Illinois General Assembly - Bill Status for HB2468
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 Bill Status of HB2468  94th General Assembly

Short Description:  PENCD-ART 17-MANDATORY CONTRIB

House Sponsors
Rep. Richard T. Bradley - Daniel J. Burke

Last Action
DateChamber Action
  1/9/2007HouseSession Sine Die

Statutes Amended In Order of Appearance
40 ILCS 5/17-127from Ch. 108 1/2, par. 17-127
40 ILCS 5/17-129from Ch. 108 1/2, par. 17-129


Synopsis As Introduced
Amends the Chicago Teacher Article of the Illinois Pension Code. Provides for mandatory State contributions to the Chicago Teacher Pension Fund. Provides that, if the State does not make the required contribution, then the Board of Education shall meet the minimum funding requirement. Effective immediately.

House Committee Amendment No. 1
Replaces everything after the enacting clause with the bill as introduced with the following changes. In provisions concerning the State contribution to the Public School Teachers' Pension and Retirement Fund of Chicago from the Common School Fund or other State funds, provides that the amount shall be not less than the greater of (i) the amount appropriated for the Fund for the State fiscal year ending in calendar year 2003 (was, 2004) or (ii) the minimum funding requirement for that fiscal year. Removes references to certain additional employer contributions in the definition of "minimum funding requirement" and makes conforming changes.

 Pension Note (H-AM 1)(Com on Gov't Forecasting & Accountability)
 House Bill 2468, as amended by House Amendment 1, would require the State to pay $90.7 million instead of the current $65 million optional contributions to the Chicago Teachers' Pension Fund for FY 2006. Contributions for future years are the following: 2006 = $90.7 Million; 2007 = $130.6 Million; 2008 = $173.1 Million; 2009 = $217.5 Million; 2010 = $264.2 Million; 2020 = $362.3 Million; 2030 = $517.3 Million; 2040 = $739.3 Million.

 State Mandates Fiscal Note (State Board of Education)
 Based upon the Pension Note, the bill as amended would require greater State contribution. House Bill 2468, as amended by House Amendment 1, would require the State to pay $90.7 million instead of the current $65 million optional contributions to the Chicago Teachers' Pension Fund for FY 2006. Contributions for future years are the following: 2006 = $90.7 Million; 2007 = $130.6 Million; 2008 = $173.1 Million; 2009 = $217.5 Million; 2010 = $264.2 Million; 2020 = $362.3 Million; 2030 = $517.3 Million; 2040 = $739.3 Million.

 Fiscal Note (H-AM 1)(State Board of Education)
 Based upon the Pension Note, the bill as amended would require a greater State contribution. House Bill 2468 (H-AM 1) would require the State to pay $90.7 million instead of the current $65 million optional contributions to the Chicago Teachers' Pension Fund for FY 2006. Contributions for future years are the following: 2006 = $90.7 Million; 2007 = $130.6 Million; 2008 = $173.1 Million; 2009 = $217.5 Million; 2010 = $264.2 Million; 2020 = $362.3 Million; 2030 = $517.3 Million; 2040 = $739.3 Million.

 State Debt Impact Note (H-AM 1) (Gov. Forecasting & Accountability)
 Would not change the amount of authorization for any type of State-issued or State-supported bond, and therefore would not affect the level of State indebtedness.

Actions 
DateChamber Action
  2/17/2005HouseFiled with the Clerk by Rep. Richard T. Bradley
  2/17/2005HouseChief Co-Sponsor Rep. William Delgado
  2/17/2005HouseChief Co-Sponsor Rep. Daniel J. Burke
  2/17/2005HouseChief Co-Sponsor Rep. Maria Antonia Berrios
  2/17/2005HouseChief Co-Sponsor Rep. Edward J. Acevedo
  2/17/2005HouseFirst Reading
  2/17/2005HouseReferred to Rules Committee
  2/18/2005HouseAssigned to Personnel and Pensions Committee
  3/10/2005HouseHouse Committee Amendment No. 1 Filed with Clerk by Personnel and Pensions Committee
  3/10/2005HouseHouse Committee Amendment No. 1 Adopted in Personnel and Pensions Committee; by Voice Vote
  3/10/2005HouseDo Pass as Amended / Standard Debate Personnel and Pensions Committee; 003-002-000
  3/10/2005HousePlaced on Calendar 2nd Reading - Standard Debate
  3/14/2005HousePension Note Requested by Rep. William B. Black; As Amended
  3/16/2005HousePension Note Filed As Amended by HA 1
  3/17/2005HouseFiscal Note Requested by Rep. Roger L. Eddy; As Amended
  4/7/2005HouseRemove Chief Co-Sponsor Rep. William Delgado
  4/7/2005HouseState Debt Impact Note Requested by Rep. Roger L. Eddy; As Amended by HA 1
  4/8/2005HouseSecond Reading - Short Debate
  4/8/2005HouseHeld on Calendar Order of Second Reading - Short Debate
  4/11/2005HouseState Mandates Fiscal Note Filed
  4/11/2005HouseFiscal Note Filed As Amended by HA 1
  4/13/2005HouseState Debt Impact Note Filed As Amended by HA 1
  4/13/2005HouseRemove Chief Co-Sponsor Rep. Maria Antonia Berrios
  4/13/2005HouseRemove Chief Co-Sponsor Rep. Edward J. Acevedo
  4/15/2005HouseRule 19(a) / Re-referred to Rules Committee
  1/9/2007HouseSession Sine Die

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