90th General Assembly
Summary of SB1303
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Senate Sponsors:

Short description: 
PEN CD-CHGO TCHR-STATE FUNDING                                             

Synopsis of Bill as introduced:
        Amends the Chicago Teacher Article of the Pension Code.  Provides      
   that the annual State contribution to the Fund shall be no  less  than      
   28%  of  the  annual  State  contribution  to  the downstate Teachers'      
   Retirement System, beginning in State  fiscal  year  1999.   Effective      
          PENSION IMPACT NOTE                                                  
          The FY 1999 State contribution to the Chicago Teachers' Fund         
          required by SB 1303 is $148.9 million, based on a TRS contri-        
          bution of $531.9 million. This is $84.0 million more than the        
          $65.0 million the State will contribute to the Fund in FY 1998.      
          The fund has a funded ratio of almost 100% while TRS is funded       
          at 64.5% (as of June 30, 1997).                                      
Last action on Bill: SESSION SINE DIE

   Last action date: 99-01-12

           Location: Senate

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


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