summary
Introduced
01/27/2026
01/27/2026
In Committee
01/27/2026
01/27/2026
Crossed Over
Passed
Dead
Introduced Session
104th General Assembly
Bill Summary
Amends the Chicago Teacher Article of the Illinois Pension Code. Provides that beginning in State fiscal year 2027, the State (instead of the Chicago Board of Education) shall contribute for each of fiscal years 2027 through 2059, a minimum contribution to the Fund in an amount determined by the Fund to be sufficient to bring the total assets of the Fund up to 90% of the total actuarial liabilities of the Fund by the end of fiscal year 2059. Provides that, in making these determinations, the required contribution shall be calculated each year as a level percentage of the applicable employee payrolls over the years remaining to and including fiscal year 2059 and shall be determined under the projected unit credit actuarial cost method. Amends the School Code to make a conforming change in provisions concerning evidence-based funding. Effective immediately.
AI Summary
This bill, titled PEN CD-CTPF-STATE CONTRIBUTION, amends the Illinois Pension Code and the School Code to shift the responsibility for a portion of the Chicago Teacher Pension Fund's (CTPF) funding from the Chicago Board of Education to the State of Illinois. Specifically, starting in State fiscal year 2027 and continuing through fiscal year 2059, the State will be responsible for making minimum contributions to the CTPF. These contributions will be calculated annually as a level percentage of employee payrolls, using a projected unit credit actuarial cost method, and are intended to ensure the CTPF's total assets reach 90% of its total actuarial liabilities by the end of fiscal year 2059. This change is a conforming amendment to the School Code's provisions regarding evidence-based funding and takes effect immediately upon becoming law.
Sponsors (1)
Last Action
Referred to Assignments (on 01/27/2026)
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