create a new tax levy for the Chicago Board of Education to fund employer contributions to the Chicago Teachers' Pension Fund.

Board of Education must levy an annual property tax producing an amount equal to member contributions from 2 years prior, with a maximum rate of 0.26% of equalized assessed property value.

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

Tax proceeds must be used exclusively for employer contributions to the Chicago Teachers' Pension Fund under Section 17-129 of the Illinois Pension Code.

Effective immediately upon becoming law, with tax levy beginning in fiscal year 2016.