MCAULIFFE, LANG AND SAVIANO.
PEN CD-CHGO TCHR-STATE FUNDING
Synopsis of Bill as introduced:
Amends the Illinois Pension Code to provide additional State
funding for the Chicago Teachers Pension Fund. Increases the annual
State contribution to the Fund over a 7 year phase-in period beginning
in fiscal year 1999, so that by fiscal year 2006, the annual State
contribution is sufficient, with the other revenues available to the
Fund, to meet the normal cost and amortize the unfunded liabilities of
the Fund over a period of 40 years. Effective immediately.
HB356 is intended to provide a 40-year amortization of the
unfunded liabilities of CTRS.
Last action on Bill: SESSION SINE DIE
Last action date: 99-01-12
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0
END OF INQUIRY
Full Text Bill Status