IL HB2948

Requires the State to make annual contributions to the Chicago Public School Teachers' Pension and Retirement Fund beginning in State fiscal year 2018.

Sets the State contribution for fiscal year 2018 at $456,500,000.

For fiscal years after 2018, the Board of Trustees of the Fund shall certify the required State contribution to the Governor by January 15th, with the contribution equal to 10% of the amount certified for the downstate teachers retirement system (Article 16).

Takes effect immediately upon becoming law.