Bill > HB3954

This bill appropriates funds to support teacher retirement systems in Illinois for the fiscal year beginning July 1, 2025. The bill allocates several specific appropriations: $6,495,517,664 from the Common School Fund to the Teachers' Retirement System (TRS) for the state's standard contribution; $200,000 from the Education Assistance Fund to TRS for establishing minimum retirement allowances; $500,000 from the Common School Fund for employer contributions for specific teachers; $123,195,074 from the General Revenue Fund to TRS for teacher health insurance; $16,256,000 from the Common School Fund to the Chicago Public School Teachers' Pension and Retirement Fund for a specific statutory contribution; $346,838,000 from the Common School Fund to the same Chicago fund for another statutory contribution; and $65,000,000 from the General Revenue Fund to TRS for additional contributions related to earnings limitations. These appropriations are designed to ensure proper funding for teacher retirement benefits, health insurance, and pension systems at both the statewide and Chicago-specific levels, with each allocation tied to specific legal provisions in the Illinois Pension Code. The bill will take effect on July 1, 2025.

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3954&GAID=18&DocTypeID=HB&SessionID=114&GA=104