IL SB1587

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

Requires the Board of Education to levy an annual property tax that produces revenue equal to member contributions from 2 years prior, with a maximum rate of 0.26%.

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.

Directs all proceeds from this tax to be used exclusively for employer contributions to the pension fund under Section 17-129, effective for fiscal year 2016 and subsequent years.