IL HB1773

Modifies Chicago's required annual pension fund contributions for payment years 2020-2058, replacing fixed dollar amounts with a calculation based on projected normal costs plus an amortization amount to achieve 90% funding by end of 2058.

Reduces the city's required contributions for payment years 2021 and 2022 to 80% and 90% respectively of the otherwise calculated amounts under the new formula.

Establishes that contributions for payment year 2020 and each year thereafter through 2058 shall be determined by the Fund using entry age normal actuarial cost method, with investment gains/losses recognized over 5-year periods.

Authorizes the State Comptroller to deduct delinquent pension contributions from state grants to Chicago, phased in from one-third in 2018 to full amounts by 2020 and thereafter.

Exempts the mandate from State Mandates Act reimbursement requirements, effective immediately upon enactment.