SB3402 amends the Chicago Municipal Article of the Illinois Pension Code to shift the responsibility of annual pension contributions from the city to.
SB3402 amends the Chicago Municipal Article of the Illinois Pension Code to change the entity responsible for annual pension contributions. Beginning February 1, 2027, the Board of Education of the City of Chicago will be required to make annual contributions to the pension fund, rather than the city. These contributions include the normal cost for all employees of the Board of Education and an apportioned contribution toward the unfunded actuarial accrued liability of the fund. The city may still use other lawfully available funds in lieu of all or part of the tax levy.
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