SB2937

Illinois SB2937 amends the Chicago Teacher Pension Article to change the state's contribution to the pension fund starting in fiscal year 2027.

Illinois SB2937 amends the Chicago Teacher Pension Article to change the state's contribution to the pension fund starting in fiscal year 2027. Beginning in fiscal year 2027, the state will contribute a minimum amount to the fund each year through 2059 to reach 90% of the fund's total actuarial liabilities by the end of 2059. The contribution amount will be calculated as a percentage of employee payrolls. The bill also sets a target for state funding of $350 million and limits the amount of New Property Tax Relief Pool Funds that can count toward this target to $50 million.