HB2787 Summary: Acceleration of School Funding Equity Act of 2021

• Modifies the evidence-based school funding formula to address inequities in how the state funds teacher pensions by calculating the employer normal cost of teacher pensions based on proportional adequate pensionable payroll rather than paying the full cost to districts with higher salaries.

• Beginning fiscal year 2022, requires the State Superintendent to calculate each school district's employer normal cost of teacher pensions and include this amount in the employee benefits calculation of the Adequacy Target for the evidence-based funding formula.

• For fiscal year 2022-2023 and beyond, excludes "excess state payments" (amounts exceeding what a district would receive under full evidence-based funding) from a district's Base Funding Minimum, with gradual phase-in from 33% exclusion in FY2023 to 100% exclusion in FY2025, and redistributes excluded amounts as new funding to other districts.

• Requires the Teachers' Retirement System and Chicago Teachers' Pension Fund to certify the employer normal cost amounts to the State Board of Education for use in calculating school funding allocations.