HB2986 Summary

• Removes provisions from the Evidence-Based Funding formula that would add teacher pension normal costs to benefit investments if school districts became responsible for funding them.

• Eliminates automatic additions to benefit investments for Chicago Public Schools' employer normal cost of teacher pensions and retiree health insurance payments.

• Modifies the employee benefits calculation in the education funding formula by striking language that would increase the 30% benefit rate with additional pension-related costs.

• Takes effect immediately upon becoming law.