IL HB0656

Amends the Illinois Pension Code Section 16-158 regarding Teachers' Retirement System (TRS) contributions and establishes a 90% funding target by State fiscal year 2045.

Requires the State Board to certify annual required State contributions to the TRS based on actuarial recommendations, with certification deadlines and procedures specified for fiscal years through 2045.

Changes the effective date for employers paying retirement costs from special/federal funds from July 1, 2014 to July 1, 2017, using the total employer contribution rate expressed as a percentage of payroll.

Establishes a 5-year recognition period for actuarial gains and losses from investment returns beginning after June 30, 2008, and requires the actuarial value of assets to earn a rate of return equal to the system's assumed rate.

Maintains provisions for employer contributions, salary increase surcharge payments when salary increases exceed 6%, and reporting requirements regarding recalculations and contributions from public employers.