Synopsis As Introduced Amends the Chicago Teacher Article of the Illinois Pension Code. Provides that, beginning in State fiscal year 2012, the General Assembly must make annual contributions to the Fund of an amount equal to 20% of the amount of the annual State contribution to the Teachers' Retirement System of the State of Illinois. Effective July 1, 2011.
The Teachers’ Retirement System has certified a FY 2012 contribution of $2.4 billion. If HB 1544 becomes law, the State would be obligated to make an additional contribution of $481.3 million in FY 2012 to the Chicago Teachers’ Pension Fund.
Fiscal Note (Illinois Department of Insurance)
HB 1544 has no projected fiscal impact to the Illinois Department of Insurance.