(40 ILCS 5/17-127.2)
Additional contributions by employer of teachers.
Beginning July 1, 1998, the employer of a teacher shall pay to the
Fund an employer contribution computed as follows:
(1) Beginning July 1, 1998 through June 30, 1999, the
employer contribution shall be equal to 0.3% of each teacher's salary.
(2) Beginning July 1, 1999 and thereafter, the
employer contribution shall be equal to 0.58% of each teacher's salary.
The employer may pay these employer contributions out of any source of funding
available for that purpose and shall forward the contributions to the Fund on
the schedule established for the payment of member contributions.
These employer contributions need not be made in a fiscal year if the Board
has certified in the previous fiscal year that the Fund is at least 90% funded,
based on actuarial determinations.
These employer contributions are intended to offset a portion of the cost to
the Fund of the increases in retirement benefits resulting from Public Act
(Source: P.A. 90-582, eff. 5-27-98; 91-357, eff. 7-29-99.)