Bill > SB2599

This bill makes several appropriations to the Teachers' Retirement System (TRS) and the Public School Teachers' Pension and Retirement Fund of Chicago for the fiscal year beginning July 1, 2025. Specifically, the bill allocates $6,495,517,664 from the Common School Fund as the state's primary contribution to the TRS, with an additional $200,000 from the Education Assistance Fund to cover minimum retirement allowances. The bill also provides $500,000 for employer contributions for certain teachers, $123,195,074 from the General Revenue Fund for teacher health insurance, and two separate appropriations to the Chicago Teachers' Pension Fund totaling $362,094,000 from the Common School Fund. Furthermore, the bill includes a $65,000,000 appropriation from the General Revenue Fund for additional state contributions related to earnings limitations. All these appropriations are designed to support the ongoing funding and operational needs of teachers' retirement and pension systems in Illinois, ensuring financial stability and continued benefits for educators. The act will take effect on July 1, 2025.

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2599&GAID=18&DocTypeID=SB&SessionID=114&GA=104