SB2189 Summary: Acceleration of School Funding Equity Act of 2021

• Modifies the Evidence-Based Funding formula to address inequities in how the State funds teacher pension costs by calculating employer normal costs based on adequate pensionable payroll for each school district rather than providing equal per-pupil subsidies.

• Beginning in fiscal year 2022, requires the State Superintendent to determine each district's State-paid employer normal cost of teacher pensions by calculating the proportion of pensionable payroll and multiplying by total certified employer normal costs, then adding this amount to employee benefit investments in the Adequacy Target.

• For fiscal years 2022-2025, gradually phases out "excess State payments" (amounts above what districts would receive under full Evidence-Based Funding) from the Base Funding Minimum by excluding 33% in FY2022, 66% in FY2023, and 100% in FY2024 and beyond, with excluded amounts redistributed as New State Funds.

• Establishes new certification requirements for the Teachers' Retirement System and Public School Teachers' Pension and Retirement Fund of Chicago to provide employer normal cost information needed for these calculations.

• Takes effect immediately upon becoming law.