Synopsis As Introduced Amends the Chicago Teacher Article of the Illinois Pension Code. Provides that, beginning in State fiscal year 2010, 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 immediately.
The Teachers' Retirement System has certified a FY 2011 contribution of $2.4 billion. If HB 4582 becomes law, the State would be obligated to make an additional contribution of $472 million in FY 2011 to the Chicago Teachers' Pension Fund.
Fiscal Note (Dept. of Insurance)
HB 4582 has no projected fiscal impact to the Illinois Department of Insurance.