IL SB2381

State shall make annual contributions to the Chicago Public School Teachers' Pension and Retirement Fund beginning in State fiscal year 2017.

For State fiscal year 2017, the State contribution is set at $374,270,000.

Beginning in fiscal year 2018 and thereafter, the Board of Trustees shall certify the required State contribution to the Governor by January 15th each year.

The certified annual contribution shall equal 10% of the contribution amount certified for the downstate teachers retirement system (Article 16).

Act takes effect immediately upon becoming law.