SB0212 Summary

• Modifies Chicago pension fund contribution requirements by replacing specified dollar amounts with a formula-based approach beginning in payment year 2020.

• For payment years 2021 and 2022, reduces the city's required annual contribution to 80% and 90% respectively of the calculated amount needed to reach 90% funding by 2058.

• For payment years 2023 through 2058, the required contribution equals the sum of the city's portion of projected normal costs plus an amortization amount on a level percentage of payroll basis to achieve 90% funding by end of 2058.

• Amends the State Mandates Act to exempt this bill from state reimbursement requirements.

• Takes effect immediately upon becoming law.