SB2937 - 104th General Assembly (2025-2026)

PEN CD-CTPF-STATE CONTRIBUTION
Last Action
1/27/2026 - Senate: Referred to Assignments
Statutes Amended In Order of Appearance
40 ILCS 5/17-127  from Ch. 108 1/2, par. 17-127
40 ILCS 5/17-129  from Ch. 108 1/2, par. 17-129
105 ILCS 5/18-8.15  
Synopsis As Introduced
Amends the Chicago Teacher Article of the Illinois Pension Code. Provides that beginning in State fiscal year 2027, the State (instead of the Chicago Board of Education) shall contribute for each of fiscal years 2027 through 2059, a minimum contribution to the Fund in an amount determined by the Fund to be sufficient to bring the total assets of the Fund up to 90% of the total actuarial liabilities of the Fund by the end of fiscal year 2059. Provides that, in making these determinations, the required contribution shall be calculated each year as a level percentage of the applicable employee payrolls over the years remaining to and including fiscal year 2059 and shall be determined under the projected unit credit actuarial cost method. Amends the School Code to make a conforming change in provisions concerning evidence-based funding. Effective immediately.
Actions
DateChamberAction
1/27/2026SenateFiled with Secretary by Sen. Robert F. Martwick
1/27/2026SenateFirst Reading
1/27/2026SenateReferred to Assignments