92nd General Assembly
Summary of SB0191
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Senate Sponsors:
MOLARO.

Short description: 
PEN CD-CHGO TCHR-ST CONTRIB                                                

Synopsis of Bill as introduced:
        Amends the Chicago Teacher Article of the Illinois Pension  Code.      
   Provides  for  mandatory  State  contributions  to the Chicago Teacher      
   Pension Fund.  Effective immediately.                                       
          PENSION NOTE (Pension Laws Commission)                               
          SB 191 would provide additional State funding to the Chicago         
          Teachers' Pension Fund. The increase in the required contri-         
          bution would be equal to 20% of the increase in TRS appropri-        
          ation over FY 2001 levels, or an estimated $18.2 million in          
          FY 2002. The estimated contributions to TRS, and the resulting       
          increase in contributions to the Chicago Teachers' Pension Fund      
          are as follows:                                                      
          FY 2002                                                              
           Projected TRS contributions                   $  810.6 million      
           Additional CTRS contributions                 $   18.2 million      
          FY 2005                                                              
           Projected TRS contributions                   $1,081.1 million      
           Additional CTRS contributions                 $   72.3 million      
          FY 2010                                                              
           Projected TRS contributions                   $1,621.0 million      
           Additional CTRS contributions                 $  180.3 million      
          FY 2020                                                              
           Projected TRS contributions                   $2,173.1 million      
           Additional CTRS contributions                 $  290.7 million      
          FY 2030                                                              
           Projected TRS contributions                   $3,550.0 million      
           Additional CTRS contributions                 $  566.1 million      
          FY 2040                                                              
           Projected TRS contributions                   $5,821.1 million      
           Additional CTRS contributions                 $1,020.3 million      
          FY 2045                                                              
           Projected TRS contributions                   $7,433.9 million      
           Additional CTRS contributions                 $1,342.9 million      
 
Last action on Bill: SESSION SINE DIE

   Last action date: JAN-07-2003

           Location: Senate

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


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 Full Text  Bill Status