Bill Status of SB3628 97th General Assembly
Short Description: PEN CD-CHI TCHR-STATE FUNDING
Sen. Kwame Raoul - Iris Y. Martinez
| 1/8/2013||Senate||Session Sine Die|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Chicago Teacher Article of the Illinois Pension Code. Provides that, beginning in State fiscal year 2013, the State shall make annual contributions to the Fund. For State fiscal year 2013, the contribution shall be $270,347,800. For each year thereafter, the Board shall certify to the Governor by December 15th the amount of the required State contribution for the coming fiscal year. The certified contribution shall be equal to 10% of the certified State contribution to the downstate Teachers' Retirement System. In a provision that reduces the required annual Board of Education contribution to the Fund by the amount of any State contribution, makes the reduction apply only if the Board has certified in the previous fiscal year that the total assets of the Fund are at least 90% of the total actuarial liabilities of the Fund. Effective immediately.
|Date||Chamber|| Action|| 2/10/2012||Senate||Filed with Secretary by Sen. Kwame Raoul|| 2/10/2012||Senate||First Reading|| 2/10/2012||Senate||Referred to Assignments|| 2/22/2012||Senate||Assigned to Pensions and Investments|| 3/1/2012||Senate||Postponed - Pensions and Investments|| 3/7/2012||Senate||Added as Chief Co-Sponsor Sen. Iris Y. Martinez|| 3/9/2012||Senate||Rule 2-10 Committee Deadline Established As March 30, 2012|| 3/30/2012||Senate||Rule 2-10 Committee/3rd Reading Deadline Established As April 26, 2012|| 4/26/2012||Senate||Rule 3-9(a) / Re-referred to Assignments|| 1/8/2013||Senate||Session Sine Die|