IL SB1302

Beginning in State fiscal year 2016, the State shall make annual contributions to the Chicago Public School Teachers' Pension and Retirement Fund.

For State fiscal year 2016, the State contribution is set at $374,270,000.

For each fiscal year after 2016, the Board of Trustees shall certify to the Governor by January 15th the required State contribution amount, calculated as 10% of the contribution certified for the downstate teachers retirement system (Article 16).

The bill amends Section 17-127 of the Illinois Pension Code regarding financing and revenues for the Chicago Teachers' Fund.

The Act takes effect immediately upon becoming law.