91st General Assembly
Summary of SB1448
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Senate Sponsors:
MOLARO.

Short description: 
PEN CD-CHGO TCHR-ST CONTRIB                                                

Synopsis of Bill as introduced:
        Amends the Chicago Teacher Article of the Pension Code.  Provides      
   for mandatory State contributions to the Chicago Teacher Pension Fund.      
   Effective immediately.                                                      
          PENSION NOTE (Pension Laws Commission)                               
          The increase in State funding to the Chicago Teachers' Pension       
          Fund would be equal to 20% of the increase in TRS appropriation      
          over FY 2000 levels, or $17.1 million in FY 2001. For FY 2005,       
          projected required contributions to TRS would be $1,062.9 mil-       
          lion and the additional CTRS contributions would be $85.8            
          million. For FY 2045, projected TRS contributions would be           
          $7,530.9 million and additional CTRS contributions would be          
          $1,379.4 million.                                                    
 
Last action on Bill: SESSION SINE DIE

   Last action date: 01-01-09

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


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