92nd General Assembly
Summary of SB0783
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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 Pension Code.  Provides      
   for mandatory State contributions to the Chicago Teacher Pension Fund.      
   Effective immediately.                                                      
          PENSION NOTE (Pension Laws Commission)                               
          SB 783 would provide additional State funding to the CTRS Fund.      
          The increase in the required contribution would be equal to          
          20% of the increase in TRS appropriation over FY2001 levels, or      
          an estimated $18.2 million in FY2002. The estimated required         
          contributions to TRS, and the resulting increase in contribu-        
          tions to the CTRS Fund, for selected years, are as follows:          
          FY2002                                                               
           Projected TRS contributions                   $  810.6 million      
           Additional CTRS contributions                 $   18.2 million      
          FY2005                                                               
           Projected TRS contributions                   $1,081.1 million      
           Additional CTRS contributions                 $   72.3 million      
          FY2010                                                               
           Projected TRS contributions                   $1,621.0 million      
           Additional CTRS contributions                 $  180.3 million      
          FY2020                                                               
           Projected TRS contributions                   $2,173.1 million      
           Additional CTRS contributions                 $  290.7 million      
          FY2030                                                               
           Projected TRS contributions                   $3,550.0 million      
           Additional CTRS contributions                 $  566.1 million      
          FY2040                                                               
           Projected TRS contributions                   $5,821.1 million      
           Additional CTRS contributions                 $1,020.3 million      
          FY2045                                                               
           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


   END OF INQUIRY 



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