Illinois General Assembly - Bill Status for HB1484

Amends the Chicago Teacher Article of the Illinois Pension Code. Shifts future funding responsibility from the Chicago Board of Education to the State of Illinois. Specifies the amount of required State and Chicago Board of Education contributions for fiscal year 2014. Beginning in fiscal year 2015, changes the funding goal from 90% to 100% and specifies the manner of determining the required contributions from the State and the Board of Education. Defines terms. Provides for certification of contribution amounts and for payment of State contributions on a monthly basis pursuant to vouchers issued by the Board. Repeals a Section relating to additional employer contributions. Amends the State Pension Funds Continuing Appropriation Act. Provides a continuing appropriation to the Chicago Teachers' Pension Fund, on a continuing monthly basis, of the amount, if any, by which the total available amount of all other appropriations to that Fund for the payment of required State contributions is less than the total amount of the vouchers for required State contributions lawfully submitted by the Fund. Effective immediately.

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